FG eyes $4.5bn oil savings, grows output by 400,000bpd –

The Federal Government, through the Nigerian National Petroleum Company Limited, says it is taking aggressive steps to save the oil and gas industry about $3bn to $4.5bn in operational costs this year. Group Chief Executive Officer of NNPCL, Bayo Ojulari, stated this in Lagos on Thursday in a keynote address at the Nigerian Association of Petroleum Explorationists’ 50th anniversary celebration. Ojulari, who was represented by the company’s Executive Vice-President….(Read More)

NUPRC eyes 40% share of Africa’s oil investments –

The Nigerian Upstream Petroleum Regulatory Commission says it is taking bold steps to reclaim the country’s dominant position in Africa’s oil and gas investment space after its share of sub-Saharan Africa’s upstream inflows plunged from 44 per cent in 2014 to 30 per cent in 2022. Speaking at the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists in Lagos, Commission Chief Executive, Gbenga Komolafe, said the agency’s newly unveiled Regulatory Action Plan is designed to serve both as a corrective and a catalyst for attracting fresh capital into Nigeria’s upstream sector………..(Read More)

Nigeria’s Economy Stable, Now Needs Growth — Okonjo-Iweala –

Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has declared that the Nigerian economy has achieved stability under President Bola Tinubu’s administration. Okonjo-Iweala however noted that the administration must now shift focus to achieving growth and expanding social safety nets to cushion the impact of reforms. Speaking to State House correspondents on Thursday after a meeting with the President at the Presidential Villa, Abuja, Okonjo-Iweala commended the government for stabilising the economy, stressing that no meaningful growth could occur without first achieving stability…….(Read More)

$250bn African Pensions Fund To Address Gap In Oil & Gas Sector –

The critical funding challenges facing oil and gas companies in Africa can be partially offset if the continent’s $250 billion pension fund assets are deployed to finance essential oil and gas projects. African leaders have also been urged to recapitalise the region’s over 1,000 financial institutions and national development banks to ensure their funds are kept in foreign countries to finance energy infrastructure, which requires $200 billion annually. According to Rene Awambeng, founder and managing partner of Premier Investment Solutions, who spoke at the African Refiners and Distributors Association (ARDA) Week Conference in Cape Town…..(Read More)

Inflation to fall to 21.79% in July, naira to remain stable – Rewane –

Nigeria’s inflation is projected to further drop to 21.79 percent in July as prices continue to moderate in Africa’s most populous nation after hitting its highest levels last year, according to Bismarck Rewane, the managing director of Financial Derivative Company (FDC). That would be the fourth consecutive deceleration in 2025 and the lowest in almost two years. Rewane attributed the likely decline to the appreciation of the naira, lower energy costs, and the harvest season. The disinflationary trend could pave the way for a likely rate cut of at least 25 basis points to 27.25 percent…..…(Read More)

US producer inflation highest in three years in July –

US producer price inflation bounced in July to its highest reading since 2022, data showed Thursday, as policymakers seek to gauge effects from President Donald Trump’s tariffs. The advance, which was markedly larger than analysts expected, came as a rise in services costs exceeded that in goods. Price pressures have been building up for businesses as they grapple with sweeping tariffs after Trump targeted most trading partners with a 10-percent levy this year, alongside steeper levels on sectors like steel and aluminum……(Read More)