The monitoring committee set up by OPEC and non-OPEC producers is already set to meet in Algiers on September 23, but they have now scheduled yet another meeting on September 11 as the coalition attempts to come up with a new production strategy, sources close to the producer group told S&P Global Platts. The six-country […]
Theresa May has announced plans to boost Britain’s investment in Africa after Brexit, during her first trip to the continent as prime minister. In a speech in Cape Town, she pledged £4bn in support for African economies, to create jobs for young people. She also pledged a “fundamental shift” in aid spending to focus on […]
The Joint Committee on Electoral Matters in the National Assembly has rejected the N189 billion proposed Budget of the Independent National Electoral Commission (INEC). Arising from a closed-door meeting at the National Assembly Complex, Abuja, the committee directed the electoral body to revert to the N143 billion proposed by President Muhammadu Buhari in his letter […]
The nation’s foreign exchange reserves have fallen by $990.98m this month, latest data from the Central Bank of Nigeria showed on Sunday. The external reserves, which stood at $47.11bn at the end of last month, declined to $46.128bn on August 23, 2018. The CBN noted that the evolution of the forex market in the country […]
The National Bureau of Statistics (NBS) said 165.71 million litres of Liquefied Petroleum Gas (LPG) was imported into the country in the second quarter. The NBS disclosed this in its “Petroleum Products Importation and Consumption (Truck Out): LPG (Q2 2018)” report released on Sunday in Abuja. According to the report, April recorded the highest volumes […]
Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output curbs between OPEC and non-OPEC producers saw production rising while a U.S.-China trade dispute capped gains. International Brent crude oil futures LCOc1 were at $76.04 per barrel at 1326 GMT, up 22 cents from their […]
Trade import and export volumes between China and countries from Africa reached 116 billion dollars in the first seven months of 2018 – up 18.7 per cent year-on-year. China’s exports to Africa were worth 59.36 billion dollars – an increase of 8.8 percent compared to last year – while its import volume rose 31.3 per […]
Nigeria’s economic growth dipped to 1.50 percent year on year between April and June, the statistics office said on Monday, extending a slowdown into a second quarter as the oil sector contracted. Largely dependent on its rich crude reserves, Nigeria’s economy began climbing out of its first recession in 25 years in 2016 as President […]
The Nigerian Content Development and Monitoring Board (NCDMB), has commenced the disbursement of its $200 million Nigerian Content Intervention Fund (NCIF) at eight per cent interest rate to local oil and gas firms Thisday reports. Executive Secretary, NCDMB, Mr. Simbi Wabote disclosed this during a capacity building workshop for Energy and Business Correspondents, entitled, ‘NCDMB […]
A former governor of Anambra, Peter Obi, has said that the Nigerian economy is on life support due to the rising debt profile of about N22.7 trillion. Mr Obi, disclosed this at the ‘2018 This Generation Conference’ organised by the Summit Bible Church, with the theme: “Taking Responsibility, Making Nigeria Great,” on Saturday, in Abuja. […]