NERC Hands Over Lagos Electricity Regulation to State Authority In a landmark move, the Nigerian Electricity Regulatory Commission (NERC) has transferred regulatory oversight of Lagos State’s electricity market to the newly established Lagos State Electricity Regulatory Commission (LASERC). This was announced in a statement shared by NERC on Thursday via X (formerly Twitter). The transfer…
Seplat Energy Wins Big at SERAS Awards, Bags Best in Social Impact and Human Capacity Development Prize Seplat Energy Plc, a leading independent energy company in Nigeria, has emerged as the winner of the prestigious Best in Social Impact and Human Capacity Development award at the 18th edition of the Sustainability, Enterprise, and Responsibility Awards…
LNG: Nigeria’s Pathway to Global Energy Leadership, Stakeholders Emphasize. The recently concluded 2024 World LNG Summit and Awards highlighted Nigeria’s potential as a key player in the global energy transition. Held under the theme “Achieving the Balance Between Energy Security and Decarbonisation,” the summit showcased Nigeria’s vast natural gas reserves and its efforts to reposition…
Sinopec Predicts China’s Petroleum Consumption to Peak by 2027 China Petrochemical Corp (Sinopec) has forecasted that the country’s petroleum consumption will peak by 2027 at no more than 800 million metric tons, equivalent to 16 million barrels per day. This prediction provides a more precise timeline than last year, when Sinopec estimated a peak between…
Nigeria Approves Shell’s $2.4 Billion Asset Sale to Renaissance Group. Nigeria’s oil minister has approved Shell Plc’s $2.4 billion sale of onshore and shallow-water oil and gas assets in the Niger Delta to the Renaissance Group. This approval, announced by Renaissance, follows an earlier rejection by the Nigerian government two months ago, marking a significant…
Africa Investment Forum 2024 Highlights Japan’s Role in Agricultural and Energy Revolution. The Africa Investment Forum 2024 Market Days showcased the critical role of Japanese technology and innovation in Africa’s agricultural transformation and energy transition. During a plenary session, Dr. Akinwumi Adesina, President of the African Development Bank, painted a vivid picture of the opportunities…
Oil Prices Drop Amid Federal Reserve’s Caution on Interest Rate Cuts. Oil prices edged lower on Thursday as concerns about future fuel demand grew following the U.S. Federal Reserve’s signal of a slower pace for interest rate cuts in 2025. The central bank’s cautious stance dampened optimism in the market, erasing gains from earlier in…
OPEC+ Concerned Over Potential U.S. Oil Output Surge Under Trump Members of the OPEC+ alliance are expressing concerns about a potential rise in U.S. oil production if Donald Trump returns to the White House. Delegates from the group believe increased U.S. output would erode OPEC+’s market share and complicate efforts to stabilize global oil prices….
SON Revamps Nigeria’s Leather and Textile Sector, Targets $1 Trillion Global Market. In a strategic push to align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Standards Organisation of Nigeria (SON) is intensifying efforts to elevate the country’s leather and textile sector to meet international standards, unlocking access to the $1 trillion global market….
Remtrack: A Digital Tool for Public Accountability in Nigeria’s Extractive Industries. For over five decades, Nigeria has depended heavily on oil and gas for foreign exchange and revenue. However, instead of prosperity, many communities in oil-producing regions face environmental degradation, loss of livelihoods, and a decline in living conditions. The stark contrast between the country’s…
