New Oilfield Discovered in Nigeria Chevron Nigeria Limited (CNL) has announced the discovery of a new oil field in Nigeria. The “new gold mine” estimated to hold 17,000 barrels of oil per day (bpd), is located in the shallow offshore area of the Niger Delta. The development...

Interest Rate Hikes Alone Won't Tackle Inflation – LCCI The Lagos Chamber of Commerce and Industry (LCCI) says rate hikes alone will not curb inflation without first resolving the challenges in the real sector. President, LCCI, Mr. Gabriel Idahosa, made this known at its quarterly State...

Gas Problem in Nigeria's Electricity Sector By Abdulrazaq Hamzat Gas shortage is a major problem in the energy sector of Nigeria, particularly in electricity generation. A recent report by the National Electricity Regulatory Commission (NERC) says that more than 70% of electricity generation companies in Nigeria relies...

Oyetola Unveils Policy Strategy for Harnessing Marine Resources By Kabir Akintayo In a significant step toward sustainable development, the Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced Nigeria’s commitment to harnessing its vast marine resources through the creation of the National Blue Economy Strategy. Speaking...

IMF Slashes Borrowing Cost by 36% The International Monetary Fund (IMF) said it will slash interest on loans of members by 36 per cent to enable members save up to $1.2bn annually. Nigeria has an outstanding balance of $2bn with the IMF, according to the Debt...

FG's CNG Initiative: Balancing Safety Concerns with Economic Benefits By Zekeri Idakwo Laruba One of the major criticisms of the current administration, led by President Ahmed Bola Tinubu, is the abrupt announcement and subsequent removal of fuel subsidy during his inaugural address on May 29, 2023. His...