Current infomation on Nigeria

External reserves rise to $33.09bn – Punch

The country's external reserves, which suffered a 3.6 per cent dip in September, have risen by seven per cent to $33.09bn as at November 11, as against $30.89bn recorded on October 11, according to information on the CBN's website. Also, a report by the Financial Derivatives Company Limited noted that the need to support the naira against the dollar had prevented a significant accretion in the external reserves. It is expected that if the CBN reduces its supply of the dollar at the weekly auctions and allows for greater flexibility by expanding the exchange rate band, the external reserves may climb into the $36bn to $37bn range.

CBN begins Finance Houses’ reforms in 2012 – Nation

The Central Bank of Nigeria (CBN) will start comprehensive reforms of the Finance Houses subsector in 2012, its Deputy Governor, Financial Systems Stability, Dr. Kingsley Moghalu, has said. The sector, still wallowing in neglect and lacking clearly defined operational structure, has been relegated to the background. But Moghalu said the apex bank wants to see Finance Houses that are strong, efficient and able to perform their constitutional roles in the economy.  Achieving these, he said, require comprehensive reforms of the subsector that would enable it to carve a niche for itself in the financial services sector.

Petroleum Industry Bill faces fresh hurdles – Punch

The controversy surrounding the non-passage of the Petroleum Industry Bill is continuing as both chambers of the National Assembly give conflicting signals about the proposed legislation. Confusion as enveloped the passage of the Petroleum Industry Bill, which has suffered many setbacks in the last two years, as the Senate revealed that the Executive arm of government  hadnot re-presented it for consideration. On the other hand, the House of Representatives is currently considering a version of the proposed law being sponsored by a member, contrary to expectations that the Federal Government will re-present the harmonised version for consideration by lawmakers in both chambers of the legislature. Despite pressure on the lawmakers in the sixth National Assembly by stakeholders for the passage of the PIB, the draft law could not clear the hurdle as a result of what some said was the cacophony of interests from different quarters, leading to the presence of varied versions of the proposed legislation.

NCC registers 93m phone lines – Businessday

The Nigerian Communications Commission (NCC) says that about 93 million lines were registered in the country in the just-concluded SIM Card Registration exercise. The NCC also revealed that it would next year , embark on the Number Portability scheme, to further enhance the quality of service of telecom services in the country.

Dangote stakes $7.7bn in Rivers Energy City – Businessday

Aliko Dangote, president, Dangote Group, has directed his investment gaze in the direction of Rivers State with initial $7.7 billion (N1.2 trillion) stake in the state’s emerging energy city. Rivers Energy City is part of the mega city concept known as the Greater Port Harcourt City which cuts across eight local councils including Ogu/Bolo, the host council of the energy city. Dangote has already made open visits, having inspected the large expanse of land beside the waters at Okpokiri in Ogu/Bolo near Okrika Jetty along with the state governor, Chibuike Rotimi Amaechi. The energy city is on the other side of the multi-billion dollar Onne Oil and Gas Free Zone. A bridge is being constructed already to link the free zone and the energy city. Dangote’s visit was a highlight of the recent Rivers Investors’ Forum which attracted international leaders and investors including immediate past prime minister of Britain, Gordon Brown, and the agric investment magnet in Belgium, Pierre Vendebeeck, chief executive of Siat NV. A top government source in Government House, Port Harcourt confirmed the decision of Dangote to storm the energy city with billions of dollars, saying the investment would span the petrochemical industry including methane, ethanol and fertiliser sub-sectors. Thousands of jobs are expected to gush out of the energy city project while subcontractors and suppliers as well as revenue sources for government are expected huge sizes. Dangote would not be lacking competitors in his striving to venture into the petrochemical industry. There is the proposed $6 billion petrochemical project said to be the largest in Africa being floated by both the NNPC and a Saudi Arabian conglomerate, Xenel. There are also two proposed fertiliser plants by the Federal Government through the NNPC for $4 billion with Indian partners (Nararjuna) each with 1.3 million tons per annum. Also, Indorama Eleme Petrochemical Company Limited (EPCL), which has successfully pioneered the petrochemical sector, is busy building a $2 billion fertiliser and ethanol plants at its present location as part of an expansion project in the face of rising global demands. The Rivers State government is said to be keen on cushioning Dangote’s landing in the energy city, and this may include revision of economic policies to attract more investors.

First Private Refinery Begins Operation in Rivers State – Thisday

A private refinery owned by Niger Delta Petroleum Resources Ltd (NDPR), a subsidiary of Niger Delta Exploration and Production Plc, has begun operation in Rivers State. The firm has also been granted a Licence to Operate (LTO) by the Federal Government. Built at Ahaoda East Local Government Area of Rivers State, the refinery, which was completed in December 2010, has been undergoing test-run; while the operating licence was being awaited. Fabrication work had started in January 2010 by Chemex Incorporated of Texas, California in the United States. The operating licence gives the NDPR full authority to operate its mini-diesel refinery, referred to as “Topping Plant” at the company’s Ogbele Oil Field in old Oil Mining Lease (OML) 54, located in the state. The NDPR’s operating licence, which was signed by the Minister of Petroleum, Mrs. Diezani Alison-Madueke, was the first of its kind to be granted to an independent, publicly-owned Nigerian company. Confirming this development in an interview with THISDAY at the weekend, the Chief Executive Officer of Niger Delta Exploration and Production Plc, Dr. ‘Layi Adetona, said the refinery, which had an initial capacity of 1,000 barrels of crude per day, now produces 120,000 litres of diesel per day, using crude oil from the company's Ogbele Flowstation.

Total Invests $2bn in Nigeria yearly, plans to attract more investors – 234next

Total Oil invests more than $2 billion in the Nigerian economy yearly, according to Mr Jaques Maoraud des Grottes, President of Total Exploration and Production for Africa. Maoraud des Grottes spoke with the News Agency of Nigeria (NAN) on Thursday, in Paris, on the sidelines of a three-day meeting, organised by Total and chaired by President Goodluck Jonathan to woo investors to Nigeria. ``Today, Total invests $2 billion dollars in Nigeria in excavation and production, and we hope to invest more in the coming year and we have a new larger oil field in Rivers that we will be exploring,'' he said.

Lagos light rail project takes off in 2012 -  Nation

Lagos State Governor, Mr Babatunde Fashola (SAN), yesterday disclosed that the first eight killometres of the blue line light rail project will be completed next year. The governor, who stated this while carrying out assessment of the first phase of the project from Orile to Mile 2, also seized the opportunity to clamp down on scores of motorcycle operators popularly known as okada riders, who plied one way on the axis. Fashola was conducted round the ongoing project by the Shi Hongbing, Deputy Managing Director of Chinese Civil Engineering and Construction Company (CCECC). The Governor, who spoke to reporters after the inspection, however, said the completion is subject to funds available to see the project through. He, however, expressed optimism that the state will deliver on the blue rail line within the stipulated time as 90 per cent of the structural work on the project is already completed.

Daewoo Engineering Awarded $716 Million Thermal Power Plant Contract – Businessnews

South Korean Company, Daewoo engineering and Construction has been awarded a $ 716 Million contract to build a thermal power plant in Nigeria. The contract was awarded by French Oil major Total. Total also recently awarded a French construction company Effiage a $ 424 Million contract to build a metallic oil rig. The French company appears to be going on a strategic spending spree in order to consolidate on its investments in the upstream sector after recently discovering estimated at 85,000 barrels per day in its oil mining lease 102. Daewoo Engineering and Construction is no stranger to Nigerian contracts, in February the company won a $ 250 Million contract to build a gas processing facility. That contract was awarded by Shell Petroleum Development Company.