Monthly Archives: November 2018

World Bank sees Nigerian 2018 GDP growth at under 2%

The World Bank expects Nigeria’s economy to grow slightly less than 2 percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign investors away, it said on Wednesday. . Nigeria emerged from a recession last year but growth remains fragile, with the government borrowing both at […]

Nigeria unsure over oil output cuts as OPEC meeting draws closer

Indications emerged Wednesday that the Nigerian government is yet to decide whether it would participate in any production cuts ahead of the Organisation of the Petroleum Exporting Countries (OPEC) meeting slated for December 6. Ibe Kachikwu, Nigeria’s oil minister, said on Wednesday that it was too early to say whether Nigeria would participate in any […]

Refineries now to be fixed in 2020, not 2019 – Kachikwu

  Plans by Nigerian government to fix Nigeria’s moribund refineries and make them work in utmost capacity will not materialise until 2020, Ibe Kachikwu, Nigeria’s oil minister has said. Mr Kachikwu spoke in Lagos on Monday at the 18th edition of the International Biennial Health Safety and Environmental (HSE) Conference on the oil and gas […]

What will Nigeria look like in 2058?

(FILES) In this file photo taken on March 29, 2018 motorists wait in a traffic jam under banners bearing a portrait of Nigeria’s President Muhammadu Buhari, who is on official visit to Lagos. – From dealing with daily traffic snarls and potholes to unruly drivers in rickety vehicles with expired documents, Nigeria’s highway patrol officers […]

Low Oil Price Threatens Nigeria Budget, Revenue

The continuing meltdown in the global oil market in the last one month is threatening Nigeria’s budget implementation, especially funding of capital projects, experts told Daily Trust yesterday.   International oil benchmark Brent, against which Nigeria’s oil is priced, plunged to $51 per barrel at the weekend after hitting four-year high of $86.74 per barrel […]

Jonathan Govt’s Dubious OPL 245 Contract With Shell To Cost Nigeria ‘Up To $5.8bn’

Once the Zabazaba and Etan Integrated Development Project comes on stream in 2020, Nigeria will lose out on 30 per cent of all revenues from crude oil sales made from the field. This is thanks to the resolution agreement on the ownership of Oil Prospecting Licence (OPL) 245 proposed by oil giants Royal Dutch Shell […]

Tension Rises in Niger Delta Over

Warri — Tension has started building up in Delta State due to the decision of the Nigerian National Petroleum Corporation (NNPC) to award oil infrastructure surveillance contract to Ocean Marine Solution Limited contrary to extant rules.   Multiple sources told THISDAY at the weekend that the NNPC approved a contract for the surveillance of the […]

Fresh trouble for Nigeria as oil price plunges

The international oil benchmark, Brent crude, has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget, with economic experts describing the development as a cause for concern for the country.   Brent, against which Nigeria’s oil is priced, plunged by $3.80 to $58 per barrel on Sunday as […]