NIGERIA
Small oilfields to go to locals
Nigeria will offer 31 licences to domestic operators next month for oilfields with volumes too low for bigger companies as Abuja looks to broaden the range of industry investors. Sixteen onshore fields and 15 in shallow-water leases would be auctioned, Petroleum Minister Diezani Alison-Madueke said yesterday. “Government encourages companies where possible to bid in consortia to enable the parties to leverage upon each other’s strengths,” she said, adding that there would be three-and-a-half months of competitive bidding. The fields produce volumes too low to be profitable for companies like Royal Dutch Shell and Exxon Mobil, who run ventures with the state-run Nigerian National Petroleum Corporation. – Bloomberg
ZAMBIA
Food prices fuel inflation
Zambia’s headline consumer inflation rate quickened to 7 percent year on year this month from 6.9 percent last month, driven mainly by increases in prices of food and alcoholic beverages, the Central Statistical Office said yesterday. On a month-on-month basis, prices increased by 0.3 percent this month after being flat last month. The trade surplus fell to 43 million kwacha (R80m) last month from 53 million kwacha in September, the statistics agency added. – Reuters
GHANA
Ministry lashes downbeat Fitch
Ghana’s Ministry of Finance criticised Fitch Ratings yesterday for saying that a deficit-reduction plan outlined in last week’s annual budget was not aggressive enough and risked missing its target. Fitch downgraded Ghana’s sovereign rating last month to B from B+ over concern the country was not doing enough to tackle a budget deficit that surged to 11.8 percent of gross domestic product (GDP) last year. Ensuring macro-economic stability is vital for President John Mahama’s government as it seeks to bolster the country’s reputation as one of the continent’s most dynamic economies. Ghana has outlined a multi-year plan to reduce the deficit to 6 percent of GDP but acknowledges it is likely to overshoot its first target, which was to reach 9 percent this year. “We disagree with Fitch Ratings’ position that the consolidation measures announced in the budget will not effectively address the Ghana fiscal challenges experienced in the past two years,” the Finance Ministry said. – Reuters