BUSINESS ROUNDUP: Naira crashes further, nears N500/$1; 57 marginal oilfields to produce first crude in 2022; Other stories

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• 57 marginal oilfields to produce first crude in 2022
• NNPC renews oil firms’ licenses for another 20 years
• GIG Logistics makes bullish move for northern Nigeria in spite of region’s volatility
• Naira crashes further, nears N500/$1

Summary:

The Director of the Department of Petroleum Resources (DPR), Sarki Auwalu, said on Wednesday the agency is expecting the first crude oil production from some of the recently awarded 57 marginal oilfields in January 2022.

Auwalu disclosed this during a strategic engagement session with the Nigeria Extractive Industry Transparency Initiative (NEITI) in Lagos.

The marginal fields are smaller oil blocks normally developed by indigenous companies. Read more

The Nigerian National Petroleum Corp. (NNPC) has signed an agreement with its partners on OML 118, home of the Bonga field for deepwater operations.

The deal which was signed with Shell Nigeria, ExxonMobil Nigeria, Total Nigeria and Eni’s Nigerian Agip Oil Co. (NAOC) will mark the end of long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts.

Read also: BUSINESS ROUNDUP: Bitcoin investors lose $65.23bn; Nigeria’s external reserves shed $393.8m; Other stories

NNPC disclosed this in a statement signed by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, in Abuja on Tuesday. Read more

Nigeria’s leading logistics service provider, GIG Logistics (GIGL), is digging deeper into Nigeria’s northern markets in spite of what many business watchers see as an uncertain investment climate.

It announced over the weekend, a network expansion to five Northern states in the country. The growth sees the launch of new experience centres in Yola, Zamfara, Sokoto, Jalingo and Kebbi states. Read more

Again, the value of the Nigerian naira tumbled to a new low on Thursday at the parallel market.

The Nigerian currency declined by N2 to trade at the rate of N495/$1 compared to the N493/$1 it closed on Wednesday.

Data from Aboki FX shows that the last time the currency closed at N495 was on December 1, 2020. Read more

On NSE ROUNDUP: Nigeria’s stock market rebounds as investors close trading with N110.69bn

The Nigerian stock market rebounded on Friday to boost shareholders’ investment with N110.69 billion after closing trading with N19.940 trillion.

The bourse ended trading on Thursday with the market capitalization standing at N19.829 trillion.

The All Share Index was up by 0.56 percent to increase from 38,044.58 to 38,256.95 on Friday.

Investors traded 228.67 million shares valued at N3.67 billion in 3,318 deals same day. Read more

On the tech scene, one of the news we tracked was the Sweden-based impact accelerator that announced selecting 11 African startups.
It became a story of interest as 3 of the eleven startups are Nigerian tech startups.

Also, the week brought us the good of equity raiser where Nigerian fintech startup, Mono, has joined a league of startups that recorded over a million dollar raiser in the month of May. Read full review

Remarks

Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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