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Indigenous Firm to Spend N137.5bn on Industrial Island



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  • Indigenous Firm to Spend N137.5bn on Industrial Island

Genesis Worldwide Shipping Company which owns Integrated Oil and Gas Company, has announced that the total amount that will go into completion of its industrial free trade zone, also known as Tomaro Island, will be about $450m (N137.5bn).

The Chairman of the company, Captain Emmanuel Iheanacho, disclosed this on Tuesday while leading men of the Nigeria Customs Service, the Nigeria Export Processing Zone Authority and journalists on a facility tour of the Island.

Iheanacho, whose firm had earlier secured a grant of $1m from the American government to facilitate market study for the detailed engineering master plan of the island, said there were major investments in Tomaro Island spanning the oil and gas and maritime sectors.

He stated that the island would have a modular refinery with 20,000 barrels per day refining capacity, storage and re-supply tank farms with one billion litres storage capacity, as well as a slipway for local ship buildings with 15,000 tonnes capacity and dry dock facility where ships could load and discharge.

“When the country has issues with fuel supply, the Nigerian National Petroleum Corporation will be able to draw fuel from here for 15 days to supply the country until the problem is sorted out,” he noted.

According to Iheanacho, the tank farms are structured in such a way that they supply to ships and pump back from ships into tank farms located around the island.

“This tank farm is different from every other tank farm that relies on arrangement where ships supply tank farms and then lorries come and pick up the supply, but because we are located on an Island and because of the function that they are designed for, we supply by ship then actually pump back by ship to the tank farms that are located to the West,” he explained.

On the shipyard, he said that it would position Nigeria among ship building nations in the world and create over 2,000 jobs for the local people.

Iheanacho added, “Nigeria has for a long time wanted to be a builder of ships; now, the private sector is making this a reality. The jetty for berthing and loading vessels will be ready in nine months.

“The Tomaro Island is an industrial zone designed on the western side to attract people who will do manufacturing. We will set up 30 one-hectare plots for warehouses, plant house, office and manufacturing facilities, where manufacturers will come down with their raw materials to manufacture and export duty-free to other countries.”

The master plan of the island would include a helicopter servicing facility, hotels and living quarters, heliport, as well as waste treatment and disposal plants, Iheanacho noted.

An official of NEPZA, Mrs. Eloho Francis, expressed optimism that when completed, the project would create a lot of jobs and increase revenue generation for the nation.

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

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Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024




The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

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IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%



IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

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South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty



South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

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