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Tag Archives: business news

Aircraft Maintenance: Nigeria, W’Africa Airlines To Save $1bn Yearly

Stakeholders in the aviation industry have said that Nigerian and West African airlines could save billions of dollars annually on aircraft maintenance with the establishment of Aero Contractors’ Maintenance, Repair and Overhaul facility at the Murtala Muhammed Airport, Lagos. The stakeholders made this known at the roll-out of the first successfully conducted Boeing 737-500 C-check at the facility, on Friday. A former President of the ... Read More »

Oil Rises Above $68, Highest Since May 2015


Global oil benchmark, Brent crude, extended its gains on Tuesday, trading near $69 per barrel on the back of production cuts led by the Organisation of Petroleum Exporting Countries and expectations that the United States’ crude inventories had dropped for an eight-week low. Brent, against which Nigeria’s crude oil is priced, rose by $1.07 to $68.85 per barrel as of 7:40pm Nigerian time, its highest ... Read More »

World Forecasts 2.5% Growth For Nigeria In 2018


The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade. According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8 per cent in 2019 and ... Read More »

External Reserves Hit $38.7bn, Rise By 50% In One Year


The nation’s external reserves, also known foreign exchange reserves, rose by 50 per cent in the last one year to hit $38.73bn on December 28, 2017, the Central Bank of Nigeria data showed on Sunday. This means that the foreign reserves gained $12.9bn between December 2016 and December 2017. Between January and October 2017, the reserves rose by $8bn, indicating a 30.9 per cent increase ... Read More »

FG Saves N30bn From Mdas’ Payroll Audit


The Federal Government has said it has saved a total of N30bn through an audit of its 181 Ministries, Departments and Agencies conducted by the Presidential Initiative on Continuous Audit. The development was contained in a report on the achievements of the Minister of Finance, Mrs. Kemi Adeosun, in the last two years The government stated that the audit followed claims of a shortfall in ... Read More »

Oil Revenue Plunged By $29.7bn In One Year – NEITI

Nigeria’s oil and gas revenue plunged from $54.5bn in 2014 to $24.8bn in 2015, while the country’s oil production fell from 798 million barrels to 776 million barrels within the same period, the Nigeria Extractive Industries Transparency Initiative said. NEITI disclosed this in its 2015 Oil and Gas Industry Audit Report and put the total outstanding revenue from the sector as of 2015 at $3.7bn ... Read More »

Nigeria Loses 54.6% Of Its Potential Oil Revenue In 2015 – NEITI


The Nigeria Extractive Industries Transparency Initiative on Friday said Nigeria lost 54.6 per cent of oil revenue, amounting to 29.7 billion dollars in 2015. NEITI said this in Abuja in its audit-covered operations in the country’s oil and gas industry for 2015. According to the report, the drop in prices of oil in the international market from 101.91 dollars in 2014 to 52.16 dollars in ... Read More »

NPA Suspends Service Boats Operation To Debtor LOCs


The Nigerian Ports Authority says it has suspended its service boats operation to debtor International Oil Companies with immediate effect. In a statement signed by the General Manager, Corporate and Strategic Communications, NPA, Abdullahi Goje, the authority said the suspension would be effected in all its pilotage districts until the full settlement of debts accruing from unpaid dues by the IOCs and other beneficiaries of ... Read More »

Foreign Debt Servicing Gulped $197.29m In Q3 – DMO


Nigeria spent a total of $197.29m to service foreign debts in the third quarter of this year, the Debt Management Office said on Wednesday. Statistics obtained from the DMO in Abuja showed that multilateral sources accounted for 30 per cent of the country’s debt servicing commitment in the third quarter of the year. The multilateral sources include two arms of the World Bank, the International ... Read More »

NNPC Suspends Petrol Sale Over Car Explosion Near Station


The Nigerian Nation Petroleum Corporation on Wednesday announced the temporary suspension of products dispensing activities at its mega station along Lagos Road in Port Harcourt due to a fire incident near the station. It said the fire was as a result of a car explosion that occurred outside the station after petrol was dispensed into an in-built locally fabricated tank designed to siphon fuel. Though ... Read More »

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