Nigeria recorded an increase of 75.7 per cent in the value of investments into various projects in different sectors of the economy by the third quarter of 2018, according to the Nigerian Investment Promotion Commission (NIPC).The NIPC, is the federal agency charged with the responsibility of encouraging, promoting and coordinating investment in the country. The […]
Business
Policemen Grumble over Unpaid Promotion Allowances
Policemen, who were promoted in May last year, have complained about their unpaid promotion allowances. Our correspondent learnt that the affected policemen made representations to the police leadership about the issue without getting any positive response. It was learnt on Saturday that many of the affected officers, who are Assistant Superintendents of Police and Deputy […]
Name contractors who disappeared with power projects funds, SERAP challenges Fashola
The Socio-Economic Rights and Accountability Project (SERAP) has sent a Freedom of Information request to Babatunde Fashola, the minister of power, works and housing, urging him to use his good offices and leadership position to “urgently provide information on specific names and details of contractors and companies that allegedly collected money for electricity projects but […]
Nigeria loses N197bn to gas flaring in nine months
Oil and gas firms operating in the country flared a total of 215.9 billion standard cubic feet of natural gas in the first nine months of last year, amounting to a potential loss of N197bn. Data obtained by our correspondent from the Nigerian National Petroleum Corporation showed that 31.68 billion scf of gas was flared […]
Expect tough Q1, Manufacturers Association of Nigeria boss warns
The President of the Manufacturers Association of Nigeria (MAN), Ahmed Mansur has lamented that the Nigerian economy is in a very fragile state, advising that Nigerians should not expect much in the first quarter (Q1). Mansur, who spoke to The Nation over the weekend, noted that economic activities would start picking up in the second […]
Nigeria foreign reserves record highest opening in 6 years
The New Year opened on a pleasant note for the Central Bank of Nigeria (CBN) as the nation’s foreign reserves stood at $43,075,740,908 on Friday, making it the highest opening balance in the last six years. Records from the apex bank shows that the last time Nigeria’s reserves opened above $42 billion was in 2013, […]
Tension as Six GMs in Addax Petroleum Nigeria resign
The year 2018 may have ended on a bleak note for all six General Managers of Addax Petroleum Development Nigeria Limited, as they “voluntarily” disengaged their services from the firm. Although their disengagement is yet to be announced officially by management, a source close to the company in Abuja said that the top officials were […]
Nigeria oil cargoes to US declines by about 50,000 bpd
Oil cargoes departing from Nigeria to the United States fell to 103,000 bpd in December, down by 48,000 bpd, new data show. Generally exports by OPEC nations to the US fell to 1.63 million barrels per day (bpd), down from 1.80 million bpd in November and 1.78 million bpd in October. Saudi Arabia, the biggest […]
Nigeria to lose 27% of its oil production
Nigeria is to lose about 226,300,000 million barrels of oil production in 2019, representing about 27 per cent of its current year’s target. The loss is sequel to the Organisation of Petroleum Exporting Countries (OPEC) decision to cut the country’s production quota from January 1, 2019. According to an arrangement by the oil cartel, OPEC […]
Oil production slash, price drop threat to 2019 budget
The cut in the nation’s oil production quota by the Organisation of Petroleum Exporting Countries has twinned with the recent decline in prices to pose risks to the proposed 2019 budget, The Punch writes that the Nigerian economy is facing a double whammy of the drop in global oil prices and a reduction in the […]