Exxon plans $10 billion oil investment in Nigeria

Exxon Mobil Corp has proposed a $10 billion investment in offshore oil operations in a new investment push in Nigeria, a presidential spokesperson said on Thursday, citing company executives.

The investment was announced during talks between Nigeria's Vice President Kashim Shettima and the CEO of Exxon's Nigeria operations Shane Harris on the sidelines of the U.N. General Assembly in New York on Wednesday, presidential spokesperson Stanley Nkwocha said in a statement.

Exxon plans to focus on developing its Owo project, a sizable deep-water project estimated to cost $10 billion.

The producer also plans to spend $2.5 billion annually to boost oil output by 50,000 barrels per day (bpd) over the next few years and maintain its Nigerian operations, despite agreeing to sell its onshore assets to Seplat Energy for $1.3 billion.

Exxon is working closely with the office of Nigeria's president "to secure favourable fiscal arrangements that will make this significant investment possible," Harris was quoted as saying.

An Exxon spokesperson didn't immediately respond to a request for comment.

Production of oil, which accounts for the bulk of Nigerian government revenue and foreign exchange, increased by 10.15% in the second quarter, averaging 1.41 million bpd, up from 1.22 million bpd a year earlier.

But Africa's largest oil producer is still grappling with challenges in its oil industry, including large-scale theft and sabotage, despite passing a law three years ago to ease regulatory uncertainties and attract investments.

"This potential investment by ExxonMobil aligns perfectly with President Bola Tinubu administration's vision for a more investment-friendly Nigeria," Shettima said. "We are committed to creating an enabling environment for such transformative projects." 

By Felix Onuah, Reuters

Nigerian officials seize cocaine worth almost $3 million at Lagos airport

Nigerian officials seized 19.4 kg (42.77 pounds) of cocaine worth 4.66 billion naira ($2.93 million) from a passenger who arrived at Lagos airport on a flight from Ethiopia, its anti-drug agency said on Tuesday.

The National Drug Law Enforcement Agency (NDLEA) said it arrested a 48-year Nigerian businessman, who had been convicted of trafficking last year but paid a fine to avoid jail time, on Sept. 18. He was allegedly carrying 817 wraps of cocaine.

Nigeria, Africa's most populous country with over 200 million people, has in recent years gone from being a transit point for gangs moving drugs between South America and Europe to a full-blown consumer and distributor.

"The agency will continue to work to disrupt the activities of drug cartels operating in the country," NDLEA chief Mohammed Buba Marwa said in a statement. 

By Camillus Eboh, Reuters

Nigeria preventive care gets boost as Hospital unveils advanced procedures

To reduce the high cost of curative therapies, Medic Partners Multi Specialist Hospital last week launched a range of advanced procedures designed to prevent medical challenges from the onset. The multi-specialist wellness centre located in Victoria Island, Lagos officially opened Wednesday, promising to assist Nigerians in navigating the challenging economic climate by providing preventive care and increasing awareness of their health conditions.

The Chief Medical Director, of Medic Partners Multi Specialist Hospital and preventive care specialist, Busola Ayelowo-Eso, explained that the disturbing prevalence of preventable diseases in Nigeria informed the centre’s establishment.

Despite a significant increase in the awareness of preventable diseases such as hypertension or end-stage renal disease, Ayelowo-Eso said many are not keen on undertaking comprehensive medical screening.

“A lot of Nigerians have this I don’t-care-attitude of if it’s not disturbing me, why should I look for it? So, preventive medicine is one speciality that hasn’t gotten so much awareness. Nigerians don’t believe in treating what is not broken.

“We still have a very long way to go in preventive medicine because the World Health Organization (WHO) says that at least once a year an average person or an individual should have a medical check-up. In Nigeria, until they start feeling ill, they don’t go to the hospital. So, until we get to that point where everybody knows that once a year, I should check myself irrespective of how I feel, we are not there yet. It’s a growing concern that is being addressed daily.”

The founders of Medic Partners Multi Specialist Hospital have invested in advanced diagnostic and treatment services to aid early detection and management. Specifically, the facility operates with advanced imaging technologies including digital X-rays, and 4D ultrasound, which provide high-resolution images that allow for accurate and early diagnosis of various conditions.

It runs a fully automated laboratory that provides comprehensive laboratory services from routine blood work to specialized diagnostics like genetic testing and molecular diagnostics, within a short time. Automation minimizes human involvement and reduces the risk of errors in terms of reporting.

In terms of kidney care, the facility is equipped with a six-bedded dialysis unit to tackle renal issues among an estimated 50 million people Nigerians who are affected. It has also invested in a fully functional cardiac unit where stress tests, procedures and other heart-related screenings are conducted.

Other specialities are endoscopy and minimally invasive surgeries where its surgical team specializes in minimally invasive techniques, reducing recovery times and improving patient outcomes.

“It offers a comprehensive wellness program where we provide holistic wellness check-ups that include advanced diagnostic tests, personalised health assessments, and preventive care strategies, helping patients maintain their health and prevent diseases.

“These advanced services reflect our commitment to providing world-class healthcare and ensuring that our patients have access to the best diagnostic and treatment options available”.

Speaking, the Chief Executive Officer of Medic Partners, Akin Eso explained that the centre will prioritise exceptional patient experience along with good practices aligned with international standards.

He emphasised that the facility is equipped to bridge the gap for those seeking quality healthcare locally, having assembled top medical expertise and technologies. This reduces the need for medical tourism, providing solutions right here in Nigeria.

The facility operates with a dedicated team of approximately 40 medical professionals and 15 support staff. The medical team includes specialists in family medicine, dermatology, cosmetic surgery, nephrology, obstetrics and gynaecology, paediatrics, and geriatrics.

“At Medic Partners we are transforming healthcare delivery, ensuring quality. That’s why we prioritise not only providing premium medical services but also ensuring that every interaction is seamless, comfortable and tailored to your needs,” Eso said. 

By Chioma Obinna, Vanguard

Nigeria's central bank surprises with fifth rate hike this year

Nigeria's central bank unexpectedly raised its benchmark lending rate by 50 basis points to 27.25% on Tuesday in a unanimous decision to tame persistent inflationary pressures, bank governor Olayemi Cardoso said.

The move wrongfooted analysts who had expected rates to stay on hold and indicates the bank is prioritizing inflation control over economic growth amid the worst cost-of-living crisis in a generation.

It is the fifth rate hike this year, after increases of 50 basis points (bps) in July, 150 bps in May, 200 bps in March and 400 bps in February which was its largest in around 17 years.

Analysts had expected no rate change after inflation fell for a second consecutive month in August and the naira currency held steady - almost converging on the official and parallel markets - after the bank resumed regular dollar sales to dealers to support the currency.

Central Bank of Nigeria Governor Olayemi Cardoso said the multiple rate hikes so far this year had helped moderate inflation, but pressures lingered.

"The MPC noted that even though headline inflation trended downwards due to a moderation in food inflation, core inflation has remained elevated, driven primarily by rising energy prices," Cardoso said.

"The uptrend poses severe concerns to members, as it clearly indicates the persistence of inflationary pressures."

Inflation fell to 32.15% in annual terms in August, but the slowdown could be short-lived after two petrol prices increases this month that have roiled citizens struggling with the worst cost-of-living crisis in a generation.

"Despite the consistent tightening resolve of the central bank, the effort starts to look very piecemeal in hindsight, when core inflation is still rising and the policy rate is still negative," said Razia Khan, managing director and chief economist for Africa and Middle East at Standard Chartered.

Price pressures have been spurred by the government slashing petrol and electricity subsidies and twice devaluingthe naira since President Bola Tinubu took over last year.

Lingering inflation risk include crop damage due to floods in the north of the country, potentially causing higher food prices due to lower harvest.

"I guess this was bold, this was audacious, and quite frankly, it would probably help to stabilize Naira a little bit. But definitely the cost of borrowing is going to be higher," said Bismarck Rewane, CEO of Lagos-based Financial Derivatives Company.

By Elisha Bala-Gbogbo and Camillus Eboh, Reuters

Video - Experts in Nigeria call for more support to snake farmers to counter anti-venom shortages

Snake farming is not widespread, despite a high demand for venom due to frequent snake bite incidents and related deaths.

CGTN