Business
Yen Slumps to Lowest in Four Years on BOJ Easing
TOKYO – The yen fell to a four-year low against the euro and weakened past 101 per dollar as Japan’s central bank kept its pledge to expand the monetary base as part of the government’s strategy to end 15 years of deflation.
The euro gained for a second week as a rise in German business confidence fueled optimism the economic recovery is gaining momentum. Australia’s dollar fell on bets the central bank will intervene to weaken the currency. Yields on U.S. debt rose to the highest in two months relative to Japan’s as the Federal Reserve signaled reduced asset purchases “in coming months.” U.S. consumer confidence is forecast to climb in November after plunging last month amid the government shutdown.
“The yen was among the under-performers in the Group of 10 this week,” Valentin Marinov, head of European G-10 currency strategy at Citigroup Inc. in London, said in an e-mail. “The dollar could remain supported against the yen from the upcoming U.S. data, as well as more signals from the Fed about the timing of tapering.”
The yen fell 1.5 percent this week to 137.28 per euro after touching 137.35, the weakest level since October 2009. The Japanese currency slipped 1.1 percent to 101.27 per dollar after reaching 101.35, the least since July 8. The shared currency rose 0.5 percent to $1.3558.
The Bloomberg U.S. Dollar Index, which tracks the currency against 10 major counterparts, rose 0.2 percent to 1,018.56.
Winners, Losers
Brazil’s real rallied the most against the greenback among its 16 most-traded currencies tracked by Bloomberg as companies made winning bids worth $9.1 billion to operate two of the nation’s busiest airports, more than three times the minimum amounts set by the government.
The real climbed 1.5 percent over the past five days to 2.2794 per U.S. dollar, its first weekly advance since Oct. 18.
The Aussie fell for a fifth week against the dollar, the longest losing streak in more than five months, after Reserve Bank of Australia Governor Glenn Stevens said in a speech on Nov. 21 that foreign-exchange intervention can be effective as long as it’s “judiciously used in the right circumstances.”
“The Aussie is looking very vulnerable,” said Ian Stannard, head of European foreign-exchange strategy at Morgan Stanley in London. “The RBA has once again focused in on the currency, citing it as overvalued. There are domestic and international reasons to be negative and we are looking for the move to continue.”
The Aussie fell 2 percent to 91.83 U.S. cents this week after touching 91.44 yesterday, the weakest since Sept. 6. The currency traded touched NZ$1.1170, the lowest versus the New Zealand dollar since October 2008.
Argentine Peso
The Argentine peso, which is regulated by the nation’s central bank, fell the most among emerging-market currencies in the last five days amid cabinet changes that included the central bank president and economy minister.
The likelihood Argentina will designate exchange rates that differ based on the transaction has jumped with the promotion of Axel Kicillof, who as deputy economy minister supported President Cristina Fernandez de Kirchner’s ban on dollar purchases for savings and import restrictions, according to HSBC Holdings Plc.
The peso slumped 1.5 percent to 6.0827 per dollar, the biggest weekly drop since March 2009. In a market used to wager on future currency values, peso non-deliverable forwards tumbled 4.7 percent to 7.1300.
Central Banks
Minutes of the Fed’s Oct. 29-30 meeting showed policy makers “generally expected” improvement in employment data that would “warrant trimming the pace of purchases in coming months.” The central bank buys $85 billion of Treasuries and mortgage-backed securities a month. The Fed next meets on Dec. 17-18.
U.S. consumer confidence rose to 72.2 this month, according to the median estimate of 58 economists in a Bloomberg survey, from 71.2 in October, the weakest reading in six months. The partial closure of federal agencies for half the month pushed consumer expectations to a seven-month low.
Japan’s central bank kept its pledge to expand the monetary base by as much as 70 trillion yen ($69 billion) a year at its Nov. 21 meeting. Nineteen of 37 economists surveyed by Bloomberg said policy makers will add stimulus in the second quarter of 2014 after a planned increase in sales tax, with seven saying it will ease in the July-September period.
‘Key Driver’
The extra yield that U.S. 10-year Treasuries offer over similar-maturity Japanese bonds expanded to 2.19 percentage points on Nov. 20, the widest level since Sept. 12 based on closing prices. It was at 2.12 percent today.
“The yield differential is a key driver of dollar-yen,” Brian Daingerfield, a Stamford, Connecticut-based currency strategist at Royal Bank of Scotland Group Plc’s RBS Securities unit, said in a phone interview. “The dollar, reacting positively towards the possibility of an earlier taper and yields moving higher, is pushing dollar-yen higher.”
Futures traders increased their bets that the yen will decline against the dollar to the most since July 2007, figures from the Washington-based Commodity Futures Trading Commission show.
The difference in the number of wagers by hedge funds and other large speculators on a decline in the yen compared with those on a gain so-called net shorts was 112,216 on Nov. 19, compared with net shorts of 95,107 a week earlier.
German Confidence
The Ifo institute’s German business climate index, based on a survey of 7,000 executives, increased to 109.3 from 107.4 in October. That was the highest reading since April 2012. Economists surveyed by Bloomberg forecast a gain to 107.7.
“This should help the euro to go higher,” said Neil Jones, head of European hedge-fund sales at Mizuho Bank Ltd. in London, referring to the German report. “Data continues to encourage, which is indicative of an improving economic trend throughout the euro zone.”
The Bundesbank said this week that the German economy remains on a “solid growth path.” Investor confidence rose to the highest level in four years in November, unemployment remained near a two-decade low in October and factory orders climbed more than economists predicted in September.
The yen has tumbled 13 percent this year, the worst performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar strengthened 3.7 percent and the euro advanced 6.9 percent.
– BLOOMBERG
The Nigerian National Petroleum Company Limited (NNPC Ltd) claimed that it saved $3.4 billion through contract restructuring and optimisation between April 2025 and July 2026.
Group Chief Executive Officer, Bayo Ojulari, made the assertion in Abuja at the opening of the 25th Nigeria Oil & Gas (NOG) Energy Week, while highlighting the impact of ongoing reforms aimed at improving operational efficiency, reducing costs, strengthening partnerships, and enhancing value delivery to the federation.
Ojulari also stated that the national oil company had maintained full compliance with its joint venture cash call obligations.
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According to the scorecard presented by the NNPC Ltd, the $3.4 billion cost savings were realised through contract restructuring and optimisation initiatives across the company’s operations.
The reforms also contributed to an increase in government revenue, with the NNPC Ltd reporting a government take of N19.5 trillion, representing a 21.8 per cent year-on-year increase.
Besides, a major highlight of the report was NNPC’s 100 percent compliance with its joint venture cash call obligations across all its joint ventures from Financial Year 2025 to June 2026.
However, the company’s partners recorded a blended compliance rate of just 61 percent.
Of the 27 joint venture partners, only six were fully current with their obligations, while 13 recorded partial compliance with an average payment rate of 72 percent, and eight remained in significant default, paying an average of only 14 percent, prompting Joint Operating Agreement remedies.
The NNPC Ltd said it remained committed to sustaining its cash call obligations to support Nigeria’s target of achieving two million barrels of oil production per day.
Operationally, the company reported a six percent increase in crude oil production year-on-year and an 8.1 percent rise in gas production over the same period, reflecting improvements in upstream operations.
Ojulari also highlighted several strategic partnerships concluded since the last Nigeria Oil and Gas Conference, including a long term gas supply agreement with Nigeria LNG, progress on deepwater investments valued at over $20 billion, refinery related partnerships, industrial gas projects, and new gas supply arrangements.
Looking ahead, the company identified seven priority projects expected to drive production and gas infrastructure growth through 2027.
These, it said, included the UTM Floating LNG project, the OB3 East West Connector, the AKK gas pipeline, refinery technical enhancement projects, the Zabazaba deepwater development, the Owowo field, and the BSWAP project.
The state oil major added that the combination of cost optimisation, stronger operational performance, improved infrastructure reliability, and strategic partnerships would reinforce Nigeria’s energy security, boost government revenues, and support sustainable growth in oil and gas production.
Ojulari said the national oil company achieved 98 percent recovery across five crude export terminals between April 2025 and May 2026, up from one per cent at Bonny in June 2022.
He put current output at 1.71mbpd, the highest in five years, with the NNPC Exploration and Production Limited (NEPL) hitting a record 365,000 bpd.
Gas production, he said, reached 7.5 billion standard cubic feet per day (bscf/d) following the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Pipeline and inauguration of the ANOH Gas Plant.
Ojulari added that the NNPC Ltd had “zero tolerance for partners who are not able to fund their Cash-call” and had begun invoking default clauses.
He stressed collaboration over control, saying, “We have rid ourselves of any pseudo-regulation. We are not the super-regulator. Let them regulate. We want to work.”
Energia Limited and its Joint Venture partner, Oando Plc, have inaugurated the board of trustees of the Ndokwa West-1 Host Community Development Trust (HCDT).
The inauguration marked a significant milestone in strengthening sustainable development, transparency and community participation across their host communities in Delta State.
The inauguration, held in Asaba, also featured the signing of a Memorandum of Understanding (MoU) between the Energia-Oando Joint Venture and the seven host communities, in line with the provisions of the Petroleum Industry Act (PIA), 2021.
The event brought together representatives of Delta State Government, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), traditional rulers, community leaders, members of the newly inaugurated board of trustees, and other key stakeholders from the oil and gas industry.
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Representing the Governor of Deputy Governor, Delta State, Sir Monday Onyeme, Deputy Chief of Staff, Hon. Christopher Osaskwe commended Energia Limited and the host communities for successfully establishing the Trust and signing the Memorandum of Understanding.
He described the initiative as a demonstration of mutual commitment to partnership and sustainable development, while urging the newly inaugurated board to discharge its responsibilities with transparency, accountability and fairness.
He also encouraged host communities to continue protecting oil and gas infrastructure and embrace dialogue as the preferred approach to resolving disputes.
Managing Director, Energia Limited, Oladimeji Bashorun, described the inauguration as the beginning of a new chapter in the relationship between Energia and its host communities.
According to him, the company remains focused on building partnership, shared responsibility and sustainable development rather than dependency.
He noted that while the PIA provides a structured framework for host community development, Energia’s commitment to its host communities predates the legislation and has remained a core part of the Company’s operating philosophy since it achieved First Oil in 2009.
“Communities that host our operations should also share meaningfully in the opportunities created by those operations. Our success has always been closely connected to the success of our host communities,” Bashorun said.
He also disclosed that Energia has invested over N15.94 billion in community development initiatives since inception, supporting roads, drainage systems, healthcare facilities, educational programmes, scholarships, youth empowerment, solar-powered street lighting, community welfare initiatives and other social investments across its operational communities. He added that the Company dedicates 3% of its gross revenue annually to support sustainable development initiatives for its host communities.
Also speaking at the event, the Asset Manager of Oando, Seyi Fawora, reaffirmed the Joint Venture’s commitment to implementing the HCDT, noting that the partnership remains focused on building stronger, mutually beneficial relationships with host communities.
The representative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Dennis Eyitemi, described the inauguration as a significant milestone in strengthening host community participation in development. He urged members of the Board of Trustees to remain accountable, transparent and committed to promoting the long-term welfare of the communities they represent.
Providing an overview of the HCDT framework, the Delta State Solicitor-General and Permanent Secretary, Ministry of Justice, Omamuzo Irebe, SAN, commended Energia for contributing beyond the statutory requirement prescribed under the Petroleum Industry Act and encouraged members of the Board to place community interests above personal interests while ensuring prudent management of the Trust’s resources.
The ceremony concluded with the swearing-in of the members of the Ndokwa West-1 Host Community Development Trust Board of Trustees. In his acceptance remarks, the Chairman of the Board, Chief Godwin Edeme, pledged the Board’s commitment to working with Energia Limited, Oando Petroleum Development Company and all stakeholders to ensure the effective implementation of the Trust for the benefit of present and future generations.
The establishment of the Ndokwa West-1 Host Community Development Trust represents another milestone in Energia’s long-standing commitment to responsible operations, stakeholder engagement and creating shared value for its host communities through sustainable, transparent and inclusive development. About Energia Limited
Energia Limited is a leading indigenous Nigerian exploration and production company with a proven track record of responsible hydrocarbon development and sustainable value creation. Since achieving First Oil in 2009, Energia has remained committed to operational excellence, environmental stewardship, and meaningful partnerships with its host communities, delivering lasting social and economic impact alongside its business growth.
Foreign direct investment (FDI) flow into Nigeria climbed to roughly $4 billion last year, according to UNCTAD’s World Investment Report 2026.
The report stated that “Inflows to Nigeria rose to about $4 billion, supported mainly by oil and gas–related IPF deals, including a major project valued at about $2 billion.”
The report indicated that Nigeria’s inflows were $1.6 billion in 2024, before increasing to roughly $4 billion (precisely $4.005 billion) in 2025 — reversing a downward trend that had seen inflows dip as low as $895 million in 2022. The figures place Nigeria among a cluster of West and East African economies that bucked a broader continental slowdown
According to the report, Nigeria’s outward investment also rose, from $408 million in 2024 to $1.19 billion in 2025, while its inward FDI stock reached nearly $93 billion by year-end.
“In Nigeria, deals included the sale of Shell’s onshore oil assets to the Nigerian consortium Renaissance Africa Energy and the acquisition of Lafarge Africa by Huaxin Cement of China, signaling both a wave of asset localization in the oil sector and continued Asian appetite for Nigerian industrial assets.
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On the Greenfield side, conglomerate Dangote Group emerged as an outward investor in its own right, backing a $3 billion chemicals project in neighboring Ethiopia — one of the 10 largest Greenfield projects announced across the continent in 2025.
Policy shifts also featured prominently in the report’s account of the investment climate. It noted that the government introduced sweeping fiscal reforms during the year, including a new minimum tax regime aligned with international standards.
“Nigeria, for instance, introduced a minimum effective tax rate of 15 per cent for multinational enterprises with revenues exceeding €750 million,” the report noted.
Alongside this, the report observed that Nigeria, together with Cameroon, moved to tighten incentive structures more broadly, as the two countries “replaced broad tax exemptions with tiered tax credits and strict eligibility requirements, such as job creation, local value addition and priority sectors.” Separately, the government rolled out targeted relief for the petroleum sector, introducing “performance-based tax credits for companies in the upstream petroleum industry, linking fiscal benefits to cost efficiency.”
The report also credited Nigeria with using regulatory innovation to court investors beyond the extractive sector.
It pointed to the Federal Government ‘s technology-focused reforms, noting that Nigeria “has used regulatory frameworks to reduce uncertainty for innovative firms,” citing the Startup Act and accompanying central bank rules that let sandboxes allow start-ups to test products with real users before facing the full weight of regulation.
On trade infrastructure, the report named Nigeria as one of five countries — alongside Côte d’Ivoire, Benin, Ghana and Togo — that committed under a regional agreement to harmonising customs and border procedures along the Abidjan–Lagos corridor, part of a wider West African push to cut transit times and integrate cross-border trade.
Africa as a whole, according to the report, saw FDI inflows fall sharply from an exceptional 2024, but the report noted that in West Africa, investment “rose in several West African economies, supported mainly by investment in natural resources and energy.”
Courtesy – The Punch
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