Tinubu’s Executive Orders to Unlock $2.5bn in New Oil Sector Investments …JPMorgan renews interest in Nigeria, others Despite holding about 38 percent of Africa’s hydrocarbon reserves, Nigeria has attracted only just 4 percent of investments inflow into Africa since 2016. Nigeria, the most populous nation in Africa, boasts of over 37 billion barrels of proven…
NNPC Ltd Moves to Revive Brass, Olokola LNG Projects The Nigerian National Petroleum Company Limited (NNPCL) has begun discussions with investors towards bringing back Brass and Olokola Liquefied Natural Gas (LNG) projects. According to the national oil firm, the move is part of its bid to maximise the nation’s abundant gas resources for economic development…
Nigeria on the Cusp of $1bn Iron Ore to Steel Project Africa’s most populous nation, Nigeria, is on the cusp of a $1 billion (N1.6trillion) iron ore to steel project. If everything goes according to plans, the project will be a major breakthrough for the country, which relies heavily on steel importation. The project, planned…
Oil Price Fell By 6.0% in August – OPEC More woes for Nigeria as prices drop below $70 per barrel In a significant development, the global oil benchmark, Brent crude, experienced a sharp decline in August, falling by $5.00 or 6.0% to an average of $78.88 per barrel month-on-month, according to the latest report from…
Tinubu to Inaugurate $115 Million Container Terminal in Rivers Rivers State, August 26, 2024 — President Bola Tinubu is set to officially inaugurate the upgraded West Africa Container Terminal (WACT) in Onne, Rivers State, on September 4, 2024. The terminal, located within the oil and gas free zone, has undergone a $115 million upgrade, which…
Majority of Nigeria’s Bulk Electricity Consumers Off the Grid Due to Lack of Trust, Says Minister Lagos, August 26, 2024 — The Minister of Power, Adebayo Adelabu, has revealed that the majority of bulk electricity consumers in Nigeria have disconnected from the national grid, citing a lack of trust and confidence in the sector. This…
Nigeria Must Stop Crude Oil Theft, Says Okonjo-Iweala Nigeria has no excuse for failing to stop crude oil theft, given the available technology, according to Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO). Speaking at the 2024 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, Okonjo-Iweala emphasized that crude oil…
Tinubu Appoints Jennifer Adighije as New Managing Director of NDPHC President Bola Tinubu has appointed Engr. Jennifer Adighije as the new managing director of the Niger Delta Power Holding Company (NDPHC). She replaces Chiedu Ugbo, who was on the saddle since 2016, until now. “The new NDPHC Chief Executive Officer, Ms. Jennifer Adighije, is an…
NNPC Reports N3.3 Trillion Net Profit and N2.1 Trillion Dividend, Sets Ambitious Crude Oil Production Target The Nigerian National Petroleum Company Limited (NNPC) has announced its 2023 Audited Financial Statement (AFS), revealing a net profit of N3.297 trillion for the financial year ending in December 2023. This marks a significant 28% increase, or over N700…
Matrix Energy Denies Allegation of Substandard Fuel Importation to Nigeria Matrix Energy Group, a prominent indigenous oil marketing and trading company, has firmly denied recent allegations that it imports substandard petroleum products into Nigeria. In a statement released by the company’s Head of Corporate Communications, Ibrahim Akinola, Matrix Energy emphasized that it has consistently imported…
