Nigeria’s Department of Petroleum Resources ordered oil and gas companies on Thursday to reduce their workforce and practice social distancing, tightening measures to stem the spread of the coronavirus. “All operators and their contractors are to ensure strict compliance with relevant government directives and limit the number of personnel at project/construction sites accordingly,” said Sarki […]
The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday its daily basket oil price fell to $16.87 a barrel on April 1, down from $22.61 the previous day. The basket includes Algeria’s Saharan Blend, Angola’s Girassol, Congo’s Djeno, Equatorial Guinea’s Zafiro, Gabon’s Rabi Light and Iran Heavy. Iraq’s Basra Light, Kuwait Export, Libya’s […]
UAE’s Emirates, the world’s biggest long-haul carrier, will resume a limited number of passenger flights from April 6 as the UAE relaxes travel restrictions, its chairman said Thursday. On March 25, the UAE started suspending all passenger flights for two weeks, except emergency evacuation and cargo flights, due to the coronavirus pandemic, marking the country’s […]
Nigeria’s Ministry of Finance, Budget and National Planning on Wednesday headed to Twitter to beg the founder of the electronic automobile company, Tesla Inc., Elon Musk, for ventilators. The official handle of the ministry responded to a tweet by the South African-American billionaire to supply ventilators to hospitals worldwide. “We have extra FDA-approved ventilators. Will […]
Following the reduction of pump price of petrol from N125 per litre to N123.50 per litre, the Independent Petroleum Marketers Association in Kano State has directed its members to ignore the directive on new price and sell the product at N125 per litre until their old stocks are exhausted. IPMAN’s Chairman for Kano State, Alhaji […]
African finance ministers want International Monetary Fund, World Bank and EU support for bilateral, multilateral and commercial debt relief amid the coronavirus crisis, the UN Economic Commission for Africa (UNECA) said. Africa is facing a perfect storm of an impending global economic downturn, plummeting oil and commodity prices and weaker currencies which threaten to imperil […]
Nigerian banks are limiting the amount individuals can withdraw with their debit cards while abroad, bankers said on Wednesday, in an effort to ease foreign currency settlement risk. The central bank is battling to conserve dollar reserves that are down 16% from a year ago after the coronavirus outbreak triggered a sharp fall in the […]
The federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), has announced a reduction in the pump price of petrol. A statement signed by Abdulkadir Saidu, PPPRA executive secretary, said the retail price of petrol would be N123.50 in April. The new price is N1.50 lower than the N125 per litre announced on March […]
The Nigerian Electricity Regulatory Commission (NERC) has given reasons why it decided to suspend the implementation of a new electricity tariff regime in the country earlier scheduled for April 1. In its latest Order No: NERC/198/2020 issued on Tuesday on the transition to cost reflective tariffs in the Nigerian electricity supply industry (NESI), NERC said […]
MTN Group may consider a phased sale to reduce its majority stake in its Nigerian business but still plans to proceed with the disposal, according to Bloomberg report. Group Chief Executive Officer Ralph Mupita said in an interview that the impact of the virus on international financial markets did not change the mobile network operator’s […]