Nigerian Senate Increases Central Bank's Lending Limit to Government

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Headlines

Nigerian Senate Increases Central Bank's Lending Limit to Government - The Nigerian Senate has passed a bill to amend the Central Bank of Nigeria (CBN) Act, increasing the apex bank's total advances to the federal government from 5% to a maximum of 10% of its total assets. This move aims to provide the government with immediate funds to address budget shortfalls and finance essential expenditures, as well as maintain financial market stability and stimulate economic activity. The initial proposal of a 15% borrowing limit was amended to 10% to ensure fiscal discipline. The bill was expeditiously passed, with lawmakers explaining that the amendment would enable the government to undertake important projects, including the "Renewal Hope Infrastructural Development" across the country. This decision reflects the government's efforts to tackle the ongoing economic pressures and support critical sectors through increased access to funding from the central bank.

Esri User Conference 2024 to Showcase GIS Potential in West Africa - The ESRI User Conference West Africa 2024, organized by Sambus Geospatial in Abuja, Nigeria, aims to bring together GIS professionals, academics, and industry leaders to showcase how geographic information systems (GIS) can address regional challenges in West Africa. Register here: https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/

The event will highlight the capabilities of ESRI's ArcGIS platform and explore the growing accessibility of new geospatial technologies, such as high-resolution satellite imagery and open-source software. The conference will focus on fostering collaboration within the West African GIS community, providing networking opportunities to build partnerships and drive the region's geospatial future. This event presents a valuable opportunity for stakeholders to be part of this transformative journey and unlock the full potential of GIS in addressing infrastructure, environmental, and other pressing issues in the region. Read more

Nigeria’s oil rigs drop to six-month low amid underinvestment - Nigeria's oil industry is facing a deepening crisis due to chronic underinvestment. The country's oil rig count has dropped to a six-month low, signalling a decline in exploration, development, and production activities. Foreign capital investments in the petroleum sector have plummeted, from $720 million in 2016 to just $3.64 million in 2023. This is partly attributed to investors' lack of confidence in the implementation of the Petroleum Industry Act (PIA) by the previous administration. Furthermore, the exodus of major oil companies, such as Shell, ExxonMobil, Eni, and TotalEnergies, has compounded the problem. Nigeria is now producing less than one million barrels of oil per day, far below its OPEC quota.

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