Business

7 dead as explosion rocks OML 40 at Gbetiokun

Seven fatalities have been reported by the Nigerian National Petroleum Corporation, NNPC, following an explosion which occurred at Gbetiokun, OML 40, operated by the Nigerian Petroleum Development Company, NPDC, on behalf of the NPDC/Elcrest Joint Venture.

The incident occurred on Tuesday durin [...]

NNPC increased gas to power supply by 19% in April

The Nigerian National Petroleum Corporation, NNPC, says it recorded an increase of 19.14 per cent in average daily natural gas supply to power plants which translates to 788 million standard cubic feet of gas per day, mmscfd, equivalent to power generation of 2,873 Megawatts of electricity.

The [...]

FG, states debt stock rises to N28.63 trillion

Nigeria’s total public debt portfolio, for federal and states, stood at N28.63 trillion as at March 31, 2020.

The National Bureau of Statistics, NBS, disclosed this in a report on Nigerian Domestic and Foreign Debt, Q1, 2020.

The reported said Nigerian states and federal total publ [...]

Nigeria produces 218.37b cubic feet of gas in March

Nigeria produced 218.37 billion cubic feet, BCF, of natural gas through its state-run oil corporation, the Nigerian National Petroleum Corporation, NNPC, in March 2020.

The data which translates to an average daily production of 7493.65 million standard cubic feet per day, mmscfd, [...]

Siemens backs MACN’s anticorruption action in Nigeria

Energy giant, Siemens Energy Nigeria, is providing support for the Maritime Anti-Corruption Network, MACN, through its integrity initiative, to scale up its collective action initiative in Nigeria.

MACN, a global business network of over 130 companies working together, will implement the projec [...]

Covid-19: CBN issues guidelines on research grants

The Central Bank of Nigeria, CBN, has issued guidelines on Healthcare Research and Development Grant aimed at funding research on new and improved drugs, vaccines and diagnostics of infectious diseases in the country. 

The apex bank said the Healthcare Sector Research and Development Inter [...]

Nigeria’s inflation rises to 12.40 in May

Nigeria’s inflation maintained an upward swing in May 2020 adding 0.06 per cent point to hit 12.40 per cent, year-on-year.

The National Bureau of Statistics, NBS, in its consumer price index, CPI, report which measures inflation, said the 0.06 per cent points increase was higher than the [...]

Oil partners earmark over N10.5b for medical facilities

Nigeria’s oil and gas industry has earmarked 53 per cent of its N21 billion intervention to combat covid-19 for the construction of medical infrastructure across the six geopolitical zones in the country.

Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele [...]