The Dangote Petroleum Refinery has reportedly reduced the amount of crude oil it purchases this month. This decision was made due to the refinery facing some challenges that are affecting its production levels. As a result, it is struggling to provide enough fuel to meet local demand. Recent data shows
The Centre for the Promotion of Private Enterprise (CPPE) has called for urgent laws that protects rights of local investors and labour employers to foster sustainable economic growth and social stability. Dr Muda Yusuf, CPPE’s Director/Chief Executive Officer made the call in a policy statement on Sunday in Lagos. Yusuf
President Bola Tinubu is set to inaugurate the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8. This marks the first new crude oil export facility built in Nigeria in over fifty years. The terminal was constructed by Green Energy International Limited, which manages the
Nigeria’s gross external reserves have reached $42 billion, marking their highest level since September 2019, according to new data from the Central Bank of Nigeria (CBN). The significant increase is being attributed to a rise in hydrocarbon export revenues and a consistent inflow of foreign exchange. Data from the Central
As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) holds its 302nd meeting on Monday, some stakeholders have urged loosening of the policy rates. They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja. NAN reports that the MPC had retained the baseline
Felix Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has encouraged Nigerian oil and gas service companies to leverage their skills in the deepwater sector. During a visit to West African Ventures Nigeria Limited’s facilities at the Federal Ocean Terminal in Onne, Rivers State, he highlighted
President Bola Ahmed Tinubu said on Tuesday in Abuja that the revenue target for 2025 was achieved in August, following economic reforms focused on stimulating the non-oil sector. He said that the bulk of the revenue came from the non-oil sector. The President assured Nigerians that the Renewed Hope Agenda
The Federal Government is working hard on plans to put the new National Industrial Policy into action. This policy aims to boost industries and change the economic situation in West Africa. It will be a major topic at the upcoming West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025,
Nigeria’s manufacturing industry is increasingly looking for local solutions as the country deals with the effects of currency devaluation and a lack of foreign money. According to a recent report from the Financial Times, businesses are adjusting to changes in the foreign exchange market by focusing more on using local
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has issued a critical alert that Nigeria needs to quickly turn its oil reserves into production, stressing that crude oil sitting underground is of no value until it’s extracted. Reports indicate that around 220 oil blocks