Business & Finance

Nigeria Q3 trade report reflects its continued dependence on oil revenue

Dec 12, 2018

Despite commitments by the federal and state governments to the diversification agenda, Nigeria’s exports remain heavily dependent on crude oil, accounting for 85.4 per cent of export transactions in the third quarter (Q3). While Europe and Asia remain the choice destination for Nigerian exports, trade within Africa in terms of exports, stood at N341.1billion or…

Read More

Faltering oil prices set Nigeria’s naira, budget on risky path

Dec 12, 2018

Faltering crude oil prices have put the nation’s local currency, the 2018 budget implementation and the fragile economic growth on a crisis path. Already, the near-convergence of all rates at N360/$, except the official exchange rate of the Central Bank of Nigeria (CBN), has been distorted, with each creating a wide gap, as the parallel…

Read More

NNPC affirms right to make withdrawals from NLNG dividends

Dec 11, 2018

The Nigerian National Petroleum Corporation (NNPC) has shed light on the probe of alleged illegal withdrawal from the Nigerian Liquefied Natural Gas (NLNG) Dividend Account by the Senate, clarifying that there was nothing illegitimate about the withdrawals made from the account so far. A release today in Abuja by NNPC Group General Manager, Group Public…

Read More

FG, oil marketers agree on fuel subsidy debt payment

Dec 7, 2018

The Federal Government and petroleum marketers on Thursday agreed on how the outstanding fuel subsidy claims would be settled by the government. The agreement was reached after a meeting held at the headquarters of the Ministry of Finance. A statement from the Media Adviser to the Minister of Finance, Mr Paul Ella, explained that the…

Read More

World Bank’s investment in Nigerian firm Seven Energy calls it’s due diligence into question

Dec 6, 2018

Serious concerns about the World Bank’s due diligence process have surfaced after IFC invested a quarter of a billion dollars in Seven Energy an oil and gas company operating in Nigeria. Several Seven Energy officials associated with the company’s flagship contract are now either charged with money laundering or on the run and facing allegations…

Read More

PPMC records N32b trading surplus over 11 months of 2018

Dec 5, 2018

The Managing Director of the Petroleum Products Marketing Company Limited (PPMC), Mr. Umar Ajiya, disclosed that the company has returned to profitability with a trading surplus of N32bn between January and November 2018. He made this known while the House of Representatives Committee on Petroleum (Downstream), was in the Nigerian National Petroleum Corporation (NNPC) towers,…

Read More

Lower oil prices may weaken naira to N380/$1 – Analysts

Dec 4, 2018

Should oil prices continue to decline and fall below Nigeria’s Medium Term Expenditure Framework (MTEF) benchmark of $60 per barrel, the impact on the country’s economy could include the naira depreciating to $380/$, analysts at Financial Derivatives Company (FDC) have predicted. The experts also forecast that such a steep drop in oil prices will negatively…

Read More

NNPC engages DMO, finance ministry to forestall depots shutdown

Dec 4, 2018

The Nigerian National Petroleum Corporation (NNPC), yesterday began engagement with the Federal Ministry of Finance, Debt Management Office (DMO), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA and Independent Petroleum Products Importers (IPPI) to avert the shutdown of petrol depots across the country. It was learnt from the Group…

Read More

SEC launches rules for green bond issuance

Dec 3, 2018

The Securities and Exchange Commission (SEC) officially launched the Green Bonds issuance rules at a ceremony on Monday. Speaking at the launch of the rules, Ms. Mary Uduk, Ag. Director-General, SEC stated that, “As Nigeria strives to harness the resources of non-oil sectors to anchor the transition to a more resilient economy, there is the…

Read More

AfDB, AGTF provide $200m in joint financing to support Nigeria electrification project

Dec 3, 2018

The Board of Directors of the African Development Bank Group has approved a US$150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP). The financing will support rural electrification efforts in Nigeria by facilitating private sector development and rollout of off-grid solutions, as well as the installation of…

Read More

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...