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In a huge setback for Nigeria’s ambitious plans for petroleum product self-sufficiency, the country’s domestic refineries, notably the high-profile Dangote Refinery, are experiencing production delays due to insufficient crude oil supply. The Dangote Refinery, which has a daily production capacity of 650,000 barrels, failed its October production target for the second time in 2023, extending…
During a recent inspection tour of the Kaduna Refinery and Petrochemicals Company Limited (KRPC), Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, disclosed that the refinery’s ongoing quick-fix project is expected to resume operations by the end of 2024. The Minister expressed his trust in the refinery’s rehabilitation process and noted that a…
Enugu State Government has set ambitious goals for its energy sector, aiming to transform from an energy-deficient region into a thriving electricity market generating more than 690 megawatts of power, with a commitment to provide a minimum of 20 hours of daily electricity by 2030. The government is keen to expedite the implementation of the Enugu State Electricity Law, capitalizing on the 2023 constitution amendment and the Electricity Act 2023, aligning this initiative with its broader economic development plan to position Enugu State as a prominent industrial hub.
In a statement released by Chief Ajuri Ngelale, the Special Adviser to the President (Media & Publicity), on October 25, 2023, President Bola Tinubu has announced the appointment of two new Chief Executive Officers for parastatals and agencies within the Federal Ministry of Marine and Blue Economy, following the recommendations of the Honourable Minister, Adegboyega…
President Bola Tinubu has responded to the concerns of the business community, reassuring them of plans to enhance foreign exchange liquidity. He emphasized that his administration will honor all legitimate foreign exchange obligations. Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, President Tinubu expressed confidence in working closely with the private sector to…
Nigerian Vice President, Kashim Shettima, has traveled to the United States to take part in the Norman Borlaug International Dialogue, an event facilitated by the African Development Bank (AfDB) World Food Prize. Shettima will play a significant role as a special guest, delivering a keynote address during the conference, scheduled to commence on October 24….
Abia State Governor, Alex Otti, recently embarked on a working visit to Hungary to explore investment prospects and potential partnerships in various sectors. The Governor’s visit to Hungary followed a meeting with the Hungarian Deputy Ambassador in August, where discussions centered on investment opportunities spanning agriculture, healthcare, education, security, and accessible drinking water in Abia…
The Malay apple, scientifically known as Syzygium malaccense, is a remarkable tropical fruit that has found a home in Nigeria and various other tropical countries. Originating from the Indo-Malayan region and the lowlands and forests of Southeast Asia, this fruit is celebrated for its vibrant flowers and colorful, glistening fruits. In Nigeria, the Malay apple…
The Federal Government of Nigeria has announced that it will begin disbursing the nine-month backlog of payments to N-Power beneficiaries in November. Alongside this update, the government has also unveiled a new name for the Programme, which is now called the Renewed Hope Job Creation Programme (RHJCP). Akindele Egbuwalo, the National Programme Manager of N-Power,…
The International Monetary Fund (IMF) has released forecasts suggesting that South Africa could surpass Nigeria to become the largest economy in Africa. According to the IMF’s World Economic Outlook, South Africa is projected to reach a gross domestic product (GDP) of $401 billion by 2024, while Nigeria and Egypt are estimated to have GDPs of…