HE Dr. Emmanuel Ibe Kachikwu Presides Over 168th Opec Meeting…….

Opec countries

By: Economic & Finance Report

Opec (Conference of the Organization of the Petroleum Exporting Countries)  concluded its 168th meeting in Vienna, Austria.  Opec elected , Dr. Emmanuel Ibe Kachikwu presided as the new conference president.  Dr. Kachikwu is also Minister of State for Petroleum for Nigeria. 

As Opec president Dr. Kachikwu took over from former Nigerian petroleum minister, Ms. Diezani Alison Madueke. The president  of the Opec conference is elected yearly, with the term beginning Jan.  1. 

 At the current meeting, Opec decided to continue to watch  how the commidity market playsout throughout the first and second quarter. They decided to keep the output levels at 31.5 million barrels.  Their next meeting is scheduled June 2, 2016. -SB

PRESIDENT BUHARI PLANS TO INCORPORATE DUAL ROLES: COMMANDER & CHIEF & OIL CHIEF

President Buhari

By: Economic & Finance Report

Nigeria’s President, Muhammadu Buhari will govern the 170 plus million populous nation; as well as run and monitor the oil sector for Africa’s biggest economy and oil producer.  Buhari is not new to the oil sector, he was in the past, head of the Oil Ministry  in the 1970’s and then again in the 1990’s.

President Buhari serving in dual capacity, allows him to maximize  leadership in leading Nigeria, as well as monitoring an oil industry that has struggled because of declining oil revenues and corruption. Having Buhari at the helm gives the new president oversight to find ways to improve the financial situation in the populated nation as well as make sure corruption does not  seep through the oil industry as it has done in the past. -SB

NIGERIA FEDERAL BANK INCREASES POSITION IN SUPPORTING NAIRA!!!

Nigeria Naira

By: Economic & Finance Report

The Nigerian Central Bank has placed currency traders in a tough position. As the Nigerian currency (Naira) slides, the Central Bank of Nigeria has indicated that currency traders will have to buy or sell their position in the Naira within the next couple of days, or be forced to sell it at the rate set forth by the Central Bank. CBN (Central Bank) has also restricted some currency trading in efforts to boost the Naira. Tough sanctions will be followed if noone adheres to the rules set by the CBN (Central Bank of Nigeria)  as well.

Many currency traders, analysts, researchers and speculaters are seething to the tune of the declination fo the Naira, betting that the Naira will continue to derail against the US dollar. The Naira has been devalued to 168 to the dollar but it continues to slide none the less.

The Nigerian economy is set to grow 5.5% this year set from the revision of 6.4% previously. This revision was set by the Nigerian finance ministry led by finance minister  and renowned global economist Ngozi Okonjo-Iweala.

-SB