The International Energy Agency (IEA) has projected that supply cuts by some oil producing countries may not affect oil surplus in 2024. The head of the agency’s oil markets and industry division, Toril Bosoni, was quoted in a news report by Reuters as making the forecast on Tuesday during an interview. Bosoni, who shared some […]
…..As Kerosene price rises 0.32% Buyers of Liquefied Petroleum Gas (cooking gas) in Nigeria paid N4,562.51 as average retail price for refilling a 5kg cylinder in October this year, representing an increase of 8.89% month-on-month over the N4,189.96 they paid in the preceding month. The National Bureau of Statistics (NBS) in its ‘Liquefied Petroleum Gas […]
The Nigerian Communications Commission (NCC), has expressed its total commitment to the implementation of the Ministerial Five Pillars of the Strategic Blueprint aimed at holistically transforming the nation’s economy with a view to achieving 70% digital literacy by 2027; and a capital increase raised by Nigerian tech startups by 50% year-on-year from $1 billion/year in […]
German Chancellor, Olaf Scholz, has pledged his country’s $4.4 billion support for Africa-European Green Energy Initiative at the ongoing G20 Compact with Africa Investment Summit in Berlin, Germany. The Chancellor said that the funding would cover the initiative through 2030 with his country importing a significant portion of its green hydrogen from African countries. Scholz […]
President Bola Tinubu has assured international investors that Nigeria remains a secured destination with high prospects for returns for their investments. Tinubu, who gave the assurance while speaking as a participant in a panel discussion on fostering local value chains and investments in Africa at the 4th G20 Investment Summit in Berlin, Germany, highlighted Nigeria’s […]
A new research report from Fitch Ratings has reflected the growing vulnerability of European insurers to weather-related losses, primarily attributed to reinsurers reducing coverage against medium-sized natural catastrophe risks. The trend, which commenced in 2022, is exemplified by results from the Italian non-life market, demonstrating a notable impact on profitability following reinsurance cutbacks. According a […]
The Nigeria Sovereign Investment Authority (NSIA) has launched a $500m Renewables Investment Platform for Limitless Energy (RIPLE) as part of its commitment to boosting the nation’s power generation and supply on a sustainable basis in the years ahead, Specifically, the initiative aims at the development, investment, and operation of renewable energy projects across the entire […]
The National Bureau of Statistics (NBS), reported on Wednesday that Nigeria’s headline inflation rate further surged in October 2023 to 27.33 percent, up from the 27.13% recorded in the preceding month amid spiking food and other items’ prices during the month. The statistics agency, in its Consumer Price Index October 2023’ report published on its […]
….As PMI Dips To 49.1% In October Economists at CAPE Economic Research and Consulting firm have predicted that in the medium-term Nigeria’s economic output growth (Gross Domestic Product) growth rate would moderate to 1.73 percent in the 5rd quarter and dipped further by 0.02 percentage points to 1.54 percent in Q4 this year. The experts, […]
The Executive Director of the International Energy Agency (IEA), Fatih Birol, has expressed the agency’s concern about the escalating Israeli-Palestine war at the Gaza strip in view of the potential negative implications for the stability of the global oil market. Birol, who expressed his concern during an interview with S&P Global Commodity Insights, warned that […]