Marine and Blue Economy 2025 Budget Proposal: A Blueprint for Progress – Oyetola The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola CON, has urged agencies under the Ministry to focus on strategic alignment and impactful development in their 2025 budget proposals. This directive aims to advance the goals of the National Policy on…
Nigeria’s Rising Oil Output Falls Short of OPEC Quota Nigeria’s daily average oil production climbed by 7.38% year-on-year in December 2024 to 1.667 million barrels per day (bpd) from 1.552 million bpd in December 2023. Despite this growth, the country missed its Organization of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd and…
Grimaldi Group Launches First-Ever Direct Shipping Service Between China and Nigeria. The Grimaldi Group, a global leader in maritime transportation, has unveiled a groundbreaking direct shipping service connecting Shanghai, China, to Lagos, Nigeria. The innovative service eliminates the need for transshipments, promising unmatched speed and efficiency for cargo movement. The announcement was made on Monday…
Oil Prices Surge 3% Following Tougher U.S. Sanctions on Russian Oil. Oil prices soared nearly 3% on Friday, reaching a three-month high as traders anticipated supply disruptions stemming from the most extensive U.S. sanctions to date targeting Russia’s oil and gas revenues. The Biden administration introduced fresh sanctions that encompass Russian oil producers, tankers, intermediaries,…
Oil Prices Edge Higher Amid Diesel Demand Surge and Holiday Trade Oil prices gained on Monday in light, year-end trading as forecasts of colder temperatures in the U.S. and Europe bolstered diesel demand. Brent crude futures rose 22 cents (0.3%) to settle at $74.39 per barrel, with the more active March contract closing at $73.99,…
Nigerians Face 40% Telecom Tariff Hike Amid Economic Pressures. Nigerians are starting 2025 with the challenge of a 40% increase in telecom tariffs approved by the Nigerian Communications Commission (NCC). This hike, affecting phone calls, SMS, and data bundles, comes at a time when inflation stands at 39.93%, adding to the financial strain on households…
Russia Halts Natural Gas Transit Through Ukraine. On January 1, 2025, Russian state-owned energy company Gazprom announced the cessation of natural gas transit through Ukraine following Kyiv’s refusal to extend the gas transit agreement that expired at the end of 2024. According to TASS, the five-year agreement between Gazprom and Ukraine’s Naftogaz, which facilitated the…
Tantalizers Delves Into Maritime Business, Acquires Shipping Company with Fleet of Fishing Trawlers Tantalizers Plc has announced the signing of a Memorandum of Understanding (MoU) to acquire all assets of DanBethel Marine Services Limited, an Apapa-based marine and fishing enterprise. Apapa-Lagos-based DanBethel Marine Services is known for its fleet of fishing trawlers and related marine…
Miners Applaud Reversal of Five-Year Mining Ban in Zamfara State. Stakeholders in Nigeria’s mining sector have expressed their appreciation to the Federal Government for lifting the five-year ban on mineral exploration activities in Zamfara State. The commendation followed the recent announcement by the Minister of Solid Minerals Development, Dr. Dele Alake, who cited improved security…
Oil Prices Post 3% Annual Decline for Second Consecutive Year. Global oil prices saw a 3% decline in 2024, marking the second consecutive annual drop as the post-pandemic demand recovery slowed, China’s economy faced headwinds, and increased crude output from the U.S. and other non-OPEC producers flooded the market. On the year’s final trading day,…
