FG Targets 3m Barrels Daily Crude Production

The federal government has announced plans to raise daily crude production to three million barrels. It further unveiled key areas that will help realise its transformation agenda in the oil and gas industry. Click here for more.

Full refinery rehabilitation to start by next January- NNPC GMD

The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians that the full rehabilitation of the nation’s three refineries would commence by January 2020. The Group Managing Director, NNPC, Malam Mele Kyari, explained that fixing the refineries, which are in Port Harcourt, Warri and Kaduna, would help the corporation to refine crude oil at optimum capacity by 2022. Click here for more.

Nigeria Runs on Generators and Nine Hours of Power a Day

Kabir Sabo’s sewing machine hums busily as he hems a “babariga,” a popular dress in northern Nigeria, in his small corner shop on the outskirts of Abuja. It can hardly be heard over the sound of Nigeria’s worst problem. Sabo’s noisy electricity generator costs him an average of 3,000 naira ($8.30) a day in fuel. Click here for more.

Russian Firm In Fresh Bid To Rehabilitate Ajaokuta Steel

A Russian Company, MetProm Group, has made a fresh offer to the Federal Government to finally put the Ajaokuta Steel Complex into operation, The PUNCH has learnt.The company also indicated interest in maintaining the steel mill when fully operational. Click here for more.

Investors Lose N39.09bn WoW As NSEASI Dips By -0.29% To Close The Week Negative

Equities market closed Friday on a positive note, as NSEASI appreciated by +0.19% to close at 27,698.69 points as against -0.13% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.87%. Click here for more.

Investors want conversion of failed firms to micro-insurers

Experts in the nation’s insurance industry have called on Federal Government through the National Insurance Commission (NAICOM) to consider the conversion of underwriting companies that are not able to scale the recapitalisation hurdles into microinsurance underwriters.Click here for more.

Forex Intervention: CBN Injects $314.74m, CNY 23.5m into Retail SMIS

In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, September 20, 2019, injected the sum of $314.74million into the retail Secondary Market Intervention Sales (SMIS) and CNY 23.5million. Click here for more.

At N596bn, loans to real estate drop 24%

Loans from commercial banks to the real estate industry, which began to drop over a year ago, have maintained the downward trend. From N784bn in the first quarter of 2018, credit to real estate dropped to N596bn out of the total loan of N15.21tn extended to the private sector in the first quarter of 2019. Click here for more.

Nigeria Plans to Use Identity Checks in Battle Against Militants

Nigeria’s army said it will carry out strict identification checks on people passing through three of the country’s northern states as it seeks to clamp down on Islamic militants in the area. The checks are needed because criminals are hiding among civilians in some of the towns in the northeastern states. Click here for more.

Telecoms Sub-sector Lost N221bn in Two Years

Value Added Service (VAS) operators, a sub-sector in the telecoms industry, operating under the aegis of Wireless Application Service Providers Association of Nigeria (WASPAN), has decried the heavy loss it incurred in the last two years, amounting to N221 billion. Click here for more.

Oil Gains On Saudi Supply Disruption, Mideast Tensions

Oil prices rose to their highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East. Brent crude futures LCOc1 increased to as much as $65.50 a barrel. Click here for more.