Oil and Gas Sector’s Contribution to Nigeria’s GDP Falls to 5.34% In Q2 2023 Nigeria’s oil and gas sector’s contribution to the Gross Domestic Product (GDP) diminished to a mere 5.34% in Q2/2023. This figure is lower than the corresponding period of 2022 and the preceding quarter, where it had contributed 6.33% and 6.21% respectively….
Nigeria’s GDP Growth Slows to 2.5% y/y in Q2 Nigeria’s annual economic growth rate slowed to 2.51% in the second quarter, data showed on Friday, hurt by a fall in oil production amid a series of reforms by new president Bola Tinubu aimed at reviving Africa’s largest economy. The data, which marks the 11th consecutive…
Saudi Arabia Weighs China Bid to Build Nuclear Power Plant Saudi Arabia is considering a bid from a Chinese state firm to build a nuclear power plant, which could give the Kingdom leverage in possible talks for U.S. assistance for establishing a civil nuclear industry, The Wall Street Journal reported on Friday, quoting Saudi officials…
Dangote beats MTN, Globacom, banks to emerge Most Valuable Brand in Nigeria for 6th Consecutive Years Dangote Industries Limited has emerged as Nigeria’s most valuable brand for the sixth consecutive year. This achievement was confirmed by the brand and marketing firm, TOP 50 BRANDS NIGERIA, as part of its comprehensive 2023 Top Brands perception assessment. Winning…
FG Reiterates Commitment to Bring Back on Stream Port Harcourt Refinery December The Federal Government has reiterated its commitment to bring back on stream the Port Harcourt Refinery by December 2023 This is part of measures being taken by President Bola Tinubu’s administration to end petroleum product importation into the country, by restoring the nation’s…
India Becomes First Country to Land on South Pole of the Moon Successfully India has become the first nation to successfully land a spacecraft on the Moon’s South Pole, after a Russian lunar probe recently crashed in the same region. This groundbreaking attempt marks a monumental moment for the world’s most populous nation, as it…
South Africa, China Sign Power Deals during BRICS Summit South Africa and China on Wednesday signed deals covering emissions technology, electricity transmission and distribution, and nuclear power on the sidelines of the BRICS summit. The agreements are part of the South African government’s efforts to end record power cuts that are a major constraint on…
Shell and BP’s Green Commitments Questioned in Greenpeace Report Shell and BP are among 12 oil firms who have been accused of greenwashing over the amount of renewable and low-carbon energy they produce. Research commissioned by Greenpeace analysed the annual reports of the British fossil fuel giants for 2022, alongside 10 other European companies. The…
Nigeria Records Sustainable Oil Production Capacity of 1.33mbpd in July – IEA report The International Energy Agency (IEA) has said that Nigeria recorded 1.33 million barrels per day (mbpd) of sustainable oil production capacity in July. With 1.33 mbpd, Nigeria was ahead of Algeria (1.0mbpd), Angola (1.11mbpd), Congo (0.27 kbpd), Equatorial Guinea (0.06 kbpd), and…
NLNG Visits President Tinubu to Deepen Collaboration, Ease of doing Business The Board of Directors and Management of Nigeria LNG Limited paid a courtesy visit to the President of the Federal Republic of Nigeria, His Excellency, President Bola Ahmed Tinubu, at the Presidential Villa in Abuja. During the visit, Chairman, NLNG Board, HRM King Edmund…
