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Nigeria to Become Petroleum Product Refining Hub, Minister Says

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The Federal Government has said it will leverage the opportunities provided by the African Continental Free Trade Area Agreement to reposition the oil and gas sector in other transform the country into a petroleum products refining hub for the African region

 

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, with the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.

 

Represented by Bitrus Nabasu, the permanent secretary Ministry of Industry, Trade and Investment, Sylva said Nigeria had approved the AfCFTA, which would begin implementation in January 2021.

 

According to him, the African Continental Free Trade Area Agreement aims to redefine trade relations between African states while enabling free movement of people and investments

 

Sylva also added that the government was also committed to deepening gas utilization as seen in its National Gas Expansion Programme and the Auto Gas Scheme.

 

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Business Africa

Nigeria to Strengthen Economic Cooperation With Algeria Says President Buhari

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President Muhammadu Buhari has reassured of Nigeria’s commitment to stronger economic cooperation with the republic of Algeria in various critical areas.

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The President restated the commitment on Thursday when he received the Algerian foreign affairs minister, and special envoy of the Algerian president, Sabri Boukadoum, in the Aso rock presidential villa in Abuja.

According to a statement issued by special adviser to the President on Media and Publicity, Femi Adesina, the president said projects like the Trans-Sahara road, international gas pipelines, and other areas of economic cooperation would be given adequate attention for the good of the people of the two countries.

Buhari also emphasized the need for peace, tranquility and security in African countries, saying development and growth would depend a lot on how peaceful and secure the continent is.

In his remark, the special envoy said Nigeria was the pillar of Africa, and he had brought messages from his president, for the two countries to explore areas of collaboration.

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Agriculture & Nigerian Economy

We Have to Reduce Oil Production Cost, Says Osinbajo

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Vice-president, prof. Yemi Osinbajo, has said the deal to cut oil production by the organization of petroleum exporting countries and its allies has resulted in lower revenue generation for the federal government.

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The vice-president, who was represented by the minister of state for petroleum resources, Timipre Sylva, said the collapse in crude oil demand due to the covid-19 pandemic caused the recent sudden slump in oil prices.

Osinbajo said on Tuesday that the ministry of petroleum resources had a mandate to drastically reduce the unit cost of crude oil production in the country in order to increase government revenue.

He expressed confidence that the country would achieve the desired goal of finding more hydrocarbon deposits in the Nigerian basins, notwithstanding the curtailment in production.

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Business Africa

Nigeria’s Inflation Rate has Climbed to a 30-month High

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Nigeria’s Inflation Rate

Nigeria’s inflation rate has climbed to a 30-month high, as it rose further to 14.23 percent in october, the latest figures by the national bureau of statistics (nbs) has shown.

 

The report published on the website of the bureau shows that the new inflation rate is 0.52 percent points higher than the rate recorded in september 2020 (13.71 per cent).

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Nigeria’s inflation has been on the rise since the country shut its land borders. the situation became worse with the emergence of the coronavirus which affected the global economy.

 

The economy is yet to recover from the coronavirus effects and the plunge in crude prices.

 

IN THE REPORT, THE COMPOSITE FOOD INDEX ROSE BY 17.38 PER CENT IN OCTOBER 2020 COMPARED TO 16.66 PER CENT IN SEPTEMBER 2020.

 

This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, vegetables, alcoholic and food beverages, and oils and fats.

 

In OCTOBER, all-item inflation was the highest in sokoto, edo, and akwa ibom while oyo, taraba, and jigawa river recorded the slowest rise in headline year on year inflation.

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COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

COVID-19 IS REAL

#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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