Monday, December 18, 2017
Video - Nigeria’s recession forces government to withdraw handball funding
Several athletes in Nigeria are helping generate local interest in the sport of handball. Nigeria's sports ministry removed funding for the sport earlier this year, causing concern over its future as CGTN's Sophia Adengo now reports.
Video - Nigerian army says arrested more than 400 militants
The Nigerian army at the weekend announced it's arrested more than 400 people with suspected links to the Boko Haram militant group -- among them, women and children. The people were arrested on islands in Lake Chad over a two-week period.
Thierry Henry receives chieftaincy title in Nigeria
Former Arsenal and France international striker Thierry Henry who is in Lagos for the Guinness Made of Black programme has been crowned the, Igwe of football’ in Nigeria.
Henry who is in Lagos to meet the ‘Be a Front Row Fan’ winners; a consumer promotion of the company also watched the West Brom v Manchester United EPL game at Landmark Event Centre, Victoria Island, Lagos. Aside receiving the ‘igwe of football’ title, Henry also participated in the cooking of Jollof rice. The 40-year-old Frenchman retired from football in 2014.
Friday, December 15, 2017
Video - Nigerian NGOs worry new civil society bill will limit their operations
Rights groups in Nigeria are up in arms over a proposed bill that seeks to regulate the activities of non-governmental organisations operating in the country. Scores of activists have taken to the streets of the capital in protest. Critics argue that if the bill is signed into law, it will limit the activities of civil society organisations. The legislation is currently being tabled before committees at the House of Representatives.
Thursday, December 14, 2017
Nigeria to amend deep offshore oil act to increase revenue
Nigeria is seeking to amend a law on deep offshore oil exploration and drilling, aiming to increase government revenue from crude sales when prices exceed $20 a barrel, the country’s oil minister said on Wednesday.
Nigeria’s government relies on oil for around two-thirds of its revenue and Africa’s largest economy is still largely dependent on crude production despite the current administration’s attempts to diversify away from the industry. Those efforts have yielded few results, economic data shows.
Under the deep offshore act, there was a provision in 1993 that allowed for the government to charge oil companies a premium for the administration’s share of sales once the price of crude exceeded $20 a barrel.
The Nigerian government has not enforced that provision but could now look to amend the law to enable it to do so, Emmanuel Ibe Kachikwu, the oil minister, told reporters after a cabinet meeting in the capital of Abuja.
“The net effect for us is close to $2 billion extra revenue for the federation,” Kachikwu said, adding that the petroleum ministry was working with the attorney general to look at the legislation.
“From 1993 to now, cumulatively, we have lost a total of $21 billion just because government did not act. We did not exercise it,” he said of the law, without explaining what amendment was needed.
The oil minister noted it would be difficult to recoup past losses, given oil companies that were not paying the government a premium for sales over $20 a barrel were not breaking the law.
However, the administration will explore whether there is an opportunity to get back some of the money, Kachikwu added.
The government is also pushing to have Nigeria’s three main oil refineries up and running at full capacity by 2019, the oil minister said.
Despite producing vast quantities of crude oil, Nigeria exports almost all of its crude for refining overseas before paying to have the final fuel products imported, a drain on foreign currency reserves.
The administration hopes to raise $2 billion for the refurbishment of the refineries from the private sector, and have them producing around 425,000 barrels of oil per day by the end of 2019, said Kachikwu.
Nigeria’s reliance on oil sales led to it falling into recession last year largely due to low crude prices and attacks by militants on energy facilities in the southern Niger Delta production heartland.
The OPEC member emerged from the recession - its first in 25 years - in the second quarter of 2017 as a result of higher oil receipts.
Nigeria’s government relies on oil for around two-thirds of its revenue and Africa’s largest economy is still largely dependent on crude production despite the current administration’s attempts to diversify away from the industry. Those efforts have yielded few results, economic data shows.
Under the deep offshore act, there was a provision in 1993 that allowed for the government to charge oil companies a premium for the administration’s share of sales once the price of crude exceeded $20 a barrel.
The Nigerian government has not enforced that provision but could now look to amend the law to enable it to do so, Emmanuel Ibe Kachikwu, the oil minister, told reporters after a cabinet meeting in the capital of Abuja.
“The net effect for us is close to $2 billion extra revenue for the federation,” Kachikwu said, adding that the petroleum ministry was working with the attorney general to look at the legislation.
“From 1993 to now, cumulatively, we have lost a total of $21 billion just because government did not act. We did not exercise it,” he said of the law, without explaining what amendment was needed.
The oil minister noted it would be difficult to recoup past losses, given oil companies that were not paying the government a premium for sales over $20 a barrel were not breaking the law.
However, the administration will explore whether there is an opportunity to get back some of the money, Kachikwu added.
The government is also pushing to have Nigeria’s three main oil refineries up and running at full capacity by 2019, the oil minister said.
Despite producing vast quantities of crude oil, Nigeria exports almost all of its crude for refining overseas before paying to have the final fuel products imported, a drain on foreign currency reserves.
The administration hopes to raise $2 billion for the refurbishment of the refineries from the private sector, and have them producing around 425,000 barrels of oil per day by the end of 2019, said Kachikwu.
Nigeria’s reliance on oil sales led to it falling into recession last year largely due to low crude prices and attacks by militants on energy facilities in the southern Niger Delta production heartland.
The OPEC member emerged from the recession - its first in 25 years - in the second quarter of 2017 as a result of higher oil receipts.
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