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IOCs urged to mitigate impacts of Covid-19 in oil producing communities

IOCs urged to mitigate impacts of Covid-19 in oil producing communities

Energy
Deputy Chairman, House Committee on Petroleum Resources, Preye Influence Oseke, representing Southern Ijaw Federal Constituency, Bayelsa State, has urged International Oil Companies (IOCs), especially Eni Group to mitigate the impacts of Covid-19 across oil producing communities in the region. While there have been repeated advocacies and agitations aimed at ensuring oil producing communities benefit from crude oil resources, the prevailing shocks from the outbreak of Corona reportedly worsened living condition in the region, where farmland and other natural resources are threatened. Oseke noted that with lockdowns and environmental challenges hitherto faced by host communities of oil and gas exploration and exploitation activities within the context of their surrounding ecosyste...
SWOFON, CSJ Group kick against Agric budget cut

SWOFON, CSJ Group kick against Agric budget cut

Agriculture
Groups under the auspices of Small Scale Women Farmers Organization of Nigeria (SWOFON), and the Center for Social Justice (CSJ) have kicked against the downward review of the agriculture budget, as proposed by the Federal Executive Council (FEC) to the National Assembly. According to the groups, the reason for the proposed slash of the budget on agriculture was because of the COVID-19 pandemic, but maintained that the sector, if given appropriate allocation, would be a solution to the current economic downturn facing the nation. The groups maintained that instead of cutting the budget, the government should prioritise the critical sectors that are necessary for the country’s economic rebound, by channelling funds to such sectors. The National President, SWOFON, Mary Ishaya, durin...
Afreximbank Unveils $3m COVID-19 Grant for African Countries

Afreximbank Unveils $3m COVID-19 Grant for African Countries

Economy
The African Export-Import Bank (Afreximbank) has announced a $3 million grant to complement efforts to combat the COVID-19 pandemic across African countries. Afreximbank President, Prof. Benedict Oramah, who made the announcement in Cairo, recently, said the fund was in response to a request by African heads of state, through the auspices of the African Union Chair Person, Cyril Ramaphosa, President of South Africa, for the mobilisation of resources to address the pandemic. He said a significant proportion of the grant would go to the COVID-19 Special Fund set up by the African Union (AU) as well as to the African Center for Disease Control (Africa CDC). Oramah said: “We hope that our modest contribution will help to address some of the immediate needs. We encourage other African...
Nigerian Gasoline Price Review to N125 and the Pursuit of Fuel Subsidy Removal

Nigerian Gasoline Price Review to N125 and the Pursuit of Fuel Subsidy Removal

Oil & Gas
The announcement of a N20 reduction in the price of Petroleum Motor Spirit, PMS has received mixed reactions across the country. For the petroleum industry which will feel the wider impact, it has come as a big break for the downstream marketers in the country. Taking a deeper look at the recent announcement by the Ministry of Petroleum Resources, the policy gains is subject to the government retaining a free market, by setting gasoline pump prices in line with prevailing global oil prices. Despite this policy move, an immediate boost to product sales volumes in H1, 2020 is not likely due to the impact of the global coronavirus pandemic, which will affect social, religious and economic activities in major cities such as Lagos. In context there are indications that there will be incr...
AfDB Launches $3bn COVID-19 Bond

AfDB Launches $3bn COVID-19 Bond

Growth & Insight
The African Development Bank (AfDB) has raised $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies. The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank treasuries, and asset managers including Socially Responsible Investors, with bids exceeding $4.6 billion. This was the largest Social Bond ever launched in international capital markets to date, and the largest US Dollar benchmark ever issued by the Bank. It will pay an interest rate of 0.75 per cent. According to a statement, the AfDB is moving to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its re...
COVID-19: Terminal Operators Want Ports to Remain Open

COVID-19: Terminal Operators Want Ports to Remain Open

Business
Terminal operators at the nation’s seaports have stressed the need for the nation’s ports to remain open at all times while the federal and state governments battle to contain the spread of the COVID-19 pandemic. The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Vicky Haastrup, who stated this in a statement explained: “As we face the global public health crisis birthed by the Coronavirus disease, otherwise known as COVID-19, we advise government to ensure that the supply chain is not disrupted and the seaports keep running. “Even if other sectors of the economy are shut down to guard against the spread of the virus, the seaports should remain open to ensure that there is no shortage of food, drugs and other essential supply to Nigerians.” This is just as t...
BOAN Applauds Customs’ Reversal of Ban on Cargo Movement

BOAN Applauds Customs’ Reversal of Ban on Cargo Movement

Business
The Barge Operators Association of Nigeria (BOAN) has applauded the Comptroller-General of the Nigerian Customs Service (NCS), Col. Hameed Ibrahim Ali (rtd.) over the recent reversal of ban on the use of barges to move cargoes at the nation’s seaports. The President of BOAN, Mr. Edeme Kelikume, who stated this at a media briefing in Lagos, noted that lifting of the ban would allow its members resume operations across the country’s waterways. However, BOAN has requested the NCS authorities, in accordance with government procedures, to issue a circular effecting the reversal. The customs had recently banned barging activities along the waterways, citing irregularities and safety concerns. Kelikume, said until they begin to see the actual implementation of those initiatives, they...
Maritime Workers Close Secretariat, Postpone NEC Meeting

Maritime Workers Close Secretariat, Postpone NEC Meeting

Business
The Maritime Workers Union of Nigeria (MWUN) has announced the immediate closure of its national secretariat and postponement of its National Executive Council (NEC) meeting in the wake of the spread of Covid-19. President General of MWUN, Adewale Adeyanju, in a statement said: “The Maritime Workers Union of Nigeria held a combined meeting of its National Administrative Council (NAC) and Central Working Committee (CWC) to deliberate on issues of national interest. “Amongst the issues discussed is the recent pandemic spread of the COVID – 19 which has brought many governments to a standstill and lock downs. We note that the federal government of Nigeria has ordered a lock down of movement of people to reduce contact and spread of the disease. “Consequently, social gathering of mor...
Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Economy
Stock market investors have lost over N2.3 trillion barely three weeks after the first case of coronavirus, which is currently ravaging the whole world, was confirmed in Nigeria on January 28, 2020. Specifically, the market capitalisation of listed equities, which stood at N13.657 trillion as at Friday, February 28, 2020 depreciated by N2.349 trillion to N11.308 trillion yesterday, while the All-share index which measures the performance of quoted companies closed at 21,700.98 from 26,216.46 representing 4,515.48 points or 20.8 per cent drop. Nigeria has recorded fewer confirmed cases of Covid-19, when compared to other countries, but the global pandemic’s impact on the economy is far more significant. While global oil demand drops drastically in the wake of the outbreak, Nige...
Why oil licensing round bids may not hold this year

Why oil licensing round bids may not hold this year

Oil & Gas
The possibilities of having an oil and gas bid round this year appears to be bleak as the coronavirus pandemic continues to affect global economies and foreign investments. Indeed, the United Nations Conference on Trade and Development (UNCTAD) had projected that the COVID-19 epidemic could bring global foreign direct investment flows to their lowest levels since the 2008-2009 financial crisis. The Minister of State for Petroleum Resources, Timipre Sylvia, had stated that government would conduct smaller bid round for marginal fields and thereafter focus on a major bid. Though unrealistic deadlines have been set for the passage of the Petroleum Industry Bill (PIB) initiated decades ago, Sylva insisted that the PIB, which would facilitate the bid round, would be passed before M...