NERC Releases Electricity Distribution Figures for January 2024 The Nigerian Electricity Regulatory Commission (NERC) has released data indicating that eleven Electricity Distribution Companies (Discos) across the country collectively received 2,577.60 gigawatt-hours (GWh) of electricity in January 2024, valued at N130.92 billion. The Discos mentioned include Abuja, Benin, Eko, Enugu, Ibadan, Ikeja, Jos, Kaduna, Kano, Port…
Nigeria Sets Deadline for Eco-Friendly Reporting Standards Implementation Nigeria has taken a significant step towards environmental responsibility by announcing plans to enforce eco-friendly reporting standards for businesses within the next four years. Non-compliant companies may face sanctions as a consequence. This decision reflects a response to increasing global investor interest in companies’ environmental, social, and…
CNOOC’s Profits Decline by 12.6% in 2023 Following Record-Breaking 2022. Chinese energy giant CNOOC Ltd (0883.HK) reported a 12.6% decrease in net income for 2023 compared to its record-high earnings in the previous year. This decline was attributed to lower hydrocarbon prices, although the company’s emphasis on cost management and reserve expansion helped alleviate the…
Oil Prices Decline Amid Prospects of Gaza Ceasefire and Dollar Strength. Oil prices experienced a decline on Friday, influenced by the potential for a ceasefire in Gaza that could alleviate geopolitical tensions in the Middle East. Additionally, the strengthening of the U.S. dollar and a decrease in U.S. gasoline demand contributed to the downward pressure…
Kerosene Price Surges to N1,340 Per Litre in February, Reports NBS. The National Bureau of Statistics (NBS) has reported a rise in the average retail price of kerosene from N1,329 per litre in January to N1,340 per litre in February this year, reflecting a 0.86% increase. The data was published in the NBS National Household…
NCDMB Oversees NLNG Train 7 Progress During Monitoring Visit in South Korea. The Nigerian Content Development and Monitoring Board (NCDMB) is presently conducting on-site monitoring visits to South Korea as part of its oversight duties for the Nigeria Liquefied Natural Gas (NLNG) Train 7 project. Scheduled from March 18 to 22, 2024, this visit aims…
AfDB-Supported Energy Projects in Egypt and Cote d’Ivoire Earn Prestigious Infrastructure and Energy Awards. Two transformative projects, supported by the African Development Bank (AfDB), have been honored with prestigious awards at the IJ global awards ceremony held in London, United Kingdom. These accolades underscore the significant contributions of the AfDB to sustainable energy development in…
Nigeria unveils 2,200 Marshals to secure Mining Sites. The Nigerian Government on Thursday unveiled a 2,200 Mines Marshal to secure mining sites across the country, combat illegal mining, and ensure compliance with mining laws. Minister of Solid Minerals, Dele Alake, who unveiled the Mines Marshal, said it is in fulfillment of a major plank of…
Nigerian Navy deploys ships, helicopters for rescue services The Nigerian Navy has deployed seven ships and two helicopters to provide effective maritime search and rescue services on the country’s waters. The deployment included other facilities and a patrol vessel of the Nigerian Maritime Administration and Safety Agency. The flag officer commanding (FOC), Western…
Tinubu appoints Mobereola as new NIMASA DG. President Bola Tinubu has approved the appointment of Dr. Dayo Mobereola as the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), for a renewable two term of four years, each. According to a statement by the Special Adviser to the President on Media & Publicity,…
