Business Africa
Nigeria Oil Firm Records Lowest in 18 Years, Drops to $19.71/b
Nigeria’s Brent Crude has dropped by nearly $12 per barrel to cline at $19.71 per barrel
Nigeria’s economy was dealt a huge blow as Brent crude, the international and Nigeria’s benchmark, tumbled by nearly $12 per barrel to decline at $19.71 per barrel.
According to Daily Trust, the drop in the Brent crude price forecasted a terrible economic outlook for many countries as Nigeria is not safe from the economic recession which is looming after oil price fell below $20 per barrel globally.
The fall is the lowest level since oil futures trading began in 1983 as the economic crisis set off by the coronavirus pandemic continues to take a toll on the energy sector.
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Before the development, Nigeria which depends on oil for 80% of its revenue, had the foresight of raking 90 per cent of this year foreign exchange earnings from crude oil sales.
But since the oil price tumble, the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced a cut in crude oil benchmark price down to $30 per barrel. The minister, though retained the 2.18m barrels per day crude oil production as earlier projected in the budget estimates.
Meanwhile, it was earlier reported that Mele Kyari, the group managing director of the NNPC, has said the slump in the US crude oil futures below $0 per barrel is not a reflection of the reality in the global oil market capable of impacting Nigeria’s oil production.
GMD of NNPC who spoke with told Premium Times on Tuesday, April 21, stated that Nigeria has no cause to be apprehensive. He said the current position in the U.S market, does not have any direct impact on the price of the Brent crude oil blend, which rose to about $28 per barrel before dropping to the current price of to $26.24 a barrel.
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Business Africa
Fuel scarcity looms as NUPENG threatens FG With Strike
The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks.
This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday.
The union said the notice of strike was one of the decisions reached at its special national delegates conference Thursday.
It listed non-payment of workers’ salaries and benefits, among others, as reasons for its resolution.
One of the issues, NUPENG said, was the outstanding payment of terminal benefits to its members that were declared redundant in 2012 by the management of Chevron Nigeria limited.
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Business Africa
LCCI pushes for growth in intra-African trade
The Lagos Chamber of Commerce and Industry has said it aims to promote intra-African trade at the 35th edition of its annual Lagos International Trade Fair.
The Director-General of the LCCI, Dr. Chinyere Almona, said in a statement on Wednesday that this year’s edition would feature business-to-business meetings simultaneously with the general interest fair.
She said, the focus this year is to encourage intra-African trade and position Africa as the preferred investment destination and an economic powerhouse adding that The exhibition will also facilitate networking amongst exhibitors and between exhibitors and visitors.
She said corporate organisations, including multinational corporations, indigenous conglomerates, financial institutions, and small and medium businesses, had indicated interest in participating at the fair and relevant agencies and departments of government would also be available to exhibit and attend to other exhibitors and visitors.
She said agencies that had confirmed attendance to provide information and educate exhibitors and visitors were the Bank of Industry and Nigerian Export Promotion Council, among others.
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Business Africa
NEPC Empowers 60 Osun SMES for Export Business
The Nigerian Export Promotion Council has organised a workshop for over 60 operators of Small and Medium-scale Enterprises in Osun State on how to make their products fit for export.
The workshop, which was held in Osogbo, was tagged ‘Facilitating strategic export market access programme in collaboration with the trade support institutions.’
The Assistant Director, Policy and Strategy Department, NEPC, Aliu Saddique, said the participants were SMEs owners with the potential to export to the international market.
He said the council was using the model developed by the Centre for the Promotion of Imports from Developing Countries to train the participants so as to enable them to have a good understanding of the demands of the international market.
While speaking, The Osun State Commissioner for Commerce, Cooperatives, Industries and Empowerment, Dr. Bode Olaonipekun, called for serious planning ahead of the time when crude oil would no longer bring revenue for the country again.
Olaonipeokun, who also blamed the current economic hardship on the neglect of non-oil export, said planning for the era without oil must start immediately to avert economic crises.
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