Inflation in Nigeria soared to 29.9 percent in January, the highest mark in nearly 30 years. Food costs, which rose at an average rate of 35.4 percent in the same month, are the main driver of the rising cost of living.
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Nigeria unveils big rate hike as hardship prompts worker protests
No official statement has been made by the Nigeria Football Federation (NFF) over the cancellation of the high-profile friendly game slated for March 26, 2024, in Los Angeles, USA.
According to BBC Sport reporter, Oluwashina Okeleji, the cancellation was a result of the short time to process visas for the Nigerian delegation.
Okeleji stated that the US organisers of the game have already drafted in Costa Rica as replacement for the Eagles.
The friendly game between the Eagles and Argentina was initially scheduled to hold in China but was cancelled.
The game was cancelled after Lionel Messi failed to appear in a friendly game between Inter Miami and an Hong Kong Selected XI.
He received a lot of backlash from fans who had to be refunded by the organisers of the game.
The former Barcelona captain explained that he sustained an injury, hence his absence from the game.
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Shell Nigeria Exploration and Production Company (SNEPCo) has successfully completed the first remotely controlled well completion operation offshore Nigeria.
The operation was performed at the Bonga field, in 1,060 m water depth. The well completion operation was performed utilizing a Remotely Operated Controls System (ROCS) that has been supplied by Norwegian technology company Optime Subsea.
Optime Subsea's ROCS eliminates the need for both the umbilical, which traditionally connects the surface to the seabed for controlling the tubing hanger in subsea well completions, and the topside hydraulic control unit. This innovation not only cuts costs but also significantly reduces the amount of deck space required for these operations.
“We are very pleased with the performance of the ROCS. It means that we can perform well completion operations quicker, at lower cost, and with substantially lower CO2-footprint compared to conventional systems,” says Justus Ngerebara. Lead Well Engineer at SNEPCo.
Last year, SNEPCo took delivery of its first ROCS from Optime Subsea and have worked closely with Optime Subsea to integrate the system into its operations.
Using a ROCS means that operators can cut approximately 50 tonnes of equipment from their offshore transportation list, which means substantially lower CO2-footprint. It also means reduced operating time and less HSE exposure on the drill floor. In total, it reduces both CAPEX and OPEX for operators.
Optime Subsea has performed multiple ROCS operations in the North Sea and Gulf of Mexico, but this was the first in African waters. The operation was led by Optime Subsea’s operation in Nigeria, supported by personnel from the company’s headquarter in Norway.
“To be able to free up valuable deck space immediately after the operation, through shipping the ROCS to shore, is a significant advantage for the rig operator. We are delighted to bring this technology to Nigeria and very grateful for SNEPCo’s innovative and ambitious approach to subsea well completion operations,” says Rodger Hooker, Chief Service Officer at Optime Subsea.
Optime Subsea has offices in Notodden, Norway; Houston, Texas; and Lagos, Nigeria. Over the past decade, the company has established itself as a leading specialist on subsea intervention and controls systems globally.
ROCS details. When completing subsea wells, the tubing hanger is placed on top of the wellhead, as a seal towards the rest of the subsea well.
Normally the tubing hanger is controlled through a dedicated hydraulic umbilical which adds a large 20-30 ft control container. When running the umbilical, it is also clamped to the tubing for increased stability.
ROCS replaces these operations by remotely controlling a controls unit toward the wellhead. This allows for safer, simpler and more efficient operations.
ROCS is mobilized in a single basket, prepared and made up onshore, allowing it to be ready to run immediately when offshore, from a rig. Avoiding mobilization of 50 ton + of topside equipment
The ROCS is 100% universal and can be applied to any type of subsea well.
A shopping plaza under construction in Nigeria's southeastern Anambra state collapsed late on Monday, killing at least six people, with others feared trapped in the rubble, the emergency agency said.
The building, with more than 120 shops, collapsed in the city of Onitsha, the National Emergency Management Agency (NEMA) said on Tuesday.
"Some of the rescued persons have been taken to different hospitals in Onitsha for treatment," NEMA said.
A search was under way for other survivors, it said.
Building collapses are frequent in Africa's biggest economy and top oil producer due to lax regulations and often substandard construction materials.
By Ahmed Kingimi, Reuters
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Nigeria's central bank delivered its largest rate hike in absolute terms in around 17 years on Tuesday to tame soaring inflation, amid nationwide trade union protests over price rises that have left people struggling to meet their basic needs.
Central Bank of Nigeria Governor Olayemi Cardoso said the 4-percentage-point increase to 22.75% was needed as previous rate hikes had not cooled price pressures enough.
Inflation has reached almost 30%, its highest in almost three decades, driven by a steep fall in the naira currency , the removal of a fuel subsidy, fiscal deficits and conflict in food-producing parts of Africa's most populous nation and biggest economy.
Labour unions protesting on Tuesday said two of President Bola Tinubu's key reforms - allowing the naira to devalue twice in less than a year and scrapping the fuel subsidy - were making people's lives a misery.
"We are suffering in Nigeria. It was not like this before. There is real hunger," said fashion designer Surijadeen Idayat at a protest in the capital Abuja.
In a sign of the desperation, a deadly stampede broke out at a food distribution site on Friday, authorities said.
"This was not the situation a year ago. I have to cut down the number of meals in the family," said Ibrahim Mamuda, a 56-year-old resident of the northern city of Kano who said he has twelve children and that they are only eating one meal a day.
Tinubu has defended his bold but unpopular reforms, which he hopes will help him double Nigeria's growth rate to 6% annually from roughly 3% now.
In an effort to ease the pressure on vulnerable households, his government this week approved the resumption of direct cash transfers to those in need.
MAMMOTH HIKE
Tuesday's mammoth rate hike brings Nigeria closer to Ghana, which defaulted on its debts in 2022 and cut interest rates from 30% to 29% in January, and the insurgency-hit Democratic Republic of Congo, which has an interest rate of 25%.
Nigeria's international dollar bonds initially rose as much as 0.5 cents on the dollar as Cardoso spoke, before falling to again trade below their previous closing price.
Capital Economics analyst David Omojomolo said that Cardoso had "stepped up to the plate" by showing greater appetite to tackle Nigeria's inflation problem than the central bank had done previously.
But he said further inflation surprises or naira weakness could force another hike.
By Chijioke Ohuocha and Elisha Bala-Gbogbo, Reuters
Related stories: Video - Rising Food Prices spark protests and smuggling in Nigeria
Video - Nigeria vows to address rising cost of living amid protests
