The Organization of the Petroleum Exporting Countries (OPEC) on Monday slightly cut its forecast for oil demand growth, citing the impact of US tariffs on the world economy. In its Monthly Oil Market Report (MOMR) for April, the Secretariat now sees demand grow by 1.3 million barrels per day...
BUSINESS
Seplat Energy Plc has said it is increasing domestic gas supply in Nigeria by installing over 850 million standard cubic feet per day (MMscfd) of infrastructure. Chief Operating Officer, Mr Samson Ezugworie, stated on Sunday that the company is working diligently to address Nigeria’s persistent energy poverty. Ezugworie confirmed...
The Central Bank of Nigeria (CBN) has been urged to intensify efforts to save indigenous businesses and industrial sector from total collapse. The President, Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Chief Odeiga Jideonwo, made the call at the CBN Special Day at the ongoing 36th Enugu...
The Nigerian Gas Association (NGA) has said the gas sector has attracted more than five billion dollars in new investments as at 2024. President of the NGA, Mr Akachukwu Nwokedi, disclosed this during a news conference on Saturday in Lagos, ahead of the 29th World Gas Conference (WGC 2025)...
Africa’s real Gross Domestic Product (GDP) is projected to grow by 4.0 per cent in 2025, in spite global economic fragility, says Afreximbank Research Report. The 2025 African Trade and Economic Outlook (ATEO) Report, a research by Afreximbank, said Africa’s real GDP is projected to reach 4.1 per cent...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025. The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf). Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who...
The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has advised African countries to overhaul their development models, embrace investment-led strategies instead of continuing to rely on aid for economic growth. Adesina gave the advice while delivering a keynote at the 14th Convocation Ceremony of the National...
The African Development Bank (AfDB) says it has approved $100 million for the establishment of the Nigerian Youth Entrepreneurship Investment Bank. President and Chairman, Board of Directors, AfDB, Dr Akinwumi Adesina, said this in Abuja on Friday, when he delivered the 14th Convocation Lecture of the National Open University...
An economist, Dr Ayo Teriba has urged the new management of the Nigeria National Petroleum Corporation Limited (NNPCL) to divest its investment to renewable energy to achieve the projected target. Teriba, the Chief Executive Officer of Economic Associates, said this in an interview with the News Agency of Nigeria...
Sterling Bank has scrapped transfer fees on its OneBank digital platform, in a bold move that promising to reset the rules in the Nigerian banking sector. Chief Executive Officer of the bank, Abubakar Suleiman, revealed this during a news conference in Lagos. He said the initiative reflects the bank’s...
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria National President, PETROAN, Dr Billy Gillis-Harry, while reacting to recent development in the oil and gas sector...
The Nigerian stock market on Thursday rebounded with a gain of N377 billion on the Nigerian Exchange Ltd. Market capitalisation rose by N377 billion or 0.58 per cent to close at N65.847 trillion, compared with N65.470 trillion posted on Wednesday. Similarly, the All-Share Index (ASI) climbed by 601.25 points...
The African Export-Import Bank (Afreximbank) has disbursed 50 billion Dollars into various sectors of Nigeria in the last 10 years. The President and Chairman of Afreximbank, Prof. Benedict Oramah disclosed this at the Commissioning of the Afreximbank African Trade Centre (AATC) in Abuja on Thursday. Oramah said the sectors...
Dangote Petroleum Refinery and Petrochemicals has reviewed its ex-depot (gantry) loading cost of petrol to ₦867 per litre. It was gathered that the $20bn refinery informed its marketers and customers of the slash on Thursday. An official at the refinery confirmed the price reduction from ₦880 to ₦867 per...
The African Development Bank’s President, Dr Akinwumi Adesina, has said implementation of the Special Agro-Industrial Processing Zones (SAPZs) in Nigeria would reduce food imports, strengthen the Naira, and generate millions of jobs. Adesina stated this on Thursday in Calabar, Cross River, at the groundbreaking of the SAPZ project on...
The Nigeria Deposit Insurance Corporation (NDIC) has said it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April. It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024....
The Securities and Exchange Commission (SEC) has expressed optimism that Nigeria is on the verge of being removed from the Financial Action Task Force (FATF) grey list. This confidence stems from the recent signing of the Investments and Securities Act (ISA 2025) by President Bola Tinubu. Director-General, SEC, Dr....
The National Oil Spill Detection and Response Agency (NOSDRA) confirmed Shell’s liabilities will transfer to Renaissance Africa Energy after its acquisition of SPDC. NOSDRA Director-General, Mr Chukwuemeka Woke, stated this on Wednesday in Abuja during a visit by Renaissance Africa Energy’s Managing Director, Tony Attah. Renaissance, a consortium of...
By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The acting Director, Corporate Communications, CBN, Mrs....
The Director General (D-G) of the National Pension Commission (PenCom), Omolola Oloworaran, has said the N5.51 trillion pension investment will boost the country’s real sector development. This is contained in a statement issued by the management of the commission in Abuja on Tuesday. The investments, she said, span infrastructure,...