In Q1/2023, NNPC Retail Made N18.4 Billion – Mele Kyari The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari has said that NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022. Kyari said...

Nigeria’s Oil And Revenue Now $742.48bn - NEITI   The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the Federal Government has earned $741.48billion revenue from the oil and gas sector. The earnings, according to the Executive Secretary Dr. Orji Ogbonnaya Orji, do not include the ones...

Oil, Gas Industry Operators to Get 10-year Tax Vacation - Sylva The Minister of State, Petroleum, Chief Timipre Sylva, said yesterday that when the Petroleum Industry Act (PIA) fully takes off, it will provide for a 10-year tax vacation for some oil and gas investors...

RMAFC Says Petroleum Act Won’t Stop IOCs’ Nigeria Divestments   The Petroleum Industry Act 2021 may not stop the trend of divestments by international oil companies operating in the Nigerian oil and gas sector, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said. In August 2021,...

Nigeria Oil Blocks Not Licensed for 15 years - World Bank The World Bank report has revealed that Nigeria has not held a licensing round for oil blocks other than marginal fields since 2007, due to uncertainties about future regulatory and has contributed to decline...

World Bank Raises Nigeria’s 2022 growth From 2.5% to 3.8% The World Bank has released a forcast on Nigeria’s economy for 2022, raising its growth to 3.8%, up from 2.5% projected earlier in the year. In its January 2022 Global Economic Prospects report, the Bretton Woods...