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The Nigerian National Petroleum Corporation (NNPC) said it spent about 5.8 billion dollars to import Premium Motor Spirit (PMS) popularly known as petrol to combat fuel crisis that resurfaced since late last year. In a statement signed by Mr Ndu Ughamadu, the Group General Manager, Group Public Affairs unit in Abuja, on Tuesday, it said the PMS was equivalent of 9.8 million metric tons.

President Muhammadu Buhari on Monday declared renewed war on Corruption in the oil sector. The president who stated this while declaring open the maiden edition of the Nigeria International Petroleum Summit (NIPS) in Abuja assured local and foreign industry that his administration will not stop the fight until a new image is created where transparency will be the watchword in all oil and gas transactions.

Nigerian domestic carrier, Dana Air, and the Lome-based African airline, Asky, have signed an interline agreement to deepen their presence in the regional air travel market. Dana said part of the agreement includes aircraft partnership deal with Asky to add some new generation aircraft to its fleet.

Dangote Cement Plc has revived plans for a share sale in London that could raise about $1 billion. According to report from Bloomberg, the Nigerian company, controlled by Aliko Dangote, has approached investment bankers to discuss a potential U.K. listing, said the people, who asked not to be named as the talks aren’t public.

Minister of State for Aviation, Senator Hadi Sirika has disclosed that the federal government plans to establish a national carrier before the end of the year.

Speaking to journalist on development in the aviation sector, Siriki stated that "in the next couple of months, two months maximum, we should be able to have our outline business case of this transaction and then the full business case will follow almost immediately after because we are doing it simultaneously and after that we begin the process to establish the airline.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday said multinational oil firms would not be allowed to export all the crude oil they produce in Nigeria. Kachikwu said this in Abuja at a break-out session of the maiden Nigeria International Petroleum Summit (NIPS) titled “Deepening collaboration in the African oil and gas industry – challenges and opportunities for investment”.

Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak, while the dollar edged further away from three-year lows.

Spreadbetters expected a mixed start for European stocks, with Britain’s FTSE seen rising 0.1 percent, Germany’s DAX dropping 0.1 percent and France’s CAC dipping 0.07 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.25 percent. Australian stocks were little changed, South Korea’s KOSPI lost 1.2 percent and Hong Kong’s Hang Seng dropped 0.4 percent.

The Central Bank of Nigeria (CBN) has injected $210million into the various foreign exchange market to meet customers’ requests.

The CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

The Consul General of Nigeria in Guangzhou, China, Mr. Wale Oloko on Monday warned young Nigerians intending to travel to China for employment purposes to bury such plans as there are no job for Nigerians in China. Oloko who stated this in a chat with NAN in Lagos said it was difficult if not impossible for unskilled Nigerians to get menial jobs in China.

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