Africa Business News

The Federal Government has granted a Petroleum Exploration Licence to TGS-PetroData Offshore Services Limited, which is the first such licence to be issued under the Petroleum Industry Act 2021. It says the licence, which was granted by the Nigerian Upstream Petroleum Commission, was in compliance with the provisions of Section 71 (1) – (10) of the PIA. The Chief Executive, of NUPRC, Gbenga Komolafe, says the Petroleum Exploration Licence was under the licence agreement which the commission and TGS-PD executed for a geophysical survey project. He said in a statement he personally signed that the licence was for the acquisition of about 56,000 square kilometres of 3D seismic and gravity data, adding that the development would attract investment in the oil and gas sector.

The Federal Government has granted a Petroleum Exploration Licence to TGS-PetroData Offshore Services Limited, which is the first such licence to be issued under the Petroleum Industry Act 2021. It says the licence, which was granted by the Nigerian Upstream Petroleum Commission, was in compliance with the provisions of Section 71 (1) – (10) of the PIA. The Chief Executive, of NUPRC, Gbenga Komolafe, says the Petroleum Exploration Licence was under the licence agreement which the commission and TGS-PD executed for a geophysical survey project. He said in a statement he personally signed that the licence was for the acquisition of about 56,000 square kilometres of 3D seismic and gravity data, adding that the development would attract investment in the oil and gas sector.

The Federal Government has granted a Petroleum Exploration Licence to TGS-PetroData Offshore Services Limited, which is the first such licence to be issued under the Petroleum Industry Act 2021. It says the licence, which was granted by the Nigerian Upstream Petroleum Commission, was in compliance with the provisions of Section 71 (1) – (10) of the PIA. The Chief Executive, of NUPRC, Gbenga Komolafe, says the Petroleum Exploration Licence was under the licence agreement which the commission and TGS-PD executed for a geophysical survey project. He said in a statement he personally signed that the licence was for the acquisition of about 56,000 square kilometres of 3D seismic and gravity data, adding that the development would attract investment in the oil and gas sector.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The Lagos State Government says there will be a momentary pause on the services of the Lagos Rail Mass Transit Blue Line on Saturday after the morning peak service and for the entire day on Sunday. Governor Babajide Sanwo-Olu, says the suspension of services for the two days is to allow for an increase in train trips from 12 to 54. Sanwo-Olu added that the momentary shutdown will allow a switch to electricity and ensure the safety of the passengers noting that the plan is to achieve 74 trips by the end of November.

The Lagos State Government says there will be a momentary pause on the services of the Lagos Rail Mass Transit Blue Line on Saturday after the morning peak service and for the entire day on Sunday. Governor Babajide Sanwo-Olu, says the suspension of services for the two days is to allow for an increase in train trips from 12 to 54. Sanwo-Olu added that the momentary shutdown will allow a switch to electricity and ensure the safety of the passengers noting that the plan is to achieve 74 trips by the end of November.

The Lagos State Government says there will be a momentary pause on the services of the Lagos Rail Mass Transit Blue Line on Saturday after the morning peak service and for the entire day on Sunday. Governor Babajide Sanwo-Olu, says the suspension of services for the two days is to allow for an increase in train trips from 12 to 54. Sanwo-Olu added that the momentary shutdown will allow a switch to electricity and ensure the safety of the passengers noting that the plan is to achieve 74 trips by the end of November. This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The Central Bank of Nigeria has lifted the forex ban on 43 items and also promised to intervene in the FX market from time to time. The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were not valid for foreign exchange and could be produced in the country. Items affected include rice, cement, palm kernel, meat and processed meat products, poultry, soap, and cosmetics among others. The bank’s Director of Corporate Communications Isa AbdulMumin says the ban has been lifted. He says as part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time.

The Central Bank of Nigeria has lifted the forex ban on 43 items and also promised to intervene in the FX market from time to time. The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were not valid for foreign exchange and could be produced in the country. Items affected include rice, cement, palm kernel, meat and processed meat products, poultry, soap, and cosmetics among others. The bank’s Director of Corporate Communications Isa AbdulMumin says the ban has been lifted. He says as part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time.

The Central Bank of Nigeria has lifted the forex ban on 43 items and also promised to intervene in the FX market from time to time. The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were not valid for foreign exchange and could be produced in the country. Items affected include rice, cement, palm kernel, meat and processed meat products, poultry, soap, and cosmetics among others. The bank’s Director of Corporate Communications Isa AbdulMumin says the ban has been lifted. He says as part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The International Monetary Fund says it has reached a preliminary agreement with the Ghanaian authorities on the economic policies and reforms to conclude the first review of the $3bn bailout fund the country is currently receiving. It said it was satisfied with Ghana’s performance with respect to the programme’s targets and reform objectives. Stéphane Roudet, IMF mission chief for Ghana says the authorities have adjusted macroeconomic policies, successfully completed their domestic debt restructuring operation and launched wide-ranging reforms. Stéphane Roudet added that If this staff-level agreement is given the IMF management’s approval, Ghana would receive about $600m, the second instalment of the three-year bailout programme.

The International Monetary Fund says it has reached a preliminary agreement with the Ghanaian authorities on the economic policies and reforms to conclude the first review of the $3bn bailout fund the country is currently receiving. It said it was satisfied with Ghana’s performance with respect to the programme’s targets and reform objectives. Stéphane Roudet, IMF mission chief for Ghana says the authorities have adjusted macroeconomic policies, successfully completed their domestic debt restructuring operation and launched wide-ranging reforms. Stéphane Roudet added that If this staff-level agreement is given the IMF management’s approval, Ghana would receive about $600m, the second instalment of the three-year bailout programme.

The International Monetary Fund says it has reached a preliminary agreement with the Ghanaian authorities on the economic policies and reforms to conclude the first review of the $3bn bailout fund the country is currently receiving. It said it was satisfied with Ghana’s performance with respect to the programme’s targets and reform objectives. Stéphane Roudet, IMF mission chief for Ghana says the authorities have adjusted macroeconomic policies, successfully completed their domestic debt restructuring operation and launched wide-ranging reforms. Stéphane Roudet added that If this staff-level agreement is given the IMF management’s approval, Ghana would receive about $600m, the second instalment of the three-year bailout programme.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The United States says it was disturbed by a Russian envoy’s announcement that Moscow will reverse its ratification of a 1996 treaty that banned the testing of nuclear weapons. Russia’s envoy to the Comprehensive Nuclear-Test-Ban Treaty Organization, Mikhail Ulyanov, says that Moscow will revoke its ratification of the pact. The announcement by Ulyanov added new fuel to tensions between the world’s largest nuclear weapons powers amid Russia’s invasion of Ukraine and US military support for Kyiv. Ulyanov says the aim is to be on equal footing with the US who signed the treaty but didn’t ratify it adding that revocation doesn’t mean the intention to resume nuclear tests.

The United States says it was disturbed by a Russian envoy’s announcement that Moscow will reverse its ratification of a 1996 treaty that banned the testing of nuclear weapons. Russia’s envoy to the Comprehensive Nuclear-Test-Ban Treaty Organization, Mikhail Ulyanov, says that Moscow will revoke its ratification of the pact. The announcement by Ulyanov added new fuel to tensions between the world’s largest nuclear weapons powers amid Russia’s invasion of Ukraine and US military support for Kyiv. Ulyanov says the aim is to be on equal footing with the US who signed the treaty but didn’t ratify it adding that revocation doesn’t mean the intention to resume nuclear tests.

The United States says it was disturbed by a Russian envoy’s announcement that Moscow will reverse its ratification of a 1996 treaty that banned the testing of nuclear weapons. Russia’s envoy to the Comprehensive Nuclear-Test-Ban Treaty Organization, Mikhail Ulyanov, says that Moscow will revoke its ratification of the pact. The announcement by Ulyanov added new fuel to tensions between the world’s largest nuclear weapons powers amid Russia’s invasion of Ukraine and US military support for Kyiv. Ulyanov says the aim is to be on equal footing with the US who signed the treaty but didn’t ratify it adding that revocation doesn’t mean the intention to resume nuclear tests. This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The United Nations Security Council has met behind closed doors in an emergency session amid the war between Israel and Gaza but failed to achieve the unanimity needed for a joint statement. Israel retaliated by declaring a state of war and pounding densely-populated Gaza, killing hundreds of people. The United States called on the council’s 15 members to strongly condemn Hamas. The council met for about 90 minutes and heard a briefing from the UN Middle East peace envoy Tor Wennesland. Diplomats say members led by Russia were hoping for a broader focus than condemning Hamas.

The United Nations Security Council has met behind closed doors in an emergency session amid the war between Israel and Gaza but failed to achieve the unanimity needed for a joint statement. Israel retaliated by declaring a state of war and pounding densely-populated Gaza, killing hundreds of people. The United States called on the council’s 15 members to strongly condemn Hamas. The council met for about 90 minutes and heard a briefing from the UN Middle East peace envoy Tor Wennesland. Diplomats say members led by Russia were hoping for a broader focus than condemning Hamas.

The United Nations Security Council has met behind closed doors in an emergency session amid the war between Israel and Gaza but failed to achieve the unanimity needed for a joint statement. Israel retaliated by declaring a state of war and pounding densely-populated Gaza, killing hundreds of people. The United States called on the council’s 15 members to strongly condemn Hamas. The council met for about 90 minutes and heard a briefing from the UN Middle East peace envoy Tor Wennesland. Diplomats say members led by Russia were hoping for a broader focus than condemning Hamas.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

Niger has been forced to cut its budget by 40% over the impact of sanctions and suspension of aid after the 26 July coup. There are fears that the sanctions may worsen the economic situation in Niger - one of the world’s poorest countries. The military junta announced a 2023 budget cut from $5.3bn to $3.2bn, although details of the cuts are lacking. At least 40% of the West African country's budget support this year was expected to come from external partners. The import-dependent country has recorded soaring food and commodity prices and a limited supply of medicines, owing to trade restrictions.

Niger has been forced to cut its budget by 40% over the impact of sanctions and suspension of aid after the 26 July coup. There are fears that the sanctions may worsen the economic situation in Niger - one of the world’s poorest countries. The military junta announced a 2023 budget cut from $5.3bn to $3.2bn, although details of the cuts are lacking. At least 40% of the West African country's budget support this year was expected to come from external partners. The import-dependent country has recorded soaring food and commodity prices and a limited supply of medicines, owing to trade restrictions.