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Illegal refineries once supplied all diesel consumed in Nigeria – Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr. Mele Kyari, has revealed that illegal refineries once supplied the entirety of diesel consumed in Nigeria. He made this statement during an interview on Channels Television’s Business Morning program, where he discussed efforts to address insecurity and crude oil theft in the […]

News

Nigeria’s external debt may reach $50bn in new DMO data

Nigeria’s external debt stock is projected to reach $50 billion as the Debt Management Office prepares to release its third quarter 2024 public debt data. As of March 31, 2024, Nigeria’s total public debt stood at N121.67 trillion ($91.46 billion), with domestic debt at N65.65 trillion ($46.29 billion) and external debt at N56.02 trillion ($42.12 […]

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NNPC begins N15bn refund to oil marketers

Oil marketers have announced that the Nigerian National Petroleum Company Limited has initiated the refund process for the N15 billion owed to its members. This development comes as the Independent Petroleum Marketers Association of Nigeria previously reported that its members had made these payments to NNPC for petrol supply, according to Arise News. Despite the […]

News Oil and Gas

Petrol prices could fall as marketers buy from Dangote – IPMAN

The National Secretary of the Independent Petroleum Marketers Association of Nigeria, James Tor announced that petrol prices could drop as the federal government has permitted marketers to purchase fuel directly from Dangote Refinery and import from other sources. Tor made this statement in an interview while speaking on the recent deregulation effort by the federal […]

News

Foreign capital inflows from BRICS surge by 189% – NBS

Nigeria’s foreign capital inflows from BRICS nations have experienced a remarkable surge of 189% in the first half of 2024, reflecting the country’s strategic efforts to secure membership in the expanded BRICS coalition. Data from the National Bureau of Statistics indicates that capital importation from BRICS countries climbed from $438.72 million in the first six […]

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Lagos targets $3m investment for startups at GITEX global 2024

The Lagos State Government announced its aims to secure $2 to $3 million in investments for Nigerian startups at GITEX Global 2024 in Dubai. This was disclosed by the Commissioner for Innovation, Science, and Technology, Mr. Tunbosun Alake, in a recent interview, referencing the success of Nigerian startups at last year’s event, according to Nairametrics. […]

Renewable energy jobs hit 16.2m, study reveals
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Renewable energy jobs hit 16.2m, study reveals

A new report has revealed a remarkable surge in jobs within the renewable energy sector, reaching 16.2 million in 2023—the highest annual growth rate recorded. The “Renewable Energy and Jobs—Annual Review 2024,” released by the International Renewable Energy Agency and the International Labour Organization, highlights an 18% increase from 13.7 million jobs in 2022, driven […]

Cooking gas price hits N1,500 per kg
News

Cooking gas price hits N1,500 per kg

As Nigerians grapple with soaring petrol prices, the cost of Liquefied Petroleum Gas has surged to N1,500 per kilogram. Suresh Kumar, Managing Director of NIPCO Plc, expressed optimism that the forthcoming Dangote refinery and other domestic refineries could help lower cooking gas prices. Currently, over 60% of LPG consumed in Nigeria is imported. Recent checks […]

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FG unveils tax payment in instalments

The Federal Government has introduced a new tax payment option that allows individuals to pay their taxes in installments. This proposal is included in the Nigeria Tax Bill 2024, which was recently submitted to the National Assembly for consideration and approval. Under this new provision, taxpayers will have the flexibility to meet their tax obligations […]

News

Govt implements 88 safety standards for CNG vehicles

The Federal Government has announced the adoption of 88 international standards for Compressed Natural Gas products, aimed at enhancing the rollout of various CNG initiatives across the country. This move is designed to facilitate the smooth implementation of CNG systems in vehicles and ensure the use of quality products in Nigeria. The Director-General of Standard […]

News

IPMAN to discuss Petrol lifting agreements with Dangote on Tuesday

The Independent Petroleum Marketers Association of Nigeria is set to engage in discussions with Dangote Petroleum Refinery between Tuesday and Wednesday to finalize agreements regarding the cost and lifting of petrol from the facility. Reports indicate that the Petroleum Retail Outlet Owners Association of Nigeria has been asked by the $20 billion Lekki-based refinery to […]

News

FG to ground over 60 private jets over unpaid duties

The Federal Government, through the Nigerian Customs Service is set to ground over 60 private jets owned by prominent individuals due to unpaid import duties amounting to billions of naira. It is reported that the enforcement action by the Nigerian Customs Service will begin on Monday, according to The Punch. This follows communications between the […]

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