Nigeria’s Dangote oil refinery, funded by Aliko Dangote at a cost of $20 billion, is set to commence test runs potentially this week following the arrival of its sixth crude cargo on Monday, as disclosed by company officials. The refinery, with a capacity of 650,000 barrels per day (bpd), marks a significant milestone after enduring Read More…
Business
CBN disburses $61.64 million to foreign airlines to clear forex backlog
The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines via various Deposit Money Banks (DMBs) as part of its commitment to clear the backlog of matured foreign exchange in DMBs. According to the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, this disbursement aligns with the CBN’s dedication Read More…
Dangote Industries responds to EFCC’s raid on Lagos Office over forex transactions
The management of Dangote Industries Ltd. reacted to the Economic and Financial Crimes Commission’s (EFCC) raid on its Lagos head office regarding alleged foreign exchange transactions during Godwin Emefiele’s tenure as Governor of the Central Bank of Nigeria (CBN). In a statement, the multi-product group expressed its readiness to cooperate with the EFCC in its Read More…
Stears report urges proactive measures amidst Nigeria’s 2024 inflation concerns
Stears, a prominent provider of economic analysis and data-driven insights, has highlighted the imperative of proactive measures to safeguard Nigeria’s economic stability amidst mounting inflation pressures in its 2024 African Outlook Report. Dumebi Oluwole, Senior Economist at Stears, emphasised the urgency for preemptive actions to address the nation’s economic stability amidst the current headline inflation Read More…
NNPC to complete test runs at Port Harcourt refinery this month
Nigerian state-owned oil firm NNPC Ltd. has announced that it will complete test runs at the Port Harcourt refinery in the south this month, marking a major step towards resuming operations after five years of shutdown. According to NNPC spokesperson Femi Soneye, “Testing will conclude shortly, ensuring the refinery’s efficient operation. That phase will be Read More…
NNPC denies impending fuel price hike, urges public disregard for rumours
The Nigerian National Petroleum Company (NNPC) Ltd. has refuted claims of an imminent rise in the cost of Premium Motor Spirit (PMS), also known as petrol, urging citizens to dismiss unfounded speculations regarding a potential fuel price hike. Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., reaffirmed this stance in a statement Read More…
Seplat Energy reaches milestone in ANOH Gas Plant installation
Seplat Energy Plc announced the successful mechanical completion of its ANOH gas plant installation on December 29, 2023, aligning with the revised schedule, as shared by Mrs. Chioma Afe, Director of External Affairs & Social Performance at Seplat Energy. Afe highlighted the remarkable achievement, emphasising the safety focus that resulted in completing the installation without Read More…
Nigeria aims for substantial oil production surge by 2026
Nigeria’s upstream oil regulator unveiled a bold target of achieving a daily production of 2.6 million barrels of oil and condensates by 2026, marking a significant leap from the 1.6 million bpd output recorded in 2023. The country, a key oil exporter in Africa, has grappled with reduced production levels attributed to crude theft, pipeline Read More…
Nigeria’s Power Minister pledges enhanced electricity supply in 2024
The Minister of Power, Mr. Adebayo Adelabu, has reaffirmed the commitment of his ministry to prioritise electricity supply in Nigeria throughout 2024, aligning with President Bola Tinubu’s agenda for a transformative shift in the country’s power sector. According to Mr. Bolaji Tunji, Special Adviser, Communication, and Strategy to the Minister of Power, Adelabu emphasised the Read More…
Inflation: Specific blueprint critical to manufacturing, other performances in 2024
By Rukayat Moisemhe, News Agency of Nigeria (NAN) Some Stakeholders in the manufacturing sector say Nigeria needs a specific blueprint to critically address the impact of inflationary pressures on all economic activities in the country. According to the World Economic Forum’s Global Risks Report 2023, the world’s top current risks are energy, food, inflation, and Read More…