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 […]
….As Marketers Blame FX Shortfall For Product’s Scarcity Barely three months after the President Bola Tinubu’s government addressed the lingering fuel scarcity problem in the downstream market, indications in the market since Tuesday showed that scarcity was gradually resurfacing in major cities of Lagos, Abuja, Kano, Ekiti and others with queues noticeable in filing stations […]
Ogun State Governor, Prince Dapo Abiodun, has approved the extension of the N10,000 transport allowance granted to the state civil servants to cushion the effect of the removal of fuel subsidy by the Federal Government by another six months. The allowance, which was part of various interventions adopted by the state government following the Federal […]
The Nigerian National Petroleum Company Limited (NNPCL) has reported that between October 7 and 13, 205 crude oil theft incidents were recorded across oil-producing locations in the Niger Delta region. The company gave these figures during its weekly ‘Energy and You’ series on the NTA News Network. According to the report, there were various illegal […]
Global Multilateral Development Banks (MDBs) have reported that in 2022, they committed new record of $60.7 billion to climate finance in low-income and middle-income economies, representing an increase of 46% compared to 2019 investments. A new joint report by the MDBs indicated that out of the amount, $38.0 billion, or 63% was committed to climate […]
Shell Petroleum Development Company of Nigeria (SPDC) has confirmed the October 3 oil spill from its facilities at Peremabiri community in Southern Ijaw Local Government Area of Bayelsa. The company’s spokesperson, Michael Adande, confirmed on Friday that a Joint Investigative Visit (JIV) to the incident site would soon be undertaken to unravel the cause and […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that the country’s total annual upstream capital expenditure (CAPEX) decreased from $27 billion in 2014 to less than $6 billion in 2022. The Chief Executive Officer of the commission, Mr Gbenga Komolafe, who made this disclosure on the sidelines of the World Petroleum Congress (WPC) in […]
The Nigerian National Petroleum Company Ltd (NNPCL) and the Nigerian Content Development and Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) with the International Oil Companies (IOCs) to reduce contracting cycle to an optimal level of not more than 180 working days. A statement issued by the NNPCL on the pact indicated that […]
…becomes first state-owned oil firm to sign Initiative The Nigerian National Petroleum Company Limited (NNPCL) has signed the United Nations Global Compact Letter of Commitment as a participant at the ongoing 78th United Nations General Assembly (UNGA) in New York, United States. The company confirmed its signing for the global initiative letter in a statement […]
President Bola Tinubu has advised foreign investors to explore for good returns the opportunities in the Nigerian economy through investments. Tinubu made the appeal on Wednesday in New York, when he rang the NASDAQ’s closing bell as part of the proceedings at the Executive Business Dialogue in the United States. Speaking at the event, the […]