Sasol says Nigeria gas-to-liquids plant producing by mid-2015

South African petrochemicals group Sasol expects full production at a gas-to-liquids plant in Nigeria it is developing with Chevron by mid-2015, a senior official said on Thursday.

The Escravos GTL plant in the Niger Delta has suffered multiple delays and its development cost has soared from an initial $2.5 billion to around $10 billion, industry experts say. It is expected to produce 33,200 barrels per day of fuel.

The plant is jointly owned by the Nigerian state energy company NNPC and Chevron, which uses Sasol's GTL technology.

FEC approves $945m loan for flood prevention, water

The Federal Executive Council on Wednesday approved three foreign loans totaling $945million meant to improve irrigation system, prevent flooding in Ibadan, Oyo State and provide water for Bauchi, Ekiti and Rivers States.

The council also approved four different road projects totaling N22 billion at its meeting presided over by Vice President Namadi Sambo.

President Goodluck Jonathan was at the time in Burkina Fasso on a peace mission alongside two other African leaders.

Ministers who briefed State House correspondents at the end of the meeting were Taminu Turaki (Special Duties); Bashir Yuguda (State, Finance); Sarah Ochekpe (Water Resources); Akinwunmi Adesina (Agriculture and Rural Development); and Stephen Oru (Niger Delta Affairs).

Yuguda said the first of the five memoranda presented to the council by his ministry for approval was the one on the International Development Association’s credit of $495million for proposed irrigation management.

The minister also disclosed that the council approved another $250million for the proposed third national urban water sector reform project.

About one million Nigerians are to benefit from the project in the three states.
He explained that the Federal Government would take the facility and then lend it to Bauchi, Ekiti and Rivers States.

Nigeria, others get $10.6bn for 141 projects

The World Bank Group loan and grant approvals for Nigeria and other Sub-Saharan African countries have hit $10.6bn.

In its 2014 Annual Report, the bank said its assistance to Africa reached a record high this fiscal year with the approval of $10.6bn for 141 projects.

Support included $420m from International Bank for Reconstruction and Development and $10.2bn from International Development Association.

The leading sectors are public administration, law and justice ($2.1bn); energy and mining ($1.9bn); and transportation ($1.5bn).

Specifically on Nigeria, the bank said, “In a major push, IBRD, IFC, and MIGA combined forces under a joint Energy Business Plan for Nigeria.

ECOWAS sets 2020 for use of single currency

The Economic Community of West African States has set 2020 as deadline for the use of single currency in the region.

The Head of ECOWAS National Unit, Ghana, Mr. Bonaventure Adjavor, said this on Monday in Calabar, the Cross River State capital, during a meeting of the commission on strategic planning framework for 2016-2020.

He said in spite of language difference, French, English and Portuguese, the commission would ensure a single currency note in 2020.

Adjavor who was the chairman of the meeting, said the currency would facilitate the movement of people and communication in the region.

Also, the Director of Strategic Planning, ECOWAS Commission, Mr. Essien Abel-Essien, said that the committee was working tirelessly to ensure that single currency note for the region is achieved by 2020.

He said that the meeting was organized to harvest ideas and inputs that would ensure the preparation of strategic documents that reflects the aspiration of ECOWAS vision 2020.

The 2020 vision seeks to create a borderless, peaceful, prosperous and cohesive region, built on good governance.

Okonjo-Iweala Puts Nigeria’s Infrastructure Spending at $6bn, Wants Faster Processing of PPPs

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala,  has disclosed that  the country's spending on infrastructure currently stands at about $6 billion.

She advocated a  refined and  improved  use of Public Private Partnerships (PPPs) for the  execution of important projects capable of  improving  the economy and delivering  benefits to the citizenry.

The minister said Nigeria requires about $14 billion annually, out of which $10 billion should  come from the federal level, noting that the estimate was not comprehensive.

Dangote Sells Cement Only For N1,000 Per 50 Kg

Dangote Cement Plc during the weekend announced drastic reduction in the price of cement it produces. 

In a statement signed by GMD/CEO, of the company, Mr. Devakumar Edwin, it pegged the Dangote 32.5 cement grade at N1,000 per 50 kg bag, while the higher 42.5 grade would sell for N1,150 per bag.

The statement said that the new prices were exclusive of the Value Added Tax, VAT, representing about 40 per cent discount on the prevailing market price of the product currently sold for N1,700 irrespective of the grade, across the country.

 

 Naira falls on low supply of dollars

Nigeria’s naira slipped against the dollar on the interbank market on Monday, driven by tight supplies of the U.S. currency and sustained strong demand from offshore investors selling their equity holdings.

The local currency closed at 165.75 to the dollar, compared with 165.65 on Friday.

A unit of Addax sold $10 million to some lenders, Eni sold $2 million while Royal Dutch Shell sold an undisclosed amount of dollars. But aggregate dollar flows were seen as insufficient to support the local currency.

The naira has been under pressure over the past six weeks from falling global oil prices and a drop in Nigeria’s forex reserves, which has led offshore investors to cut back their positions in the debt and stock markets.

Traders said the naira had weakened to around 166.02 to the dollar intraday, but recovered a little after sales of dollar by energy companies.

The local currency is expected to stay in a range in the days ahead as more energy firms sell dollars in the interbank market and central bank keeps watch over currency moves.

Reuters