Wednesday, July 6, 2016
Video - Delegation to fast-track multibillion-dollar deals between China and Nigeria
A high-powered delegation from China is in Nigeria to fast-track agreements signed in April. Nigeria's is seeking multibillion-dollar Chinese investment in its oil and gas sector -- as well as a loan to plug a huge budget deficit.
Video - Niger Delta Avengers claim to have blown up Chevron pipeline
The Niger Delta Avengers have claimed to have blown up a Chevron well and oil pipelines near the city of Warri. The group has pushed production to 30-year lows in the past few weeks, through a spate of attacks. The Avengers say they've blown up a Nigerian Petroleum Development Company manifold, close to Banta, and two crude pipelines operated by the state oil company. A manifold platform is where small oil or gas pipelines converge before connecting to a larger storage hub. The group also claims to have targeted "Chevron Well 10", close to the Otunana flow station. Chevron and N-N-P-C have not been available to comment.
FC Barcelona opens academy in Nigeria
Director of Social Area, Pau Vilanova, said yesterday during a courtesy visit to the Governor of Lagos State, Akinwunmi Ambode at the State House, Alausa.
Leader of the delegation, Vilanova explained that the club had special interest in the city considering its population and other laudable achievement recorded by the State.
Head of the Barcelona Academy, Oscar Grao, said they wanted to be in the city because of its status as the fastest growing megacity, saying "We have 17 football Academies across the world. We have in America, China Canada and others. But there was none in Africa."
"For us, it is an honour to be here. The establishment of such school in this part of Africa is very important. I think we have a special philosophy about the game that is how we defend and attack.
Brexit impact on Nigeria
Brexit will be positive for Nigeria, according to Peter Kohli, the CEO of DMS Funds. In an article published in NASDAQ online, he explains that Britain, without Brussels will be able to make lucrative trade deals with the world and especially commonwealth countries, including Nigeria.
“In my humble opinion, Britain extricating itself from that pompous union will be a net positive for Nigeria,” he writes. “So whether or not Nigeria makes it economically is totally up to them. Recently, the Nigerian Central Bank abandoned the currency peg and allowed the Naira to sink or swim. There was initial optimism that the move would draw in foreign investors, but that optimism was short-lived. The spectre of a recession is beginning to loom larger, mainly, in my opinion, because the economy is not well diversified.”
According to Kohli, Nigeria’s GDP in the first quarter of 2016 came in at a negative 0.4% year-over-year. However, it actually contracted 13.7% quarter-over-quarter. Exports (mainly of oil and gas) were down 65% year-over-year from March 2016, and that of course robs the treasury of much needed revenue.
As for the current cost of producing a barrel of oil in Nigeria, it’s $31.60. But the breakeven price for that country is $141.70! “So something has to give. And don’t blame it on Brexit because that will have no adverse effect on the Nigerian economy,” writes Kohli.
“In my humble opinion, Britain extricating itself from that pompous union will be a net positive for Nigeria,” he writes. “So whether or not Nigeria makes it economically is totally up to them. Recently, the Nigerian Central Bank abandoned the currency peg and allowed the Naira to sink or swim. There was initial optimism that the move would draw in foreign investors, but that optimism was short-lived. The spectre of a recession is beginning to loom larger, mainly, in my opinion, because the economy is not well diversified.”
According to Kohli, Nigeria’s GDP in the first quarter of 2016 came in at a negative 0.4% year-over-year. However, it actually contracted 13.7% quarter-over-quarter. Exports (mainly of oil and gas) were down 65% year-over-year from March 2016, and that of course robs the treasury of much needed revenue.
As for the current cost of producing a barrel of oil in Nigeria, it’s $31.60. But the breakeven price for that country is $141.70! “So something has to give. And don’t blame it on Brexit because that will have no adverse effect on the Nigerian economy,” writes Kohli.
Sierra Leone diplomat kidnapped in Nigeria freed
The former head of Sierra Leone's army who was kidnapped in Nigeria last week has been freed, officials say.
They say Maj Gen Nelson Williams, who is now Sierra Leone's Deputy High Commissioner to Nigeria, is back at his base in the capital Abuja.
It was not immediately clear whether any ransom was paid for his release.
He was seized on Friday as he was travelling to the northern state of Kaduna for a military ceremony.
"He is in sound health," Nigerian police spokesman Don Awunah was quoted as saying by the AFP news agency.
Maj Gen Williams is believed to be the first Sierra Leone diplomat to be abducted anywhere in the world since the country became independent in 1961.
His seizure was hugely embarrassing for the Nigerian government, correspondent say.
Kidnapping for ransom is common in some parts of Nigeria.
They say Maj Gen Nelson Williams, who is now Sierra Leone's Deputy High Commissioner to Nigeria, is back at his base in the capital Abuja.
It was not immediately clear whether any ransom was paid for his release.
He was seized on Friday as he was travelling to the northern state of Kaduna for a military ceremony.
"He is in sound health," Nigerian police spokesman Don Awunah was quoted as saying by the AFP news agency.
Maj Gen Williams is believed to be the first Sierra Leone diplomat to be abducted anywhere in the world since the country became independent in 1961.
His seizure was hugely embarrassing for the Nigerian government, correspondent say.
Kidnapping for ransom is common in some parts of Nigeria.
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