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 […]
The International Energy Agency (IEA) has projected that fossil fuels’ share in global energy supply would drop to 73% by 2030 and carbon dioxide emissions peaking by 2025 despite the fact that global oil demand would peak this decade at about 102 million barrels per day (mbd) for two more decades. The agency, in its […]
The European Union (EU) has granted the Nigerian Nuclear Regulatory Authority (NNRA) €1 million for the implementation of an international nuclear safety cooperation project for the safe management of radioactive wastes in Nigeria. A news broadcast by Arise TV quoted the authority’s Director-General, Dr. Yau Usman Idris, as confirming the grant following the confirmation by […]
The United Kingdom (UK) government has pledge to help African countries expand their critical mineral supply chains – with a focus on promoting mineral exploration and processing, generating value-added activities and creating local jobs. The country made the pledge on Wednesday during the Critical Minerals Africa 2023 summit in South Africa to enable African countries […]
…Secures $4Bn Letters of Intent On Investments The National Agency for Science and Engineering Infrastructure (NASENI) and new Chinese partners signed three Memoranda of Understandings (MoUs) for new projects valued at $2 billion in the country. The Chinese companies that signed MoUs at a ceremony attended by Vice President, Kashim Shettima, on Thursday at the sidelines of […]
The European Union (EU) has promised to disburse 150 billion Euros from this year to 2027 through its Global Gateway initiative to Nigeria and other African countries to enhance infrastructure in over eight sectors. The EU Commissioner for International Partnerships, Jutta Urpilainen, made this disclosure during the launch of the Global Gateway initiative on Thursday […]
The Nigerian Electricity Regulatory Commission (NERC) has reported that the Federal Government subsidized the cost of electricity consumed by users in the country with a total of N135.23 billion in the second quarter of this year. The second quarter’s electricity subsidy represented a 275% quarter-on-quarter increase over the N36.02 billion paid by the government in […]
…..Targets $2Bn Carbon Investments The Niger Delta Development Commission (NDDC) on Tuesday unveiled plans to unlock $2 billion carbon investment in the Niger Delta region using solar power as part of the management’s wider strategy to ensure power supply to communities in the region. The commission’s Managing Director, Dr. Samuel Ogbuku, who was quoted in […]