The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s crude oil production has increased to 1.485 million barrels per day (bpd). The drilling performance is contained in the commission’s latest crude oil and condensate production data. According to the NUPRC data, output rose by 152,334 bpd in November — a 11.43 percent increase compared to […]
Nigeria’s imports from Malta reached a record high of N766.81bn in the third quarter of 2024, according to the latest foreign trade statistics from the National Bureau of Statistics. The figure marked a sharp rise, placing Malta as Nigeria’s fifth-largest import partner for the period, accounting for 5.23 per cent of the country’s total imports, […]
Nigeria has reaffirmed its leadership in the global energy sector with the appointment of Mr. Ademola Adeyemi-Bero, Nigeria’s Governor for OPEC, as Chairman of the OPEC Board of Governors for 2025. His appointment was confirmed at the 189th meeting of the OPEC Conference. This was made known in a statement signed by the SA. Media […]
Oil prices dropped on Tuesday as concerns eased about the fallout from Syrian President Bashar al-Assad’s overthrow. The price of Brent crude, the global oil benchmark, fell by 0.11 percent to $72.06 per barrel while US West Texas Intermediate crude price dropped 0.20 percent at $68.23 at 09.50 WAT. Both benchmarks had climbed more than […]
Norwegian energy giant, Equinor has announced the decision to end its almost 31-year business partnership with Nigeria, after finalising the sale of its oil assets. A statement by the company on Monday said the sale of its assets was completed on December 6, 2024. “With this exit, we realise the value and execute on our […]
The Central Bank of Nigeria’s electronic payment statistics have shown that, between January and June 2024, 252.06 million transactions, which amounted to N2.19tn, were carried out via Unstructured Supplementary Service Data codes. This is a significant milestone compared to the full-year data for 2023, which showed that N4.84tn was transacted via USSD codes across 630.6 […]
Bitcoin broke $100,000 for the first time Thursday as traders cheered Donald Trump’s decision to pick a crypto fan to head the US securities regulator, reinforcing optimism the new president will push through measures to deregulate the sector. The cryptocurrency soared through the mark, having enjoyed a blistering rally since the November 5 election of […]
Aero Contractors has announced a minimum ticket price of N80,000 for local flights across its routes during the festive season. The airline’s Managing Director, Ado Sanusi, disclosed this on Tuesday during a briefing with journalists, describing the initiative as a gesture to alleviate the financial burden on Nigerians amid the Christmas and New Year celebrations. […]
The Debt Management Office (DMO) says Nigeria has raised $2.2 billion in the international capital market through its latest eurobond auction. The development comes two years after the federal government issued its last eurobond. In November, Wale Edun, minister of finance and coordinating minister of the economy, said approximately $1.7 billion is expected from a […]
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has confirmed that the Old Port Harcourt Refinery is currently operating at 70% capacity, producing significant volumes of petroleum products daily. This marks a milestone in the refinery’s recovery after years of operational setbacks. In a statement issued by Olufemi Soneye, Chief Corporate Communications Officer of NNPC […]
