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EU looks up to Nigeria for increased gas supply as effects of Russia-Ukraine war bites harder

Published

3 years ago

April 12, 2022

The Nigerian gas industry is set to receive a massive boost as the European Union (EU) is seeking to strengthen relations with the country for alternative sources of its natural gas imports requirements in an attempt to reduce reliance on Russian energy.

Nigeria which is the fourth biggest liquified natural gas supplier to Europe, exports at least 40% of its gas to European nations and with the ongoing war in Ukraine, the EU is seeking a closer partnership with Nigeria for increased gas supply.

The EU Ambassador in Nigeria, Samuela Isopi, who led other EU diplomats on a visit to the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, in Abuja on Monday, said the EU was seeking means of increasing its cooperation with Nigeria in the energy sector.

“We are not only major clients for Nigeria, we are also major partners in the oil and gas sector because some of the companies that are working with you are from Europe. So we share the same interest and same objectives,” Isopi said.

On his part, the Chief Executive of the Nigerian state-owned oil company assured the European delegation that the company was keen on increasing gas supply to the global market, especially now that the country has a proven natural gas reserve of 209.5 trillion cubic feet (TCF).

Related Topics:#NNPC European Union Featured gas

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”