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ECONOMY

Foreign reserves hit ‘new high’ of $46bn

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Data from the Central Bank of Nigeria (CBN) show that the foreign reserves grew by $6.7 billion between January and the beginning of March.

Confirming the data on Sunday, Isaac Okorafor, acting director, corporate communications department, said the foreign reserves stood at $39.3 billion at the beginning of the year.

“The reserves at the beginning of 2018 stood at $39.3 billion, then rose to $42.8 in February before hitting the new high of $46 billion,” the statement read.

Okorafor said the continued growth of the reserves was as a result of the bank’s effort to discourage unnecessary importation; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market, which he said had attracted over $33 billion since April 2017, when it was created.

The CBN official said the decision to restrict foreign exchange for some 41 items has made a significant impact on the status of the reserves.

This, he said, has boosted the supply of local substitutes to imported goods and created jobs locally.

“The bank’s interventions in the foreign exchange window had also helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade,” he said.

Speaking at the annual bankers’ dinner of the Chartered Institute of Bankers of Nigeria (CIBN) that held in Lagos in November 2017, Godwin Emefiele, CBN governor, had projected that Nigeria’s external reserves would hit the $40 billion mark in 2018.

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ECONOMY

Nigeria signs 5,660km gas pipeline agreement with Morocco

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Nigeria has signed an agreement with Morocco for the construction of a 5,660km gas pipeline.
The agreement was signed on Sunday by President Muhammadu Buhari, who is currently on a working visit to the North African country, and Mohammed VI, king of Morocco.
Earlier in December 2016, both countries agreed on the pipeline and carried out feasibility studies.
“For economic, political, legal and security reasons, the choice was made on a combined onshore and offshore route,” Morocco’s national office of hydrocarbons and mines (ONHYM) and the Nigerian National Petroleum Corporation (NNPC) said in a joint declaration.
“The pipeline will be 5,660 kilometres (3,516.96 miles) long and its CAPEX has been defined,” the declaration said, adding that construction will last 25 years.
Both countries say they will launch a front-end engineering design (Feed) to involve countries that will be crossed by the pipeline and to determine the amount of gas available for export to Europe.
According to the declaration, funding for the project will come from development banks.
The project is expected to help West African countries meet their energy needs and boost Nigeria’s export potential to Europe.
At the same event, Uche Orji, managing director of Nigeria Sovereign Wealth Authority, and Mostafa Terrab, the CEO of the Management of Phosphate in Morocco, to build a plant for the production of ammonia and derivatives.

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ECONOMY C’River residents panic as multiple kerosene explosions wreak havoc

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CALABAR- SERIES of kerosene explosions in Cross River Sate in recent weeks have caused indescribable disaster, leaving five persons dead and several others battling for their dear lives at health institutions in the state.

Nine of the victims are lying critically ill at the General Hospital, Calabar and four are at the University of Calabar Teaching Hospital, UCTH, both in Calabar, the state capital.

Family of 4, others perish

In one of the tragic incidents, a family of four, Mrs. Nseobong Uduak (mother), Miracle 10, Silas 3 and a two-month old baby, whose name could not be ascertained were seriously burnt, leading to their death.

Ogolo Eke, a 21-year-old Microbiology student of the Cross River State University of Technology, who was rushed to private hospital for burns suffered on her face and chest in an explosion, could not make it. Hardly a week passes without two or more cases of kerosene explosions in Calabar and other areas of the state caused chiefly by adulterated kerosene. The two-bedroom apartment occupied by Mrs. Uduak and her family was also razed and property worth millions of naira destroyed. Rachael Akpan, who witnessed the incident that razed Uduak’s rented apartment, blamed it on adulterated kerosene, which ignited as one of the deceased’s children, Miracle, was about filling the lantern with kerosene.

How my husband was burnt – Wife
In another incident, Emane, wife of Michael Eze, who also lives at 8 Miles, Calabar, asserted: “I bought the kerosene at a petrol station and had been using it until penultimate Sunday morning. I used the kerosene last in February to cook beans, but at about 5.00 am on Sunday, last week, the kerosene in our lamp ran out and my husband refilled it with the kerosene and when he tried to light it again, an explosion occurred. He was caught in the fire that resulted from the explosion.”

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ECONOMY

C’River residents panic as multiple kerosene explosions wreak havoc

Published

on

CALABAR- SERIES of kerosene explosions in Cross River Sate in recent weeks have caused indescribable disaster, leaving five persons dead and several others battling for their dear lives at health institutions in the state.

Nine of the victims are lying critically ill at the General Hospital, Calabar and four are at the University of Calabar Teaching Hospital, UCTH, both in Calabar, the state capital.

Family of 4, others perish

In one of the tragic incidents, a family of four, Mrs. Nseobong Uduak (mother), Miracle 10, Silas 3 and a two-month old baby, whose name could not be ascertained were seriously burnt, leading to their death.

Ogolo Eke, a 21-year-old Microbiology student of the Cross River State University of Technology, who was rushed to private hospital for burns suffered on her face and chest in an explosion, could not make it. Hardly a week passes without two or more cases of kerosene explosions in Calabar and other areas of the state caused chiefly by adulterated kerosene. The two-bedroom apartment occupied by Mrs. Uduak and her family was also razed and property worth millions of naira destroyed. Rachael Akpan, who witnessed the incident that razed Uduak’s rented apartment, blamed it on adulterated kerosene, which ignited as one of the deceased’s children, Miracle, was about filling the lantern with kerosene.

How my husband was burnt – Wife
In another incident, Emane, wife of Michael Eze, who also lives at 8 Miles, Calabar, asserted: “I bought the kerosene at a petrol station and had been using it until penultimate Sunday morning. I used the kerosene last in February to cook beans, but at about 5.00 am on Sunday, last week, the kerosene in our lamp ran out and my husband refilled it with the kerosene and when he tried to light it again, an explosion occurred. He was caught in the fire that resulted from the explosion.”

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