The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu, has revealed that the Federal Government is targeting 3million bopd within the next five years. Speaking at the ongoing 2017 Nigerian oil and gas conference in Abuja, the minister said in order to achieve this the oil industry would need to invest $10billion annually on infrastructure for the next five years. “The...

The National Bureau of Statistics (NBS) has revealed that Nigeria’s economy slumped 1.5% in 2016, its first yearly contraction in a quarter of a century. “This contraction reflects a difficult year for Nigeria, which included weaker inflation-induced consumption demand, an increase in pipeline vandalism, significantly reduced foreign reserves and a concomitantly weaker currency,” the...

The Federal Government of Nigeria has approved a N750billion ($2.4 billion) agricultural intervention fund to drive the sector towards food sufficiency as well as diversify the economy. This was disclosed by the Deputy Governor of Plateau State, Sonni Tyoden. According to the official, the fund should help boost agriculture by increasing the percentage of exploited arable land in the country...

As part of the vows to increase liquidity in the Forex market, the Central Bank of Nigeria (CBN) has injected an additional $180 million to the market to ease business transactions in the country. “In keeping with its determination to increase liquidity in the foreign exchange market, the CBN has released another $100 million into the wholesale forwards segment of the market and...

The Federal Government has inaugurated its Presidential Fertilizer Initiative, with the production of over 4,000 metric tonnes of locally-blended fertilizer in the initial week of operation. This was revealed in a statement by Laolu Akande, spokesperson to Acting president, Yemi Osinbajo. Akande said the initiative aims to boost local production of Nitrogen, Phosphorous and Potassium (NPK)...

The Federal Government of Nigeria has approved the development of a $20 billion gas industrial park in Niger Delta. The infrastructure will be established via a public-private partnership. This was revealed yesterday by Laolu Akande, the spokesperson of Acting President, Yemi Osinbajo (photo), while meeting with foreign investors and developers who presented the plan for the...

“Due to Tunisia delaying in implementing the reforms imposed by the International Monetary Fund, the institution postponed the payment of the second tranche of a $2.9 billion loan it promised the nation,” said Tunisia’s minister of finance, Lamia Zribi. Valued at about $320 million, the first tranche of the loan was provided in June 2016. While the second tranche was expected to...

Africa is far from exploiting its true agricultural potential. This is what suggests the United Nations Food and Agriculture Organization (FAO) indicating that the continent has 60% of non-cultivated lands worldwide. “Worldwide, demand for agricultural products is supposed to double when the global population reaches 9.1 billion, by 2050. Africa is thus well positioned to become a strategic...

Mining firm Endeavour Mining, following a declaration of a maiden resource at the North Kao deposit, scaled up the potential of its Karma gold project in Burkina-Faso. Unexploited resources in North Kao were estimated after an infill drilling program was conducted in 2016 at the project. Probable reserves were estimated at 7.1 million tons grading 1.16g/t while indicated mineral resource was...

The Nigerian Export-Import Bank (NEXIM) said it was ready to support the country to boost its shea nuts production capacity. This was disclosed by the Acting Managing Director of NEXIM, Bashir Wali. According to him, the bank wants to provide “funding for increased proactive measures to reposition agricultural products, such as shea, as part of its non-oil export sector interventions in the...