NNPC Exploration and Production Limited (NNPC E&P Ltd), NNPC Ltd’s flagship upstream subsidiary, and Natural Oilfield Services Ltd (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO),announce the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State, Nigeria. The production, […]

In continuation of the bid by Governor Peter Mbah Administration to revive and convert Enugu State’s dormant assets to productive assets, the government has signed a N100bn deal with Pragmatic Palms Limited, a subsidiary of Diamond Stripes Limited, to resuscitate the moribund Enugu State United Palm Products Limited, UPPL. The partnership will […]

In 1985, Anthony Anamelechi, a young staff of the North Breweries in Kano bought his first car by entering a Volkswagen showroom in the state and bought a brand-new Volkswagen Santana for N3,000. Then, Anamelechi was on a monthly salary of N250 and N100 overtime wages, which amountedp to N350 monthly and […]

As Nigeria approaches the first anniversary of President Bola Ahmed Tinubu’s administration, the nation stands at a crossroads, grappling with economic policies that have yet to alleviate the hardships faced by its citizens. Despite the government’s efforts to stabilise the economy through various measures, the populace continues to endure the pangs […]

The local currency depreciated further at the official market, on Friday, closing at N1,466.31 to a dollar at the official market, according to checks by Daily Trust. The dollar to naira exchange rate increased by N40 between Thursday and Friday having closed to N1,426 to a dollar, according to the National […]

President Bola Tinubu has instructed the Central Bank of Nigeria to halt the controversial cybersecurity levy policy and conduct a review. This follows the House of Representatives’ resolution last Thursday to request that the CBN rescind its circular mandating all banks to charge a 0.5% cybersecurity tax on all electronic […]

The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024. The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy […]

Nigeria’s reintroduction of a gasoline subsidy months after it was scrapped is expected to guzzle almost half of its projected oil revenue this year, according to the International Monetary Fund. The implicit subsidy will cost Africa’s largest crude producer an estimated 8.43 trillion naira ($5.9 billion) of its projected 17.7 trillion […]

The Central Bank of Nigeria’s latest figures showed an upward movement of the country’s foreign reserves. Specifically, Nigeria’s reserves rose to $32.369 billion as of May 6, 2024, an improvement from a one-month dip of $32.107 billion. According to CBN’s data, the reserves stood at $34.450 billion on March 18 […]

Nigeria spent about 70% of its dollar payments to service external debts between January and March 2024. According to data from the Central Bank of Nigeria (CBN), out of the $1.61 billion in total outflows made during this period, a substantial amount of $1.12 billion was expended on servicing external […]