Twenty-six ships laden with petroleum products, food items and other goods are expected to arrive at Apapa and Tin-Can Island ports in Lagos from Aug. 21 to Sept. 2. The Nigerian Ports Authority (NPA) stated this in its publication, `Shipping Position’, according to the News Agency of Nigeria (NAN) on Monday in Lagos.

The Minister of State for Petroleum, Ibe Kachikwu has appealed to Captain Emmanuel Ihenacho, the promoter of Eko Petrochem And Refining Company Limited which was recently granted license to construct a modular refinery in Lagos to complete the project before 2019. The Minister made the call on Saturday during the signing of United States Trade and Development Agency (USTDA)’s $1 million grant to Eko Petrochem and Refining Company Limited and official presentation of Tomaro Industrial Park as Free Trade Zone.

The Nigerian National Petroleum Corporation (NNPC) said yesterday that production cost of a barrel of crude oil has been reduced to $23 from $78 dollars per barrel as at August 2015, representing 70.5 per cent reduction. The Group General Manager of National Petroleum Investment Management Services (NAPIMS), a unit of NNPC, Engr. Dafe Sejebor, disclosed this during the inauguration of the anti-corruption committee of the unit.

Tax Incentives Not Enough To Attract Investors – Expert

Mr Taiwo Oyedele, a tax expert, says only tax incentives to industries without addressing other challenges will not bring about the desired economic growth in Nigeria. Oyedele, Head, Tax and Regulatory Services at PricewaterhouseCoopers (PwC), made the assertion in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday.

The Federal government has ordered the arrest of over 20 Chinese at Kamfaning Zurak in Wase Local Government of Plateau state for engaging in illegal mining. The Minister of Mines and Steel Development, Dr. Kayode Fayemi and the National Security Adviser (NSA), Maj. Gen. Mohammed Babagana Monguno (Rtd) issued the order yesterday while on a fact finding visit to the various illegal mining sites in the area.

The nation’s external reserve has risen to a two year high of $31.2 billion even as the Naira yesterday appreciated to N367.5 kobo at the Investors & Exporters (I&E) window.

Shell Petroleum Development Company (SPDC) remitted 29.8 billion dollars to the federation account and 1.2 billion dollars to Niger Delta Development Commission (NDDC) between 2002 and 2016. Mr Igo Weli, General Manager, External Relations, made the disclosure on Monday in Port Harcourt while reacting to the shut-down of SPDC flow station and gas plant in Belema community by angry youths.

The Nigerian Stock Exchange market capitalisation on Tuesday hit the N13tn mark, barely three weeks it crossed N12tn market, amid Nestle gain. The market capitalisation appreciated by N164bn or 1.27 per cent to close at N13.097tn against N12.933tn achieved on Monday, according to News Agency of Nigeria. Similarly, the All-Share Index improved by 474.12 points or 1.26 per cent to close at 37,999.50 compared with 37,525.38 points posted on Monday.

The Federal Government said it has spent over N6.2 billion to finance the National Homegrown Feeding Programme as part of the Social Investment plan of the current administration. The Senior Special Assistant to the Acting President on Media Publicity, Laolu Akande made this known in a statement issued to newsmen on Sunday in Abuja.

The Kebbi state government has disclosed plans to commence daily export of about 2,000 goats to Saudi Arabia in a deal believed to be facilitated by Jaiz Bank. The State Commissioner of Budget and Planning, Alhaji Jailani Muhammed Yauri who made the disclosure in an interaction with journalists stated that the move was to improve the Internally Generated Revenue (IGR) of the state.