A new report by the Lagos-based financial advisory company, Financial Derivatives Limited has advised the federal government to incentivise the private sector in investing in renewable energy through cheaper financing and lower taxes. In its latest economic report, the company stressed that lending rates in Nigeria – currently at an average of 17.5 per cent…
The Nigerian National Petroleum Corporation (NNPC) says a total of crude oil and gas export sales of 416.07 million dollars was realised in June, which is 35.78% higher than the previous month. The details of the figures was contained in the June 2018 edition of the Monthly NNPC Financial and Operations Reports, released in Abuja,…
Electricity supply in the country has been struggling to stay above 3,000 megawatts in recent months as factors such as gas shortage and power grid collapse continue to limit generation. Low load demand by power distribution companies and gas problems are also inhibiting the generation segment of over 3,000 megawatts of electricity. Twelve out of…
Schneider Electric, a global specialist in energy management and automation, restated its resolve to taking clean energy to some of Nigeria’s most rural areas This move, which complements its provision of high-quality electrical appliances to Nigerians, is aimed at empowering more Nigerians, especially those not connected to the grid. “The company is doing this in…
The operatives of 6 Division, Nigerian Army, Port Harcourt, has uncovered an illegal oil depot, in Port Harcourt, the Rivers State capital. The landmark discovery was made October 2, 2018, 16 40,000 litre capacity trucks parked in the premises awaiting loading were impounded as one of the operators was apprehended and taken in by the…
It is worrisome that the power sector situation is not getting better. This is made worse by the unpatriotic attitude of some consumers, who would not want to pay for what they consume, the Team Lead Revenue Protection, Ibadan Electricity Distribution Company (IBEDC) Plc, Jude Ugwuoke, has said. Ugwuoke said the electricity distribution companies (DisCos)…
Nigeria is following the right measures in its drive to acquire nuclear power, Rosatom, the Russian nuclear energy corporation renowned for the construction of nuclear power plants, has said. According to the firm, the development of Nigeria’s nuclear energy programme, which commenced about 10 years ago, has shown that the Federal Government is committed to…
According to Dada Thomas, the President of the Nigeria Gas Association (NGA), over the last 10 years Nigeria has managed to reduce gas flaring from two billion cubic feet per day to 700 million cubic feet per day, resulting in 65% improvement. Thomas revealed this at a briefing announcing the fourth coming NGA International Gas…
Schneider Electric, a leading player in the digital transformation of energy management and automation is leveraging the Internet of Things (IoT) in order to ensure the efficiency and profitability of businesses with its EcoStuxure platform In a chat with newsmen on the side lines of Power Nigeria Conference in Lagos in which Schneider Electric is…
Brent crude oil prices hit their highest level since November 2014 on Monday ahead of U.S. sanctions against Iran that kick in next month. Brent sweet crude oil futures rose to as much as 83.27 dollars a barrel. U.S. West Texas Intermediate (WTI) crude futures were at 73.57 dollars a barrel. Brent was pushed up…