Economy

Godwin EmefieleThe Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has reiterated the need for the country to discontinue with heavy dependence on crude oil to guarantee public revenue and foreign exchange. Emefiele…
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*Nigeria consumes 70% fuel imported into W/Africa Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, has said the only way to stop smuggling of petroleum products from Nigeria is to sell at the same price with…
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Nigeria’s energy sector is about to receive a major boost from huge investment decisions from China, which is eyeing key exploration operations in the oil and gas sector in Africa. According to a Modern Diplomacy report, China has a…
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Nigeria and four other oil producers on the continent could each be facing $20billion or more in lost export revenue this year as global oil demand is estimated never to exceed 2019 levels, with energy markets having reached a tipping…
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Nigeria earned N2.405 trillion from the oil and gas sector in the first six months of 2020 and N2.92 trillion in 2019, totalling N5.32 trillion in one and half years, from January 2019 to June 2020. The N2.405 trillion in the first six…
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Nigeria exported crude oil and gas worth $3.71bn from August 2019 to August 2020, latest statistics released by the Nigerian National Petroleum Corporation have shown. The NNPC also stated that Nigeria’s total crude oil and gas export…
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...Growth to shrink by 3.3% The World Bank has released its Africa Pulse Report 2020, advising oil producing countries in Africa to brace for at least $115 million in output losses this year, just as it predicted that real Gross…
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Nigeria’s President Muhammadu Buhari announced Oct. 8 in his 2021 budget proposal to parliament a lower output target and expected oil price benchmark for next year, as the OPEC member braces for reduced revenues from its key industry. …
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Gas is Nigeria’s new petrol, petroleum minister Timipre Sylva said of the oil-dependent nation’s attempt to diversify and overcome the crude oil price volatility that perennially afflicts its econ­omic growth. He said it way back in…
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Nigeria plans to bar vessels without a valid licence to operate in Nigerian waters and has given shipping companies that trade in its coastal and inland waters three months to register, the maritime regulator said on Sunday. The…
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