Oando Clean Energy (OCEL) Boosts Nigerian Electric Vehicle Efforts with Purchase of 100 EVs
Oando Clean Energy (OCEL), the renewable energy subsidiary of Oando Energy Resources, is supporting the Nigerian government’s electric vehicle (EV)…
Category: Local
Implementation Challenges Stalling Gains from Nigeria’s Petroleum Industry Act (PIA)
Despite the enactment of the Petroleum Industry Act (PIA) over two years ago, at least 60% of Nigeria’s oil prospecting…
Naira Hits Record Low, PIA Implementation Challenges, and Economic Indicators to Watch
The Nigerian Naira faces a record low in official trading, weakening by 23% to N1,099 per dollar. Meanwhile, challenges in…
Economic Intelligence Unit Predicts Naira’s Future, Dangote Refinery Impact, and Inflation Outlook
The Economic Intelligence Unit (EIU) offers insights into the future of Nigeria’s economy, making predictions on the Naira’s exchange rate,…
FCMB Group Reports 75.7% Increase in Gross Revenue for First Nine Months of 2023
FCMB Group, a prominent financial services holding company in Nigeria, has released its financial statements for the first nine months…
Dangote Refinery Set to Receive First Crude Oil Cargo for Production of Petroleum Products
The Dangote Refinery, located on the outskirts of Lagos, is gearing up for the commencement of production as it prepares…
Equinor Sells Nigerian Business, Including Agbami Oil Field Stake, to Chappal Energies
Norwegian energy company Equinor has completed the sale of its Nigerian business, including its stake in the Agbami oil field,…
NIBSS Directs Banks to Disconnect Switches, Payment Solution Providers, and Super Agents from NIP Outward System
The Nigeria Inter-Bank Settlement System (NIBSS) has issued a directive instructing banks to disconnect Switches, Payment Solution Service Providers (PSSPs),…
Federal Allocation to States and Local Governments Projected to Increase by 109.74% to N14.04tn in 2024
The Federal Government’s revenue projections in its Revised 2024 – 2026 Medium-Term Fiscal Framework indicate that federal allocation to states…
Shale Oil Resurgence Sparks Concerns for Nigeria and OPEC Amid Budget Reliance on Oil Revenue
The resurgence of shale oil production in the United States is causing concerns for Nigeria and other oil-producing nations, reminiscent…
Nigerian Students Abroad Face Racism, Struggles, and Resilience in Pursuit of Education
Introduction: Nigerian students pursuing education abroad face challenges ranging from racism and hostilities to systemic biases. Despite encountering hardships, many…
Nigeria’s Economy Records Higher Net Foreign Exchange Inflow Amid Reserve Decline
Nigeria experienced a higher net foreign exchange (FX) inflow in August 2023, driven by increased autonomous sources. While the data…
Equinor Sells Nigerian Business to Chappal Energies in $2.85 Billion Deal
Norwegian energy company Equinor has finalized the sale of its Nigerian business, including its 53.85% ownership in the Agbami oil…
Procter & Gamble Announces Plan to End On-Ground Operations in Nigeria, Shift to Import-Only Model
Consumer goods giant Procter & Gamble (P&G) has revealed its intention to dissolve on-ground operations in Nigeria and transition the…
Banks with International Authorization Show Capital Adequacy Ratio Below Regulatory Threshold – Banking Regulator
According to the second-quarter report on financial soundness indicators released by the banking regulator, some banks with international authorization are…
NNPC Signs Agreements for LNG Projects, Targeting Domestic and International Markets
The Nigerian National Petroleum Company Limited (NNPC) has announced the signing of two significant agreements aimed at delivering Liquefied Natural…
Nigeria Signs Bilateral Air Services Agreement with Kuwait, Explores Similar Deal with Iran
The Federal Government of Nigeria has taken a significant step to strengthen trade, tourism, and economic ties with Kuwait by…
Ghana Revenue Authority Denies Acquiring US$75 Million Loan Amidst Parliamentary Inquiry Calls
The Ghana Revenue Authority (GRA) has strongly refuted claims made by MP Isaac Adongo that it accessed a US$75 million…
Nigeria’s Foreign Reserves Dip by $4.07 Billion in 11 Months, Hits $33 Billion
Nigeria’s foreign reserves experienced a substantial decline of $4.07 billion in the first 11 months of 2023, settling at $33…
World Bank President Urges Record Funding for IDA to Meet Growing Demands
World Bank President Ajay Banga has called on member countries to make the next replenishment of the International Development Association…
Nigerian President Orders Probe into Deadly Military Drone Attack in Kaduna”
Nigeria’s President Bola Tinubu has ordered a comprehensive investigation into a military drone attack over the weekend that resulted in…
Controversial Pricing Shift Raises Concerns Over Nigeria’s Oil Revenue Stability
The Nigerian National Petroleum Corporation (NNPC) is implementing a contentious shift in how it prices its crude cargoes, causing uncertainty…
Increased Fuel Prices Lead to Soaring Interstate Travel Costs for Nigerian Holidaymakers
Holidaymakers in Nigeria, especially those travelling from major cities like Abuja and Lagos to their country homes, are facing higher…
Soaring Diesel Prices Hit Container Haulage, Threaten Christmas Shopping in Nigeria”
As the Christmas season approaches, shoppers in Nigeria face the threat of struggling to purchase goods due to the impact…
EFCC Presents N76.586 Billion Budget to House Committee, Citing Need for Vigilance and Expanded Operations
The Economic and Financial Crime Commission (EFCC) defended a budget of N76.586 billion for the next financial year, 2024, before…
Senate Summons Nigerian Ports Authority Over Terminal Operators’ $1.85 Billion Debt”
The Senate Public Accounts Committee has summoned the Nigerian Ports Authority (NPA) to provide explanations for the outstanding funds owed…
Mounting Pressure on NNPC as December Deadline for Port Harcourt Refinery Nears
With only 26 days remaining until the end of December, the Nigerian National Petroleum Corporation (NNPC) faces escalating pressure to…
Nigeria’s Trade Surplus Hits 5-Year High Amid Naira Devaluation
Nigeria’s trade surplus has reached its highest point in five years and three months, driven predominantly by the devaluation of…
COP28 President’s Controversial Stance on Fossil Fuels Sparks Outcry
Sultan Al Jaber, president of the COP28 Climate Summit, has ignited controversy by dismissing the scientific consensus on the necessity…
Sharp Surge in Dollar Inflow Through CBN: July 2023 Economic Report”
In July 2023, the Central Bank of Nigeria (CBN) witnessed a substantial surge in dollar inflow, marking a notable increase…