Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26 billion in the first seven months of this year. The country saw its oil export revenue rise by 30 per cent to $34 billion in 2017 from $26 billion in […]
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Oil prices on Thursday hit their highest in more than two and a half years, touching levels not seen since before a slump in commodity markets in 2014/15, boosted by tensions in key producer Iran and by ongoing OPEC-led output cuts. Prices were also buoyed by Asia’s stock markets, which flirted with 10-year highs on […]
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Environmental Investigation Agency (EIA) in its recent reports has revealed that over 1.4 million illegal rosewood logs from Nigeria, worth $300 million, were laundered into China. The reports by EIA described illegal rosewood logs from Nigeria as one of the largest timber smuggling operations in history, as multiple sources told EIA undercover investigators that over […]
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UN Deputy Secretary-General Amina Mohammed faced accusations from an advocacy group on Thursday that she granted illegal permits to Chinese firms to import endangered Nigerian timber when she was Nigeria’s environment minister. Documents provided by Mohammed were used by Chinese importers to clear more than $300m worth of rosewood logs held up by Chinese border […]
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Oil prices on Thursday held most of their gains of around 2 percent from the previous session, buoyed after the International Energy Agency raised its forecast for growth in global oil demand. London Brent crude for November delivery was down 11 cents at $55.05 a barrel by 0035 GMT, after settling Wednesday up 89 cents, […]
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Nigeria’s oil production would remain down throughout the first quarter of 2018, if the restiveness in the Niger Delta region is not addressed, the United States Energy Information Administration (EIA) has warned. The agency, in a report on its website, gave the warning, following the decision of the Organisation of Petroleum Exporting Countries(OPEC) to extend […]
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