Economy
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Nigeria’s oil production hits 2023 peak in October, still below OPEC quota
The latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that Nigeria’s oil production reached its highest level in 2023 in October. The country produced 1,350,573 barrels per day (bpd) of crude oil and condensate, which is also the largest volume since January 2022. The data reveals that Nigeria’s oil output increased by 0.30 percent or 4,011 bpd…
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Air Peace passengers denied entry into Saudi Arabia over visa cancellation
A Nigerian airline, Air Peace, has been forced to return 177 passengers to Nigeria after the Saudi Arabian authorities cancelled their visas on arrival in Jeddah on Monday, BusinessDay reports. The passengers were part of the 264 people airlifted by Air Peace from Kano via Lagos on Sunday night for the Umrah pilgrimage in Saudi Arabia. According to a source…
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Nigeria, Saudi Arabia sign deal to revive business council, expect billions in investment
Nigeria and Saudi Arabia have agreed to revive the Nigeria-Saudi Arabia Business Council, a platform for boosting trade and investment between the two countries. The council was first proposed by Crown Prince Mohammed bin Salman bin Abdulaziz in 2019, but was discontinued during the administration of former President Muhammadu Buhari. The agreement, which was signed in Riyadh, covers cooperation in…
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NNPC intervenes to end TotalEnergies workers’ strike, restores oil production
TotalEnergies, a major oil producer in Nigeria, has resumed its daily crude oil production of 275, 000 barrels after the Nigerian National Petroleum Company (NNPC) Limited intervened in the dispute between the company and its workers. The workers, who belong to the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers…
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Customs Service changes forex rate for tariffs, duties to N783/$1
The Nigerian Customs Service (NCS) has increased the foreign exchange rate it uses to calculate its tariffs and duties on imported goods. The new rate of N783.174/$1, which is 1.59per cent or N12.37 higher than the previous rate of N770.88/$1, was updated on the federal government’s single window trade portal. The NCS is responsible for collecting customs duties in Nigeria,…
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Afreximbank, UBA close $150m deal
Bolaji Adebiyi in Cairo, Egypt Afreximbank and Nigeria’s United Bank for Africa Plc have sealed a $150 million Trade Financing Facility deal. The agreement, signed on the sidelines of the ongoing Intra-African Trade Fair in Cairo, Egypt is part of the Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA). The facility, strategically crafted to mitigate the adverse effects of…
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Afreximbank earmarks $1bn for Continental Transit Guarantee Scheme
*Awani elected to FCI executive committee Bolaji Adebiyi in Cairo, Egypt Africa has moved closer to the realisation of its dream of transforming into a single market with the launch of the Afreximbank African Collaborative Transit Guarantee Scheme for which the continental bank has set aside $ 1 billion for its implementation. “The AACTGS brings us closer to transforming our…
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Inflation rate to close 2023 at 30.5%, says EIU
Economist Intelligence Unit (EIU) has disclosed that Nigeria’s inflation rate to close 2023 at 30.5 per cent owing to a delayed and insufficient monetary response coupled with fiscal expansionism. EIU in a latest report on Nigeria said the inflation has continued to rise throughout 2023, and the pace has quickened since June owing to market reforms, which are likely to…
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Dangote Refinery to start producing petrol with Nigerian crude
Africa’s richest man, Aliko Dangote, said his refinery has obtained a permit to process more than 300,000 barrels of Nigerian crude daily and will soon start producing gasoline. “We don’t want to start our refinery with foreign goods, we want to start with the Nigerian crude,” the tycoon said in an interview with Bloomberg on Saturday in Riyadh during the…
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BREAKING: LASG seals Daleko, Ojuwoye markets, 3 others in Mushin
The Lagos state government, on Sunday morning, sealed five markets in Mushin and Odi-Olowo local council areas over environmental infractions by the traders. This was disclosed by the Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, on his X handle. Wahab said the markets were sealed for contravention of the provisions of 2017 Environmental Management Protection Law. The sealed…
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