Nigeria’s Bonga crude oil export terminal has begun routine maintenance, its operator Shell told Reuters on Tuesday, adding it aimed to have the work done in “record time”. The Shell Nigeria Exploration and Production Company (SNEPCo) said in an email that maintenance on the Bonga floating production storage and offloading unit (FPSO) began on May […]
Shell has declared force majeure on exports of Nigerian Forcados crude oil after a shutdown by the pipeline’s operator, a spokeswoman for the Shell Petroleum Development Company of Nigeria said on Thursday. The action came into effect on Monday afternoon after Heritage Energy Operational Services Limited shut down the Trans Forcados pipeline which it operates […]
The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to help in the recovery, IMF chief Kristalina Georgieva said Thursday. She warned that “global growth will turn sharply negative in 2020,” with 170 of the International Monetary Fund’s 180 members experiencing a decline […]
The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank said in a new forecast on Thursday. The bank’s Africa’s Pulse report said the region’s economy will contract 2.1% to 5.1% from growth of 2.4% last year, and that the coronavirus […]
Power distribution companies on Wednesday announced that they were in support of the proposal by the National Assembly and the Federal Executive arm of government that Nigerians should get two months of free electricity. Speaking through their umbrella body, the Association of Nigerian Electricity Distributors, the Discos stated that modalities for the free power would […]
Despite disapproval from some Nigerians and health workers’ groups, Chinese medical equipment and personnel have arrived the country to assist the government tackle the COVID-19 pandemic. This was disclosed at the Presidential Task Force briefing on Wednesday as the minister of health, Osagie Ehanire, did not attend the briefing because he reportedly went to receive […]
The Peoples Democratic Party (PDP) has demanded a full-scale investigation into the circumstances surrounding the mysterious fire outbreak in critical offices at the Headquarters of the Office of the Accountant-General of the Federation in Abuja on Wednesday. The party says an investigation is imperative given apprehensions in the public space regarding the time and the […]
The Nigerian National Petroleum Corporation says demand for Nigeria’s crude oil in March dropped by 6.8 million barrels due to the COVID-19 pandemic. The Group Managing Director of NNPC, Mele Kyari, said this on Channels Television’s Sunrise Daily programme on Wednesday. Kyari said the drop in the demand for oil was not peculiar to Nigeria […]
The International Monetary Fund on Tuesday said it was considering Nigeria’s request for $3.4 billion in emergency financing to combat the impact of the new coronavirus pandemic on Africa’s biggest economy. IMF Managing Director Kristalina Georgieva said Nigeria’s economy was threatened by the twin shocks of the COVID-19 pandemic and a sharp fall in international […]
Nigeria has drawn $8 million from a World Bank support fund of $90 million aimed at strengthening its response to disease outbreaks, an official has said. The fund is domiciled under the bank’s Regional Disease Surveillance System Enhancement Project (REDISSE). The bank, in a statement released in Abuja on Tuesday, said it had set aside […]