Nigeria and Tanzania to Launch Direct Flights
Nigeria and Tanzania are set to strengthen bilateral ties with the planned launch of direct flights between the two countries.
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, met with the Head of Chancery of the Tanzania High Commission, Judica Nagunwa, to strengthen bilateral relations between the two countries.
In a statement on Sunday, Tunde Moshood, Keyamo’s Special Adviser on Media and Communications, revealed that Nagunwa led a delegation to Keyamo’s office in Abuja.
According to the statement, the delegation held discussions on Air Tanzania’s request to begin direct flights between the East African nation and Nigeria.
Nigeria’s Oil Production Fell Again in March
As the world battles a global crude price crash, Nigeria’s average daily crude output has fallen again in March, threatening the nation’s budget.
According to data released by the Nigerian Upstream Petroleum Regulatory Commission, the daily crude production figure was an average of 1.40 million barrels per day, down from 1.465 mbpd in February.
The regulator disclosed, “Lowest and peak production in March were 1.49 million bopd and 1.76 million bopd, respectively. The daily average production in March was 1,603,776 barrels per day, comprising both crude oil (1,400,783 bopd) and condensate (202,993 bopd). The average crude oil production was 93 per cent of the OPEC quota (1.5 mbpd).”
Goldman Sachs raised its Gold price forecast to $4500 by year-end
Goldman Sachs hiked its outlook for gold prices to $3,700 an ounce, stating that heightened concerns over the U.S. economy, amid an escalated U.S.-China trade war, made the yellow metal appear more attractive as a recession hedge.
Notably, this is Goldman Sachs’ third rate hike this The investment bank had in March hiked its 2025 gold price target to $3,300/oz.
Goldman Sachs warned that in an extreme risk case, gold could reach as high as $4,500/oz by the end of 2025. Gold reached a new all-time high of $3235 early Monday.
Trump plans to announce semiconductor tariff rates over the next week
U.S. President Donald Trump on Sunday said he would be announcing the tariff rate on imported semiconductors over the next week, adding that there would be flexibility with some companies in the sector.
The president’s pledge means that the exclusion of smartphones and computers from his reciprocal tariffs on China likely will be short-lived as Trump looks to reset trade in the semiconductor sector.
“We wanted to uncomplicate it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country,” Trump told reporters aboard Air Force One as he traveled back to Washington from his estate in West Palm Beach.
Trump declined to say whether some products, such as smartphones, might still end up being exempted, but added: “You have to show a certain flexibility. Nobody should be so rigid.”
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Power companies got price slashes for natural gas
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has slashed the price of natural gas for power generation companies.
This is coming amid about N2tn debt owed to gas companies by the power generation companies as a result of illiquidity.
GenCos are now expected to pay $2.13 per million British thermal units, according to a document released by the NMDPRA.
In March 2024, the regulator introduced a revised pricing structure for natural gas in strategic sectors, resulting in an 11 per cent increase in power sector prices.
The Domestic Base Price for the power sector increased from $2.18 to $2.42 per MMBTU, while commercial sector pricing was adjusted to $2.92 per MMBTU.
However, in the document titled ‘Announcement on Establishment of The Year 2025 Domestic Base Price and Applicable Wholesale Price of Natural Gas for the Strategic Sectors’, the NMDPRA said natural gas will now be sold at the rate of $2.13 per MMBTU.
The new pricing framework took effect from April 1, the NMDPRA disclosed.
