Exports of the four largest grades of Nigerian crude oil will rise to 879,608 barrels per day in December, the highest since April this year, according to loading schedules seen by trading sources on Wednesday. Below is a table showing December exports of the Forcados, Bonga, Bonny Light and Qua Iboe crude streams, which underpin […]
Nigeria’s cabinet agreed on Wednesday to submit to lawmakers an 8.73 trillion naira ($28.57 billion) draft 2019 budget, a reduction from a record 9.12 trillion naira in 2018, the budget minister said. Udoma Udo Udoma said the 2019-2021 Medium Term Framework, a draft that needs to be approved by parliament before the budget is finalised, […]
Crude oil futures prices extended yesterday’s dramatic sell-off on Wednesday morning in European trading as a sharp stock build and pledges from Saudi Arabia to sharply increase output continued to weigh on sentiment. At 1022 GMT, the December ICE Brent crude futures contract was trading down 37 cents/b at $75.11/b, while the NYMEX December light […]
Nigeria’s finance minister says the government is mulling a plan to limit the number of children a woman can have. Zainab Ahmed made the comment at a summit focusing on Nigeria’s economy in the capital, Abuja. She said one the challenges Nigeria faced to meet economic growth targets set by the government was the country’s […]
Two former executives of collapsed oil firm Afren were convicted on Wednesday of fraud and money laundering offences relating to a $300 million business deal, the UK’s Serious Fraud Office (SFO) said. Former Afren Chief Executive Osman Shahenshah and former Chief Operating Officer Shahid Ullah received more than $17 million and laundered $45 million, some […]
By Foster Obi The death has be announced of Ezinne (Mrs.) Dorothy Ndukoso Osamgbi (Nee Eluemunor), a devout Catholic, a successful business woman and an accomplished civil servant, who retired from the then Bendel State Hospital Management Board, aged 85years. In a press statement signed by Mr. Isichei Osamgbi, Deputy Director and Head Public Relations, […]
The Nigeria Union of Pensioners (NUP) on Tuesday in Abuja gave a 21-day ultimatum to government to pay arrears of pensions owed them and also increase the minimum being paid, in line with the impending review of minimum wage. Mr Abel Afolayan, the NUP National President made the demands at a news conference in Abuja. […]
Nigeria’s representative in Organization of Petroleum Exporting Countries (OPEC), Mele Kyari, has said the country cannot be ignored in the global oil market due to the growing positive outlook of its oil output. Mr Kyari, who is also the Group General Manager, Crude Oil Marketing Division, Nigerian National Petroleum Corporation (NNPC), was speaking on Thursday […]
The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will not lose focus on diversifying the economy from oil to other sustainable sectors like agriculture. Ahmed said this at the ongoing 24th Nigerian Economic Summit on Tuesday in Abuja. Ahmed, who spoke on the topic; “Sustainable Economic Opportunities’’ said despite the rise in […]
Crude oil futures price declines extended into mid-morning trading Tuesday after US equity markets opened sharply lower. NYMEX December WTI was down $1.91 at $67.45/b and ICE December Brent was $2.02 lower at $77.81/b. Oil markets had been trading lower ahead of the US open on the back of renewed pledges from Saudi Arabia to […]