NCDMB Partners Bank of Industry to Boost Local Manufacturing of Oil and Gas Equipment The Nigerian Content Development Monitoring Board (NCDMB) has entered partnership with the Bank of Industry (BoI) with a view to increasing Nigeria’s current capacity of 10% for manufacturing oil and gas components, equipment and machinery. The partnership was confirmed by the…
S&P Downgrades South Africa’s Outlook as Power Crisis Weighs S&P Global in a recent report downgraded its outlook on South Africa to “stable” from “positive”, citing infrastructure constraints and a severe power crisis. South Africa’s economy contracted more than expected in the last quarter of 2022, as an escalation in rolling power cuts contributed to…
Blackout Hits Abuja as AEDC Rations Electricity The Abuja Electricity Distribution Company (AEDC) covering Federal Capital Territory, Nasarawa, Niger and Kogi States, disclosed in a notice to its customers that it would begin to ration electricity. The Disco blamed the decision to ration electricity across its franchise on insufficient power allocation. AEDC said, “We would…
Shell: Britain is Less Attractive than the U.S. For Energy Investment The UK is less attractive than the United States for energy investment, due to the high windfall taxes on energy producers in Britain and the lack of incentives for clean energy investments similar in scale to the American provisions to boost green energy, Shell’s…
NCDMB Emerges Best MDA in Efficiency, Transparency The Nigerian Content Development and Monitoring Board (NCDMB) has emerged as top performer in business efficiency and transparency in Federal Government’s ranking of ministries, departments and agencies (MDAs) for the year 2022. This latest result is reminiscent of the Board’s 81.46 per cent score in Ease of Doing…
Seplat Refutes Racism Allegation Against its CEO, Roger Brown Seplat Energy has refuted racism allegation against its Chief Executive Officer (CEO), Roger Brown. Some workers of the company, through a petition to the Ministry of Interior, had reportedly accused Brown of racism, favouring foreign workers and discriminating against Nigerian employees. In a letter dated March…
FG Approves $61.5m, N16.13bn to TCN for Projects – Minister of Power The Federal Government, through the Federal Executive Council, FEC, has approved $61.5 million and N16.133 billion for the award of contracts for substation construction works and for procurement of transmission line materials. Speaking with newsmen at the end of the FEC meeting at…
Petrobras’ Change in Strategy Provokes Strong Reactions After having reported its earnings last Wednesday, newly installed Petrobras CEO Jean Paul Prates already prepared shareholders for a change of strategy by saying that the company must be ready for an ‘unavoidable’ energy transition. And now it seems that under the helm of Prates, the company is…
NCDMB launch of $50m NOGAPS Fund for Manufacturing
Rumuekpe Pipeline Fire Explosion, a Lesson to Perpetrators – NSCDC The Nigeria Security and Civil Defence Corps has said that the pipeline fire explosion which occurred in Rumuekpe, Emuoha Local Government Area of Rivers State killing at least 12 persons at the weekend, should be a big lesson to perpetrators and intending perpetrators of illegal…
