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

Published

1 year 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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Nigeria’s central bank governor, Godwin Emefiele suspended by President Tinubu

Published

13 hours ago

June 9, 2023

Ifeoluwa Dada

Nigerian president, Bola Tinubu has suspended the country’s central bank governor, Godwin Emefiele.

The office of the Secretary to the Government of the Federation announced the suspension of the Central Bank of Nigeria (CBN) head on Friday evening.

The director of information at the SGF office, Willie Bassey, in a statement, said the suspension was with immediate effect.

The CBN under Emefiele announced new designs of the N200, N500, and N1,000 notes in December. The implementation of the policy was however controversial as it launched an era of cash scarcity which some observers say was targeted at then ruling party’s candidate, Bola Tinubu, and some believe limited his chances.

Tinubu has signalled going in a different direction. During his inauguration speech, he pledged to pursue unification of the exchange rate windows and backed ease of repatriation of funds for foreign investors, policies that have not been favoured by the CBN under Emefiele.

Former president Muhammadu Buhari reappointed Emiefele for a second and final term of five years in 2019. He was appointed by former President Goodluck Jonathan in February 2014, hours after he announced the suspension of his predecessor, Sanusi Lamido.

He was the managing director of top Nigerian bank, Zenith Bank before his appointment .

VenturesNow

Ghana records 32% increase in gold production in 2022

Published

15 hours ago

June 9, 2023

Ifeoluwa Dada

West African country, Ghana has returned to top of gold production on the continent after displacing South Africa following a 32% increase in 2022.

According to the president of the mines chamber, gold output rose to 3.7 million ounces in 2022 from 2.8 million ounces the previous year, as a result of growth in the output of both large and small-scale sectors.

Joshua Mortoti, while addressing members of the Ghana Chamber of Mines at an annual general meeting revealed that “The large-scale gold sub-sector recorded its highest output in the country’s history in 2022.”

He further revealed that the expansion of production at existing mines facilitated the large-scale sector’s gold output up by 13% to 3.1 million ounces last year from 2.7 million ounces in 2021.

Over 77,620 ounces of gold were sold in 2022 under the Domestic Gold Purchase Programme, a scheme launched by the Bank of Ghana to boost reserves.

Mining is a major economic activity in Ghana and a key contributor to the Ghanaian economy. Gold mining accounted for 48.4% of gross merchandise exports in 2020.