Under the Presidential Compressed Natural Gas Initiative (P-CNGi), the Federal Government on Thursday unveiled a list of locations where owners of petrol and diesel-powered vehicles can convert them to compressed natural gas (CNG) for free. Michael Oluwagbemi, the P-CNGi Chief Executive and Programme Director, revealed this after concluding contracts with […]

The World Bank has disbursed $751.88 million to Nigeria from a recently approved $1.5 billion loan. According to findings by Nairametrics, the amount was disbursed under the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET), Development Policy Financing Program (DPF) project. This loan project is a part of the […]

The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3.1 percent in 2024 — down from a 3.3 percent projected in April. The downgrade is 0.2 percentage points below the prior forecast. In its July 2024 World Economic Outlook released on Tuesday, IMF said a […]

The Naira yesterday depreciated to N1,555 per dollar in the parallel market from N1,545 per dollar last week Friday. Similarly, the Naira depreciated to N1,577.29 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,577.29 per dollar from […]

Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), gives its own figure contradicting that of the National Bureau of Statistics, NBS, by a wide margin. The NBS had released its Consumer Price Index, CPI, for June 2024 reporting […]

Following the mechanical completion of the Old Port Harcourt Refinery in December, last year, a total of one million barrels of crude oil has been supplied to the plant by the Nigerian National Petroleum Company Ltd as refining of petroleum products from the facility is set to commence. Daily Trust […]

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Dr Ogbonnaya Orji, has disclosed that the country lost $1.84bn worth of petroleum products from refineries in nine years. Orji stated this on Monday at the opening ceremony of the 2024 NEITI board retreat/meeting in Lagos. According to him, 4.2 […]

The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery. Dangote disclosed this during a press briefing at the refinery on Sunday. The business mogul revealed that the Nigerian oil company […]

The National Petroleum Corporation (NNPC) has reacted to reports that its stake in Dangote refinery reduced from 20% to 7.2%. On Sunday, the Chief Executive officer of Dangote Group, Aliko Dangote in a press conference in Lagos revealed that NNPC’s 20% stake in the company’s refinery had dropped to 7.2%. […]