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World Bank punishes Nigerian firms, individuals for corruption
Economy

Nigeria has low ability to attract investment- World Bank

The World Bank has revealed that Nigeria has a low ability to attract both domestic and foreign investment as the nation’s economic outlook is uncertain. As obtained in a draft report for State Action on Business Enabling Reforms, which is available on its website, the Washington-based bank stated noted that the condition of welfare in Nigeria […]

UAE to supply Germany with gas, diesel
Oil and Gas Uncategorized

UAE to supply Germany with gas, diesel

The United Arab Emirates agreed Sunday an “energy security” deal with Germany to supply liquefied natural gas and diesel as Berlin searches for new power sources to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany”, […]

TotalEnergies to invest $750m in LNG project in Nigeria
Oil and Gas

TotalEnergies boosts Qatar’s gas expansion with $1.5bn

France’s TotalEnergies on Saturday signed a further $1.5 billion investment in Qatar’s natural gas production expansion, which comes as Europe scrambles to find new energy sources to replace Russian supplies. The French energy giant will have 9.3 per cent stake in the North Field South gas project, the first foreign partner in that section of […]

Buhari unveils SDG financing framework
News

Buhari unveils SDG financing framework

The President, Major General Muhammadu Buhari (retd.) has unveiled a national template for advancing its commitment to the Sustainable Development Goals and the nation’s development aspirations. According to Nairametrics, Buhari while launching the Nigeria Integrated National Financing Framework Report on Sustainable Development stated that achieving the SDGs will mean ending poverty and hunger, safeguarding the […]

PenCom workers permitted to use pension for mortgage
News

PenCom workers permitted to use pension for mortgage

The National Pension Commission has started giving workers permission to use 25% of their Retirement Savings Accounts for mortgage. According to The PUNCH, this was disclosed by the agency on Friday via a press statement titled, ‘PenCom approves guidelines on accessing Retirement Savings Account balance, for payment of equity contribution for residential mortgage by RSA […]

News

Toyota shuts Russian factory over supply chain issues

Toyota announced Friday it was closing its assembly line near Saint Petersburg, in a new example of supply chain problems dogging firms operating in the sanctions-hit country. The industrial site spanning over 224 hectares (554 acres) suspended production in March, shortly after the start of Russia’s military operation in Ukraine. “Toyota has decided to stop […]

Pound falls more than 1% after BoE move
Economy

Pound hits 37-year low against dollar

The pound fell to a fresh 37-year low against the dollar Friday as traders grow increasingly worried about the economic outlook with central banks ramping up interest rates to fight runaway inflation. Sterling fell as low as $1.1151 — its weakest since early 1985 — after the Bank of England on Thursday hiked borrowing costs […]

Oil Theft: Nigeria loses $150m every two days
Oil and Gas

EFCC, ICPC should probe oil theft not lawmakers – Falana

Human rights activist and Senior Advocate of Nigeria, Femi Falana said it is not the business of the National Assembly to investigate economic sabotage in the oil sector. Falana who made this revelation on a Channels TV interview monitored by our correspondent on Friday said the probing of economic sabotage in the oil sector is […]

Electricity customers paid N210.17b in three months - NERC
Electricity

Electricity customers paid N210.17b in three months – NERC

Power consumers paid N210.17 billion to distribution companies in the fourth quarter of 2021, according to the Nigerian Electricity Regulatory Commission. This was stated in its Quarterly Report for the Fourth Quarter of 2021, which was released on Thursday, noting that N210.17 billion represented 9.34 per cent of the total electricity bill paid by consumers […]

Nigeria needs debt relief - AfDB
News

Nigeria needs debt relief – AfDB

The President of the African Development Bank, Akinwumi Adesina has said that given the current debt situation of Nigeria, the country needs debt relief. According to The PUNCH, Adesina stated this at the Nigeria International Economic Partnership Forum in New York on Thursday. He explained that financing was important to addressing Nigeria’s development problems. He […]

S.Africa signs wind energy deal to ease power outages
Electricity

S.Africa signs wind energy deal to ease power outages

South Africa on Thursday inked the first three of a series of agreements with independent producers to supply wind energy amid worsening blackouts in the continent’s most industrialised economy. The coal-dependent country picked 25 wind and solar projects to generate a total of 2,583 megawatts, a boost of roughly 4.5 per cent on current capacity. […]

Oil Theft: Nigeria loses $150m every two days
Oil and Gas

600,000 barrels of crude oil stolen daily – NUPRC

The Executive Commissioner, Corporate Services and Administration in Nigerian Upstream Petroleum Regulatory Commission, Mr Jide Adeola, said about 600,000 barrels of crude oil are stolen per day. According to The Punch, Adeola made the revelation during the oil lifting and theft investigation chaired by Senator Akpan Bassey sitting at the Senate on Wednesday. He said, […]