OPEC Forecasts Strong Fuel Demand, Maintains Growth Outlook Amid Global Economic Potential. On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) projected robust fuel consumption during the upcoming summer months and reaffirmed its forecast for relatively strong growth in global oil demand for 2024. The monthly report emphasized the potential for the world economy…
IMO Ready to Collaborate with NIMASA on Maritime Challenges – Secretary General. The International Maritime Organization (IMO) Secretary General, Arsenio Dominguez, has expressed eagerness to collaborate with the newly appointed Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, to address maritime challenges in Nigeria. Dominguez conveyed this sentiment in…
NNPC Chief Underscores Gas as Crucial Driver of Economic Growth and Industrial Development. Mr. Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd.), has reaffirmed the pivotal role of natural gas in propelling economic growth and fostering industrial development across Nigeria. Kyari emphasized the significance of natural…
Artificial Intelligence to Contribute $1.2 Trillion to Africa’s Economy – Microsoft. Microsoft has projected that Artificial Intelligence (AI) will contribute approximately “$1.2 trillion” to Africa’s economy by the year 2030. This figure is part of a larger projection of “$15.7 trillion” as the potential global contribution of AI to the economy by the same year….
NCDMB Host Central Naval Command Delegation for Collaboration Talks. In a promising development for inter-agency cooperation, the Nigerian Content Development and Monitoring Board (NCDMB) hosted a delegation from the Central Naval Command today at the Nigerian Content Tower in Yenagoa, Bayelsa State. Led by the Flag Officer Commanding Central Naval Command, Rear Admiral OO Soyemi,…
NNPC faces $3bn backlog on petrol payments – Sources. Nigeria’s state-oil company NNPC owes around “$3 billion” to fuel traders for imported petrol, according to three sources who spoke to Reuters. The tumbling naira currency and rising global fuel prices have led to an effective subsidy being paid by NNPC. The payment backlog poses a…
Oil price Surges to $95/bbl on bullish sentiments Brent crude futures have established a firm footing over the “$90 per barrel” mark and not even a brief opening for a potential ceasefire in Gaza managed to pull it lower. Mexico cutting oil exports will ensure bullish sentiment continues to build in the coming weeks, with…
Federal Government Inaugurates 6000 TEU Capacity Private Jetty and Container Terminal at Apapa. The Federal Government has inaugurated a 6,000 TEU capacity private jetty and container terminal at Apapa in Lagos, signaling a significant milestone in the country’s maritime infrastructure development. During the inaugural ceremony held on Monday, Mr. Mohammed Bello-Koko, the Managing Director of…
Lagos State Government to Transform Kotangowa Market into World-Class ICT Hub. The Lagos State Government (LASG) has reaffirmed its commitment to the development of Kotangowa ICT market into a world-class marketplace, aiming to position it as a hub for Information and Communication Technology (ICT) activities. This declaration was made by the Special Adviser to the…
Nigeria to Phase Out Electricity Subsidy by 2027. The Nigerian government has unveiled its strategy to gradually phase out electricity subsidies by 2027, citing the immense financial strain of sustaining the current subsidy system. Power Minister Adebayo Adelabu revealed that subsidizing the sector has cost the government approximately N2.9 trillion in the first quarter of…
