|Economy|
NSIA rules out withdrawal from SWF: The federal government is unlikely to make withdrawals from Nigeria’s Sovereign Wealth Fund (SWF), even as the price of crude oil declines. The Managing Director/Chief Executive, Mr. Uche Orji of Nigeria Sovereign Investment Authority (NSIA), disclosed that the Nigeria Sovereign Investment Authority (NSIA), set up in 2012, isn’t yet large enough to make withdrawals worthwhile. The NSIA has around $500 million to invest in Nigeria, Orji revealed. The fund will focus on allocations to Nigerian power, real estate, agriculture and health care in 2015. The NSIA has funded three commitments in the infrastructure fund namely: the Nigeria Mortgage Refinancing Company, in which it holds 22.7 per cent stake, fund for agriculture finance and the second Niger Bridge. Source: Thisday

Nigeria’s trade to rise by N2.43tn – NBS: The Nigeria trade forecast published by the National Bureau of Statistics, in its economic review and outlook, has revealed that the country’s total merchandise trade is expected to rise by N2.43tn from the estimated figure of N25.17tn in December 2014 to N27.6tn by the end of 2015, about 9.66% increase. The report stated that the recent depreciation of the naira would result in cheaper prices of non-oil exports, adding that this would have a positive impact on trade. On inflation outlook for the rest of the year, the NBS report added that inflation might rise to 8.8 per cent this year, noting that it was expected to remain moderately stable, averaging 8.13 per cent over the 2015 to 2017 period. Source: Punch

Naira gains on dollar sales by oil firms: Nigeria's local currency firmed 1.15 percent against the dollar on the interbank market in thin trade on Monday, supported by dollar flows from two energy companies. The naira closed at 200.39 to the dollar, compared with 202.72 at the interbank market on Friday. The currency closed at 226 against the dollar at the Bureau de Change segment of the market on Monday from 227.5 on Friday. The Nigerian unit of Royal Dutch Shell sold an undisclosed amount of dollars while Eni sold $15 million, lending support to the naira. Source: Reuters

|Oil & Gas|
Shoreline Energy establishes joint venture with Canadian firm: Canadian Overseas Petroleum Limited (COPL), the offshore Africa -focused oil and gas exploration and development company, has unveiled details of the joint venture partnership it entered into with Shoreline Energy International Limited, a conglomerate with interests across sub-Saharan Africa, including interests in oil and gas, as well as power generation. In line with the COPL’s stated strategy to diversify and balance its asset portfolio, the company said in a statement that the partnership with Shoreline was focused on acquiring upstream oil and gas exploration, development and producing assets in sub-Saharan Africa. According to the Canadian firm, the assets acquired through the joint venture will be held in a special purpose vehicle registered in Bermuda, called Shoreline CanOverseas Petroleum Development Corporation Limited (ShoreCan or the JV), with COPL and Shoreline holding a 50 per cent interest in ShoreCan. Source: Thisday