Unexpected Rise in U.S. Crude Stockpiles Driven by Surge in Imports, EIA Reports. U.S. crude oil inventories saw an unexpected increase last week, primarily due to a significant rise in imports, according to the Energy Information Administration (EIA). The report, released on Wednesday, detailed a rise in crude stockpiles by 3.7 million barrels, bringing the…
FG and Cross River State Enhance Cooperation to Tackle Illegal Mining. The Federal Government and Cross River State are intensifying their collaboration to clean up the mining sector and address illegal mining activities within the state. During a meeting in Abuja, the Minister of Solid Minerals Development, Dele Alake, welcomed Cross River State Governor, Sen….
OPEC Maintains 2024 Oil Demand Growth Forecast Despite Early Year Setback. The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday upheld its forecast for robust growth in global oil demand for 2024, despite a weaker-than-expected performance in the first quarter. The organization predicts that travel and tourism will drive consumption in the latter half…
Cholera Outbreak in Lagos Claims 5 Lives, Hospitalizes 60. A severe cholera outbreak has tragically claimed the lives of five individuals and left 60 others hospitalized in various communities across Lagos State, including Eti Osa, Lagos Island, Ikorodu, and Kosofe local government areas. The Lagos State Commissioner for Health, Prof. Akin Abayomi, confirmed these figures…
Nigerian Petrol Smuggling Floods West African Markets at N1,700 per Liter. The Nigerian Federal Government has raised alarms about the resurgence of Premium Motor Spirit (PMS) smuggling due to significant price disparities between Nigeria and neighboring countries. While the average price of petrol in Nigeria stands at about N701 per liter, it is sold at…
NNPC Ltd. Advances Floating LNG Project with Golar LNG. NNPC Limited has taken a significant step towards monetizing Nigeria’s extensive natural gas resources by signing a Project Development Agreement (PDA) with Golar LNG for a Floating Liquefied Natural Gas (FLNG) facility off the coast of the Niger Delta. The signing ceremony, which took place on…
Lekki Port Plants 200 Coconut Trees in Celebration of World Environment Day. In observance of World Environment Day 2024, Lekki Deep Sea Port has planted 200 coconut trees in the Itoke community, aiming to restore the local ecosystem and combat climate change in the area. During the event, Laurence Smith, Chief Operating Officer of Lekki…
Cooking gas export ban crashed domestic price, says Marketers. The Federal Government’s ban on the export of Liquefied Petroleum Gas, popularly called cooking gas, has led to a crash in the cost of the commodity from about N1,500 per kilogram to around N900/kg, LPG dealers stated on Wednesday. Cooking gas dealers under the aegis of…
IMF predicts Nigeria’s economy will hit $1.85tn by 2029 The International Monetary Fund (IMF) has projected that Nigeria’s economy will experience significant growth over the next few years, reaching $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms. This forecast demonstrates a positive trajectory for the country’s economic development. PPP terms allow for more…
EKEDC Reaffirms Commitment to Enhanced Metering Services The Eko Electricity Distribution Company (EKEDC) has reiterated its dedication to significantly improve metering services for its customers, following the deregulation of electricity meter prices under the Meter Asset Provider (MAP) scheme. This announcement was made during the Customers Engagement Forum with Mushin business unit customers in Lagos….
