Business

The Transmission Company of Nigeria (TCN) has officially announced that Nigeria supplies electricity to neighboring countries, including Togo, Benin Republic, and Niger Republic. TCN's Chief Executive Officer, Sule Abdulaziz, confirmed to news outlets that these nations receive power from Nigeria on a 24-hour basis and are compensating the country for the service. Concerning the frequency of grid collapses in Nigeria, Abdulaziz in his statement, attributed these disruptions to aging infrastructure […]

Nigeria’s petrol imports have dropped significantly in early October as the Dangote Refinery boosts its production to meet local demand. This information comes from an S&P Global Commodity Insights ship-tracking report released on Tuesday. The report shows a dramatic decrease in petrol imports. In the first week of October, only 280,400 barrels of gasoline and blend stock entered Nigeria through a single Medium-Range vessel, a sharp contrast to August’s weekly […]

The Minister of Power, Adebayo Adelabu on Wednesday stated that there is a need to have power grids in different regions or states to put an end to incessant grid collapses. The minister stated this when he unveiled Hexing Livoltek, an electricity meter manufacturing company in the Lekki area of Lagos State. According to Adelabu, grid collapses are almost inevitable in Nigeria given the deplorable state of the country’s power […]

Nigeria’s crude oil exploration slowed year-on-year in September 2024, due to low investment in the upstream petroleum sector, according to a newly released report by the Organisation of Petroleum Exporting Countries (OPEC) Data provided by Direct Sources, according to OPEC, said crude oil production dropped marginally from 1,352 million barrels per day in August to 1, 324 million barrels per day in September 2024. In the latest October 2024 Monthly […]

The Coalition for Energy Reforms and Good Governance Advocacy on Sunday called on the Nigerian National Petroleum Company Limited, NNPCL to remove hidden levies and charges on Premium Motor Spirit, PMS, better known as petrol, locally sourced from the Dangote Petroleum Refinery. The coalition said the removal of the levies and charges would make the product affordable for Nigerians and end the worsening hardship being faced by citizens. This was […]

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has acknowledged that with the full deregulation of petrol pricing and the withdrawal of NNPC Limited as the sole off-taker from the Dangote Refinery, marketers are now free to source products from various suppliers, including through imports. An industry expert noted that the NNPC no longer deals directly with associations like IPMAN, but rather with companies that have applied and paid for […]

The Federal Ministry of Solid Minerals Development, has given its fact-finding committee a seven-day ultimatum to evaluate the impact of gold mining site operations on Osun State communities. The Minister of Solid Minerals Development, Dele Alake, disclosed this on Wednesday, October 9, 2024 through his X page. This comes just four days after the minister cautioned the Osun State Government against jeopardizing the Federal Government’s efforts to attract Foreign Direct […]

A recent audit report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the debt owed by oil companies to the Federal Government has escalated to $6.175 billion. The report, released on Friday in Abuja, indicates that as of August 31, 2024, unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) totaled $6.071 billion and ₦66.4 billion. Additionally, as of June 2024, […]

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to eligible Bureau De Change operator across the country. This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, J. Kanya, on Wednesday. Kanya noted that the sales will help operators meet retail market demand for eligible invisible transactions. The latest intervention of the central […]