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Tag: Nigeria

Crude hits $83 as Nigeria's export passes 1.4mbpd
Oil and Gas

Crude hits $83 as Nigeria’s export passes 1.4mbpd

Data from the Federal Government indicates Nigeria’s oil output surged to 1,426,574 barrels per day in January 2024. This news caused the global benchmark for crude, Brent, to rise to $83.19/barrel on Tuesday evening, moving up $1.19 from its overnight price. The PUNCH stated that, Nigeria would receive more foreign cash due to the small […]

Nigeria to end gas flaring by 2030 - NUPRC
News Oil and Gas

Nigeria to end gas flaring by 2030 – NUPRC

Preparations are in place by the Nigerian Upstream Petroleum Regulatory Commission to terminate gas flaring by 2030. The Punch stated that this was revealed during a lecture given by NUPRC Chief Executive Officer, Gbenga Komolafe, during the 8th Sub-Saharan Africa International Petroleum Exhibition and Conference, which took place in Lagos. Komolafe claimed that the NUPRC […]

FG plans naira payment for local gas operators
Business

FG plans naira payment for local gas operators

By Melvin Onwubuke The Federal Government has said it is putting measures in place to stop gas producers from collecting dollars in payment for local gas supplies to local operators. The Minister of Power, Adebola Adelabu, who made this known in post on his X handle, said it was crucial to find innovative solutions to […]

Why affordable housing can't be realistic in Nigeria - Developers
Real Estate

FMG boosts efforts to fulfil housing demands

In order to satisfy Nigerians’ need for housing, the Federal Mortgage Bank of Nigeria has stated that it is prepared to restructure and reorganize its operational activities. According to The Punch, a promise was made by the bank’s managing director, Madu Hamman, during its 2024 Management Retreat, which took place on Friday in Niger State.”Transformational Innovation […]

Court upholds NMDPRA's authority to impose statutory taxes
News

Court upholds NMDPRA’s authority to impose statutory taxes

The Nigerian Midstream and Downstream Petroleum Regulatory Authority’s authority to levy and collect taxes on petroleum products supplied in Nigeria has been upheld by the Federal High Court in the first significant court ruling concerning the Petroleum Industry Act 2021. The PUNCH reported that NMDPRA said in a statement released in Abuja on Sunday that […]

Naira devaluation worsens Nigeria's debt woes
News

FG, agencies collaborate to boost agric exports

The Nigeria Agricultural Quarantine Service and the Nigeria Oil and Gas Free Zones Authority, two Federal Government organizations, have reached an agreement to work together to facilitate trade and protect Nigeria’s agricultural exports and economy. According to The PUNCH, partners in the transaction made this announcement on Sunday in Abuja, claiming that it was the […]

Herbert Wigwe: Huge loss for Nigeria, tweeps mourn Access Holdings CEO
News

Herbert Wigwe: Huge loss for Nigeria, tweeps mourn Access Holdings CEO

Nigerians on X, formerly Twitter, have described the death of the Chief Executive Officer of Access Holdings, Herbert Wigwe, as a huge loss to the country. AMBuisness reported that the 57-year-old business mogul died in a helicopter accident in California near the Nevada border, United States of America. According to reports, this is the state’s […]

PZ Cussons Nigeria Plc has convened an extraordinary general meeting of shareholders following a N73.8 billion loss that reduced the value of its net assets.
Business

PZ Cussons Nigeria’s H1 2023/2024 losses hit N73.8bn

The financial results for the second quarter of the fiscal year 2023/2024, which ended on November 30, 2023, have been released by PZ Cussons Nigeria Plc. According to The Times, When compared to the N9.3 billion pre-tax profit realized in the same time of the previous fiscal year, the company’s pre-tax loss of N73.8 billion […]

Nigeria to produce food worth €62bn by 2024 - Report
News

Nigeria to produce food worth €62bn by 2024 – Report

Nigeria will produce 48 per cent more food, or €62.6 billion, between 2021 and 2024, according to OTACCWA and Fairtrade. The Nigeria Agrofood and Plastprintpack trade exhibition organizers, Fairtrade and OTACCWA, said in a statement that the country’s food output increased from €26 billion in 2016 to €36.3 billion in 2020, a 39.6% improvement. According […]

Nigeria, Germany partner on SME growth
News

Nigeria, Germany partner on SME growth

Nigeria and Germany have decided to work together more closely in order to support the country’s micro, small, and medium-sized businesses. The News Agency of Nigeria reported that the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, made these remarks in Abuja at a bilateral meeting between her ministry and the German Ministry of Economic Development. […]

Equity market loses N92bn as stocks tumbles
News

Nigerian stock market loses N1bn amid downward trend

The market capitalization of the Nigerian Exchange decreased slightly to N55.87 trillion on Wednesday as a result of the muted trading activity. The PUNCH reported that the investors lost N1 billion as the All-Share Index dropped 0.002 percent to 102,106.31 points at the end of trade. Tuesday’s volume of trading was 494.19 million units; on […]

Dangote names Lekki refinery road after Wigwe
Business featured

Dangote refinery fuel delayed by govt – Report

Dangote Petrochemical Refinery’s plan to release aviation fuel and diesel for sale in the Nigerian market in January appears to have been delayed by unfinished business with regulatory authorities. According to The PUNCH, the largest refinery in Africa is still struggling to get through the several levels of regulatory permissions, one week after the management […]

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