Get ready for the day with a roundup of key happenings: Nigeria and Angola set sights on oil expansion, Gombe paves the way for the 2024 budget, Nigeria mulls BRICS alliance, Minister Lalong contemplates a move, and Brent’s resilience ahead of OPEC+ decisions.
1. Nigeria and Angola’s Ambitious Oil Plans Amid OPEC+ Talks:
- African OPEC+ members Nigeria and Angola strategize to boost oil output after a delayed meeting.
- Angola aims for a production surge with strategic investments.
- Nigeria targets 1.8 million bpd by year-end with no reported disagreements.
- Oil prices experience a dip amid speculations on potential output cuts, linked to African countries’ output reviews.
2. Gombe Greenlights 2024 Budget Prep with MTEF Approval:
- Gombe’s Executive Council, led by Governor Muhammadu Yahaya, approves the 2024 Medium-Term Expenditure Framework (MTEF).
- The MTEF spans 2024–2026, focusing on estimating the 2024 budget aligned with oil market projections and government revenue.
- Approval secured for presentation to the House of Assembly.
3. Nigeria Considers Joining BRICS Alliance:
- Foreign Affairs Minister Yusuf Tuggar reveals Nigeria’s contemplation of joining the BRICS group of nations in the next two years.
- The move aims to align with nations sharing good intentions and defined objectives, offering economic and political leverage.
4. Lalong Mulls Leaving Tinubu’s Cabinet for Senatorial Certificate:
- Minister Simon Lalong secures a senatorial certificate for Plateau South after an electoral tribunal victory.
- Court nullifies PDP candidate’s votes, orders a fresh certificate for Lalong, hinting at a potential exit from the Labour Minister role.
5. Brent Climbs Ahead of OPEC+ Decision:
- Brent crude futures rebound in Asian trade, reaching $81.71 after a 0.7 percent drop, while US West Texas Intermediate slides to $76.72.
- Both set for their first weekly increase in five, driven by expectations of OPEC+ reducing supply.
- The delay of OPEC+’s meeting initially impacted Brent by 4 percent and WTI by 5 percent, with weak refining margins in the US and China’s property sector issues impacting demand forecasts.
Stay informed on this dynamic Friday as global and local developments unfold across these key fronts.
