Electricity Power Equipment

KEDCO added 20 Megawatts to aid business operations

By: Dele Adelaja, 20 megawatts had been dedicated to industrial customers in Kano by the Kano Electricity Distribution Company (KEDCO) to enhance power supply for effective operations. The Managing Director of the company, Alhaji Jamilu Gwamna, gave this assurance while inaugurating a new industrial feeder at Tamburawa in the outskirts of Kano on Saturday. According […]

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Chinese to invest $819m in South African Auto Industry

A Chinese state-owned car manufacturing company will invest 11 billion rand ($819 million) in a new plant in South Africa, giving a further boost to one of the fastest-growing industries in the continent’s largest economy. In a Bloomberg report, Beijing Automotive International Corp. signed the deal with the Coega Development Corporation, the operator of an […]

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2020: Nigeria aim to rely on 50% Renewable Energy

The Federal Government has set a target to expand reliance on renewable energy to 50% of its power output by 2020, according to Vice President Yemi Osinbajo (SAN). Speaking on Thursday at the Presidential Villa while receiving a delegation led by the Indian High Commissioner in Nigeria, Mr. B. Nagabhushana Reddy, Professor Osinbajo explained that […]

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The highest in 8 weeks: Oil price hits $50 per barrel

Global oil benchmark, Brent crude, hit an eight-week high on Thursday as the world’s biggest producers prepared to discuss a possible freeze in production levels. Brent, against which half of the world’s oil is priced, rose by $0.84 to $50.69 per barrel as of 7:58pm Nigerian time. The benchmark has risen more than 20 per […]

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Lagos to have a share of 13% crude revenue derivation

The Center of Excellence of the Nation will soon begin to share in the 13 per cent revenue derivation paid to oil producing states. Lagos joined the club of oil producers months ago, with the efforts of an indigenous oil company, Folawiyo Oil. At a press briefing by several officials of the state government today, Commissioner […]

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FG needs $7bn to kick-start mines, steel industry

The Federal Government is seeking investments worth $7bn in mining and steel over the next decade as it targets the development of gold and iron ore extraction industries to diversify the nation’s oil-dependent economy. One of the government’s priorities is to meet the annual steel demand of 6.8 million metric tonnes, from a current output […]

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FG offers more incentive to investors in mining sector

The Nigerian government has reduced to 40 days the timeframe for the granting of mining license to prospective investors. Director General, Mining Cadastral Office, MCO, Mr. Ibrahim Amate, who stated this, explained that licenses would be issued to successful miners who met the stipulated requirements, adding that all these is possible under the repositioned Mining […]

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FG restates commitment to oil search in Benue Trough

Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikaniti Baru, has restated the mandate of president Muhammadu Buhari to the corporation for the continued hydrocarbon search in the Benue Trough to further boost the country’s production. Speaking while receiving a delegation from the Benue State Government in Abuja, Baru said the president had directed […]

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Chinese firms interested in Ajaokuta steel

A Chinese group of firms have shown interest in  acquiring Nigeria own Ajaokuta steel company. The group of companies which is into mining, exploration, financing, provision of technologies, commodity exchange and minerals product beneficiation, have indicated their interest to the Minister of State for Solid Minerals, Hon. Abubakar Bwari. Bwari who met with the group yesterday in […]

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Nigeria’s less Oil output raise Oil price to $48.74 per barrel

Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market. Oil production losses in Nigeria, where more than 700,000 barrels per day (bpd) was missing due to militant attacks and pipeline problems, were also helping to support prices […]

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Crude oil prices crash, Now Sell at $45.84pb

Oil prices fell slightly at the weekend, remaining near the previous day’s highs, on the prospect of talks by exporters about ways to prop up a market grappling with a supply overhang. Brent crude futures were down 19 cents a barrel higher at $45.84 per barrel by 1000 GMT (0600 ET), from a three-week high […]

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Nigeria under Jonathan, earned N51trn from crude oil

The Nation, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. According to report by Vanguard, the money is part of the N96.212trillion the country earned in 58years of crude oil sales. Of this princely sum, which accounts for about 80 per cent of the country’s revenue, […]

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