Commodity Market Concentration Poses Threat To Wider Economy – FSB The pandemic and war in Ukraine highlighted weaknesses in commodity markets where a ‘significant’ concentration of firms, banks, exchanges and clearing houses threatens to transmit losses to the wider economy, the Financial Stability Board (FSB) has stated. G20’s financial watchdog, FSB, noted that a deep…
Nigeria records lowest Oil GDP since 2015 Data from the National Bureau of Statistics (NBS) shows that the 2022 oil GDP is the lowest since 2015. This comes even as oil prices trading at an average of $101 per barrel, the decline in oil production in 2022 exposed the fragile state of Nigeria’s oil sector,…
Mainstream Energy Solutions named Winner of 700MW Zungeru Power Plant Concession The Federal Government of Nigeria, has announced Mainstream Energy Solutions Limited as the preferred bidder for the concession of the 700 megawatts Zungeru Hydroelectric Power Plant for a fee of $70,000,251 per year for a period of 30 years. It also disclosed the approval…
Ghana Gold for Oil Programme: Only OMCs with 45 Outlets will benefit from Oil Consignment Ghana’s National Petroleum Authority (NPA) has stated that the second consignment of petroleum products that have arrived in the country under the government’s Gold for Oil programme will be sold to Oil Marketing Companies (OMCs) that have not less than…
FG Seeks collaboration of GoG Countries to harness Region’s Maritime Potential Federal Government has expressed commitment to regional maritime development, which is premised on cooperation of African countries in the Gulf of Guinea (GoG) to ensure optimisation of regional maritime potential. This comes as the Nigerian Maritime Administration and Safety Agency (NIMASA) has provided technical…
FG Targets N29trn from Revived Crude Oil Wells The federal government is targeting more than N29 trillion from the revived shut-in crude oil wells, which are estimated to produce about 2.1 million barrels of oil per day. Data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja showed that about 900,000 barrels of…
1.8 billion litres of Petrol available for February and March – NNPC The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) says it has 1.805 billion litres of petrol in stock. Its spokesman, Garbadeen Muhammad, stated in Abuja that the volume of petrol in stock would last for 30 days. He disclosed that 805.35 million litres…
Zimbabwe-Rwanda U.S.$800 Million Energy Deal On Course Zimbabwe and Rwanda have made significant progress on the rural electrification programme with modalities for rolling out the US$800 million project almost complete. Last year, President Mnangagwa announced Rwanda had agreed to help Zimbabwe to fund the rural electrification programme to improve the lives of people residing in…
NIMASA DG Installed as the “Baatona” of Akure Kingdom The Deji of Akure, Oba Aladetoyinbo Ogunlade Aladelusi, Odundun II has installed the Director General of the Nigerian Maritime Administration and Safety Agency, (NIMASA), Dr Bashir Jamoh (OFR) as the Baatona of Akure Kingdom. According to the Honourable Minister of State Transportation, Prince Ademola Adegoroye, the…
OPEC+ Calls for Increased investment in the Oil Industry The Organisation of Petroleum Exporting Countries (OPEC+), is calling for increased investment in hydrocarbons. Haitham al-Ghais, secretary general of OPEC+, urged countries and companies to invest more in the oil industry to meet “the world’s future energy needs”, as reported by Bloomberg. He stressed that climate…
