The International Monetary Fund (IMF) has predicted that South Africa’s Gross Domestic Product (GDP) will briefly surpass Nigeria’s in 2024, thereby pushing Nigeria down from its current position as Africa’s largest economy. The Bretton Woods institution, in its World Economic Outlook, projected that South Africa’s GDP would reach $401 billion by 2024 at current prices […]
Heads of multilateral development banks (MDBs) at the just concluded IMF/World Bank Annual Meetings in Morocco pledged to strengthen their individual and collaborative actions to accelerate inclusive socioeconomic development. Specifically, to achieve a greater impact, the DMBs agreed to explore innovations to scale up financing capacity, boost climate action, strengthen co-financing and catalyse private sector […]
Bill Gates, co-chair of the Bill & Melinda Gates Foundation, has announced that the Foundation will commit $30 million in a new artificial intelligence (AI) platform in Africa. Gates made the announcement on Wednesday at the Grand Challenges annual meeting hosted by the Bill & Melinda Gates Foundation and its partners, in Senegal. Grand Challenges, […]
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 […]
The Ambassador of Denmark to Nigeria, Mr Sune Krogstrup, has expressed his country’s readiness to increase investment and provide support for Nigeria’s efforts in developing its renewable energy sector. The Ambassador, who made the promise during an interview with the News Agency of Nigeria (NAN) in Abuja, spoke on Denmark’s roles in the global renewable […]
The Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu and the Managing Director/CEO of the Rural Electrification Agency (REA), Mr. Ahmad Salihijo Ahmad have agreed to work together to deploy NASENI solar resources and other renewable energy technologies to increase electricity supply to Nigeria’s rural areas. The […]
The African Development Bank (AfDB) has expressed its readiness to support the Nigerian government’s ongoing power reforms through technical advisory and other areas in order to boost power generation, transmission and distribution in the country. The development finance institution made the pledge during a meeting with the Nigerian delegation, led by the Minister of Power, […]
The Organization of Petroleum Exporting Countries (OPEC) on Thursday disclosed that fossil fuels continue to make up 80% of the global energy mix. The oil cartel, in a statement debunked the assertion by the International Energy Agency (IEA) that fossil fuels demand would peak before 2030, adding that the assertion is not made on data-based […]
The Minister of Power, Adebayo Adelabu, has explained the cause of the national grid collapse, which resulted in the general power outage nationwide in the early hours of Thursday. The minister, in a statement issued on Thursday, linked the grid collapse to a fire outbreak at the Kainji/Jebba line, adding that the inferno has been […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued letters of award to 42 companies/entities that were successful in the bid for 49 Flare Sites enlisted during the 2022 Nigerian Gas Flare Commercialisation Programme (NGFCP) Auction process. The petroleum regulatory body confirmed the issuance of the letters of award via a press statement issued on […]