FEC okays N9bn for cooking stoves •N61bn engineering contract too

THE Federal Executive ‎Council (FEC) on Wednesday approved the award of contract for the procurement of 750,000 units of clean cooking stove and 18,000 wonder bags under the National Clean Cooking Scheme.

This is part of the plan by government to provide about 20million stoves over five years to be distributed free of charge to poor rural women in order to discourage the use of fossil fuel as well as prevent accompanying health hazards.

Vice President Namadi Sambo presided over the meeting which also approved the award of N60.8billion contract for the provision of engineering infrastructure to Kyami District, Zone C, Abuja.

The supervising Minister of Information, Mr. Nurudeen Mohammed, who briefed State House correspondents after the meeting, said that the Council ratified President Goodluck Jonathan's‎ anticipatory approval for the scheme which he explained, is an aggressive drive to engender clean cooking culture amongst the poor rural women, reduce and possibly eliminate cooking with solid fossil which is detrimental to health.

He also observed that the use of the stove will reduce incessant felling of trees which exposes the country to ecological problems.

On the wonder bag, he said it is a non-electric slow cooker invented by Sarah Collins, ‎a South African eco-entrepreneur, who came up with the idea six years ago during a power cut, cooking her dinner by surrounding the pan with cushions.

The minister observed that scientists believe that each wonder bag can prevent the emission of half a ton of carbon dioxide a year and save a poor family a tenth of their income by cutting fuel costs.

Nigeria overnight lending rate doubles to 20 pct after CBN action

 

Trading on Nigeria's intern bank market almost doubled on Wednesday, after trading resumed a day after the central bank hiked the cash reserve ratio (CRR) for commercial banks to hold deposits from individuals and businesses.

Dealers said commercial lenders were scrambling for cash in anticipation of the central bank enforcing the CRR on Wednesday, so interbank rates rose sharply from 10.25 percent the previous day.

Initially, the overnight market was not giving quotes on Wednesday because they were waiting for information from the central bank on when the CRR will be debited.

Shell investigates source of leak of oil pipeline in Nigeria

 

Nigeria’s oil exports were disrupted after Shell’s local unit shut a pipeline that carries a key grade after it discovered a leak on Saturday.

The pipeline carries one of Nigeria’s main export grades, Bonny Light. About six cargoes of the crude are exported each month, or around 180,000-200,000 barrels per day.

A Shell spokeswoman in London said that force majeure had not been declared on the grade, adding that the 24-inch pipeline has been shut since Oct. 18 last year for repair and integrity checks.

A report by a national conference convened by President Goodluck Jonathan in March, said the country was losing an estimated $35 million (22 million pounds) a day to oil theft.

MTN, FirstBank, Dangote Group Make Top 100 Nigerian Companies List

 

The federal government has unveiled the names of firms that made the top 100 companies in Nigeria for the 2014 fiscal period.

The Chief Executive Officer, Financial Reporting Council of Nigeria and Chairman of the selection committee, Mr. Jim Obaze, said some of the companies that made the list are MTN Nigeria, First Bank of Nigeria Plc, Nigerian Breweries Plc, Dangote Group, Chevron and Nigerian Flour Mills Plc.

Others are Mamuda Industries, Eko Supreme, Indorama Eleme Petrochemical Ltd, Elizade, APN Terminal, UAC Plc, Bolawole Enterprises, Wemco Metal Products, Dolphin Foods and Chi-Group.

A source in the Ministry of Trade and Industry also revealed that Zenith Bank Plc, Shell and ExxonMobil, among others, made the top 100 Nigerian companies list.

Nigeria devalues Naira as oil prices drop

The Central Bank of Nigeria, CBN, has announced a new official naira-to-dollar exchange rate, forcing down the Nigerian currency by 13 naira, as the country struggles to reshape its fiscal policies in response to dwindling oil price.

The bank devalued the naira at its monetary policy committee, MPC, meeting on Tuesday in Abuja, where it also reviewed Nigeria’s monetary policy rate from 12 per cent to 13 per cent.

The monetary policy rate highlights lending rate for the country’s economy. The naira will now exchange officially at N168 to a dollar, and no longer N155.

The CBN said the decision to lower the value of naira against the dollar is to strengthen the currency.

External reserves fall to $37.1bn

 

A new report from the Central Bank of Nigeria has shown that the nation’s external reserves have fallen to $37.1bn.

The report, posted on the central bank’s website, showed that the reserves depleted by $2bn within one month. Specifically, the foreign reserves depleted from $39.1bn as of October 21 to $37.1bn on November 21, 2014.

The external reserves have been falling fast again, no thanks to the falling oil price and high demand for dollars from portfolio investors.

It had fallen by $1.6bn within three weeks, dropping from $39.5bn on October 14 to $37.9bn as of November 7, 2014.

The CBN has been selling huge amount of dollars to prop up the value of the naira.

Shell shuts Nigeria pipeline carrying Bonny Light crude

 

Nigeria’s oil exports were disrupted after Shell’s local unit shut a pipeline that carries a key grade after it discovered a leak on Saturday, the company said on Monday.

The pipeline carries one of Nigeria’s main export grades, Bonny Light . About six cargoes of the crude are exported each month, or around 180,000-200,000 barrels per day.

A Shell spokeswoman in London said that force majeure had not been declared on the grade.

The 24-inch pipeline has been shut since Oct. 18 last year for repair and integrity checks, the spokesman added.

Nigeria’s oil industry suffers from rampant oil theft. A report by a national conference convened by President Goodluck Jonathan in March, said the country was losing an estimated $35 million (22 million pounds) a day to oil theft.