Nigeria, China trade volume hits N2.9trn

01 April 2016, Abuja — The trade volume between Nigeria and China has reached N2.9 trillion. This was disclosed during a courtesy visit by the Chinese ambassador to Nigeria, Xiaojie Gu, to the Minister of Science and Technology, Dr. Ogbonnaya Onu in Abuja. According to the envoy, the latest trade volume was recorded as at the […] More »

NNPC targets 650,000b/d refining capacity

In a statement signed by Mr Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, in Abuja, the NNPC said it was committed to boosting the nation’s refining capacity which in turn would put an end to perennial fuel scarcity in the country. More »

IMF cuts Nigeria’s growth forecast again amid crude price slump

In its annual review of Nigeria's economic situation, the IMF said that gross domestic product growth would slow to 2.3 percent in 2016 from an estimated 2.7 percent in 2015. In February, after IMF officials visited the country, the Fund had forecast 3.2 percent growth for Nigeria in 2016. More »

NNPC withheld 66% of sales proceeds in 2nd half of 2015 – Report

The report which was released on Thursday, noted that what the Corporation retained for the period under review was 12 per cent higher than what it retained between 2013 and 2014. More »

Solid minerals road map will grow sector, economy – Fayemi

Receiving the report of a 16-man committee on the road map which he inaugurated a month ago, Fayemi said that the map would enable the nation to embark on sustainable development journey for the mining and metal sector. More »

OPEC daily basket price close at $34.33/b

01 April 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $34.33 a barrel on Thursday, compared with $34.91 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

Nigeria: Collapsed power systems restored

Dramatic collapses are not altogether strange in the Nigerian power sector, but nothing matches the number of system failures that have occurred in the sector over the past few months, throwing large swathes of the country into darkness every now and then. More »