Nigeria | Egypt Oil & Gas - Part 40
Nigeria to Revise National Budget amid Low Oil Prices
Nigerian President, Muhammadu Buhari, has asked parliament to withdraw the 2016 budget in order to make changes, Reuters reports. The Nigerian budget, which included tripling capital expenditures, had been unveiled in...
Nigerian State Oil Company to Hold IPO by 2018
Nigeria is planning an initial public offering for assets owned by its national oil company, the Nigerian National Petroleum Corporation (NNPC), by 2018, according to Nigerian Minister of Petroleum Resources, Emmanuel...
UAE Denies Nigeria’s Call for Emergency OPEC Meeting
The UAE has denied claims made earlier by Nigerian Petroleum Minister that an emergency meeting of OPEC was in order to discuss the current oil pricing policy amid a 12-year low drop of oil prices to $30, reported Reu...
Nigeria Presents Plan to Renew its Power Sector
Nigeria has presented a new, comprehensive 13-point plan to renew power sector in the country, Vanguard reports citing Nigerian Minister of Power, Works and Housing, Babatunde Fashola. Among the key components of the ...
Energy Firms Owe Nigerian Banks $20b
Energy firms owe Nigerian banks N4t ($20b) as of September 2015, according to data from the Central Bank of Nigeria, Vanguard reports. The amount represents more than 30% of private sector loans in Nigeria and was a 1... Nigeria May Take Greater Debt as Oil Price Slides
Nigeria may have to take greater debt to meet its yearly budget, amid an increasingly low oil price, which is crucial for government revenues, Sun News reports. Currently, Nigerian government’s borrowing amounts...
Gas Explosion in Nigeria Leads to Increased Safety Regulations
In response to the Nweni gas explosion on December 25th, which killed a number of people, the Nigerian government is instituting new safety regulations for any operating petrol stations and gas plants in the country, ... Nigeria Considering Currency Devaluation
Nigerian authorities are under increasing pressure to devalue the national currency, the naira, as oil prices have declined, Bloomberg reports. Restrictions in place to maintain the value of the naira are harming econ...
