Tag: oil sector
Year-on-year growth in Nigeria’s non-oil sector was slower by 0.93 percentage points in the first quarter of the year, that’s according to recent data from the National Bureau of Statistics. As the Covid-19 pandemic continues to stifle international trade, Akin Laoye, Executive Director at FTN Cocoa Processors joins CNBC Africa to discuss how this pandemic is affecting dynamics for Nigeria's non-oil exports.
With South Africa, Nigeria, and Angola expected to plunge into deep recessions this year, does Sub-Saharan Africa still offer value for money for foreign investors in Covid-19 times?
Global oil prices have recently dropped to record lows due to a combination of events that included a price war and lack of global demand due to the COVID-19 pandemic but could this read as good news for one of Africa's budding new oil producers? CNBC Africa spoke to Elson Karuhanga, a lawyer at Kampala Associated Advocates for more.
Nigerian crude grades have come under pressure as the Covid-19 pandemic continues to impact global demand for crude John Uwajumogu, Partner at EY Transaction Advisory Services joins CNBC Africa for more on the global oil market.
According to World Bank, South Sudan's economy recovered with a growth rate estimated at 3.2 during the financial year 2018/2019 from a contraction of 3.5 per cent during the 2017/2018 financial year. These developments reflect activity in the oil sector which rebounded strongly. Also, the country's total public debt during the fiscal year 2018/2019 was estimated at 34.2 of Gross Domestic Product (GDP) of which external debt is 30.2 per cent. Parek Maduot, Director of Economic Development &Regional Integration at ICGLR joins CNBC Africa for more.
OPEC oil output fell in December as Nigeria and Iraq adhered more closely to pledged reductions and top exporter Saudi Arabia made further cuts ahead of a new production-limiting accord.
During his Independence Day celebration broadcast, Nigeria’s President Muhammadu Buhari stated that his administration inherited a skewed economy, where the oil sector comprised of only 8 per cent of GDP but contributed 70 and 90 per cent of government revenue and foreign exchange earnings respectively. To analyse the President’s speech and assess Nigeria’s performance in the past 59 years – Kyari Bukar, Former Chairman of the Nigerian Economic Summit Group (NESG) and from Osun State, South West Nigeria, Professor and Former Presidential aspirant Remi Sonaiya joins CNBC Africa for more.
Ministers from Africa’s largest oil and gas producers will gather in Cape Town to lay out the continent’s future energy roadmap
In the wake of Total’s first significant deep-water oil find in South Africa earlier this year, and the recent purchase of offshore exploration blocks by Shell, politicians are preparing for further oil and gas investment, which could be instrumental in improving the country’s shaky economic outlook.