Why Nigerian economy is hurting — Chinese centre

29 September 2015, Abuja – The Director, China Cultural Centre, Abuja, Charles Onunaiju has stated that Nigeria could diversify its economy by using what he called the China model which involves growth of local industries and increasing their productivity. Onunaiju explained that the Nigerian economy is hurting because economic experts who served under various governments […] More »

Oil steady after slide

29 September 2015, News Wires – Oil prices remained low in early Asian trading on Tuesday following a slide of almost 3% the previous session, dragged down as concerns over Asia’s economic health mounted and as production remained high. Brent crude futures were at $47.31 per barrel early on Tuesday, down $0.03 from their last […] More »

‎China’s crude oil importation from Nigeria steady – Envoy

Oscarline Onwuemenyi 29 September 2015, Sweetcrude, Abuja – China’s Ambassador Gu Kiaojie says his country’s crude oil importation from Nigeria has been steady in the last five years. Gu, who spoke in an interview with the press, said that contrary to insinuations, “China’s oil import from Nigeria remains steady.” “For the past four to five […] More »

‎Trial of corrupt NNPC staff to begin soon – Buhari

*China to increase investment in Nigeria Oscarline Onwuemenyi, with agency reports 29 September 2015, Sweetcrude, Abuja – President Muhammadu Buhari in New York, United States of America on Sunday stated that the prosecution of those suspected to have looted the treasury of Nigerian National Petroleum Corporation, NNPC, will begin soon. The president also restated his […] More »

NERC insists on commercial rates for power supply to Togo, Benin Republic

Oscarline Onwuemenyi 29 September 2015, Sweetcrude, Abuja – The Nigerian Electricity Regulatory Commission (NERC) on Monday stated that it will find a balance in protecting Nigeria’s economic interests in stable electricity supply and respect for bilateral electricity trade with her two West African neighbours, Togo and Benin Republic. To this end, it advised the Community […] More »

Financial market products & services

29 September 2015, Sweetcrude, Lagos – Local and international financial market products and services update. NIGERIA: The Federal Government, in a bid to attain robust external reserves, is planning to increase the amount in the Excess Crude Account from the current balance of $2.25bn to $3.95bn next year. It is also targeting fresh private sector […] More »

OPEC daily basket price close at $43.54/b

29 September 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 43.54 dollars a barrel on Monday, compared with $43.76 the previous Friday, 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), […] More »