NNPC Cuts Petrol Depot Price to ₦108
The Nigerian National Petroleum Corporation has again lowered the ex-depot price of petrol. The latest reduction, announced on Wednesday, will see PMS sold to marketers at ₦108 per liter, down from ₦113.28 per liter. Final consumers can now expect a similar cut to the price of the product at petrol stations. In March, the ex-depot […]
Three Sectors Bigger Than the Oil Industry in Nigeria
The National Bureau of Statistics recently released data on the growth of Nigeria’s economy in 2019. The GDP report showed that the country’s economy had grown by 2.27 percent in the year just passed. It had performed slightly better than many analysts (including those at the IMF) had expected. But it will need to grow […]
Akasemi Ollor, the 29-Year-Old Nigerian Who Helped Make History in Ghana’s Oil Industry
Akasemi Ollor isn’t 30 yet, but she’s already far out on the dream track of the average commercial lawyer. She’s making headlines, getting tipped for bigger things and just plowing through the often rocky terrain of business regulation with what looks like unusual ease. That’s the picture we get of Ollor’s career trajectory from the […]
ThrowBack Thursday: Oloibiri Oil Discovery (1959)
A very major bulk of Nigeria’s wealth since the 1950’s has been from oil; and quite a majority of this oil have been explored in the Niger Delta region of Nigeria. Until oil was discovered, agriculture was the primary contributor to the entire Gross Domestic Product (GDP), and everyone went to sleep since then, except […]
The NBS’s Report on Nigeria’s GDP for Q3 2016: The Silver Lining You Probably Missed
On Monday, the National Bureau of Statistics (NBS) let the public into its summary of Nigeria’s economic performance in the months of July, August and September- the third quarter (Q3) of 2016. Its assessment, grim as it was, didn’t shock most observers- the oil sector shrank by a monumental 22% points, casting a dark shadow […]
ExxonMobil Discovers 1 Billion Barrels of Oil in Bayelsa
American oil and gas company, ExxonMobil says it has discovered about 1 billion barrels of oil off the coast of Bayelsa State, in Nigeria’s far south. An e-mailed statement from the firm describes the find as “significant”, and suggests that it has the potential to yield recoverable resource of between 500 million and 1 billion […]
Lagos to Commence Export of Crude Oil in August
After many years of anticipation, it seems that Lagos State may finally join the league of states from which crude oil is exported. This achievement could be recorded as early as August if reports coming from the operators of the facility at the Aje oil field are anything to go by. The Aje oil field, […]
Canada-based Professor Launches Book on Oil Theft in Nigeria
A Professor of Criminology at the University of Alberta, Canada, Temitope Oriola, has launched a book on kidnapping of oil workers in Nigeria. The book, In Criminal Resistance? The Politics of Kidnapping Oil Workers, explores circumstances responsible for abducting oil workers, and reasons for it. This brings to the fore another challenge in Nigeria’s oil […]