Monday, June 6, 2016
Video - Ramadan attack plot uncovered by Nigerian military
The Nigerian army says it's uncovered a plot by Boko Haram militants to attack the country during Ramadan. Apparently the group's been planning to set off several bombs. That's according to the Nigerian Defence Headquarters. Sunday's statement comes after at least 32 Nigerian soldiers were killed in a clash with suspected fighters from Boko Haram along the Niger Nigerian border.
Nigeria stalling in signing EU-ECOWAS trade agreement
Nigeria will continue consultations within the country regarding its stance on the Economic Partnership Agreement, EPA, between ECOWAS and the European Union, Vice President Yemi Osinbajo said at the just concluded Dakar meeting of West African leaders.
According to him “there are ongoing negotiations on it. We are discussing with the Manufacturing Association of Nigeria (MAN) and some other key economic players about it.”
In addition, the VP noted that “we understand some of the terms of this agreement are capable of restricting their-manufacturers-trading activities and we would not want this to happen.”
Prof. Osinbajo explained that in the consultation process “it is equally important that as we make the decision, we take into consideration the concerns of these critical stakeholders and tread cautiously.”
He noted at the meeting which ended later on Saturday that Nigeria is yet to fully endorse the agreement because of these concerns.
He stated that for now the federal government will continue to engage in wide consultations with relevant stakeholders before coming to a conclusion on the Economic Partnership Agreement.
While a number of West African nations have endorsed the deal, a few including Nigeria have raised issues regarding the implications of the deal, being championed by the European Union.
The EPA is a free trade deal that had been initialled by EU and ECOWAS negotiators covering trade in goods and development cooperation.
Speaking at the end of the 49th Ordinary Session of the Economic Community of West African States (ECOWAS) which took place in Dakar, Senegal this weekend where he represented President Muhammadu Buhari, Mr. Osinbajo stated that Nigeria cannot be committed to such an agreement without wide consultations.
Meanwhile, the Vice President also restated Nigeria’s constant commitment and obligations to the regional body having recently paid its dues. This is coming against the background of worries that some of the members of the body are not up-to-date in their financial obligations, with a call raised at the Dakar summit for such nations to do so.
Indeed Nigeria was openly commended at the summit for fulfilling its obligations by paying the community levies.
“We are also very committed to ECOWAS . As the largest economy in the region, we have constantly fulfilled our obligations and we intend to continue to do this, ” the Vice President declared.
Presidents, Prime Ministers and very top officials from the 16 ECOWAS members gathered in Dakar over the weekend to deliberate on important issues. The summit also witnessed the swearing-in of the new ECOWAS commission President, Marcel A. de Souza.
The meeting also featured commendations from ECOWAS leaders to the Nigerian President Muhammadu Buhari and the nation on the progress recorded by the country against terrorists.
At the end of the summit, Liberian President Ellen Sirleaf Johnson was chosen as the Chairperson of the ECOWAS Authority of Heads of State and Government taking over from her Senegalese counterpart, Macky Sall.
According to him “there are ongoing negotiations on it. We are discussing with the Manufacturing Association of Nigeria (MAN) and some other key economic players about it.”
In addition, the VP noted that “we understand some of the terms of this agreement are capable of restricting their-manufacturers-trading activities and we would not want this to happen.”
Prof. Osinbajo explained that in the consultation process “it is equally important that as we make the decision, we take into consideration the concerns of these critical stakeholders and tread cautiously.”
He noted at the meeting which ended later on Saturday that Nigeria is yet to fully endorse the agreement because of these concerns.
He stated that for now the federal government will continue to engage in wide consultations with relevant stakeholders before coming to a conclusion on the Economic Partnership Agreement.
While a number of West African nations have endorsed the deal, a few including Nigeria have raised issues regarding the implications of the deal, being championed by the European Union.
The EPA is a free trade deal that had been initialled by EU and ECOWAS negotiators covering trade in goods and development cooperation.
Speaking at the end of the 49th Ordinary Session of the Economic Community of West African States (ECOWAS) which took place in Dakar, Senegal this weekend where he represented President Muhammadu Buhari, Mr. Osinbajo stated that Nigeria cannot be committed to such an agreement without wide consultations.
Meanwhile, the Vice President also restated Nigeria’s constant commitment and obligations to the regional body having recently paid its dues. This is coming against the background of worries that some of the members of the body are not up-to-date in their financial obligations, with a call raised at the Dakar summit for such nations to do so.
Indeed Nigeria was openly commended at the summit for fulfilling its obligations by paying the community levies.
“We are also very committed to ECOWAS . As the largest economy in the region, we have constantly fulfilled our obligations and we intend to continue to do this, ” the Vice President declared.
Presidents, Prime Ministers and very top officials from the 16 ECOWAS members gathered in Dakar over the weekend to deliberate on important issues. The summit also witnessed the swearing-in of the new ECOWAS commission President, Marcel A. de Souza.
The meeting also featured commendations from ECOWAS leaders to the Nigerian President Muhammadu Buhari and the nation on the progress recorded by the country against terrorists.
At the end of the summit, Liberian President Ellen Sirleaf Johnson was chosen as the Chairperson of the ECOWAS Authority of Heads of State and Government taking over from her Senegalese counterpart, Macky Sall.
Nigeria sabotage push up oil prices
Brent crude oil prices rose on Monday, lifted by a plunge in the dollar that could spur demand just as attacks on Nigerian oil infrastructure tighten supplies, but signs of recovering U.S. output capped gains.
Brent crude futures LCOc1 were up 63 cents at $50.27 a barrel at 0941 GMT (05:41 a.m. EDT). U.S. crude futures CLc1 were up 60 cents at $49.22 a barrel.
Traders said oil prices rose on a sharp fall in the dollar .DXY on Friday after weak U.S. jobs data sparked concerns over the state of the world's biggest economy, cutting expectations of a near-term cut in U.S. interest rates.
A weaker dollar supports fuel demand in the rest of the world as it makes dollar-traded oil imports cheaper.
Traders will be watching Fed Chair Janet Yellen's speech at 1630 GMT (12:30 p.m EDT) on Monday for hints of a potential rate move.
"Futures have been trading in a small range for the last 10 days. If we want to see any more upward movement then we need to see strength from products...but so far the gasoline crack has been capped," said Olivier Jakob, oil analyst at Petromatrix in Switzerland.
The Muslim holy month of Ramadan starts on Monday and is seen as supportive of prices as driving demand picks up in most Muslim-dominated countries.
Traders said prices were also propped up by attacks on oil infrastructure in Nigeria, which has already sent the country's output to more than 20-year lows.
So far, supply cuts like those in Nigeria or Libya, have been met by rising output in the Middle East, especially Iran, which has ramped up output since the end of international sanctions against it in January.
But Iran is returning to international oil markets more quickly than expected and is quickly returning to its maximum capacity.
This means that further disruptions in global supplies might not be compensated by rising Iranian output.
Oil's price rally, however, was capped on signs of increased output in the United States where energy firms this week added rigs drilling for oil for the second time this year, energy services company Baker Hughes Inc (BHI.N) said on Friday.
Rising prices have encouraged producers to cautiously increase activity. Drillers added nine oil rigs in the week to June 3, raising the rig count to 325 but still well below the 642 at work a year earlier, Baker Hughes said.
"While not enough to materially change the outlook for U.S. production ... there are some early signs that rigs may be returning in the best acreage, namely the Permian Basin," Morgan Stanley said.
U.S. crude oil production has fallen by 5.4 percent since January and by almost 10 percent since mid-2015 to 8.74 million barrels per day.
Brent crude futures LCOc1 were up 63 cents at $50.27 a barrel at 0941 GMT (05:41 a.m. EDT). U.S. crude futures CLc1 were up 60 cents at $49.22 a barrel.
Traders said oil prices rose on a sharp fall in the dollar .DXY on Friday after weak U.S. jobs data sparked concerns over the state of the world's biggest economy, cutting expectations of a near-term cut in U.S. interest rates.
A weaker dollar supports fuel demand in the rest of the world as it makes dollar-traded oil imports cheaper.
Traders will be watching Fed Chair Janet Yellen's speech at 1630 GMT (12:30 p.m EDT) on Monday for hints of a potential rate move.
"Futures have been trading in a small range for the last 10 days. If we want to see any more upward movement then we need to see strength from products...but so far the gasoline crack has been capped," said Olivier Jakob, oil analyst at Petromatrix in Switzerland.
The Muslim holy month of Ramadan starts on Monday and is seen as supportive of prices as driving demand picks up in most Muslim-dominated countries.
Traders said prices were also propped up by attacks on oil infrastructure in Nigeria, which has already sent the country's output to more than 20-year lows.
So far, supply cuts like those in Nigeria or Libya, have been met by rising output in the Middle East, especially Iran, which has ramped up output since the end of international sanctions against it in January.
But Iran is returning to international oil markets more quickly than expected and is quickly returning to its maximum capacity.
This means that further disruptions in global supplies might not be compensated by rising Iranian output.
Oil's price rally, however, was capped on signs of increased output in the United States where energy firms this week added rigs drilling for oil for the second time this year, energy services company Baker Hughes Inc (BHI.N) said on Friday.
Rising prices have encouraged producers to cautiously increase activity. Drillers added nine oil rigs in the week to June 3, raising the rig count to 325 but still well below the 642 at work a year earlier, Baker Hughes said.
"While not enough to materially change the outlook for U.S. production ... there are some early signs that rigs may be returning in the best acreage, namely the Permian Basin," Morgan Stanley said.
U.S. crude oil production has fallen by 5.4 percent since January and by almost 10 percent since mid-2015 to 8.74 million barrels per day.
Video - Aliko Dangote building world's largest oil refinery in Nigeria
Nigeria is Africa's top oil producer, yet it's in the middle of a fuel crisis. The missing link: oil refineries. To address this massive disconnect, billionaire businessman Aliko Dangote is building an oil refinery right outside Lagos.
Related stories: Video - Africa's richest man Alike Dangote contributes $10m to victims of Boko Haram
Friday, June 3, 2016
Video - Nigeria's revenue dip on low global oil prices
CCTV's Sophia Adengo now tells us how Nigeria's heavy dependence on petroleum exports for revenue has seen a ripple effect in the economy.
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