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Nigeria to supply gas to $3.5 billion petrochemical facility

Published

2 months ago

October 12, 2024

According to an official cited by Reuters, Nigeria has made significant progress in generating income from its enormous gas reserves as it entered into agreements with joint venture partners to supply gas to a proposed $3.5 billion Brass fertiliser and petrochemical facility.

According to the deal, the facility in Brass, in the coastal state of Bayelsa, Nigeria, will receive an estimated 270 million standard cubic feet of gas per day from joint venture partners Shell, TotalEnergies, and Eni.

The Gas Sale and Purchase Agreement, which is a component of the Brass Fertiliser and Petrochemical Project, is anticipated to produce at least $1.5 billion in exports of petrochemicals and other gas-based goods each year, according to Petroleum Ministry Permanent Secretary Nicholas Agbo Ella.

“This agreement represents a significant milestone in our ongoing efforts to monetize Nigeria’s vast gas reserves,” Ella said.

Nigeria, the continent’s leading energy producer, aims to develop its gas reserves, which total over 200 trillion cubic feet. The goal is to eliminate routine flaring by 2030 and increase gas supply to power plants, industry, and exports.

“In addition to boosting exports, the project will reduce fertilizer imports by 30%, saving Nigeria approximately $200 million in foreign exchange annually,” Ella said.

Related Topics:Featured Nigeria oil facility

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Moroccan annual inflation rises to 0.8% in November

Published

4 days 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

5 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.”