The President, Major General Muhammadu Buhari (retd.), and security chiefs are meeting at the Presidential Villa at present. The agenda of the meeting is unknown. However, sources at the Presidential Villa say it may be unconnected with a review of the security situation in the country. Punch Pix: President Muhammadu Buhari
Refineries under the management of the Nigerian National Petroleum Corporation stayed dormant for three consecutive months as they processed no drop of crude oil, latest report on the operations of the facilities has shown. An analysis of the consolidated operations of the refineries showed that the plants were dormant in July, August and September with […]
Former President Olusegun Obasanjo has said Nigeria risks impending bankruptcy over the continuous accumulation of debt by the government. Obasanjo said things might get worse economically as Nigeria, as well as other African countries, kept piling up debts, saying he was worried for the future generations who would have to pay such loans. The ex-President […]
The poverty rate in Nigeria could become worse, with up to 30 million more people falling into the extreme poverty trap in the next 10 years, unless Federal Government policy reforms bring about robust productivity and inclusive growth. The World Bank disclosed this in its latest Nigeria Economic Update, obtained from its website. “Nigeria’s population […]
OPEC and non-OPEC allies, including Russia, might consider ending their oil output curtailment deal next year in order to preserve market share and implement projects, according to Russian energy minister Alexander Novak. “As for production cuts, this is not an indefinite process and we will need to gradually make a decision to exit in order […]
The Lagos Chamber of Commerce and Industry (LCCI) has projected a high cost of doing business in 2020. Muda Yusuf, the LCCI Director-General, made the projection in the LCCI 2019 Economic Review and Outlook For 2020 made available to journalists on Thursday in Lagos. He attributed the projected high cost to poor infrastructure, multiplicity of […]
The subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price of the commodity hit N180.78 on Monday, latest data from the Petroleum Products Pricing Regulatory Agency showed. Brent, the international benchmark against which Nigeria’s oil is priced, appreciated on Thursday to $67.86 per […]
Nigeria LNG (NLNG) signed the long-awaited final investment decision on its Train 7 processing unit in Abuja on Friday, a key step forward in increasing its liquefied natural gas production. Train 7 is expected to boost Nigeria’s LNG output by 35%, to 30 million tonnes per year. Partners NNPC, Eni, Total and Shell were present […]
The World Bank has warned that the assets of Nigerian commercial banks may deteriorate if the Central Bank of Nigeria continues to support undercapitalised banks. The World Bank gave the warning in its latest Nigeria Economic Update. In the comprehensive report, which was obtained by our correspondent, the World Bank advised the CBN to monitor […]
OPEC, Oil cuts OPEC Oil rose further above $67 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, by hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply. The American Petroleum Institute, an oil industry group, said late […]