Nigeria, UK to Explore Benefits of Enhanced Trade Partnership

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

Cryptocurrency trading has offered a new way for investors to participate in the growing realm of digital assets. Unfortunately, navigating cryptocurrency trading requires a solid understanding of trading strategies and techniques for success. As such, besides completing a crypto trading course, crypto traders should keep tabs on various tips to maximize their profits. Learning various crypto trading principles, risk management strategies, and proper market analysis increases the chances of success. Here are a few tips to help you maximize profits. Start Small and Scale Up Gradually Most people venture into crypto trading anticipating overnight success and wealth. However, this is

By FSDH Research A review of the latest Purchasing Managers’ Index (PMI) published by the Central Bank of Nigeria (CBN) for the month of April 2017 suggests that the Nigerian economy is on the way out of recession. However, we believe more policies are required to achieve sustainable growth. The PMI report shows that the Composite Manufacturing Index (CMI) expanded for the first time in the year 2017 and attained the highest level so far in the year 2017. The CMI increased to 51.1points in April 2017 from 47.7 points in March 2017. Although the Composite Non-Manufacturing Index (CNMI) is

By Modupe Gbadeyanka The executive of the Peoples Democratic Party (PDP) in Igyorov Ward of Gboko Local Government Area of Benue State has suspended the national chairman of the party, Mr Iyorchia Ayu, over alleged anti-party activities. The Ward Chairman of the PDP, Mr Kachi Philip, and the secretary, Mr Vangeryina Dooyum, while addressing journalists on Sunday, said 12 out of the 17 members of the ward executives signed the resolution to suspend Mr Ayu. They accused him of working against the success of the party in Igyorov Council Ward. “It is on record that he has also failed to

By Dipo Olowookere The United Nations has called on leaders in Africa, especially in Nigeria, to urgently take decisive steps to stop the incessant deadly clashes between cattle rearers and farmers. In a statement issued on Thursday, Secretary-General of the United Nations, Mr António Guterres, said the world body stands ready to support efforts to resolve the deadly clashes between the farmers and nomadic herders in areas of West and Central Africa. In the statement issued by his spokesperson, the UN scribe expressed deep concern over the mounting violence, as well as the resulting banditry, extortion and cattle rustling. Mr

By Adedapo Adesanya The Lagos State Government has signed a Memorandum of Understanding (MoU) with eTranzact, a foremost fintech company, to sanitise and regulate activities of setbacks and Incidental Open Spaces (IOS) and ensure physical orderliness in the state. Signed by the Ministry of Physical Planning and Urban Development, the agreement will help curb unregulated development, manage setbacks and open spaces and improve the beautification of the environment in Lagos state. The MoU will strengthen the partnership between Lagos State Planning and Environmental Monitoring Authority (LASPEMA) and eTranzact. This collaboration will allow eTranzact to deploy an integrated technology solution for

The Nigerian Content Development and Monitoring Board (NCDMB) has commenced the construction of phase two of the Nigerian Oil and Gas Parks Scheme (NOGAPS) situated in Emeyal-1, Ogbialand, Bayelsa State. At a townhall meeting last week, Executive Secretary of NCDMB, Mr Simbi Kesiye Wabote, said the 25 megawatts independent power plant (IPP) being constructed in partnership with the Nigerian Agip Oil Company (NAOC) will supply electricity to the park and other dedicated facilities when completed in July 2019. He explained that the contract for new phase of Bayelsa NOGAPS was approved by the Federal Executive Council, which underlines President Mohammed

By Adedapo Adesanya The Eko Electricity Distribution Company (EKEDC) has asked the National Assembly to consider legislation against energy theft and the establishment of electricity special courts to try offenders in the country. The managing director of Eko DisCo, Mr Adeoye Fadeyibi, suggested this when the Senate Committee on Privatisation visited the company recently. He also sought the intervention of the Senate for the recovery of N21 billion owed by some ministries, departments and agencies (MDAs). Mr Fadeyibi explained that the MDAs were the biggest debtor to EKEDC to date, adding that various efforts had been made to recover the

By Adedapo Adesanya The oil market witnessed a drop in the major benchmark prices despite the Energy Information Administration (EIA) reporting an inventory drop of 3.8 million barrels for the week to October 9. The international benchmark futures, Brent crude, fell by 0.65 per cent or 28 cents to trade at $43.04 per barrel while the US benchmark, West Texas Intermediate (WTI) crude futures, dropped 0.19 per cent or 8 cents to trade at $40.96 per barrel. The market had initially jumped over the news that the US crude inventories fell by 3.8 million barrels for the week ended October