Rohit Sarkar’s Post

Business News. FG inaugurates council to attract $575bn gas investments The Federal Government, on Friday, inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund, which has the target of attracting $575bn investments in the Nigerian gas sector. https://lnkd.in/dWqBDCU6 IFC sues portfolio company Africa’s Talking for rejecting acquisition offer International Financial Corporation (IFC), a member of the World Bank Group and a lead investor in Africa’s Talking (AT) 2018 $8.4 million series A round, sued its portfolio company in 2023 for rejecting an acquisition https://lnkd.in/dQprbW2c Africa imports 800% of medicines, says AFDB The President of the African Development Bank, Akinwumi Adesina has said that Africa imports between 70 per cent and 80 per cent of its medicines. https://lnkd.in/dE4S2ztz Audit report indicts NUPRC, Customs over unremitted FAAC revenue The Office of the Auditor General for the Federation (OAuGF) has indicted the Department of Petroleum Resources now Upstream Petroleum Regulatory Commission https://lnkd.in/daxKaafJ Reps demand 2024 budget review over forex crisis The House of Representatives has called for a review of the 2024 budget projections owing to the free fall of the naira in the past few months. https://lnkd.in/dep-UEmm Lydia Amobi-Offor Ola Belgore ACIArb Michael Abiodun Thomas Damilola Hassan #business #news #finance #funding #budget #investing #investor #financing #economy #import #africa #fund

FOREIGN INVESTORS WITHDRAW FROM NIGERIAN OIL SECTOR Read: https://lnkd.in/dUdv7_pq Follow Business World Africa for exciting news updates in the African business space #businessnews #OilandGasConvention2024 #Nigerianoilsector #Foreigninvestors

Nigeria's oil divestment processes: do they need a fix? The editorial board BusinessDay says yes in this strong op-ed. They make the case that the slow speed of divestment approvals is not just a red flag for would-be investors, but also a concern for the national economy. "The longer the divestment process takes, the greater the risk to Nigeria’s oil production and revenue generation. In a nation facing severe fiscal challenges—including rising debt and inflation—such delays are deeply counterproductive." The paper refers to "complexity for complexity's sake". This is interesting when we consider the passage of the PIA in 2021 and the subsequent development of NNPC's comprehensive divestment framework, both of which were ostensibly intended to make life easier for government and investors alike. Have they had the desired effect?

Efforts of the government to bring in investors to Nigeria’s oil and gas sector appear not to have yielded the desired result as the sector only attracted $5m foreign investment in the second quarter of the year, having recorded no investment in the first quarter.

Despite efforts by the government to attract more foreign investors into the oil and gas sector, the nation’s foreign capital investments in the industry nosedived from $720m in 2016 to $3.64m in the entire 2023.

Namibia’s international reserves at N$57.6 billion The Bank of Namibia recently reported that by the end of June 2024, Namibia’s international reserves stood at N$57.6 billion, providing an import cover of 3.8 months for goods and services. Excluding oil and gas imports funded from abroad, the import cover extended to 4.6 months. The stock of international reserves further increased by 2.9%, reaching N$59.3 billion by the end of August 2024. Moreover, the International Investment Position (IIP) reflected a lower net asset position at the close of the second quarter of 2024, compared to the same period last year, due to a rise in gross foreign liabilities. Report: Hertha Ekandjo

Namibia’s FDI’s suffer N$7.2 decline over the past year: Namibia’s net foreign direct investment (FDI) inflows declined during the second quarter of 2024, largely driven by base effects, intercompany loan repayments and a slowdown in the appraisal drilling campaigns. Namibia’s net direct investment inflows declined by N$7.2 billion and N$3.9 billion on a yearly and quarterly basis, respectively, to

A peice about Nigeria, NNPCL and the Dangote Oil Industry. Petroleum Politics and Policies in Nigeria - NNPCL, Dangote Refinery, and Oil Price Conundrum Nigeria's petroleum sector, a backbone of its economy, is navigated by complex politics and policies, particularly surrounding the Nigerian National Petroleum Company Limited (NNPCL) and the new Dangote Refinery. **NNPCL's Role**: NNPCL, as a state-owned enterprise, is central to Nigeria's oil production and revenue generation. However, it has been marred by inefficiencies, corruption, and mismanagement. Despite reforms aimed at increasing transparency and productivity, the company has struggled with aging infrastructure and a dependence on imported refined oil due to inadequate domestic refining capacity. **Dangote Refinery**: The newly constructed Dangote Refinery, touted as one of the largest in Africa, has the potential to transform Nigeria’s oil landscape. It aims to reduce dependency on imported petroleum products and boost local refining capabilities. However, its operational success hinges on stable policy frameworks, investment in infrastructure, and the ability to navigate Nigeria’s turbulent political environment. **Oil Price Conundrum**: Nigeria grapples with fluctuating global oil prices, which heavily impact its economy. High global prices can lead to increased revenue, yet they also heighten the cost of living domestically, igniting public discontent and social unrest. Conversely, low prices can strain government budgets, leading to cuts in public services and eroding economic stability. **Bitter Pills**: The conundrum necessitates difficult choices. Policies aimed at subsidy removal and deregulation are critical for market stabilization but often face severe public pushback due to their immediate adverse effects on citizens. This situation reflects a broader struggle within Nigeria’s petroleum sector, where the interplay between local aspirations, global market realities, and political dynamics often leads to a cycle of policy failures and social challenges. In summary, the stakes are high as Nigeria stands at a crossroads, needing effective governance, strategic partnerships, and robust policy frameworks to harness its petroleum resources for sustainable national development while navigating the inherent challenges of the oil price landscape.

Seems that this is being pushed for personal gain, like many others, PNG LNG, Connect PNG, and more...Government has been misleading people with biased rhetoric about the benefits, drawing attention away from things that matter more... Was due process followed? Provide the evidence. There are standards and values that must never play second fiddle to ego and pride of national leaders, bodies or political parties. Did you give the opposition sufficient time to review and rebut? Did you take heed of their concerns and those of citizens, and provided relevant answers? Which relevant state institutions were involved? If any... Was there Total Accountability and Transparency in this bill, agreement? Where is the document for us all to peruse, it is a State Entity, and every citizen has the right to question and to be privy to the agreement details. Stop this nonsense. Do things properly, have proper inputs, and debates. Word on the grapevine is there are tax exemptions for the lifetime of the project agreement, no corporate taxes, no laws to oversee. And who are the shareholders.? Rumor also that we might not be able to ever change it when it becomes law. Are these rumors true??? If there is an inch of truth in the rumors, I wonder what type of a democracy exists in PNG...

still trying to understand those terms and percentage mentioned.