| ThisDay reports that the Nigerian National Petroleum Corporation (NNPC) yesterday signed a five-year agreement worth $1.04 billion with the African Export–Import Bank (Afreximbank), in a deal that has been described as the biggest so far at the ongoing Intra-African Trade Fair in Durban, South Africa.
This is just as the Group Managing Director of the NNPC, Mallam Mele Kyari yesterday predicted that crude oil prices may hit $100 per barrel mark in the coming months as global inventory tightens and the Organisation of Petroleum Exporting Countries (OPEC) continues to resist pressure to pump more oil into the market.
In terms of the NNPC and Afreximbank deal, it was gathered that it did not involve exploration of crude oil, but mainly for trade financing and export of the crude produced by the national oil company, although details still remained sketchy last night.
Arise News Channel reported that the $1.04 billion would be repaid to the continental bank with about 25,000bpd of crude oil produced by the state oil company. It quoted the President of the bank, Benedict Oramah, as saying that the deal would benefit Nigeria, promising to fund similar projects across Africa.
The Punch says that the International Monetary Fund has said the eNaira wallet may function as a deposit at the Central Bank of Nigeria and consequently reduce demand for deposits in commercial banks.
The comment came barely four weeks after the President, Major General Muhammadu Buhari, and top officials of the central bank launched the eNaira at the State House, Abuja. As a result, the Washington-based fund on Tuesday warned the CBN to manage the various risks associated with the digital currency especially the threats it pose to monetary policy implementation, cyber security, among others.
The IMF disclosed this in its ‘Country Focus; Five Observations on Nigeria’s Central Bank Digital Currency.’ The global body said, “Like digital currencies elsewhere, the eNaira carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability.
“For example, eNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks. Relying as it does on digital technology, there is a need to manage cyber security and operational risks associated with the eNaira.”
The newspaper reports that VICE President Yemi Osinbajo has said that the Federal Government will soon unfold the $100bn Green Imperative Nigeria-Brazil Bilateral Development Programme designed to sustain the economy through agricultural mechanisation.
He stated that the initiative would make use of Brazilian technology for the development of agricultural mechanisation to make farming a dignified venture for Nigerians and ultimately increase agricultural production and boost food security.
Declaring open the Nigerian Diaspora Investment Summit 2021 organised by the Nigeria Diaspora Summit Initiative in collaboration with the Nigerians in Diaspora Commission in Abuja on Tuesday,
Osinbajo explained that the first phase of the programme involves the allocation of over $200m for the creation of around 780 Agricultural Service Centres as the poles for catalyst through training and equipment sharing.
The second phase, he added, entails technology transfer from Brazil to Nigeria via the commercialization of agricultural equipment and input such as tractors, planters, seeders, fertilizers and pesticides.
The VP, who was represented by the Secretary to the Government of the Federation, Boss Mustapha, stated, “Another programme in the works designed to transform agriculture and scale-up productivity in Nigeria is the Green Imperative Nigeria-Brazil Bilateral Development Programme.
The Sun says that with its long coastline, unique location, large oil and gas deposit, large and growing population, among others, the Nigerian shipping industry holds the prospect of generating trillions of buck annually into the government coffers, but sadly, this potential remains untapped.
Today, an estimated 90 per cent of the world’s goods are transported by sea every year even as the total value of the annual world shipping trade had reached more than $18 billion.
However, shipping’s ability to offer economic and efficient long distance transport puts it at the centre of the world economy. Each year, the shipping industry transports nearly 11 billion tons of goods, which include crude oil, iron ore and grain.
These shipments would not be possible by road, rail or air. However, the shipping sector also remains the most effective way to move complex goods and raw materials around the world.
This also makes it one of the highest employers of labour and revenue earner. Presently, Nigeria is said to be losing an estimated $10.5 billion in revenue annually due to its inability to harness its potential in the shipping industry. Ironically, Nigeria is also reputed as the highest importer of Norwegian fish.
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