Oil Sector’s Contribution to Nigeria’s GDP Drops to 5.70% in Q2 2024 The oil sector’s contribution to Nigeria’s Gross Domestic Product (GDP) fell from 6.38% in the first quarter of 2024 to 5.70% in the second quarter, according to data released by the National Bureau of Statistics (NBS). This decline comes despite a 3.53% growth…
Nigeria’s Oil Production Rises to 1.3 Million B/D in July Nigeria’s oil production saw a boost in July 2024, increasing by 30,000 barrels per day (bpd) from 1.27 million bpd to 1.30 million bpd, according to the Organization of Petroleum Exporting Countries (OPEC) August Monthly Oil Market Report. This increase solidifies Nigeria’s position as Africa’s…
Efficiency, Accountability, Ethics Key to a Robust Arbitration Process – Onwuchekwa To bolster the trust and credibility of Nigeria’s arbitration system and position the country as a leading arbitration hub, it is essential to prioritize efficiency, accountability, transparency, competence, and ethics. This was the key message delivered by Mrs. Edith Onwuchekwa, Director Legal and Company…
U.S. Crude Oil and Product Inventories Show Widespread Declines Crude oil inventories in the United States dropped by 3.4 million barrels for the week ending August 23, as reported by the American Petroleum Institute (API), surpassing analysts’ expectations of a 3 million barrel decline. This follows a 347,000-barrel increase in crude inventories reported by the…
NIPCO Gas Limited Inaugurates Lekki Gas Distribution Project NIPCO Gas Limited, in partnership with NNPC Gas Marketing Limited (NGML), has officially commissioned the Lekki Gas Distribution Project and the Lekki Power Plant, marking a significant milestone in Nigeria’s energy sector. This project, which was inaugurated on August 28, 2024, is part of the ongoing…
NNPC Launches Vision First Programme in Ilaje Community, Lagos NNPC Ltd has launched the third edition of its Vision First Programme, a community-focused healthcare outreach initiative, in the Ilaje community of Bariga, Lagos State. This program, part of a broader commitment by NNPC Ltd and its partner, Shell Nigeria Exploration and Production Company (SNEPCo), under…
NCDMB Retains Top Ranking as Presidential Council Evaluates Efficiency, Transparency of MDAs The Nigerian Content Development and Monitoring Board (NCDMB) has retained its top ranking in business efficiency and transparency among ministries, departments and agencies (MDAs), as captured in the latest evaluative assessment by the Presidential Enabling Business Environment Council (PEBEC). In the ‘2024 Half…
EKEDC Owed N144 Billion by MDAs as Lawmakers Vowed to Pass Bill on Electricity Theft Eko Electricity Distribution Company (EKEDC) has said that government Ministries, Parastatals and Development Agencies are owing the company over N144 billion as debt as House of Representative Committee on Privatisation and Commercialization vowed to pass a bill on electricity theft….
Decade of Gas Initiative: FG Distributes Free Cooking Gas Cylinders in Lagos In a move to deepen cleaner energy use in the country, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in collaboration with the Decade of Gas Initiative on Monday flagged off the distribution of free cooking gas cylinders to about 300…
NNPC Ltd Expands Global Market Footprint to Japan, China with LNG Supply on Delivered Ex-Ship Basis In line with its strategic vision to be a dynamic and reliable global energy supplier of choice, the Nigerian National Petroleum Company Limited (NNPC Ltd) has commenced shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China on…