IMF Calls on Nigeria to Remove Fuel Subsidy by Mid-2023 The International Monetary Fund (IMF) has urged the Nigerian government to deliver on its commitment to remove fuel subsidies by mid-2023. In a recent report by The Washington-based lender titled ‘IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria’ it stated that Nigeria’s economy…
BP Sees Profits Double To Record £23bn Energy giant BP has announced record-breaking financial results, as profits more than double to £23 billion ($27.7bn) following Russia’s invasion of Ukraine. BP’s profits follow results from rival energy companies including Shell, who last week announced recording earnings of nearly $40 billion last week. Benard Looney, BP’s chief…
Nigeria, Gateway to African Blue Economy – Korean Envoy The Deputy Minister for Overseas Koreans and Consular Affairs, Republic of Korea, Choi Yeong, says Nigeria is the gateway to unlocking the potentials of the African Continent’s Blue Economy. Choi Yeong who made the assertion during a courtesy call on NIMASA Management in Lagos led by…
5 Communities to Benefit from Lagos Solar Mini Energy Project Lagos State government and its development partners; A4&T Power Solutions Limited and Ikeja Electric Plc have said 12,500 residents in five communities in the Epe axis would benefit from the solar mini energy project embarked upon by the state government. Lagos State Governor Babajide-Sanwo-Olu,…
Nigerdock migrates to Solar, displaces 40% of Daytime Energy use Nigerian Maritime company, Nigerdock, has said it is displacing 40% of its daytime energy use following recent solar installations at its Snake Island office in Lagos state. Nigerdock’s Chief Executive Officer, Maher Jarmakani who disclosed this in a statement, noted that the migration to solar…
Equatorial Guinea names Antonio Oburu Ondo as Minister of Mines and Hydrocarbons Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo has named industry veteran Antonio Oburu Ondo as the country’s new minister of mines and hydrocarbons as part of a cabinet reshuffle. Oburu Ondo, a former managing director of the country’s state-owned oil company GEPetrol, replaces…
Ghana Gas Signs Implementation Agreement to Construct a 150MMscf/d Plant Ghana National Gas Company (Ghana Gas) has signed a Project Implementation Agreement with its joint venture partners to construct a Second Gas Processing Plant (GPP Train 2) at an estimated cost of $700 Million. This is in line with implementing a decade plan to double…
Nigeria to Generate 30% Electricity from Renewable Energy The Federal Government of Nigeria has said it is currently targeting to generate about 30 percent of electricity needs from renewable energy, and that clean energy remains the fastest way to tackle energy poverty in the country. Minister of State for Power, Goddy Jedy Agba, stated this…
NNPC, Daewoo sign $740m maintenance services deal to Fix Kaduna refinery The Nigerian National Petroleum Company (NNPC) Limited has signed a maintenance services contract with Daewoo Engineering and Construction Nigeria Limited for a “quick-fix repair” of the Kaduna Refining and Petrochemical Company (KRPC) Limited Daewoo Nigeria is a subsidiary of Daewoo E and C Co….
Lagos State to approve four trucks Parks for New Lekki Port The Lagos State Government has started the process of approving about four traffic management firms to carry out a call-up system that will manage traffic in the Ibeju-Lekki axis where the port is located. This is In a bid to ensure free flow of…
