Lagos State Government to Transform Kotangowa Market into World-Class ICT Hub. The Lagos State Government (LASG) has reaffirmed its commitment to the development of Kotangowa ICT market into a world-class marketplace, aiming to position it as a hub for Information and Communication Technology (ICT) activities. This declaration was made by the Special Adviser to the…
Nigeria to Phase Out Electricity Subsidy by 2027. The Nigerian government has unveiled its strategy to gradually phase out electricity subsidies by 2027, citing the immense financial strain of sustaining the current subsidy system. Power Minister Adebayo Adelabu revealed that subsidizing the sector has cost the government approximately N2.9 trillion in the first quarter of…
Downstream Expert Criticizes Dangote’s Diesel Price as Exploitative Amid Product Lifting Commencement. Amid the commencement of product lifting of Automotive Gas Oil (diesel) from the Dangote refinery by major petroleum products marketers, Dr. Joseph Obele, a respected Stakeholder and Downstream Expert, has voiced criticism over the refinery’s diesel pricing strategy. Dr. Obele, a lecturer at…
AEDC Fined ₦200 Million for Tariff Violation. In a significant development, the Nigerian Electricity Regulatory Commission (NERC) has penalized the Abuja Electricity Distribution Company (AEDC) with a hefty fine of ₦200 million for non-compliance with tariff regulations. The fine stems from AEDC‘s improper implementation of a recent tariff increase, which was meant to apply exclusively…
APC NWC Member Criticizes Electricity Tariff Hike, Alleges Influence of Gencos and Discos Owners. Nze Chidi Duru, a prominent member of the All Progressives Congress (APC) National Working Committee (NWC), has launched a scathing attack on the recent surge in electricity tariffs, attributing the hike to the undue influence of powerful stakeholders associated with Generating…
PETAN Pledges Support for Nigeria’s Oil and Gas Production Expansion. The Petroleum Technology Association of Nigeria (PETAN) has reaffirmed its commitment to supporting the efforts of the Bola Tinubu-led administration in enhancing Nigeria’s oil and gas production to maximize its value. Chairman of PETAN, Mr. Wole Ogunsanya, made this affirmation during a courtesy visit by…
Nigeria Grapples with Aging Infrastructure in Power Sector, Minister Reveals. In a recent inter-ministerial briefing held in Abuja, Minister of Power, Adebayo Adelabu, highlighted the pressing issue of Nigeria’s aging power infrastructure, revealing that some transformers installed as far back as the 1960s are still in use in certain parts of the country. During the…
Orosanye Report Suggests NIWA May be Scrapped The National Inland Waterways Authority (NIWA), headquartered in Lokoja, Kogi State, is set to be dissolved following recommendations from the Steve Oronsaye report. The report suggests transferring NIWA’s functions to both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA). Under the proposed…
Brent Settles Above $90 for First Time Since October Amid Geopolitical Tension. Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts. Brent futures for June rose above $91 a barrel before settling up $1.30, or 1.5%, to $90.65. U.S….
NERC Approves 300% Tariff Increase for Band A Electricity Customers. The Nigerian Electricity Regulatory Commission (NERC) has authorized an increase in electricity tariffs specifically for consumers falling under Band A classification. This decision, sanctioned by NERC, translates to a significant 300% surge in electricity rates for Band A consumers nationwide. In a press statement issued…
