U.S. Becomes Net Crude Oil Exporter to Nigeria in Surprising Market Shift In a rare turn of events, the United States became a net exporter of crude oil to Nigeria in February and March 2025, marking the first time in history that oil shipments from the U.S. to Nigeria surpassed those in the opposite direction….
Oil Prices Steady as Mixed U.S. Data Balances EU’s Fresh Russia Sanctions Global crude markets hold ground despite geopolitical tensions and economic uncertainty Crude oil prices remained relatively flat on Friday, as traders weighed new European Union sanctions targeting Russia’s oil sector against mixed economic signals from the United States. The steady market response kept…
Shock as Nigeria’s Electricity Subsidy Skyrockets by 220% to Nearly ₦2 Trillion Amid Economic Strain Nigeria’s electricity subsidy burden has ballooned to alarming levels, with the Federal Government’s subsidy on power rising from ₦610 billion in 2023 to a staggering ₦1.94 trillion in 2024 — a 219.67% increase, according to the Nigerian Electricity Regulatory Commission…
Dangote Refinery Suspends Discounted Fuel Scheme Over Widespread Fraud The Dangote Petroleum Refinery and Petrochemicals has suspended its discounted fuel supply scheme following the discovery of a widespread fraud involving some of its strategic partners and affiliate marketers. According to a letter issued on July 13 and signed by Fatima Dangote, Group Executive Director for…
The Alternative Bank drives community-led effort to tackle plastic pollution in Lagos Photo caption: The Alternative Bank, Lekki branch As part of ongoing efforts to tackle one of Nigeria’s most pressing environmental challenges, The Alternative Bank is set to execute the inaugural edition of its ‘Walk4ZeroPlastic’ campaign on Saturday, July 19, 2025, at Tejuosho Market in…
ExxonMobil Nigeria Appoints Jagir Baxi as New Chairman and Managing Director…Shane Harris to transition to headquarters in Houston Lagos, Nigeria – ExxonMobil has announced the appointment of Mr. Jagir Baxi as the new Chairman and Managing Director of its Nigerian affiliates, including Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore…
Access Holdings Reaffirms Strategic Growth Plan from Expansion to Optimisation Access Holdings PLC, the parent company of Access Bank, has reaffirmed its long-term strategic blueprint anchored on a deliberate and structured progression: scale, optimise, and sustain. This roadmap, which has driven the Group’s aggressive expansion across Africa and into key global markets, is now entering…
Nigeria’s Local Content Reforms Trigger Mining Boom, Set New Benchmark for Africa ABUJA, Nigeria – Nigeria’s mining industry is experiencing a historic resurgence, fueled by bold local content reforms spearheaded by the Nigerian Content Development and Monitoring Board (NCDMB). At the recently concluded African Natural Resources and Energy Investment Summit in Abuja, Nigeria’s sweeping policy…
NNPC Commits $3.5 Billion to Transform Akwa Ibom into Gas Industry Hub UYO, Nigeria – In a major boost to Nigeria’s gas industrialisation agenda, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a $3.5 billion investment plan aimed at positioning Akwa Ibom State as a key gas-powered industrial hub in the South-South region….
Mozambique Clears Path for TotalEnergies’ $20 Billion LNG Project Restart MAPUTO, Mozambique – Mozambique has officially created the necessary conditions for the long-anticipated resumption of TotalEnergies’ $20 billion liquefied natural gas (LNG) project, according to statements made by the country’s Energy Minister and reported by Portuguese news agency Lusa. The French energy giant suspended operations…