No plans to sell NLNG – Kachikwu

  The federal government has denied that there are plans to sell the Nigerian Liquified Natural Gas Limited, NLNG.   This fact came to light on Tuesday as  the Minister of State for Petroleum Resources, Ibe Kachikwu debunked the allegation during an investigative hearing on  three motions by the Fred Agbedi- headed House of Representatives […]

Tinubu laments fuel subsidies impact on Nigeria’s downstream sector

Oando CEO Wale Tinubu in a recent interview in Lagos commented on a Nigerian government cap on petrol prices at below-market costs that has caused many private retailers to stop imports. This has left the state-owned Nigerian National Petroleum Corporation to handle supply and effectively subsidise fuel for Nigerians.   “It’s not popular to increase […]

BUSINESS & ECONOMY JV funds’ll attract investments in oil sector – Shell

Improvement in the release of joint venture funds for oil and gas projects by the Federal Government through the Nigerian National Petroleum Corporation will attract more investments to Nigeria’s oil sector, Shell Petroleum Development Company of Nigeria has said.   According to the SPDC, the recent development in the JV funding by the Federal Government […]

Oil sector depresses Nigeria’s Q2’18 GDP

  The National Bureau of Statistics (NBS) has disclosed that the decline in Nigeria’s oil production has slowed the country’s Gross Domestic Product (GDP) to 1.5 percent in the second quarter of 2018 (Q2’18).   In its latest GDP report released yesterday, NBS stated that  the country’s GDP grew by 1.5 percent year-on-year (YoY) in […]

WHY NIGERIAN BANKS CAN’T FUND $7BN NLNG TRAIN 7 PROJECT

  Stakeholders have continued to applaud the Nigerian Liquefied Natural Gas (NLNG) Limited over its decision to source about $7 billion from global financial markets for the construction of its Train 7.   The stakeholders, who spoke to Daily Sun in separate interviews, noted that the move by NLNG will further improve foreign exchange liquidity […]

Nigeria sees slump in economic growth as oil production drops

  Nigeria’s economic growth slowed in the second quarter as oil production fell.   Gross domestic product in Africa’s largest oil producer expanded 1.5 percent in the three months through June from a year earlier, Abuja-based National Bureau of Statistics said in a report released on Twitter Monday. That compares with 1.95 percent in the […]

FG committed to commencement of NLNG Train-7 – Adeosun

  The Minister of Finance, Kemi Adeosun, says the federal government is committed to supporting the commencement of the Train-7 initiative of the Nigerian Liquefied Natural Gas (NLNG) plant.   Mrs Adeosun stated this on Sunday during a visit to the NLNG plant in Finima, Bonny Local Government Area of Rivers State. She said the […]