SECTOR INSIGHT

NNPCL Shifts Delivery Date Of $700m Gas Pipeline To August

The Nigerian National Petroleum Company Limited (NNPCL), has shifted the delivery date for the $700m Obiafu-Obrikom-Oben gas pipeline project (OB3), from March 2024 to August. The company’s Chief Corporate Communications Officer, Olufemi Soneye revealed this in a statement over the weekend. According to the…

24/06/2024 0Comments

Nigerians Borrow ₦3.9bn As Inflation Heightens — CBN

Nigerians have resorted to loans as one of their survival strategies, as a report by the Central Bank of Nigeria, said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation. According to…

24/06/2024 0Comments

Dangote Accuses IOCs Of Plotting Against Refinery

The Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria, of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Speaking to a group of Energy Editors at a…

24/06/2024 0Comments

NNPCL, TotalEnergies Sign $550m FID On Ubeta Gas Field

The Nigerian National Petroleum Corporation Ltd, and the operator of OML 58 onshore license in Nigeria with a 40 per cent interest, TotalEnergies, have signed a $550m Final Investment Decision (FID) for the development of the Ubeta gas field. Located about 80 km…

21/06/2024 0Comments

NUPRC Extends 2024 Licensing Bid Registration By 10 Days

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced an extension to the 2024 licensing bid round registration by 10 days. The Commission chief executive, Gbenga Komolafe, who shared this in Abuja on Tuesday, said the extension is to allow interested investors to…

19/06/2024 0Comments

Nigeria’s Headline Inflation Rises To 33.95 In May

Nigeria’s inflation rate increased to 33.95 per cent in May 2024, the National Bureau of Statistics disclosed in its latest data. This represents an increase of 0.26% points when compared to the April 2024 headline inflation rate, according to the NBS Consumer Price…

16/06/2024 0Comments

Access Acquires Major Stake In African Banking Corporation Of Tanzania

Access Holdings Plc said that its wholly owned subsidiary, Access Bank has completed the acquisition of a majority equity stake in African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, a London Stock Exchange listed entity. Following the completion of…

13/06/2024 0Comments

Nigeria’s Crude Oil Production Drops To 1.25mbpd In May — OPEC

Nigeria’s crude oil production made a record decline to 1.25 million barrels per day in May 2024, according to the Organisation of Petroleum Exporting Countries. The OPEC monthly oil market report for June seen by Channels Television, puts the country’s average daily output…

13/06/2024 0Comments

Nigeria Ramps Up Agricultural Exports By 123%- NBS

Newly released data by the Nigerian Bureau of Statistics (NBS), has revealed that exports of agricultural goods from Nigeria to other countries, increased by 123 per cent over the value recorded in the fourth quarter of 2023 (₦463.97bn), and also by 270…

10/06/2024 0Comments

FG Gets $945m Oil-Backed Lifeline From Afreximbank

The African Export-Import Bank (Afreximbank) has announced an additional disbursement of $925m under the syndicated $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company (NNPC) Limited to the Federal Government. A statement by the bank on Thursday said the development…

07/06/2024 0Comments

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