Nigeria: news on Economy in real time

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• #Economy
• #Finance

Central banks buying gold from local producers has been a successful strategy in African countries for some years now. It enables these institutions to strengthen their foreign exchange reserves and improve the effectiveness of their monetary policies.

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• #Infrastructure
• #Road

Construction of sections 3 and 4 of the Lagos-Calabar motorway is due to start in August 2024, reflecting the Nigerian government's desire to speed up this vast project, which will take around 8 years to complete.

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• #SouthAfrica
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• #IMF

The game of musical chairs at the top of the ranking of economic powers in Africa is essentially driven by strong currency devaluations, the persistence of high inflation and the rise in hydrocarbon prices.

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• #Nigeria
• #Actualite
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In the grip of a difficult security situation, Nigeria has for several years been increasing the purchase of military equipment to strengthen its army. In mid-April, the country had also obtained the green light from the United States to buy approximately $1 billion in equipment from Washington.

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• #Energy
• #Industry
• #Oil

The first African producer of black gold aims to increase its reserves and its production to 40 billion barrels and 3 million bpd respectively, by the mid-2020s. Objectives which seem unattainable due to the recurrence of structural problems.

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Struck by terrorism and organized crime, Nigeria is experiencing one of Africa's worst security crises. To cope with this situation, Abuja now wants to rely on Russia, already present in other theaters of conflict in Africa.

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• #Oil

Total has completed the divestment of its 10% interest in onshore Oil Mining Lease (OML) 17 to the Nigerian company TNOG Oil & Gas Limited, a related company of Heirs Holdings Limited and of Transnational Corporation of Nigeria Plc (Transcorp), for about $180 million, out of which about $150 million was paid at completion of the transaction, while the balance will be paid under an agreed deferred payment scheme. The block produced around 2,500 barrels of oil equivalent per day in 2020 in Total group share.