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FG Woos Investors on Oil Finds in Frontier Basins

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FG Woos Investors on Oil Finds in Frontier Basins

The federal government has said that it will provide incentives to investors who are willing to invest in oil and gas exploration in Nigeria’s frontier basins.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru disclosed this recently when he hosted members of the Nigerian Association of Petroleum Explorationists (NAPE) in his Abuja office.

Baru urged NAPE to play a key role in promoting a public private partnership structure in the exploration of some of the green frontier basins. He noted though without clearly specifying what the government would offer, that it would be willing to make provisions for incentives for such prospective investors.

NAPE was led by its National President, Mr. Nosa Omorodion to the NNPC Towers where Baru explained that the government decided to explore the hydrocarbon potentials of the country’s green frontier basins in order to increase her depleting reserves.

The country’s frontier basin both the Chad basin and extensively into other sedimentary basins which includes the Anambra, Bida, Dahomey, Gongola/Yola and the Sokota basins, as well as the Middle/Lower Benue Trough.

Recently, Baru said when he hosted the Governor of Bauchi State, Mohammed Abubakar, that President Muhamadu Buhari had instructed the NNPC to intensify its exploration for oil in the Chad basin towards theand Kolmani River.

He told Abubakar when he hosted him that president asked the corporation to further explore the reported indicative discovery of hydrocarbons by Royal Dutch oil company, Shell in the Chad Basin and Kolmani River, with a view to making the most of it.

He also said the presidential directive has been heeded to and the corporation’s Frontier Exploration Services retooled to commence this with the Northern Nigeria Development Company (NNDC) which he noted was already prospecting for oil within the basin.

Baru equally explained then that the Department of Petroleum Resources (DPR) has been intimated on the need to assign blocks in the basin for prospective investors to take up.

He however described NAPE as a very important part of the country’s oil and gas industry, especially in promoting policy formulations that have led to the growth of exploration of hydrocarbon resources in the country.

Similarly, Omorodion said the primary objective of the association has always being to promote excellent ideas in the exploration of hydrocarbon which has contributed to the passage of landmark legislations in the country like the local content law.

He said the association was happy with Baru’s appointment as NNPC’s head, and will in November confer on him a honourary membership award which is its highest award, due to his outstanding track records in the country’s oil sector.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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FG Borrows

The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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