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IMF reviews Nigeria’s 2022 real GDP growth forecast downward

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Nigeria’s poor oil production and recent flooding have made International Monetary Fund revised the country’s 2022 real GDP growth forecast down to 3% from 3.4% earlier.

The IMF said in a statement, “output growth is expected to moderate in 2022 to 3% and improve slightly next year.”

“Continued FX shortages, a stabilized exchange rate regime, rising inflation, limited debt servicing capacity, and administrative restrictions on current transactions fuel devaluation speculations,” the IMF said.

Nigeria’s oil auditing agency, NEITI, indicated that in 2019, the West African country lost 42.25 million barrels of crude oil to oil theft, valued at $2.77 billion.

The IMF said double-digit inflation in Nigeria is expected to moderate at end-2022 as the start of the harvest season more than counters the projected increase in rice prices caused by recent flooding.

Despite her increasing debt profile, Nigeria’s government in January postponed its planned removal of subsidies on petroleum products till further notice. Petrol subsidy payments reportedly gulped overN1.15 a trillion in 2021 alone, resulting in low revenue for federal, state, and local governments to cater to developmental projects.

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Israel-based oil and gas firm, NewMed, signs exploration deal with Morocco’s energy ministry

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Israel-based oil and gas firm, NewMed has signed a deal with Morocco’s energy and mining ministry and Adarco Energy for offshore natural gas exploration and production in Morocco.

NewMed made the announcement on Tuesday adding that it will collaborate with Adarco, and each will have a 37.5% stake in the Boujdour Atlantique licence.

NewMed CEO Yossi Abu said, “for a long time now we have recognised a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors.”

According to the deal, the remainder of 25% is granted to Morocco’s National Office of Hydrocarbons and Mines, in accordance with the Hydrocarbon Law of Morocco.

NewMed is the main stakeholder in Israel’s huge Leviathan offshore gas field and is looking to merge with Capricorn Energy to create a gas producer focused on Israel and Egypt.

Statista reports that in 2020, approximately 23.3 billion Moroccan dirhams (MAD) of gas and fuel oils were imported into Morocco. This was equivalent to 2.6 billion U.S. dollars and represented a decrease from the previous year when roughly 38.8 billion MAD (4.3 billion U.S. dollars) of oils were imported into the country.

Overall, Spain was the main trade partner in Morocco in terms of gas and fuel oil imports.

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Nigeria’s oil company, NNPC, signs separate gas pipeline deals with Ghana, Guinea, others

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Nigeria’s oil company, the NNPC have signed separate deals with the national oil companies of Ghana, Gambia, Guinea, Guinea Bissau and Sierra Leone in furtherance of the planned Nigeria-Morocco Gas pipeline project.

The Group Chief Executive Officer of the NNPC, Mele Kyari; highlighted the roles played by the participating countries to make the planned commencement of the project to fruition.

“Today, we will be attaining another feat by signing five MoUs with the national oil companies and relevant entities from Gambia, Ghana, Guinea, Guinea Bissau and Sierra Leone.

“From inception of the project to this stage, concerted efforts have been made by the governments of Nigeria and the Kingdom of Morocco, which led to the very commendable achievements recorded thus far.

“As the strategic vision of our great leaders gains momentum, I would like to express our appreciation to His Royal Majesty, King Mohammed VI of Morocco and His Excellency, President Muhammadu Buhari of Nigeria for entrusting NNPC Limited with this strategic project,” he stated.

He added: “NNPC Limited will facilitate the continuous supply of gas and provide other enablers such as the required land for the first compressor station to be deployed in Nigeria, which is among the 13 stations earmarked along the pipeline route.”

The Nigeria-Morocco gas pipeline mega-project had been first discussed during the official visit of King Mohammed VI of Morocco in December 2016 to President Buhari in Abuja.

Nigeria and Morocco signed MoU for the gas pipeline in September which would link Nigeria to Morocco as well as supply West Africa and Europe.

The Nigeria-Morocco gas pipeline mega-project had been first discussed during the official visit of King Mohammed VI of Morocco in December 2016 to President Buhari in Abuja.

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