There is a medium to high probability that South Africa’s debt will be downgraded to non-investment status, according to the country’s central bank. A cut may lead to capital outflows, affect government’s rand-denominated debt, increase the cost of funding and reduce credit to the private sector, the Pretoria-based South African Reserve Bank said in its Financial Stability Review . Spreads on credit-default swaps would also widen, corporate profits decline and household debt levels would increase along with financing costs, the central bank said. South Africa risks losing its investment-grade status with S&P Global Ratings due to review its BBB- assessment,…
Author: Pride Team
The Minister of State for Petroleum Resources Ibe Kachikwu has assured local service providers and prospective investors in the oil and gas industry of Federal Government commitment towards implementing the Local Content policy. The Minister who stated this at the 2016 Nigeria Content Investment Forum, Houston Texas put together by Sweetcrude Reports in collaboration with Nigeria Content Development and Monitoring Board, NCDMB said in addition to implementing local content policy, government will continue to provide the enabling environment required to nuture businesses and investment towards creating a robust supply chain. Kachikwu who was represented by the acting Executive Secretary of…
Kayode Fayemi, Minister of Solid Minerals has assured of raising Federal Government revenue by about N5 trillion every year, if the solid mineral sector is adequately harnessed. Fayemi who spoke at the third Chief John Agboola Odeyemi Annual Lecture at Obafemi Awolowo University, Ile Ife, Osun said the sector will be Nigeria’s next frontier of opportunity. He noted that the Federal Government would no longer renege in its bid to diversify the nation’s economy, and that the ministry was working assiduously to realize this objective and had sought the cooperation of all stakeholders in the sector to attain success. Fayemi…
Nigeria’s annual trade with Houston Texas in the oil and gas industry in 2015 is said to reached $15 billion. The Mayor of Houston, Sylvester Turner said oil and gas trade between Nigeria and Houston is a success story because of their close tie. Mayor Turner stated this in his special message to Nigeria’s Small Medium Enterprises, SMEs and Houston’s Original Manufacturers, OEMs in the 2016 Nigeria Content Investment Forum event in Houston Texas. He explained that the existing close between Nigeria and Houston has made many oil companies having office branches or associate in Nigeria. “330 Houston companies have…
The United States import of Liquefied Natural Gas (LNG) import from Nigeria has continued to dwindle. Current figure shows that US import of the product fell from 20.3 million cubic feet in June 2007 to zero as of February this year. The U.S. LNG import started dropping since 2008 when it fell to an average of 3.1 million cubic feet. The situation became worse in 2011 when Washington imported only 2.3 million cubic feet before falling totally to zero level. The U.S. Energy Information Administration (EIA), which made this disclosure in a statement, said it now gets majority of LNG…
Oyo State Governor, Senator Abiola Ajimobi, has condoled with his Kano State counterpart, Dr. Abdullahi Umar Ganduje, over the death of eight secondary students of the state origin in an accident along Iroko road, via Ibadan, Oyo State. The accident was said to have occurred, on Tuesday, while 16 students and their teachers were returning to Kano after representing the state in a quiz competition in Lagos. Seven of the students were said to have died on the spot, while one out of the nine rescued from the scene, was said to have died few hours after arriving at the…
The Lagos State Government on Wednesday signed an agreement for the establishment of a DNA Forensic Centre in the State. Speaking at the official signing of the agreement between the State Government and ITSI Bioscience LCC in Alausa, the State Attorney-General and Commissioner for Justice, Mr. Adeniji Kazeem, said that the Lagos State DNA Forensics Centre (LSDFC) is a unique forensic technique that is now being used all over the world and it is aimed at achieving the growing DNA needs of criminal investigation. He said the signed agreement was in fulfillment of the State Government’s plan to establish a…
A former chairman of Board of Trustees (BoT) of the People’s Democratic Party (PDP) and former minister of works, Chief Anthony Anenih has denied reports of his demise. Anenih, who personally spoke by phone from the UK to newsmen in Benin on Wednesday, said, “thank God I am hale and healthy. I have not visited hospital. I am speaking to you personally. I don’t know where those people got their information. “God has extended my life span beyond their expectation and He will still extend my life span beyond what I also expected”, he said. Consequently in a statement signed by…
Lagos State Commissioner for Agriculture, Mr. Toyin Suarau on Tuesday reiterated the resolve of the State Government to increase the aggregate food supply of the State from less than 15 per cent to 25 per cent within the next four years through various projects and programmes. Suarau who said this at the ongoing ministerial press briefing to commemorate the first year in office of the Governor Akinwunmi Ambode led administration in Lagos, noted that the aggregate food supply internally is less than 15 per cent of total food consumption but added that the State is poised to increase this to…
Wife of the Governor of Rivers State, Justice Suzette Eberechi Nyesom-Wike has declared that the state is entering into a season of multiple celebrations, as the state government will sustain the flow of pro-people projects. Addressing Christian faithful at the St Mark’s Anglican Church, Elelenwo during the child dedication of Dr. and Mrs. Chika Chuku recentlyy, Justice Nyesom-Wike said that she is confident that Governor Wike will never stop his positive development strides. She said: “I know the man I am married to. He is a determined and focused man. God will never let him down. He will continue to deliver in line with the promises he made to the people “. The Wife…