Business
FEC approves N21.89bn National Theatre renovation agreement
The Federal Executive Council on Wednesday approved a Memorandum of Understanding for the renovation of the National Theatre, Iganmu Lagos worth N21.89bn.
Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this while speaking with journalists along with other ministers on the outcome of the FEC meeting in Abuja presided by President Muhammadu Buhari.
The MoU was signed by the Federal Ministry of Information and Culture with the Central Bank of Nigeria, in which the Bankers Committee of the CBN would provide N21.89bn to refurbish and manage the National Theater for a few years before handing it over to the government.
Mohammed said, “I sought and obtained an approval to execute a memorandum of understanding between the Federal Ministry of Information, the Central Bank of Nigeria (CBN) and the Bankers Committee worth N21bn for the renovation of the National Theatre Iganmu, Lagos.
“This is a landmark approval because it has paved the way for investment in the creative industry as part of the resolve of this government to create at least 1,000,000 jobs in the next three years from the creative industry.
“The CBN through the Bankers Committee is willing to invest N21,894,000,000 to renovate the National Theatre, refurbish it and run it profitably.”
FEC also approved N9.43bn for the completion of the digital switchover, which had previously missed the deadline set for implementation.
The council gave approval for a number of contracts worth over N26.7bn for projects under the ministries of Information and Culture; Communication and Digital Economy, and Humanitarian Affairs, Disaster Management, and Social Development.
This came as the Federal Government said the Ministry of Communications and Digital Economy generated over 17.5 per cent of the Gross Domestic Products of the country.
Minister of Communications and Digital Economy, Isa Pantami, said FEC approved about N8.98bn for a new national ICT park in the FCT to coordinate public and private ICT hubs in the country.
He also said that the Federal Government would soon release the timelines for the replacement of BVN with NIN in bank accounts after his meeting with the Governor of the Central Bank of Nigeria and other relevant stakeholders.
Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouk, also said the council approved a new National Policy on Aging which would take care of the needs of the aged people in the country.
Minister of Water Resources, Suleiman Adamu, said that FEC approved a memo he presented for his ministry for the implementation of Damaturu water supply scheme at the cost of N8.43bn.
He said, “I presented a memo for the construction of Damaturu Water Supply project in Yobe State in favour of three contractors and a total sum of N8.43bn.”
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Business
Warri refinery: Marketers hopeful of further petrol price drop
Warri refinery: Marketers hopeful of further petrol price drop
There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.
This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).
The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.
This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.
The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.
Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.
He said though the repairs on the facility were not 100 per cent complete, operations had commenced.
He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).
The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.
It’s good for business, prices may reduce – Marketers
Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.
Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.
“The market becomes more competitive and we are diversifying supply,” he said.
On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”
Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.
“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.
Warri refinery: Marketers hopeful of further petrol price drop
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