Tag Archives: Oil

Fidelity Bank backs CBN’s plan to achieve $200 billion from non-oil export

A top commercial bank, Fidelity Bank Plc has reaffirmed its commitment to support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years. The bank’s Executive Director, Northern Businesses, Hassan Imam spoke at a workshop for exporters and investors on the implementation and ...

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Economic crisis looms in Nigeria as India cuts oil cuts oil importation by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation. Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the ...

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Nigeria revenue profile receives boost as oil price near $60bp

Nigeria revenue profile may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC). U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel ...

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Customs intercepts tanker loaded with vegetable oil

Operatives of the Nigeria Customs Service in Sokoto have intercepted a petrol tanker conveying 446 kegs of vegetable oil, with duty value of about N5.7m. They also arrested the driver of the tanker and his escort. The NCS Area Comptroller in charge of Sokoto, Kebbi and Zamfara states, Nasir Ahmed, said Bamus Global Co. Ltd. was written on the tanker, ...

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Decisive steps must be taken to plan beyond oil, says Gowon

Former Military Head of State, Yakubu Gowon, has said that Nigeria must take decisive steps to plan beyond oil so as to reposition the nation’s economy for international competitiveness. Gowon states this in a presentation at the 39th Kaduna International Trade Fair Seminar with the theme, “Promoting Commerce, Industry and Agriculture for International Competitiveness”. Gowon, who chaired the event said ...

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US may cease buying oil from Nigeria

There are indications that the United States may halt crude oil import from Nigeria by 2022, as it moves closer to becoming a net exporter of petroleum products. The United State Energy Information Administration (EIA) has projected that the United States would become a net energy exporter in 2022 in the newly released Annual Energy Outlook 2018, primarily driven by ...

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N5.76 trn Total Upstream Nigeria Egina FPSO berths in Nigeria

The Total Upstream Nigeria Limited (TUPNI) $16 billion (N5.76 trillion) Egina Floating Production Storage and Offloading unit (FPSO) project on Wednesday arrived Nigerian shores from South Korea. Nicolas Terraz, the Managing Director of the company, told journalists on the arrival of the FPSO that the journey to Nigeria started on October 31, 2017 from South Korea. According to Terrez , ...

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Delta communities reject environmental report on modular refinery

  Citing alleged irregularities, indigenes of Emu-Ebendo and Emu-Iyasele communities in Ndokwa West Local Council of Delta State have rejected the environmental impact assessment report  (EIA) reportedly conducted by Omas Pillar Astex Company Limited for a modular refinery in their area. The rejection came amid an age-long dispute over the ownership of the Okolori/Ugonefe /Okpotume land involving the communities and ...

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