The Nigerian National Petroleum Company Limited (NNPCL) reported via its official X account on Tuesday that 131 crude oil theft incidents were recorded in the oil facilities within 7 days of operations in the nation’s upstream subsector. According to the report, during the one week period, there were 24 illegal connections, 43 illegal refineries, 17 […]
Transportation
Global Crude Oil Output Rises By 80,000 B/PD In October – OPEC
…Says Nigeria Still Unable To Meet Quota The Organization of Petroleum Exporting Countries (OPEC) on Monday reported that crude oil production by oil producing countries rose in October by 80,000 barrels per day (b/pd) compared to September output The oil cartel clarified that the output of the OPEC+ countries during the month, however, continued […]
Bank Customers Borrow N2.64Trn From Lenders In 90 Days – CBN
As the President Bola Tinubu administration’s policy reform initiatives continue to accentuate the socio-economic hardships of millions of ordinary Nigerians by the day, the latest report by the Central Bank of Nigeria (CBN) indicated that more bank customers had been resorting to borrowing to survive and support their socioeconomic activities. The latest Economic Report of […]
AfDB To Disburse $618Mn To Nigeria’s Digital, Creative Enterprises
The African Development Bank (AfDB) has finalised arrangements to disburse about $618 million to Nigeria under the Investment in Digital and Creative Enterprise (i-DICE), programme. AfDB’s Country Director-General for Nigeria, Lamin Barrow, who gave this hint on Sunday in Morocco, confirmed that the Federal Government had initiated the process of recruiting a fund manager for […]
Customs Inaugurates Overtime Cargo Committee On Port Decongestion
As part of efforts to fast track efforts to decongest the nation’s seaports currently burdened with excess of overtime cargo, the Comptroller-General of Nigeria Customs Service (NCS), Mr. Adewale Adeniyi, has unveiled a committee on disposal of overtime cargo. The initiative followed a meeting of the NCS with stakeholders on November 6 in Lagos convened […]
Economy: Experts Forecast 1.54% GDP For Nigeria In Q4
….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, […]
AfCFTA Can End Africa’s Over-Reliance On Imported Goods – Expert
The Deputy Chairperson of the Intra-African Trade Fair (IATF) 2023 Advisory Council and a former President of the African Export-Import Bank (Afreximbank), Jean-Louis Ekra, has said that commitment of African leaders to the implementation of the African Continental Free Trade Area (AfCFTA) agreement can break Africa’s colonial legacy of exporting raw materials and importing finished […]
Tinubu Signs N2.17Trn 2023 Supplementary Budget
President Bola Tinubu on Wednesday signed the N2.17 trillion 2023 supplementary budget. The signing of the Supplementary Appropriation proposal by the President followed its passage by both chambers of the National Assembly last week. The proposal, which was approved by the National Assembly, has now effectively become a law, making it possible for the federal […]
IEA Raises Concern About Oil Market Stability As Gaza War Escalates
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 […]
Africa’s Infrastructure Finance Default Rate Among Lowest Globally – Adesina
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has said that African countries’ default rate in infrastructure financing is one of the lowest globally. The development finance banker made this disclosure during his address to participants at the African Investment Forum (AIF) with the theme ‘Unlocking Africa’s Value Chains’ held in Marrakech, […]