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2018-02-27 13:05:00

NIGERIA'S ECONOMY UP TO 1.92%

NIGERIA'S ECONOMY UP TO 1.92%

REUTERS - Nigeria's economy grew 1.92 percent in the last quarter of 2017 compared with a 1.73 percent contraction in the same period of the previous year, the National Bureau of Statistics said on Tuesday.

The OPEC member's gross domestic product (GDP) grew by 0.83 percent in 2017 as a whole after shrinking by 1.58 percent in 2016, its first annual contraction in 25 years.

Oil production rose to 1.91 million barrels a day (mbpd) in the last quarter of 2017 compared with 1.76 mbpd in the same period of 2016, the statistics office said.

The recession in 2016 was largely caused by low crude oil prices and militant attacks on energy facilities in the Niger Delta. Crude sales make up two-thirds of government revenue.

Africa's biggest economy returned to growth in the second quarter of 2017 but the recovery has been fragile since it is largely due to higher oil prices. The International Monetary Fund (IMF) said in December that the economy remains vulnerable.

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Earlier:

 NIGERIAN OIL PRICE: $45-$46
2018, January, 26, 12:15:00

NIGERIAN OIL PRICE: $45-$46

BLOOMBERG - “We’ve gotten to a point where we don’t care,” whether prices will be sustained at the level that they have recently risen to, Adeosun said during an interview in her office in the capital, Abuja. “We’ve been able to balance our budget at $45-$46 per barrel and we’ve got to learn to live comfortably at that level.”

 

 NIGERIA'S FUEL DEFICIT
2018, January, 8, 19:10:00

NIGERIA'S FUEL DEFICIT

BLOOMBERG - A bigger problem is that Nigeria caps gasoline prices, often at levels below retailers’ costs. The cap today is set at 145 naira, or $0.40, a liter, which would translate to $1.52 per gallon.

 

 NIGERIA'S CHALLENGES
2017, December, 27, 12:20:00

NIGERIA'S CHALLENGES

IMF - Overall growth is slowly picking up but recovery remains challenging. Economic activity expanded by 1.4 percent year-on-year in the third quarter of 2017—the second consecutive quarter of positive growth after five quarters of recession—driven by recovering oil production and agriculture.

 

 NIGERIA NEED INVESTMENT $5.5 BLN
2017, November, 14, 18:00:00

NIGERIA NEED INVESTMENT $5.5 BLN

REUTERS - Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move.

 

 NIGERIA NEEDS TIME
2017, September, 15, 08:50:00

NIGERIA NEEDS TIME

Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources, told the Financial Times that the west African nation’s energy sector was still suffering from years of violent disruptions and needed more “recovery time” before joining a supply deal agreed last year between some of the world’s biggest oil producers.

 

 NIGERIA'S OIL PRODUCTION: 2.2 MBD
2017, September, 4, 12:25:00

NIGERIA'S OIL PRODUCTION: 2.2 MBD

The figure of around 2.2 million to 2.3 million b/d includes about 300,000 to 400,000 b/d of condensates, which implies that its current crude oil production is at the coveted 1.8 million b/d mark.

 

 WBG - AFRICA'S ECOMOMIC DIFFICULTIES
2017, April, 12, 17:30:00

WBG - AFRICA'S ECOMOMIC DIFFICULTIES

Nigeria, South Africa, and Angola, the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty. Furthermore, several oil exporters in the Central African Economic and Monetary Community (CEMAC) are facing economic difficulties.

Tags: NIGERIA, ECONOMY, OIL

Chronicle:

NIGERIA'S ECONOMY UP TO 1.92%
2018, April, 25, 09:50:00

UZBEKISTAN WILL JOIN TO $8 BLN

REUTERS - Uzbekistan plans to join an $8 billion project to build a natural gas pipeline from Turkmenistan to India, Uzbek President Shavkat Mirziyoyev said on Monday, although it was unclear whether Tashkent might eventually ship gas through it.

NIGERIA'S ECONOMY UP TO 1.92%
2018, April, 25, 09:45:00

EGYPT NEED INVESTMENT $10 BLN

REUTERS - Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said

NIGERIA'S ECONOMY UP TO 1.92%
2018, April, 25, 09:40:00

BP - ROSNEFT STRONG PARTNERSHIP

REUTERS - BP (BP.L) has a “very strong” partnership with Russian oil giant Rosneft (ROSN.MM) but will steer away from politics, Chief Executive Officer Bob Dudley said on Tuesday, as Moscow could face new western sanctions.

NIGERIA'S ECONOMY UP TO 1.92%
2018, April, 25, 09:35:00

SHELL SELLS ARGENTINA $0.95 BLN

SHELL - Shell has signed an agreement to sell its Downstream business in Argentina to Raízen for US$0.95 billion in cash proceeds at completion, subject to customary closing conditions. The sale includes the Buenos Aires Refinery, around 645 retail stations, liquefied petroleum gas, marine fuels, aviation fuels, bitumen, chemicals and lubricants businesses, as well as supply and distribution activities in the country. Additionally, after the transaction closes, the businesses acquired by Raízen will continue their relationships with Shell through various commercial agreements, which represent an estimated value of US$0.3 billion.

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