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OPEC confirms Nigeria’s crude oil output increase by 25,000bpd in June
Organisation of Petroleum Exporting Countries (OPEC) has confirmed that Nigeria’s crude oil production rose by 25,000 barrels per day (bpd) from 1.530 million barrels per day (mbpd) in May 2026 to 1.555mbpd in June. According to the Monthly Oil Market…
Nigeria missing, as Japan approves visa-free entry for three African nations, 71 others
Japan has confirmed granting visa-free entry to nationals of 74 countries, with three of them from Africa. Under the country’s reciprocal visa exemption arrangement, Japan listed three African countries, including; Lesotho, Mauritius and Tunisia for the policy, alongside 71 other…
Legal disputes, procurement, distribution delays slowing Nigeria’s electricity sector reforms – World Bank
World Bank has identified persistent legal disputes, procurement and distribution bottlenecks, as well as slow contract execution as slowing the pace of reforms aimed at improving electricity distribution across the country. According to the World Bank, these impediments are delaying…
NERC boss blames Nigeria’s electricity challenges on systemic dysfunction
Nigerian Electricity Regulatory Commission (NERC) has said that the country’s electricity challenges go beyond generation, transmission and distribution to a structural dysfunction in the system. According to the NERC, the country’s electricity challenges rather stem from the inability of the…
IMF projects higher prices for essential commodities in Nigeria, as global headline inflation to rise by 4.7%
International Monetary Fund (IMF) has projected that Nigerians will face higher prices for essential goods in 2026, warning that the trend could worsen poverty and food insecurity despite improvements in the country’s macroeconomic stability. The projection is contained in the IMF’s…
Crude oil output up by 2.3% to reach 1.74mbpd, as Nigeria tops OPEC quota for second consecutive month
Nigeria’s average daily crude oil and condensate production rose by 2.3 per cent to 1.74 million barrels per day (mbpd) in June 2026 from 1.70mbpd recorded in May, while crude oil output climbed to 1.56mbpd, enabling the country to exceed its…
Shell exits S/Africa’s downstream sector, sells off 580 feel stations to Abu Dhabi firm
British energy giant Shell has announced a deal to sell its South African downstream business, including 580 fuel stations, to the Abu Dhabi National Oil Company (ADNOC). Shell said the sale, valued at about $1 billion (£21 billion), formed part of…
Three marketers seek joining as parties in Dangote’s N100bn against FG over fuel import permits
Three major petroleum products marketers; Matrix Energy, AA Rano and AYM Shafa have applied to be joined as parties to the fresh lawsuit filed by Dangote Petroleum Refinery seeking N100 billion in damages from the Federal Government over the latter’s…
NNPCL/Seplat JV signs 15-yr supply deal with UTM FLNG to drive commercialisation of Nigeria’s gas
Nigerian National Petroleum Company Limited (NNPCL) and the Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture (JV) has signed a 15-year Wet Gas Sale and Purchase Agreement (WGSPA) agreement with the UTM FLNG Ltd with the aim of driving the commercialisation…
NDIC begins verification exercise for depositors of 46 liquidated MFBs
Nigeria Deposit Insurance Corporation (NDIC) says it has formally commenced a nationwide verification exercise for customers of the 46 microfinance banks (MFBs) whose operating licences were revoked by the Central Bank of Nigeria (CBN). According to the NDIC, the verification exercise…
