Niger

Petroleum Sector Reforms: Let’s Say No To The Cannibals

Petroleum Sector Reforms: Let’s Say No To The Cannibals By Ojie Ejemhen There is no doubt that the downstream sector of the nation’s petroleum industry requires fundamental reforms to restructure its operations and reset its priorities and national objectives to align with globally accepted standards. Over the years, successive administrations lacked the boldness to undertake […]

Trade Deficit Increases To $2.51bn After Border Reopening

Trade Deficit Increases To $2.51bn After Border Reopening         Nigeria’s exports declined while imports increased in January despite the opening of the land borders. Nigeria’s trade deficit rose from $1.69bn in December 2020 to $2.51bn as of the end of January 2021 despite the reopening of the borders, statistics made available by […]

Nigeria’s Revenue Threatened As India Slashes Crude Imports By $39.5bn

Nigeria’s Revenue Threatened As India Slashes Crude Imports By $39.5bn         Nigeria’s revenue earning capacity has come under threat following the reduction of importation of crude oil by India. India, Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5bn in April, compared to the same time the previous year, data […]

E-payment Transactions In Q1 Rise By 82% To N66trn

E-payment Transactions In Q1 Rise By 82% To N66trn       Nigeria’s financial system has recorded further surge in the value of electronic payment (e-payment) transactions to N65.6 trillion in the first quarter of the year (Q1’21) indicating a whopping 82 percent Year-on-Year, YoY, increase from N36.02 trillion in the corresponding period of 2020 […]

PEF Plans To Subsidise Cooking Gas Transportation

PEF Plans To Subsidise Cooking Gas Transportation       The Petroleum Equalisation Fund (Management Board) on Sunday charged oil marketers to start moving Premium Motor Spirit, popularly called petrol, through the expanding rail network across the country. PEF also announced moves being made by the agency to equalise the price of Liquefied Petroleum Gas, […]

COVID-19, Forex Forced 415 Firms Out Of Production – MAN

COVID-19, Forex Forced 415 Firms Out Of Production – MAN       The foreign exchange restriction by the Central Bank of Nigeria and the COVID-19 pandemic forced 415 companies to stop manufacturing in the last one year, the Manufacturers Association of Nigeria has said. The Director-General, MAN, Mr Segun Ajayi-Kadir, lamented that supply-side constraints, […]

Panel To Probe NPA’s Suspended MD For Inauguration Today

Panel To Probe NPA’s Suspended MD For Inauguration Today       The Federal Government may on Monday (today) inaugurate a panel to investigate Nigerian Ports Authority under suspended managing director, Hadiza Bala-Usman. Economic Confidential had earlier reported that President Muhammadu Buhari was probing the alleged non-remittance of N165.32bn operating surplus by the Nigerian Ports […]