Nigeria oil governance bill aims to split NNPC

The long-awaited oil governance bill passed by Nigeria’s upper chamber of parliament proposes breaking up the state oil company, NNPC into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money. The Petroleum Industry Governance Bill, passed on Thursday by the Senate, is part of planned reforms that […]

“Challenging” talks expected as Trump, other G7 leaders meet in Sicily

Talks between U.S. President Donald Trump and other leaders of the world’s rich nations at the G7 summit on Friday were expected to be “robust” and “challenging” after he had lambasted NATO allies and condemned German trade policies a day earlier. Trump’s confrontational remarks in Brussels, on the eve of the two-day summit in the […]

Diversify revenues, not economy, SBM Intel report urges government

Kemi Adeosun, the finance minister, Kemi Adeosun's Resignation

The Federal Government has been urged to understand that its biggest challenge is not diversifying an already diversified economy, but diversifying its revenues, according to a report on the assessment of the current administration made available to businessamlive. The report indicated that going by the recent Q1 2017 gross domestic product (GDP) figures released by […]

Senate passes petroleum industry governance bill into law

The Senate, Thursday, passed the petroleum industry governance (PIG) bill into law, which may eventually pave way for the passage of other bills under the contentious and unbundled petroleum industry bill (PIB). The upper house passage of the bill is coming after a 17-year wait. Bukola Saraki Senate President, while commenting on the bill said […]

Nigeria’s economic metrics seen to trend positive in 2017 on forex availability, stable oil prices

Barring plunges in oil prices and production cuts, major indicators of the Nigerian economy may be trending towards improvement in 2017, according to the International Monetary Fund (IMF), research analysts, the central bank and most government officials. Though the country’s per-capita GDP fell to around $1,740 in first quarter 2017, from over $3,000 in 2014, […]

OPEC extends oil output cut till March 2018

OPEC on Thursday decided to extend cuts in oil output by nine months to March 2018, an OPEC delegate said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. The cuts are likely to be shared again by a dozen non-members […]

Nigerian current GDP very encouraging, says budget minister

Population Growth

Nigeria is moving out of recession, its budget minister said on Wednesday. “We discussed at length the GDP results just released and found the GDP performance very encouraging,” Udoma Udo Udoma, minister for budget and national planing, said after a cabinet meeting. He was referring to data released on Tuesday showing that Africa’s biggest economy […]

Nigeria could hit 2.2 million bpd oil output by end of June – Oando

The worst disruptions in Nigeria’s oil-producing Delta region are over, and production could reach 2.2 million barrels per day (bpd) by the end of June, the chief executive of Nigeria’s Oando said on Wednesday. Oando chief Pade Durotoye told the Africa Independents Forum in London the long-closed Forcados oilfield could be back to capacity by […]

Nigeria MPC maintains analysts call, keeps rates on hold

In tandem with analysts’ expectations, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Tuesday left the benchmark interest rate, the monetary policy rate (MPR) and other key monetary indicators unchanged. The monetary regulator retains MPR at 14 percent, ditto cash reserves ratio at 22.5 per cent, liquidity ratio at 30 percent, […]

Nigeria economy slump continues as GDP contracts 0.5% in first quarter

Nigeria’s economy continued its slump and contracted for a fifth consecutive quarter in the three months through March as oil output declined. Gross domestic product in Africa’s most populous nation shrank 0.5 percent in the first quarter from a year earlier, compared with a revised 1.7 percent contraction of in the final three months of […]