AUGUST 24th, 2017
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Government to earn $8.75m from new 175,000bpd oil production
The Federal Government’s revenue drive has got a lift with additional $8.750 million or N2.668 billion to be derived from fresh 175,000 barrels of oil equivalent per day from Shell’s Gbaran-Ubie Phase 2.
The new production is approximately the equivalent of 864 million standard cubic feet of natural gas per day (mmscf/d), and 26,000 barrels of condensate per day in realisation of Federal Government’s gas monetization programme.
According to a statement by Shell Petroleum Development Company of Nigeria Limited (SPDC) yesterday, signed by its spokesperson, Bamidele Odugbesan, Gbaran-Ubie Phase 2 followed the success of the first phase of the Gbaran-Ubie integrated oil and gas development, which was commissioned in June 2010.
The Punch page 24
FG inaugurates N61bn local content intervention fund today
The Federal Government will inaugurate the $200m (about N61bn at the official exchange rate of N305 to a dollar) local content intervention fund today (Thursday).
It was gathered that the $200m Nigerian Content Intervention Fund would be directed at increasing local content in the oil and gas industry and would be used for projects and other activities in the sector.
Officials at the Federal Ministry of Petroleum Resources told our correspondent on Wednesday that the initiative was in pursuant of the Business Environment and Investment Drive Component of the #7BIGWINS.
The Punch page 23
EU plans trade programme to improve Nigeria’s exports
The European Union is working on various trade facilitation programmes for Nigeria to enable the country to boost its level of agricultural exports to the European market without having to suffer huge rejection.
The Head of Cooperation, EU Delegation to Nigeria and ECOWAS, Kurt Cornelis, stated this during the opening session of West Africa Regional Quality System Project Steering Committee meeting held on Wednesday in Abuja.
He said the move became imperative in order to avoid situations where Nigerian products were rejected abroad for lack of standards.
The Vanguard Page 5
Naira depreciates to N361 as NAFEX records $146m
The naira yesterday depreciated to N361 per dollar in the Investors and Exporters (I&E) window as the volume of dollars traded rose to $146.09 million.
Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX), rose to N361 per dollar from N359.6 per dollar on Tuesday. This translated to depreciation of N1.40 for the naira. The nation’s currency however remained stable at N370 in the parallel market.
The Sun newspaper page 2
Nigeria’s capital importation rises 95% in 2nd quarter
The report also revealed that the $1.79 billion imported in the second quarter was also an increase of 43.6 per cent from the $1.04 billion recorded in the second quarter of 2016.
Meanwhile, portfolio investments increased by 128.4 per cent, from the $337.3 million recorded in second quarter of 2016. Other investments also increased by 43.6 per cent, from the $520.6 million reported in the same quarter of 2016, while FDI grew by 48.9 per cent, from $184.3 million in the same quarter in 2016.
The value of capital imported into Nigeria in the second quarter of 2017 rose by $884.1 million to $1.79 billion, the National Bureau of Statistics (NBS) has said.
The figure represents about 95.02 per cent increase over what was recorded in the preceding quarter.
The NBS report released Tuesday showed that the main facilitator of the quarterly growth in capital importation in the second quarter was portfolio investments, which increased by 145.7 per cent. It was followed by ‘other’ investments, which grew by 95.02 per cent, and the Foreign Direct Investment (FDI), which rose by 29.8 per cent over the previous quarter’s record.
Ben Bem Goong
Ag. Director Information