NIGERIA’S cost of petrol importation has continued to rise despite an almost 50 per cent drop in the nation’s consumption rate, reports by the Nigeria Bureau of Statistics have shown. The PUNCH reports that N2.63tn was spent on the importation of Premium Motor Spirit in the first quarter of 2024, which was 31.4 per cent […]

The Major Energues Marketers Association of Nigeria has stated that ethanol could be adopted as a biofuel to help Nigeria in reducing energy poverty and emissions. According to MEMAN during a recent quarterly press webinar and engagement, about $7.4bn could be saved annually by taking advantage of Nigeria’s ethanol resources as a biofuel to support […]

President of Dangote Group, Aliko Dangote, is planning to set up an oil trading firm that would be based in London as part of strategies to help run crude and product supply for the Dangote Petroleum Refinery located in Lekki, Lagos, Nigeria. Six sources familiar with the matter told Reuters on Tuesday that “the giant […]

The International Monetary Fund has said Nigeria may incur an expenditure of around N7trn should the existing fuel pump price cap and electricity subsidy be upheld in 2024. The fund also stated that the current administration inherited a challenging economic situation characterised by low growth, diminished revenue collection, escalating inflation, and longstanding external imbalances, stressing […]