page contents
Connect with us

Business

Nigeria lost $16bn to production sharing contracts —NEITI.

Published

on

The Nigeria Extractive Industries Transparency Initiative said that Nigeria lost at least $16 billion in ten years due to non-review of the 1993 Production Sharing Contracts with oil companies.

This was one of the highlights of the latest report by NEITI released in Abuja Sunday. It was tagged “The Steep Cost of Inaction”

It said that the losses were recorded between 2008 and 2017.



The study done in conjunction with Open Oil, a Berlin-based extractive sector transparency group, found that the losses could be up to $28 billion if, after the review, the federation were allowed to share profit from two additional licenses.

NEITI, therefore, called for an urgent review of the PSCs to stem the huge revenue losses to the federation.

IMG-20180912-WA0030

It added that the review was particularly important for Nigeria because oil production from PSCs had surpassed production from Joint Ventures with PSCs now contributing the largest share to federation revenue.

“Between 1998 and 2005, total production by PSC companies was below 100 million barrels per year while JV companies produced over 650 million barrels per year.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

“By 2017, total production by PSC companies was 305.800 million barrels, which was 44.32 per cent of total production.

“Total production by JV companies was 212.850 million barrels, representing 30.84 per cent of total production.” It said.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE

PROMOTE YOUR BUSINESS FOR JUST $1 CLICK HERE

Business

Egypt Ranks 2nd Amidst World Emerging Economies.

Published

on

Amidst the 21 most flexible emerging economies worldwide, Renowned Bloomberg has listed Egypt’s economy behind Philippines in the face of the global trade war.

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP

In its analysis, the Bloomberg agency relied on a set of criteria, most important of which being the GDP growth rate, local currency performance against international currencies, foreign exchange reserves, credit rating, and finally current account performance.

The Egyptian cabinet’s Media Center said in a statement on Monday that indicators of the Egyptian economy improved significantly during the recent period, most notably the choice of the Egyptian pound as the second-best performing currency in the world against the US dollar this year so far, according to Bloomberg.

Of these indicators, GDP growth in the third quarter of fiscal year 2018/2019 reached 5.6 percent, alongside a rise in net foreign exchange reserves by the end of May 2019 to US$44.3 billion, with the current account deficit as a percentage of the GDP declined from 6.1 percent in 2016/2017 to 2.4 percent in 2017/2018.

The statement added that the Egyptian credit rating achieved its best level since 2011 after the agencies of Moody’s, Fitch and Standard & Poor’s upgraded Egypt’s credit rating.

-Egyptian Independent


@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGEonline training

Continue Reading

Business

CBN signals end to official rate regime for naira

Published

on

cbn5-696x437

The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated.

The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products.

If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg.

Yesterday, the apex bank, as opposed to the usual publication of the fixed exchange rate, opted to publish that “the rate will be market-determined.”

According to a report, the President of Shippers Association of Lagos State, Jonathan Nicol, said the Nigeria Customs Service had allegedly directed importers to pay for duties at the rate of N326 per dollar against the official rate of N306, citing an order from the CBN.

Also yesterday, the interbank rate depreciated by 0.2 per cent to N360.43 per dollar at the close of trading, while the parallel market remained steady at N360 per dollar.

A move toward a market-determined exchange rate would be welcomed by investors, who have long accused government of some level of capital controls and bemoaned multiple exchange rates.

The Chief Executive Officer of Nigerian Investment Promotion Council, Yewande Sadiku, was quoted as saying the apex bank was in talks with other agencies to move to a single rate for the nation’s currency.

For an economic analyst at Ecobank, Kunle Ezun, “putting that on the website means the central bank is gradually moving towards a single exchange-rate window. It is making the exchange rate more liquid to attract more inflows.”

Continue Reading

Facebook

Advertisement
Flag Counter
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved