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Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Oil production: Nigeria leads Q1 shortfall, World Bank cites sabotage

The World Bank has said Nigeria has the largest shortfall among oil-producing countries due to sabotage within the oil production system and other factors, such as low investments and the COVID-19 pandemic. According to the bank, Nigeria has a shortfall of 500,000 barrels per day, while Angola and Russia both have a shortfall of 300,000 […]

US deficits projected $1trn higher over next decade
Uncategorized

Economic crisis worsens as forex inflows fall by $9.58bn

Foreign exchange inflows into the economy declined in the fourth quarter of 2021, owing to lower receipts from the Central Bank of Nigeria and autonomous sources. This is an indication of a worsening crisis for a forex-strapped economy. The latest figures from the Central Bank of Nigeria’s quarterly report on “Foreign Exchange Flows through the […]

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Ikoyi bridge: Lagos makes case for toll collection

The Lagos State Government has made its case for its legal right to collect tolls on the Lekki-Ikoyi Link Bridge, stressing that tolling on the link bridge is lawful. The state Attorney-General and Commissioner for Justice, Mr Moyosore Onigbanjo, (SAN) said this in a statement on Tuesday. Onigbanjo faulted what he described as the erroneous […]

Banking

10 banks raked in N1.57tn interest income in 2021 – Reports

Ten Deposit Money Banks in Nigeria earned a total of N1.57tn in net interest income last year, up from N1.49tn as of December 31, 2020. They are Union Bank Plc, Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema Bank, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank, United Bank of Africa and Zenith […]

X to offer paid users xAI chatbot - Musk
Technology

Twitter: Musk mulls free speech after $44bn purchase

Elon Musk has agreed a deal to buy Twitter for about $44bn. This was confirmed on Monday after Twitter agreed to be taken over at $54.20 a share. Speaking on the motivation behind the deal, Musk revealed that he intends to transform the platform by taking it private. In a statement announcing the deal, he […]

News

Nigeria has 70% road infrastructure deficit, says minister

The Minister of Mines and Steel Development, Olamilekan Adegbite, has disclosed that Nigeria has about 70 per cent road infrastructure deficit while stressing the need for the country to boost local bitumen production. According to the minister, only 50,000km out of 200,000km of road networks are paved in the country. The minister disclosed this in […]

Agribusiness

Over $10bn food production at risk in Nigeria, others –AfDB

The African Development Bank Group President, Dr Akinwumi Adesina, says a fertiliser crisis triggered by the Russian war in Ukraine could put more than $10bn worth of food production at risk in Africa. He said this during a three-day official visit to Washington DC, which included several bilateral engagements with stakeholders on African development. This […]

News

Rising insecurity, naira fall worsening business environment – NGF

The Director-General, Nigeria Governors’ Forum, Mr Asishana Okauru, says worsening insecurity and currency depreciation have been adversely affecting the business environment and taxable income in Nigeria. The NGF DG, who was represented by the Senior Programme Manager, NGF/SFTAS, Mr Lanre Ajogbasile, said this during a presentation at a workshop in Abuja organised by the States’ […]

FG owes road contractors over N11tn – Fashola
Transportation

FG shortlists bidders for 12 highways in Lagos, Kano, others 

The Federal Government on Monday announced that it had identified preferred/reserved bidders for 12 federal highways up for concession under the Highway Development and Management Initiative. It said this was following the conclusion of the evaluation of the proposals submitted for phase one of the value-added concession under the HDMI. The HDMI is a PPP […]

Debt
Economy

Manufacturers borrow N1.03tn from banks, debts hit N4.2tn

Operators in the nation’s manufacturing sector saw their combined debt to Nigerian banks rise to N4.19tn in January 2022. This is as they borrowed the sum of N1.03tn between January 2021 and January 2022. This implies that banks’ credit to the sector increased by 32.79 per cent in the one-year period from N3.16tn as of […]

Transportation

NURTW crisis: Caution Baruwa, ex-union leaders tell NLC

Some former leaders of the National Union of Road Transport Workers Union in the South-West zone have asked the Nigeria Labour Congress to call the National President of the union, Tajudeen Baruwa, to order. The ex-union leaders, in a letter dated April 23, 2022, accused Baruwa of attempting to cause a breach of peace in […]

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Power generation dropped 43mw after worker's strike - FG
Electricity

Discos reject 2,495.3MW in one week – Report

A total of 2,495.3 megawatts of electricity was not utilised nor distributed by power distribution companies in one week, despite the demand for electricity nationwide, industry data obtained from the Federal Government’s power company on Sunday showed. In the Transmission Company of Nigeria’s latest report on national grid performance: TCN-Discos Interface from April 2 to […]

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