The Centre for the Promotion of Private Enterprise (CPPE) has described the recent remarks on the floor of the House of Representatives on cement price which portrayed cement manufacturers in very bad light as not desirable and uncalled for in view of the prevailing economic whirlwinds in the economy. The Chief Executive Officer (CEO) of […]
Oil & Gas
Minister Inaugurates Committee For Conversion Of NRC’s Locomotives To LNG-CNG
The Minister of Transportation, Sen. Sa’idu Ahmed Alkali, has called for immediate technical evaluation of the proposal to transit Nigeria Railway Corporation’s (NRC’s) locomotives from diesel to LNG – CNG as part of the current drive by the government towards ensuring sustainable and cheaper energy sources for the operations of the rail system The Director […]
Nigeria Tops Africa’s Refined Fuel Importers From Europe
Analysts at Standards and Poor (S&P) has in the latest Global Commodity Insights reported that Nigeria had become the largest importer of refined petrol in Africa from Europe as the shipments of the commodity to the continent continue increase. The analysts noted also that crude oil shipments from the Middle East to Europe had significantly […]
NNPCL Seeks EFCC’s Support To Combat Surging Oil Theft Incidents
The Nigerian National Petroleum Company Limited (NNPCL) has solicited the support of the Economic and Financial Crimes Commission (EFCC) in the current efforts of the Federal Government to combat the crude oil theft incidents nationwide in view of the destructive impacts on the nation’s economy. The Group Chief Executive Officer of NNPCL, Mele Kyari, appealed […]
FG Targets 6,000MWTs To Improve Electricity Supply
The Federal Government has revved up its investment and policy moves to increase electricity megawatts from 4000 megawatts (MWTs) to 6,000 WHTs within the next three to six months to improve power supply. The Minister of Power, Mr Adebayo Adelabu, who made this disclosure on Monday during his meeting with the heads of power agencies […]
UK Energy Firm To Invest $18Mn In Nigeria’s Renewable Energy Projects
UK-based integrated energy development and investment company, Konexa, has achieved financial close on a combined $18 million investment to establish private renewable electricity trading platform and connect Nigeria Breweries Plc, its first client, to the grid. The funding for the renewable electricity project, which is supported by climate-centric blended finance fund manager Climate Fund Managers (CFM) […]
FG Inaugurates Committee On Carbon Market Activation Plan
The Federal Government on Thursday inaugurated an Intergovernmental Committee on Carbon Market Activation Plan with the mandate of exploring opportunities in Africa’s $2.5 billion carbon market for the nation’s economic development The Vice President, Kashim Shettima, who inaugurated the committee on behalf of the President, Bola Tinubu, said the committee’s mandate was to develop a […]
Tinubu Signs Executive Orders On Oil, Gas Reforms
President Bola Tinubu has directed the introduction of fiscal incentives for related projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements in the oil and gas sector. The Presidential order is sequel to “extensive engagements, analyses, and benchmarking with other jurisdictions”. The President’s Special Adviser on Media and Publicity, Ajuri […]
FG Threatens To Revoke DisCos’ Licences Over Poor Power Supply
The Federal Government on Wednesday threatened to revoke the licences of power distribution companies (DisCos) over the incessant power shortage nationwide. The Minister of Power, Adebayo Adelabu, in a statement pointed out that government was concerned about the lingering inadequate electricity distribution by the Discos, especially when the power generation companies (GenCos) had recently increased […]
Fuel, Electricity Tariff Price Caps May Fiscally Cost Nigeria 3% Of GDP In 2024 – IMF
The International Monetary Fund (IMF) has warned that price caps on fuel and electricity tariffs below the cost recovery could result to a fiscal cost amounting to 3% of Nigeria’s Gross Domestic Product (GDP) in 2024. The warning was given by the staff of the Fund in their report on completion of their mission to […]