The Nigerian National Petroleum Company Limited (NNPCL) has solicited the support of the Economic and Financial Crimes Commission (EFCC) in the current efforts of the Federal Government to combat the crude oil theft incidents nationwide in view of the destructive impacts on the nation’s economy. The Group Chief Executive Officer of NNPCL, Mele Kyari, appealed […]
The Federal Government has revved up its investment and policy moves to increase electricity megawatts from 4000 megawatts (MWTs) to 6,000 WHTs within the next three to six months to improve power supply. The Minister of Power, Mr Adebayo Adelabu, who made this disclosure on Monday during his meeting with the heads of power agencies […]
UK-based integrated energy development and investment company, Konexa, has achieved financial close on a combined $18 million investment to establish private renewable electricity trading platform and connect Nigeria Breweries Plc, its first client, to the grid. The funding for the renewable electricity project, which is supported by climate-centric blended finance fund manager Climate Fund Managers (CFM) […]
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 […]