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 […]
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 […]
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 […]
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 […]
The Federal Government projected that about $22.82 billion would be invested in 1,068 oil and gas projects approved between 2022 and 2023, the Chief Executive Officer of Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has disclosed. The projects, which span across the broad spectrum of the hydrocarbon resources value chain, hold socioeconomic benefits […]
The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N5,139.25 in January this year, representing 12.00% increase from N4,588.75 it sold at in the corresponding month of last year, the National Bureau of Statistics (NBS) has reported. The Bureau, in its ‘Liquefied Petroleum Gas (Cooking Gas) Price […]
Economists at Comercio Partners, a Nigerian firm providing financial advisory and assets management services, have advised the Central Bank of Nigeria (CBN) to critically weigh the option of maintaining a bullish stance at the next meeting of its Monetary Policy Committee in view of the current micro and macroeconomic challenges in the economy and the […]
The Federal Government on Thursday announced the ban on exportation of Liquefied Petroleum Gas (LPG) also known as cooking gas, as part of its current efforts to boost domestic supply volume and crash the commodity’s surging price nationwide. The Minister of Petroleum (Gas), Ekperikpe Ekpo, who made this disclosure at the ‘Internal Stakeholders’ workshop with […]
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023, lower than the 3.52% recorded in the corresponding quarter of 2022, the National Bureau of Statistics (NBS) reported on Thursday. The Bureau, in its ‘Nigeria Gross Domestic Product Q4 2023’ report published on its website, however, stated […]
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, will on May 14-15 this year speak at the Invest in African Energy (IAE) forum scheduled for France to outline investment opportunities in Nigeria’s gas sector, drawing attention to exploration prospects and infrastructure requirements. The IAE 2024 is an exclusive forum designed to facilitate investment […]