Tag: Oil Sector
-
70 percent corruption in Nigeria traceable to oil sector — HEDA chair, Suraju
The Chairman, Human and Environmental Development Agenda (HEDA) Olanrewaju Olanrewaju Suraju, has said that about 70 per cent of corruption in Nigeria is traced to the oil sector. Suraju stated this on Monday while speaking in Lagos at the public presentation of its latest publication titled: ‘Spotlighting the Oil & Gas: A Review of the…
-
4 startling revelations that shook the oil sector in 2022
The Oil and Gas sector has remained the mainstay of the Nigerian economy despite Government’s best efforts at diversification into Agriculture and Mining in order to manage volatility and provide a more stable path for equitable growth and development. In 2022, Nigerians experienced the results of a supply shock with a tight oil supply and…
-
NNPCL releases 1.9 billion litres of fuel to ease scarcity
Following a biting fuel scarcity that has enveloped many parts of the country for some time now, the Nigerian National Petroleum Corporation Limited, NNPCL, has released 1.9 billion litres of petrol. Recall that the Department of State Services, DSS, gave stakeholders in the oil sector ultimatum to make petrol available to Nigerians.
-
Traditional ruler seeks host communities’ participation in oil sector
King Bubaraye Dokolo, the Chairman, of the Bayelsa State Council of Traditional Rulers, has said that host communities should play more active roles in the oil and gas value chain. Dokolo, also the Paramount Ruler, Ekpetiama Kingdom, made the advocacy while speaking at the torch lighting ceremony for the 2022 Oil and Gas Stakeholders Festival…
-
Foreign investment into Nigeria’s oil sector drops 51%
A data recently released by the National Bureau of Statistics (NBS) revealed that foreign investment inflow into the Nigerian oil and gas industry dropped 51 percent within three months. The stats office said in its report that investments from non-resident investors in the first quarter of 2020 went down to $10.1 million from $20.6 million…
-
Buhari mourns Baru, says he contributed to stability of oil sector
President Muhammadu Buhari has sent his condolences to the family, friends and associates of the immediate past Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr Maikanti Baru. The President also commiserated with the Government of Bauchi State as well as the Management and staff of the NNPC over Baru’s death. In a…
-
Downstream operators renew quest for total deregulation of oil sector
Operators in the petroleum downstream have told the Federal Government to take advantage of the unique opportunity provided by the crash in global crude oil prices to fully deregulate the sector. They also called for a legislative framework to address compliance, enforcement and pricing in the importation of Premium Motor Spirit (PMS), to ensure that…
-
We are ready to invest €1bn in Nigeria’s oil sector – French Govt
The French government has announced its intention to invest about €1bn in the nation’s oil and gas industry while also declaring Nigeria as its first economic trading partner in Africa. The France Ambassador to Nigeria, Denys Gauer, announced this when the Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation, Mr.…