Nigeria FG Intends To Enhance Gas Exports To Europe in 2022.
08, August, 2022 the price of Brent, the world’s standard for petroleum, decreased by 5.01%, or $4.65, to close at $88.18/barrel. Sylva claimed that security concerns brought on by the…
World Bank Distributes $31.7billion, Gives $700million To Nigeria.
The World Bank reported that 2022 is among the ten warmest years on record. And that the effects of the climate could cause millions of people to fall into poverty.…
Stocks Plunge On Fed Rate Rise Predictions, And The Yen Falls To A New 24-year Low.
The Japanese yen was trading at 144.95 yen per US dollar, its lowest level since August 1998. If “rapid, one-sided” movements in the currency market persist, the Japanese government stated…
Nigeria FG To Collaborate With Qatar On Cultural Promotion.
Yakubu Ahmed, the Extraordinary and Plenipotentiary Ambassador of Nigeria to the State of Qatar; has asked for cooperation between the two nations to promote Nigerian culture in Qatar. The Nigerian…
Even with Dangote and NNPC Refineries, Petrol Will Sell Above N400/Litre.
An analysis of oil prices, import duties, and refinery contracts shows that even if the Dangote Refinery and those controlled by the Nigerian National Petroleum Company Limited (NNPC) come online,…
Oil Prices Fluctuate Due To Russian Supply Concerns And Economic Troubles.
Oil prices varied drastically as the market tried to balance demand concerns; about the impending recession with fears that Russia might cut off all oil and gas supplies. After Russian…
Capital Inflows Were 23% Lower Due To Insecurity And The FX Crisis.
Capital importation into Nigeria reduced by 23% due to insecurity and the ongoing foreign exchange crisis. The total amount of foreign investments in a economic entity over a specific time…
Foreign-owned Operators Demand For Dollar Payments Is Putting Local Telecoms Players Out Of Business.
Smaller and domestic players are allegedly being prevented from expanding; because foreign telecoms companies insist on being paid in dollars and other hard currencies. Godwin Emefiele, the Governor of CBN,…
Currency In Circulation Decreases To N3.24 trillion
Currency in circulation refers to the amount of cash–in the form of paper notes or coin within a country; that is physically use to conduct transactions between consumers and businesses.…
Oil And Gas Equities In Nigeria In August 2022.
For the ninth straight quarter, the oil industry has seen negative growth, shrinking once more in Q2 2022 by -11.8% y/y after a more severe contraction of -26% y/y in…
Nigeria FG To Take Production Data From Oil Companies And Installs New Flow Meters.
Nigeria has wasted billions of dollars in potential revenue due to underreported volumes by relying solely on operator data; not just because it is unable to determine how much is…
Google Has Confirmed That It Will Provide $4 Million To 60 Startups In Africa.
Google revealed that it had chosen 60 qualified businesses from throughout Africa. They are to receive $4 million in funding to help them scale up their current work. The top…
In Q2 2022, Nigeria’s GDP Was Boosted By The ICT Industry By 18.44%.
The second quarter of 2022 saw an increase in Nigeria’s gross domestic product (GDP) growth from the first quarter; which was 3.11% to the second quarter, as measured in real…
Binance Teams Up With Nigerian Authorities to Launch A Digital Economy.
Binance, a major cryptocurrency exchange, is growing its influence in Africa by partnering with Nigerian officials; to create a digital economic zone akin to Dubai. Adesoji Adesugba, the managing director…
Another nationwide strike is imminent in the power sector.
There are signs of a new strike approaching, after the recent country’s blackout was suspended. The government is allegedly unwilling to resolve the issue of unpaid rights to former employees…
Exxon and Shell Announce The Sale Of A Significant Dutch Gas Partnership.
Shell (SHEL.L) and Exxon Mobil (XOM. N) have listed one of Europe’s largest and oldest natural gas production projects for sale, banking on rising energy prices amid Russian tensions to…
21.co, A Cryptocurrency Company, Raises $25 Million And Is Valued At $2 Billion.
The parent company of 21Shares and provider of cryptocurrency investment products, 21.co, announced that it had raised $25 million in a financing round headed by Marshall Wace, valuing the company…
Nigeria’s 1.826mb/d Output Has Been Approved By OPEC.
The Organization of Petroleum Exporting Countries has given Nigeria permission to produce 1.826 million barrels per day for the forthcoming month (OPEC). The organization (OPEC) plans to produce a total…
USDC, USDP, And TUSD Will Be Delisted By Binance And Converted Into Its Own Stablecoin.
Binance stated that it would stop trading spot pairs like as USDC, USDP, and TUSD on September 29. It also stated that the minimum amount for manual conversion is 1…
Bitcoin Struggles To Remain Above $20,000 As Crypto Investor Loses $2 Million On OKex.
The narrowest range for Bitcoin trading since October 2020 occurred, with a range of just 5.4%. Nearly 40% of the market value of all crypto assets is made up by…
Fuel Shortage Is Coming as IPMAN Poses a Supply Threat.
The chairman, Alhaji Yahaya Alhassan, announced the suspension of supply of the commodity from the depot. He made this announcement to a press crew in a depot at Maje, Suleja…
First Inhalable COVID-19 Vaccine Approved in China.
CanSino Biologics, a business based in Tianjin, has developed the first inhalable COVID-19 vaccine, which Chinese medicine regulators have approved. This news has increased the stock price of the company…
Liz Truss Wins Vote To Be Next British Prime Minister.
UK Foreign Secretary Liz Truss is the next prime minister and leader of the ruling Conservative Party. Truss promises to move on with tax cut promises and address a worsening…
Nigeria’s Foreign Reserves Decrease To $39billion In August 2022 Due To Forex Crisis.
The decline in foreign reserves comes amidst over $100 crude oil average price in August; against a benchmark of $62 per barrel set by the Federal Government for the N17.12trillion…
Turkey’s Inflation Exceeds 80%
According to figures released, Turkey’s annual inflation increased to 80. 21% in August, somewhat less than expected; after the central bank unexpectedly reduced interest rates and exacerbated a nearly one-year-old…
PenCom Revises The Regulations Governing Retirement And Gratuity benefits.
The Revised Regulation includes a new pension augmentation to address the problems associated with its implementation. Pension augmentation under the CPS was a policy concern prior to this amendment. The…
98.75 million SIM Cards Are Not Used By Subscribers.
According to recent industry statistics from the Nigerian Communications Commission, 98. 75 million registered SIMs belonging to telecom consumers were left unused in the month of July. The total SIMs…
Prices Of Oil Increase By More Than $2.
Investors were anticipating probable actions by OPEC+ producers to reduce output and support prices, which led to an increase in oil prices of more than $2 per barrel. Brent crude…
News Update On Russia and Ukraine.
The impact of rising energy costs on the continent was address by European leaders, while also reporting success in a counteroffensive against Russian forces. European gas buyers already grappling with…
We Are Prepared For Audit, According To Petrol Supply Data, Says NNPC.
A forensic examination of the import and supply of Premium Motor Spirit has been welcomed by the Nigerian National Petroleum Company Limited. The Group General Manager, Garba Deen Muhammad, said…