Nigeria’s inflation rate rose slightly in November over the previous year, with price increases across a broad range of products, the statistics office said on Friday. November consumer inflation was up 11.28 percent from a year ago, versus 11.26 percent in October, the National Bureau of Statistics (NBS) said. Food inflation was at 13.30 percent […]
Latest
NPA MD meets with Terminal Operators on Ports Congestion
By Foster Obi The Managing Director of Nigerian Ports Authority, Hadiza Bala Usman, has called on terminal operators, shipping companies, port managers and allied stakeholders to do all they could to eradicate or at best mitigate the effects of the present congestion at the nation’s seaports. According to the Managing Director, the issue of ports […]
FG targets 2.2mbpd crude oil production by Jan. 2019 –Kachikwu
The Minister of State for Petroleum Resources, Dr Ibe kachikwu says the federal government is targeting to grow the crude oil production to 2.2 million barrel per day by the end of January, 2019. Kachikwu disclosed this at the Ministry’s Presentation of its achievements in three years (2016 to 2018) and award to staff, in […]
Crude oil futures reverse direction on bearish OECD stocks data; ICE Brent down to $60.04/b
Crude oil futures edged lower during mid-morning London trading on Thursday as the International Energy Agency reported that OECD oil stocks rose above a five-year average in October, despite easing trade relations between the US and China. At 1130 GMT, ICE February Brent crude futures were down 11 cents at $60.04/b, while the NYMEX January […]
PZ Cussons warns of weakening demand, Nigeria challenges
Soap and cosmetics maker PZ Cussons Plc warned on Thursday it was facing weaker consumer demand across its main markets, with its dominant African business hampered by a weakened economy and currency in Nigeria. The owner of the Imperial Leather brand faced major disruptions in getting goods into Nigeria, and first-half contribution to profits from […]
MTN, Nigerian central bank dispute will be over “very soon” -regulator
The Nigerian telecoms regulator said on Thursday that an $8.1 billion dispute between South African telecoms group MTN and the Nigerian central bank “is being resolved and very soon it will be over.” Nigeria’s government “is disposed to (an) amicable resolution,” Umar Garba Dambatta, executive vice chairman of the Nigerian Communications Commission, told reporters in […]
Nigeria’s President Buhari asks to present budget to parliament on Dec 19 -house speaker
Nigerian President Muhammadu Buhari has asked to present the 2019 budget to parliament on Dec. 19, the speaker of the lower house, Yakubu Dogara, said on Thursday, citing a letter from Buhari. In October, the president’s cabinet agreed to send an 8.73 trillion naira ($28.47 billion) budget to lawmakers for approval. That process can take […]
Nigeria files $1.1 billion London lawsuit against Shell, Eni over oil deal
The Nigerian government said it had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal. The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and current Shell and […]
Investment inflows into economy dropped by $2.66bn in Q3 –NBS
Between the second and third quarter of this year, the total amount of investment inflows into the Nigerian economy declined by $2.66bn, figures released by the National Bureau of Statistics have revealed. The NBS said this in its capital importation report for the third quarter of this year which was posted on its website on […]
Nigeria: Illegal Miners Take Over As Nigeria Ignores Solid Minerals Sector
With artisanal mining in Nigeria, especially solid minerals mining, rising to about 80 per cent, the Nigerian economy is said to be losing huge fortunes to the neglect of the sector by relevant authorities for decades. Major stakeholders in the sector like the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Global Rights and Miners […]