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.

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.

DG SON - Mr. Osita Aboloma

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.

Mrs. Kemi Adeosun - Finance Minister

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.

Minister of State for Petroleum Resources - Dr. Ibe Kachikwu

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.

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.

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.

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.