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President Buhari inaugurates first oil project in Northern Nigeria

Published

2 years ago

November 23, 2022

Nigeria’s President Muhammadu Buhari on Tuesday, inaugurated the first oil and gas project in the northern part of the country, making it the first time Nigeria will be drilling for oil away from the south which has accounted for decades of production in the African oil giant.

The Kolmani oil field located in Gombe and Bauchi States in the North-East is estimated to have a reserve of over one billion barrels of crude, and according to the Presidency, has attracted “$3 billion in investment aimed at opening an oil refinery, a gas processing unit, a power plant and a fertilizer factory.”

“The successful discovery of the Kolmani Oil and Gas field by Nigerian National Petroleum Company Limited and her partners has finally broken the jinx after long efforts to find commercial oil and gas outside the established Niger Delta Basin,” an seater Buhari said at the inauguration.

The discovery of oil and gas in the arid northern region is a welcome development for Nigeria as it will, to a large extent, take away attention and concentration from the Niger Delta region in the South where there have been a lot of environmental degradation and pollution due to the activities of oil companies.

Despite over six decades of oil exploration in the south, most parts of the region are largely impoverished and while the international oil companies and government officials have fed fat on the huge profits generated, majority of the people have continued to live in abject poverty.

The Niger Delta region suffers from pollution and ecological disasters while thousands of the youths have resorted to militancy, piracy and setting up illegal refineries in the swampy creeks, stealing the crude oil from pipelines, refining it and selling it on the black market.

With the discovery of oil in the northeast, many Nigerians are hopeful that massive unemployment in the country will be addressed while the insecurity in the region will be curbed or brought to a reasonable level.

There are also concerns that banditry, kidnapping, terrorism and other criminal activities in the northeast wh in have continued to hamper the smooth mining of gold in Zamfara State which also in the region could affect the running of the oil fields but Buhari has assured that adequate security would be put in place to tackle all forms of criminality in the area.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.”