Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains.
Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT and U.
S. crude futures rose by 52 cents, or 0.6 per cent to $82.67. Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group said.
One source from the Organisation of the Petroleum Exporting Countries (OPEC) said a cut looks likely but gave no indication of volumes.
Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd).
Hurricane Ian also provided price support; about 157,706 bpd of oil production was shut down in the Gulf of Mexico as of Wednesday, according to the Bureau of Safety and Environmental Enforcement.
Both crude benchmarks had rebounded in the previous two sessions from nine-month lows earlier in the week, buoyed by a temporary dive in the dollar index and a larger than expected U.
S. fuel inventory draw down.
The Federal Government has announced the arrest of 210 suspects in its efforts to combat crude oil theft in the Niger Delta.
The Minister of Information and Culture, Alhaji Lai Mohammed gave the figure on Friday in Port-Harcourt after undertaking an aerial assessment of some hotspots along the Right of Way of the Trans-Niger Pipeline.
The News Agency of Nigeria reports the minister, accompanied by some journalists in the surveillance also covered the Nembe Creek Trunk Line leading up to the Bonny Oil and Gas Terminal that has been under force majeure since March 2022. Briefing the newsmen after the 90 minutes-aerial survey, the minister also disclosed that the continued efforts by the Government security agencies had led to the confiscation of 20.2 Million litres of Automotive Gas Oil (AGO), diesel.
According to the minister, over 461,000 litres of Premium Motor Spirit (Petrol), 843,000 litres of Dual Purpose Kerosene DPK, and 383,000 barrels of crude oil were confiscated.
He said an additional 365 illegal refining sites were destroyed, with about 1,054 refining ovens, 1,210 metal storage tanks, 838 dugout pits, and 346 reservoirs also destroyed.
Mohammed said the activities of vandals and economic saboteurs had severely impacted Nigeria’s crude oil and natural gas production.
“Since the post-covid pandemic recovery of Crude Oil Prices, Nigeria has been unable to meet its OPEC Production quota, hurting the Nigerian Economy.
“Due to the nefarious activities of vandals, Nigeria has been losing out on producing approximately 700,000 Barrels of oil daily.
“This volume is split between crude stolen and production deferment (shut-ins) due to legitimate fear of losing substantial volumes in transit.
“Terminal receipts have persistently declined, leading to decisions such as the Force Majure declared at the Bonny Oil and Gas Terminal in March 2022,’’ he said.
To check the activities of the saboteurs, the minister said the NNPC Ltd had set up a new security architecture to serve as a solid response to detect, deter, and respond to the activities of vandals.
He said the security architecture leveraged collaboration between the Upstream operators, Industry Regulators, Government Security Agencies (GSA), and Private Security Contractors (PSC).
The minister said, in line with the approval by President Muhammadu Buhari, Private Security Contractors (PSCs) with the required capability were contracted.
He said the PSCs are to provide community surveillance within the oil-producing regions were identified and engaged after comprehensive vetting by the DSS and EFCC.
They are also to provide local intelligence on all illegal crude ventures happening within the region and security surveillance services for safe and seamless operations along the nation’s pipeline networks.
The minister added that NNPC Ltd.’s Command and Control Centre was set up for round-the-clock monitoring of petroleum operations and activities within the Nigerian Exclusive Economic Zone. According to him, all vessel movements within the Nigerian Exclusive Economic Zone as well as all Ship-to-ship activities within the same zone are The Command and Centre, according the minister has also launched various online tools to enable public participation in the fight against crude theft.
The tools included, Whistle Blowing Portal, for patriotic Nigerians to report illegal activities and Crude Sales Document Validation Portal, to validate all crude sales documents.
He said the centre also has Incidence Reporting and Management Application and developing a Vessels Reporting Application.
Mohammed reiterated that the federal government is determined to put an end to the crude oil losses.
NAN reports that the team conveyed on the aerial surveillance in two Sikorsky S76D Choppers witnessed first-hand a number of illegal refineries destroyed by military.
NAN also reports that in the course of the surveillance, the team also saw first-hand, high level of damage to the environment, as a result of the activities of the economic saboteurs.
Chief Timipre Sylva, Minister of State for Petroleum Resources, says there are about 265 illegal refineries in the Shell Petroleum Development Company (SPDC) corridor alone as Nigeria continues to grapple with oil theft.
The News Agency of Nigeria reports that Sylva spoke at the 60th Anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) on Thursday in Lagos.
The minister, represented by Mr Kamaru Busari, Acting Permanent Secretary, Ministry of Petroleum Resources, said vandalism and oil theft had resulted in Nigeria producing less than one million barrels of crude oil per day.
Sylva said the country’s inability to meet its Organisation of the Petroleum Exporting Countries (OPEC) quota had deprived it of the much needed oil revenue when oil prices were very high in the international market.
He said, nevertheless, the government was engaging host communities, security agencies and deploying technology to address the issue in order to boost investors’ confidence in the sector.
On his part, Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Ltd. (NNPCL), said the company was not unmindful of the current challenges, particularly security in the operational areas and cash call arrears settlement.
Kyari, represented by Mr Dapo Segun, Deputy General Manager, Treasury, NNPCL, however, maintained that the company was resilient and would work with other stakeholders to overcome the security challenges.
He said: “We have deployed creative solutions to tackle security challenges in the operational areas.
“Technological intervention for both monitoring and prompt intervention would also be set up.
The tackling of the menace is a top priority for NNPCL.
“Also, our new governance framework provides us autonomy and opportunity for self-accounting hence cash-call settlement including arrears would be settled and handled promptly going forward.
” Earlier in his address of welcome, Mr Rick Kennedy, Chairman OPTS, said OPTS had made significant contributions to the development of the Nigerian oil and gas industry over the past 60 years.
Kennedy, represented by Mr Osagie Okunbor, Vice Chairman, OPTS, said OPTS members had demonstrated resilience and commitment in the face of economic, security, environmental and funding challenges.
He said: “We have continued to make significant contributions to Nigeria’s development.
“As a group, OPTS member companies account about 90 per cent of Nigeria oil production and contributes significantly to the domestic and export gas production and supply.
“Over the last decade, OPTS member companies accounted for 40-60 per cent of government revenue and 85 to 95 per cent of export earnings.
“OPTS member companies are also proud to have paid tens of billions of dollars in taxes, levies, royalties, rents, and license fees to the Nigerian government.
” Kennedy, who is also the Managing Director, Chevron -Africa Business Unit, said the OPTS companies had also created over 600,000 direct and indirect jobs for Nigerians.
Also, Mr Bunmi Toyobo, Executive Director,OPTS, thanked the 29 companies who were members of the OPTS for their contributions to its achievements in the past 60 years.
“This celebration is to demonstrate our abiding faith in Nigeria as a group and belief in the boundless growth potential of our country, given the enabling environment,” he said.
Africa Oil Week (www.Africa-OilWeek.com) is proud to announce Hon. Rufin Benam Beltoungou will attend the African Oil Week. The Minister of Mines and Geology of the Central African Republic will attend the main Oil and Gas event, held in the heart of Cape Town. Organized by Hyve Group Plc., Africa Oil Week is the home of the African upstream, and this unmissable event will bring together the main energy stakeholders from 3 to 7 October in Cape Town under the theme: Sustainable growth in a low carbon world.
“We are honored to host the Hon. Rufin Benam Beltoungou at Africa Oil Week. His ability to position the region for the future of energy utilization will be highly sought after this year,” said Paul Sinclair, vice president for energy and director of government relations for Africa Oil Week. Rufin Benam-Beltoungou is a key minister in the République centrafricaine.
His duty is to supervise Mines and Geology.
The Central African Republic is in the midst of a transformation process.
The local government facilitates access to natural resources such as gold, diamonds, lithium, uranium and oil.
Country leaders have a mission to position République centrafricaine for the future.
The country received approval for a $35 million development fund from the World Bank for crypto in the public sector.
According to World Bank representatives, this grant does not stop at the interest of their latest Bitcoin project.
This will allow République centrafricaine to modernize and expand its developing country.
République centrafricaine has started the process of modernizing its energy sources for its citizens and businesses alike.
On September 8, Central African countries signed an agreement to create a regional network of oil and gas pipelines and central infrastructure that sponsors say will strengthen energy supply and reduce reliance on imports of refined products.
The project aims to build three multinational oil and gas pipeline systems connecting 11 countries by 2030.
According to the Minister of Mines and Hydrocarbons of OPEC member Equatorial Guinea, the project was crucial in addressing energy poverty in the region.
Honorable Rufin Benam Beltoungou of République Centrafricaine joins the Minister of Hydrocarbons of the Democratic Republic of the Congo, the Minister of Energy and Natural Resources of the Republic of Djibouti and more than 30 other key ministers for the leading oil industry event (https: //bit.ly/3dxoGzF).
"Sir. Beltoungou's attendance is a valuable addition to Africa Oil Week, we are looking forward to it," added Sinclair.
Register your interest now to play your part in the sustainable development of our industry and Africa through upstream.
Attend the conference alongside high-level delegates and more than 50 ministers and government leaders: Africa Oil Week 2022 (www.Africa-OilWeek.com).
The African Energy Chamber (AEC) is proud to announce that HE Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), will deliver the keynote address at this year's African Energy Week. (AEW) (www.
AECWeek.com), which will take place from October 18 to 21, 2022 in Cape Town. Following his speech, HE Al Ghais will lead an OPEC-Africa dialogue session, together with OPEC and non-OPEC African countries, seeking an aligned narrative on the future of Africa's oil and gas .
The state of Africa's oil and gas sector in 2022 has been dynamic, as new discoveries have been made, large-scale projects start, and global supply and demand curves have a direct impact on prices per barrel.
As the continent pursues an accelerated post-COVID-19 recovery thanks to oil and gas growth, challenges associated with financing, price volatility and a lack of exploration continue to shape oil and gas markets.
both African and global gas.
For Africa, achieving and maintaining market stability is critical, particularly as industry stakeholders move to capitalize on the continent's more than 125 billion barrels of oil and 600 trillion cubic feet of gas, in an effort to eradicate energy poverty.
In this sense, the recently inaugurated Secretary General of OPEC represents the ideal figure to promote discussions on market stability, with a view to ensuring an efficient, economical and regular supply of oil to consumers and constant profitability to producers.
HE Al Ghais has 30 years of experience in the global oil and gas industry, which has not only positioned him as a well-known OPEC figure, but also as an industry expert.
Prior to his inauguration as OPEC Secretary General, HE Al Ghais advised six Kuwaiti oil ministers; he held various positions at Kuwait Petroleum Corporation; and he represented a prominent member of the Kuwaiti delegation at OPEC meetings and the Declaration of Cooperation between OPEC and non-OPEC oil-producing countries.
Consequently, HE Al Ghais brings a wealth of experience to the table and is prepared to draw on his diplomatic experience to help advance discussions on the future of oil and gas in Africa.
At a time when more than 600 million Africans still lack access to electricity and more than 900 million lack access to clean cooking solutions, the accelerated development of the continent's oil and gas resources holds the key to stabilizing energy markets, alleviate energy poverty and promote sustainable socio-economic growth.
As a keynote speaker at AEW 2022, HE Al Ghais will push this same narrative forward, providing insights into market stabilization solutions and unified oil policies between OPEC and non-OPEC producing nations.
“We are proud to announce that HE Al Ghais, the recently inaugurated Secretary General of OPEC, will attend AEW 2022 and will participate as a keynote speaker.
Representing an industry leader and veteran, HE Al Ghais will be central to any and all discussions of oil and market stability.
With a variety of stakeholders spanning the continent and the energy value chain coming to Cape Town for four days of discussion and signing of agreements, the fact that HE Al Ghais is leading the dialogue speaks to the caliber of the event as the main forum for discussion.
Africa's energy future”, says NJ Ayuk, CEO of AEC.
The Big Tent Coalition on Saturday said it had inaugurated a national Policy Review and Futureview Team to drive issues-based campaign for the Labour Party candidates in the 2023 general elections.
The News Agency of Nigeria reports that the coalition comprises political parties, social movements and civil society that constitute the Third Force.
The Convener, Prof. Patrick Utomi said in a statement on Friday in Lagos that the Big Tent was reconstituting policy team to drive an issues-based campaign to liberate Nigeria in 2023. “This is to enhance the functioning of democratic institutions and to begin to restore legitimacy to government,” Utomi, founder of Centre for Values in Leadership (CVL), said.
He said that such step became imperative in the face of rising in surge in poverty, inflation, oil theft and the production of oil at close to half of “our OPEC quota”.
According to him, the team of policy players being unveiled will hold its first meeting next week.
He said that its engagement in policy contestation would shed light on why the promise of Nigeria had become blighted.
Utomi, a professor of political economy and management expert, said that the team would suggest how policy could move Nigeria from the obsession with the sharing of hardly existent revenues to production.
The convener said that such expected production could result in a demographic dividend from our youth bulge.
“In assembling this group of citizen actors for the people, primary consideration has been given to competence, passion, inclusion, and commitment to the unity and security of Nigeria and advancing the wellbeing of the people, in the firm belief that a new Nigeria is possible and can be achieved now.
“We are pleased to announce that we have set up a college of spokespersons from every state of the Federation, and the six zones, plus Abuja.
“This is to deepen the communication to the grassroots, of the work of the policy teams as they propose alternatives to extant policies in other to see a shift from revenue bating and conspicuous consumption emphasis to a production culture that will lift up the quality of life of Nigerians.
“This shift in emphasis which will dramatically shrink poverty, and put the Nigerian economy in a place where SDG targets are advanced will form the core of the new orientation,” Utomi said.
He said that the prescriptions would have to include practical, immediately implementable decisions that could stem the rot and reverse Nigeria’s slide.
Utomi, also the Chairman and Leader of the National Consultation Front (NCFront), said that these spokespersons would also communicate the efforts of the Big Tent for Peter Obi Campaign, as the Labour Party candidate.
Utomi said the spokespersons would lead the college of leaders working together to win the 2023 election for the Labour Party.
He said this was necessary to truly enshrine a government of the people, for the people and by the people.
Utomi added: “This group has a duty to be manifestly ethical, accountable and live a disavowal of corruption.
“Due care has been taken to have a team that includes very experienced older leaders, creative and highly exposed younger people, women, the physically challenged and patriots from all parts of Nigeria.
“They are also drawn from academic, policy arena, domain of praxis, civil society, and politicians active in the field.
“I have no doubt that our impact on the coming months will define the future of Nigeria and welcome the team to champion the cause with uncommon dedication to duty for the common man,” he said.
The Archbishop, Metropolitan and Primate of the Church of Nigeria Anglican Communion, His Grace ,Henry Ndukuba has urged the Federal Government to find a lasting solution to the fuel crisis in the country.
Ndukuba said this while speaking on the State of the economy at the Church of Nigeria Standing Community Meeting on Wednesday in Abuja.
He said it was saddening that Nigerians unlike other oil producing nations, could not benefit from increased oil prices in spite OPEC’s increase of her output quota.
”We call on the relevant authorities to expeditiously address this sharp fall in remittance by NNPC.
”We re-empharsise the urgent need for a lasting solution to the lingering abused fuel subsidies and persistent oil theft of our national oil infrastructure.
”Government must show the political will to curb this malaise and leverage on Technology to protect these assets ”We demand for more transparency and accountability by NNPC in the management of this key national wealth,”he said.
He charged Nigeria’s monetary authority to utilise the necessary monetary policy tools to stem inflation.
The cleric reiterated the need for the Central Bank of Nigeria (CBN), to rise up to its responsibility by defending the international value of the naira.
The primate urged relevant authorities to tackle insecurity in the country, adding that it`s impacting negatively on foreign investment in the country.
He said:”The great monster of corruption is endemic and it has killed our nation.
”As Christians, we must rise to make a difference in our nation.
We certainly cannot afford to be accumulating debts capable of enslaving our future generations.
” Ndukuba decried the seemingly collapse of the nations educational system.
He said the future of the Nigerian youth was being jeopardised, adding that it was important for relevant authorities to address it.
”We encourage our dioceses to invest in education of our people.
”The church of God must rise to give quality education that is rooted in sound Christian faith and morals that will transform our society,“he said.
Angola and Libya have overtaken Nigeria as Africa’s highest crude oil producer, says a report by the Organisation of the Petroleum Exporting Countries (OPEC).
OPEC made this known in its Oil Market Report for September 2022, which was obtained by the News Agency of Nigeria ( NAN) on Tuesday in Lagos.
According to the report, Nigeria’s crude oil production for the month of August averaged 1.100 million barrels per day.
The report said the figure showed a decrease of 65,000 when compared to the 1.164 produced averagely in the month of August.
However, the report said Angola was Africa’s highest crude oil producer for the month under review with an average production of 1.187. It said Libya’s crude oil production averaged also 1.123 for the month of August.
“According to secondary sources, total OPEC-13 crude oil production averaged 29.65 in August, higher by 618,000 month-on-month.
“Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined,” the report said.
The report said Nigeria’s real Gross Domestic Product expanded by 3.5 per cent year-on-year in 2022, following growth of 3.1 per cent in first quarter of 2022. It noted that the expansion was mainly driven by the non-oil sector, which grew by 4.8 per cent y-o-y.
“On a quarterly basis, the GDP shrank by 0.37 per cent following a 14.66 per cent contraction in the previous quarter.
“Nevertheless, the annual inflation rate surged to the highest since September 2005, climbing to 19.6 per cent y-o-y in July from 18.6 per cent in June. “This was a result of the weakening naira due to continued high imported input costs as well as soaring fuel prices.
“Moreover, food inflation increased to 22 per cent y-o-y, the highest since May 2021,” the report said.
It said reflecting these pressures, August’s Stanbic IBTC Bank Nigeria Purchasing Manger’s Index dropped to 52.3 from 53.2 in July. The report said this was amid slower growth in non-oil output as well as the slowdown in purchasing activity, while employment rose at a quicker pace.
It said looking ahead, Nigeria’s economy might still be impacted by the high level of employment associated with elevated prices levels.
Africa Oil Week (www.Africa-OilWeek.com) has partnered with leading market intelligence firm, Welligence, to create an exclusive report looking at the future of Angola's oil and gas industry.
Produced in partnership with our data and analytics partner, Welligence, it provides key insights into Angola's long journey to become one of the largest oil producers in Sub-Sahara.
The executive overview of the country's oil and gas updates delves into various data points, which have been transformed into easily readable graphs and charts.
Data points explored include: oil and gas production levels, exploration drilling and commercial discoveries, the big companies involved, the rise of independents, and what lies ahead for Angola in the next 18 to 24 months.
As one of the largest sub-Saharan oil producers, Africa Oil Week has partnered with Welligence to create an informative report outlining the country's hydrocarbon journey.
Angola's first commercial find was offshore in 1955, followed just over a decade later with the onshore discovery of Malongo.
As of 2019, Angola, as a member of the Organization of the Petroleum Exporting Countries (OPEC), produces approximately 1.37 million barrels of oil per day and an estimated 17,904.5 million cubic feet of natural gas.
It has become not only one of the top two players in Africa, but also a key partner in the international oil and gas market.
Production has increased in recent years, presenting many opportunities highlighted in the Africa Oil Week and Welligence report; including, the opportunity to acquire operated and non-operated stakes, sale and privatization of Sonangol assets, recent incentives to invest and much more.
Join us at Africa Oil Week to hear more from Angola at the ANPG booth or from speaker Natacha Massano, ANPG Executive Administrator.
For more exclusive information, register to join us at Africa Oil Week from 3-7 October 2022 in Cape Town for exclusive announcements and hard-hitting discussions in person: Africa Oil Week 2022 (https://Africa-OilWeek .com/Home).
President Muhammadu Buhari says despite the disruptions in global economy and internal troubles, the Nigerian economy has continued to be resilient and maintain an upward trajectory.
The president stated this at the inauguration of the Presidential Committee on the National Economy, on Friday in Abuja.
According to him, the COVID-19 pandemic, the war in Ukraine and the loss of substantial volumes of oil have had negative impacts on the Nigerian economy.
He said: “Starting with COVID-19 and now the conflict in Ukraine, the past three years have been turbulent ones for the global economy.
Global interdependence has become more apparent as we have had to deal with volatility, uncertainty, complexity and ambiguity.
“In this period, challenges faced by the world have been many including: lockdowns as COVID-19 raged; disruptions to supply chains around the world, and sharp fluctuations in prices.
“Just as the world was beginning to recover from the coronavirus, the conflict in the Black Sea region between Ukraine and Russia worsened the challenges already being faced and created additional problems to which policy makers are having to respond.
“Our economy continues to grow despite the adverse effects of rising interest rates, a stronger US dollar and higher inflation across the world.
” Buhari noted, however, that some of the problems could be addressed internally, making the constitution of the seasoned economic expert’s expedient.
“It is, however, important to note that some of the issues we must address are peculiar to us.
“For example, the decline in our production of crude oil.
It is estimated that last month, August 2022, we produced less than 1mn barrels.
The fall in production is essentially due to economic sabotage.
“With the high price of oil in the world markets, producing at about half our OPEC quota has deprived us of much needed revenue and foreign exchange.
Government is working tirelessly to reverse this situation,” said Buhari.
He, however, assured Nigerians that despite these hiccups, necessitating borrowings from financial sources, “the current administration remains committed to the welfare of the citizens, especially the implementation of the Social Investment Programmes.
“While citizens’ concern about borrowing is well understood, our resort to borrowing must also be appreciated in the context of the resources required to deliver on the infrastructure, health and other socio-economic needs of our citizens.
“It remains a major goal of this administration to continue pursuing its social protection programmes.
“These programmes provide support to the most vulnerable of our citizens.
” The Nigerian leader stressed the need to upscale resource mobilisation and utilisation in the country as more could be achieved in this direction.
According to him, his administration is also not unaware of the debates about resource mobilisation and utilisation.
“On resource mobilisation, our performance as a nation continues to be a source of concern.
“Tax revenues are approximately 8 per cent of our output.
This compares very badly with those countries against which we measure ourselves that achieve 15-25 per cent.
“In the absence of revenue, our ability to deliver the most basic services is limited,” he added.
According to the president, while he understands the concerns arising from the huge expenditure on fuel subsidy, it is expedient that a right balance be struck not to scare away investors.
He said: “With respect to expenditure, our objective remains to ensure that spending is efficient and result oriented.
In this regard, the debate around fuel subsidies is well noted.
“However, the right balance needs to be struck to ensure that as we protect our citizens, we do not leave room for inefficiencies and leakages.
“It is also important to ensure that our national investment environment is such that local and international private investors can be attracted and retained.
“Sustainably dealing with the challenge of policy predictability and coherence is an important element in this regard.
” On the mandate and constitution of the Committee under his headship with representations from state governors, the president said he was convinced that it would deliver as expected for the benefit of the populace.
“The Presidential Committee of the National Economy, which I am inaugurating today, aims to bring together all policy makers responsible for the economy.
“In this way, we share a common understanding and approach to resolving the issues I have identified and many more.
“This Committee will provide our nation an opportunity to be bold, more proactive, and innovative in tackling persistent challenges.
“The work with which I have tasked the assembled team will enable us respond more swiftly and efficiently,” the president said.
Presentations were made at the event by Dr Doyin Salami, Chief Economic Adviser to the President, Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning, Otunba Niyi Adebayo, Minister of Industry, Trade and Investment, as well as Mr Godwin Emefiele, Governor, Central Bank of Nigeria.
Governor of Sokoto State, Aminu Tambuwal, represented Chairman of the Governors Forum.
The Presidential Committee on the Economy is chaired by President Muhammadu Buhari and has as members the Vice President, Prof. Yemi Osinbajo, Kayode Fayemi, Chairman of the Nigeria Governors Forum; Dr. Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning; Niyi Adebayo, Minister of Industry, Trade and Investment; and Timipre Sylva, Minister of State for Petroleum.
Other members include: Boss Mustapha, Secretary to the Government of the Federation; Prof. Ibrahim Gambari, Chief of Staff to the President; Mr. Godwin Emefiele, Governor of the CBN and Dr Mohammed Sagagi, Vice Chairman of the Presidential Economic Advisory Council.
The Chief Economic Adviser to the President, Dr Doyin Salami, is of the Committee.
The Presidential Committee will review the national economic situation and propose measures to ensure the national economy improves and can meet the government’s objectives.
The Committee will also receive regular updates on economic conditions in the country, identify issues that require urgent intervention to improve macroeconomic and fiscal conditions, review the impact of existing and new policies on the Nigerian economy.
It also provides directions to relevant institutions responsible for fiscal, monetary, and any other relevant policies.
Against the background of recent developments in the global economy and its impact on Nigeria’s economic trajectory, this Presidential Committee is another clear demonstration of Mr President’s total commitment to ensuring that the Nigerian economy successfully navigates through these difficult times.
It will be an “economic emergency room” that will work towards keeping Nigeria on the path of economic recovery and growth, global competitiveness as well as inclusive development and sustainability.