The Nigerian National Petroleum Corporation is at the verge of signing a whopping $6bn (N2.25 trn ) worth of deals to exchange more than 300,000 barrels of crude oil per day for imported petroleum products, a source familiar with the issue disclosed to Vigil360.
Corrupt Officials Bleed Nigeria Of $480bn In 54 Years – Chatham House
A report has revealed that about $480 billion was stolen or carted from Nigeria’s treasury by government corrupt officials between 1960 and 2004. Chatham House, the Royal Institute of International Affairs, who presented the report in Abuja yesterday is an independent policy institute based in London.
U.S Increases Import Of Nigerian Crude
Preliminary data released by the US Energy Information Administration (EIA) for the week ended May 12, has shown that US crude imports from Nigeria rose by 13.6% to 325,000 barrels per day from 286,000 b/d, the most since March, 2017.
CBN Releases List Of Items Valid For Access To Forex
The Central Bank of Nigeria (CBN) on Wednesday published a list of items, for which importers can source foreign exchange (Forex) from the market. CBN sent the list which has 36 categories, to all authorized dealers, Nigeria Customs and the public. It is endorsed by Director, Trade and Exchange, W.D Gotring.
Crude Oil Soars As Saudi Arabia, Russia Push To Extend Oil Output Cut Until March 2018
Crude Oil price rallied up after Saudi Arabia and Russia the world’s top oil producers stoked expectations that production cuts might be extended for additional nine months until March 2018 to rein in global crude oil glut.
Nigeria Lost N3.8 Trillion In 2016 To Theft, Pipeline Vandalism
The Federal Government may have lost over N3.8 trillion to shortfall in oil production due to militants’ attacks and oil theft last year in the Niger Delta. Specifically, Nigeria is said to have lost about 700,000 barrels daily throughout last year, for which at the oil price of $50 per barrel, the country would have lost $35 million (N10.6 billion) daily, amounting to N3.8 trillion.
Nigerian Economic Recession and Entrepreneurial Revolution
The National Bureau of Statistics (NBS) has released a report on Nigeria's economy in the second quarter, including the GDP, Inflation, Employment, and Unemployment, Capital Importation and other key essentials.
SON To Destroy Products That Fail MANCAP Test
The Standards Organisation of Nigeria has vowed to impose strict sanctions on manufacturers of products that fail its Mandatory Conformity Assessment Programme. The Director-General, SON, Mr. Osita Aboloma, issued the warning in Abuja during the award of MANCAP certificates to 16 companies that scaled through the certification exercise.
China Pumps $100bn To Africa, Urges Nigerian Government On Self-Sustaining Economy
The Chinese Government has communicated the pressing requirement for African Governments to be autonomous of their progress, saying Nigeria, as the significant African power, is relied upon to lead a self-maintaining economy.
NNPC Working To Retain Petrol At N145 Per Litre
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has disclosed that efforts are being put in place to maintain the pump price of Premium Motor Spirit (PMS) at N145 per litre. He said the feat was achievable despite significant challenges in the downstream sector.
Naira: Why Nigeria's Currency Will Get Worse – Prof. Ukpong
An Educator and Professor of Financial Economics at the University of Uyo, Awka Ibom State, Leo Ukpong, has expressed concern that the Naira will deteriorate if Nigeria's External Reserves are drained.