The national average retail price for Premium Motor Spirit otherwise known as petrol increased year-on-year, YoY, by 37.44 percent to N750.17 per litre in June 2024 from N545.83 per litre recorded in the corresponding period of 2023. On a month-on-month, MoM basis, the average retail price decreased by 2.53 per cent from N769.62 per […]
Cryptocurrency exchange, OKX, has announced plans to discontinue its services in Nigeria, citing recent changes in local laws and regulations. The exchange, in a statement sent directly to its users on Wednesday, said this decision was based on its ongoing assessment of policies in the markets it serves. “We are discontinuing OKX services in […]
TotalEnergies has disclosed that it has sold its participation stake in three additional licenses primarily generating gas, which presently contributes 40% of Nigeria’s LNG production, to a Mauritian company. Despite the divestment, TotalEnergies will retain ownership of the production share, ensuring access to associated infrastructure and pipelines essential for supplying gas to the Nigeria […]
The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3.1 percent in 2024 — down from a 3.3 percent projected in April. The downgrade is 0.2 percentage points below the prior forecast. In its July 2024 World Economic Outlook released on Tuesday, IMF said a lower-than-expected activity in the […]
The three-year dispute between the United Arab Emirates (UAE) and Nigeria has been resolved — but not without some caveats. On Monday, Mohammed Idris, minister of information and national orientation, announced that the UAE and Nigeria had reached an agreement for the resumption of travel for citizens beginning July 15. Idris said the resolution […]
The Nigerian National Petroleum Company Limited (NNPCL), has reaffirmed its preparedness to commence crude oil refining at the Port Harcourt refinery in early August. This was revealed by the NNPCL Group Chief Executive Officer, Mele Kyari, on Monday while addressing an emergency session at the National Assembly joint committee on finance. Kyari explained that […]
The Federal Government has sought the assistance of the World Bank to provide funding worth $50 million to support state governments for the installation of solar plant pilots and infrastructure upgrades. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun spoke on the initiative when he met with a World Bank […]
The Nigerian National Petroleum Company (NNPC) Limited says its decision to limit its equity participation in the Dangote Petroleum Refinery was made months ago. In a statement on Sunday, Femi Soneye, NNPC’s spokesperson, said the national oil firm periodically evaluates its investment portfolio to make sure it is in line with the company’s strategic […]
The Chief Executive Officer of Dangote Refinery, Aliko Dangote, Sunday said that the Nigerian National Petroleum Corporation no longer owns a 20 per cent stake in the refinery. The richest man in Africa stated this while briefing journalists in Lagos State. According to him: “NNPC no longer owns a 20% stake in the Dangote […]
President of the Dangote Refinery, Alhaji Aliko Dangote, says the refinery is now set to roll out its petrol from August 2024, having resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company Limited (NNPCL) and the federal government. Dangote told senior journalists in Lagos on Sunday that the […]
