Nigeria’s oil production, which hit 2.05 million barrels per day (mbpd) in June may suffer further decline that could threaten the 2017 budget as the Organisation of Petroleum Exporting Countries (OPEC) has invited Nigeria for briefing on its production plan. Minister of Petroleum Resources, Mr. Ibe Kachikwu, was invited to attend the OPEC and non-OPEC […]
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To talk about the competitive strength of Nigeria’s automobile industry is to be making a mere rhetoric in an area that is relatively unknown in the country. The number of used cars, as well as brand new ones being imported into the country speaks volumes of Nigeria’s long way to a virile, competitive and strong […]
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To douse the controversy surrounding Nigeria Customs Service e-auction policy over difficulty encountered in accessing its e-auction portal, the service spokesman, Mr Joseph Attah, yesterday admitted the system locked out some people at the expiration of the allotted time. He also insisted that some banks are still having interswitch challenges but that the challenge would […]
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With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this […]
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United Kingdom based energy expert has projected that Nigeria could generate 60,000megawatts of electricity from renewables by 2050, if its potential is fully harnessed. The senior lecturer in Petroleum Engineering, University of Portsmouth, Dr. Mohamed Hassan-Sayed, stated this in a paper titled, “Powering the future of Nigeria”, which he delivered to the members of Nigerian […]
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The holding of the Eyo Festival as part of the activities marking fifty years of Lagos State, transported me back to my childhood. Although the festival can be rough, but we in the Obalende Area had our own Eyo group, the Bajulaye; with red hats and covered head to toe in flowing white which swept […]
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The Central Bank of Nigeria on Friday said it intervened in the crisis between Etisalat and a consortium of 13 Nigerian banks over a syndicated loan of about $1.2bn granted the telecom company to save over 4,000 jobs and stripping of the company’s assets. The CBN Spokesperson, Mr. Isaac Okorafor, said this in a statement […]
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Despite the marked improvement in Nigeria’s foreign exchange market, the external sector and the macro-economic fundamentals, Fitch Ratings, yesterday, assigned Nigeria’s upcoming dollar-denominated senior unsecured bonds an expected rating of ‘B+(EXP)’. This indicates that the relative stability in the foreign exchange market with reversal of the slide in gross domestic products, GDP, did not reflect […]
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Economic and financial experts have raised the alarm over the nation’s rising debt burden, calling on the Federal Government to spend more on capital expenditure and exercise care in its quest for more borrowing. The experts, who spoke in separate interviews with correspondents on Tuesday, reacted to the ₦7.1tn increase in the nation’s total debt […]
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Nigeria’s excess crude oil revenue has dropped by five per cent as oil prices fell to $49.26 per barrel yesterday, posing fresh threat to implementation of the yet unsigned 2017 budget and the exchange rate of the naira, Vanguard reports. Specifically, the nation generated about $114 million from the export of about two million barrels […]
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Nigeria’s ailing president was glaringly absent on Monday as his deputy marked their two years in power, with no word on the head of state’s health three weeks after he went on indefinite medical leave. Muhammadu Buhari and his deputy Yemi Osinbajo were sworn into office on May 29, 2015, two months after securing the […]
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The recently launched Economic Recovery Growth Plan (ERGP) of the federal government is perhaps the most ambitious economic recovery programme of any government in recent memory. The plan, which covers the period from 2107 to 2020, is designed to, among other objectives, enhance the country’s economic recovery, and also serve as the much needed catalyst […]
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