Billion-dollar new port and marine projects in Nigeria in their preliminary development stages are contending with higher cost of borrowing funds, depreciation of the naira, and foreign exchange volatility.
With the recent adjustment in the benchmark interest rate by the Central Bank of Nigeria by 400 basis points to 22.75 percent, experts say investors would find it difficult to source funds to invest in marine projects.… Read the rest
The Nigerian Gas Association (NGA) has commended the federal government for the recent gazetting of three policy directives in the oil and gas sector.
The directives, issued on March 1, include introducing fiscal incentives for non-associated gas, midstream, and deepwater developments, as well as reducing the contracting cycle from 36 months to six months.
According to a statement on Friday by the association, Aka Nwokedi, NGA president, said the policies mark a significant step towards unlocking investments in the oil and gas sector.… Read the rest