Business (Page 21)

Minister of Finance and Coordinating Minister of the economy, Taiwo Oyedele, has cautioned that the newly launched African Credit Rating Agency may have limited impact on the continent’s borrowing costs in the medium term, saying investors’ confidence in its assessments will depend on trust, credibility and reliable data. Speaking atContinue Reading

The OTL Africa Downstream Energy which began in Lagos on Monday has highlighted challenges facing domestic refining as stakeholders seek a review of feedstock strategy to bridge supply gap to local refineries. Speaking during the opening ceremony Otunba Adetunji Oyebanji Chairman, Advisory Board OTL Africa Downstream Energy Week notes thatContinue Reading

  Artificial intelligence (AI) can strengthen analytical, investigative and evidence-based reporting on Nigeria’s maritime sector by helping journalists process complex industry data, the chairman of the Maritime Media & Capacity Development Centre (MMCDC), Sesan Onileimo, has said. Onileimo stated this in Lagos during the opening ceremony of an executive trainingContinue Reading

Lagos State governor, Babajide Sanwo-Olu, has said that despite ongoing energy reforms energy costs remain high for many households and businesses. He said Nigeria’s downstream sector today looks very different from what it was three years ago following the removal of fuel subsidy which opened the market to private investment.Continue Reading

The International Energy Agency (IEA) has confirmed that approximately 330 million barrels have so far been released with further assurances to take all necessary steps to complete the remaining releases of around 100 million barrels in a timely manner consistent with national circumstances. In response to ongoing regional security breachContinue Reading

The Republic of Niger has announced an overnight curfew on the sale of petrol across the country, except at designated stations. The new policy says marketers would not sell fuel between nine at night and six in the morning to enable suppliers, including the Nigerien Petroleum Company (Sonidep), to restock them.Continue Reading

The Niger Delta Power Holding Company Limited’s (NDPHC), has reassured commitment to deliver critical electricity infrastructure to boost industrialization in the country. The Company said its mandate of extending critical power infrastructure beyond generation to bridge electricity gaps will be sustained with more projects inauguration. The assurances follows the inaugurationContinue Reading

  Nigeria loses an estimated $8bn to $9bn annually in freight earnings to foreign shipping companies, exposing the country’s failure to build a strong indigenous shipping industry despite having Africa’s largest economy and ship-owning fleet, a maritime industry leader, Captain Ladi Olubowale, has said. Olubowale, the immediate past President ofContinue Reading

Aviation workers have expressed concerns following allegations that the Nigerian Civil Aviation Authority (NCAA) has failed to implement approved staff training programmes, while questions have also emerged over the currency of professional licences held by some of the agency’s inspectors. The development has triggered criticism from aviation workers and industryContinue Reading