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Fitch revises Nigeria’s 2021 GDP forecast to 1.6%

It pointed out that rising oil exports would be the main growth driver for the country in 2021, while consumer spending and business investment were likely to be subdued because of persistently high inflation and the slow rollout of a Covid-19 vaccine.
Newsmen report that the meeting is being presided over by President Muhammadu Buhari at the Council Chambers of the Presidential Villa, Abuja, on Wednesday.

President Buhari mourns Saudi Arabia’s ex-oil minister

President Muhammadu Buhari has expressed sadness over the death of former Saudi Arabia’s longest serving Oil Minister, Sheikh Ahmed Zaki Yamani, who died at a London hospital at 90.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC mourns ex-Saudi Arabia petroleum minister

The Organisation of Petroleum Exporting Countries (OPEC), yesterday expressed sadness over the death of a former Saudi Arabian Minister of Petroleum and Mineral Resources, Sheikh Ahmed Yamani, who passed away at the age of 90.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Goldman Sachs: Brent crude to reach $75 by September

Analysts at the US bank Goldman Sachs have raised the price forecast of crude oil by $10 per barrel for the second and third quarters of 2021.
Nigeria Naira

Economic expert: Key lessons learnt from exiting recession

Economic expert, Prof Uche Uwaleke has listed four major lessons to be learnt from National Bureau of Statistics (NBS) report which stated that Nigeria has exited the current economic recession.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Crude oil price hits 13-month high

Oil prices yesterday maintained their upswing, hitting their highest in about 13 months on the back of vaccine rollouts expected to increase demand even as producers kept supply reined in.
As candidates jostle for the Director-General position of the World Trade Organisaion, WTO, Female Parliamentary in Nigeria, Friday, threw weight behind former Minister of Finance, Ngozi Okonjo-Iweala, to occupy the number one position of the organization.

OPEC lauds Ngozi Okonjo-Iweala on confirmation as WTO chief

The Organisation of Petroleum Exporting Countries (OPEC) Monday felicitated with Nigeria’s former Minister of Finance, Dr Ngozi Okonjo-Iweala, over her confirmation as the new Director General of the World Trade Organisation (WTO).
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Crude oil trades at $62, highest in 13 months

Oil prices jumped again by 2.49 per cent yesterday, hitting a fresh 13-month peak, and surpassing the $60 high set earlier this week.
The number of active oil rigs in the country fell by 23.8 per cent to 16 in April amid the coronavirus-induced collapse in prices and demand for crude.

Oil exploration drops by 150 percent in Nigeria

There are indications that oil exploration has dropped by 150 per cent in Nigeria in the past year, due mainly to the prolonged delay in the passage of the nation’s Petroleum Industry Bill, PIB, into law.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has insisted that there is no plan to divest the Federal Government’s stakes in joint venture oil assets.

Nigerian government inaugurates crude oil cost optimisation programme

The Federal Government has inaugurated the Nigerian Upstream Cost optimisation Programme (NUCOP) to drive down the cost of crude oil production in the country.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil price hits $60 per barrel as Iraq, Kazakhstan cut output

The price of oil has risen to $60 per barrel in the international market as Iraq and Kazakhstan commit to the Organisation of Petroleum Exporting Countries, OPEC oil cut deal.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Analysts foresee faster economic recovery as oil price hits $60

Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.

Nigerian government gets revenue boost as oil prices near $60

Nigeria revenue profile may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC).
FILE PHOTO - Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS-Nick Oxford-File Photo

Saudi Arabia raises oil prices to U.S. and Europe

The world’s top oil exporter, Saudi Arabia, raised on Thursday the prices of all its crude oil that will go to the United States and Europe in March while leaving unchanged the official selling prices of its crude to its key market in Asia.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that more private and public sector collaboration will be encouraged as Nigeria steps up effort to realise its target of boosting domestic gas utilisation.

OPEC commends crude oil production cut by Nigeria

The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) has commended the progress made by Nigeria to conform with the agreement on Crude oil production cut.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC, non-OPEC withdraw 2.1 billion barrels in 9 months

The Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC member States, have withdrawn 2.1 billion barrels of excess oil from the volatile oil market, thus raising hope on market stability.
The Nigerian Economic Summit Group (NESG) has confirmed that dialogue in national transformation at this year’s economic summit will focus on job creation, youth empowerment and entrepreneurship.

NESG: Nigerian economy to beat IMF growth forecast in 2021

The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund.
The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

Economist: Official exchange rate may depreciate to N420 to the dollar

The managing director of Financial Derivatives Company, Bismarck Rewane, has projected that the naira will depreciate to N420 against the dollar on the official window by the end of 2021.
“I am sure each and every one of us can recall the dire situation the industry was in, which was most dramatically illustrated on 20 April 2020 when the price of WTI went negative. It was a visceral day, and one often described as ‘Black Monday.’” Mohammed Barkindo said, speaking at the S&P Global Platts Americas Petroleum and Energy Conference.

OPEC withheld 1.3 billion barrels of oil to prop up prices

“I am sure each and every one of us can recall the dire situation the industry was in, which was most dramatically illustrated on 20 April 2020 when the price of WTI went negative. It was a visceral day, and one often described as ‘Black Monday.’” Mohammed Barkindo said, speaking at the S&P Global Platts Americas Petroleum and Energy Conference.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC: Renewable energy can’t overtake oil in decades

The consumption of renewable energy cannot come anywhere close to overtaking oil and gas usage in the decades ahead, the Organisation of Petroleum Exporting Countries said on Wednesday.
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido

IMF revises Nigeria’s 2021 GDP forecasts to 1.5 percent

The International Monetary Fund (IMF) in its World Economic Outlook (WEO) update released yesterday has projected that the Nigerian economy will grow by 1.5 per cent this year, slightly lower than the 1.7 per cent it had predicted for the country in its previous forecast.
FILE PHOTO - Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS-Nick Oxford-File Photo

Oil gains on stimulus optimism ahead of Joe Biden inauguration

Oil prices climbed with U.S. stock markets on Tuesday ahead of Joe Biden’s inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.

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Sheikh Ahmad Gumi says the easiest and safest way to end insecurity in the north is to negotiate peace with the bandits that have turned the region into a killing field.

NUJ calls for Sheikh Gumi’s arrest

The Nigeria Union of Journalists (NUJ), on Friday, called for the arrest of Sheikh Ahmad Gumi, for saying journalists are criminals for calling bandits criminals.
Mr Bank-Anthony Okoroafor, an energy expert, has commended the Federal Government on plans to make available 600,000 gas cylinders in the country as part of effort to drive Liquified Natural Gas (LPG) penetration.

Nigerian government to launch new pricing framework for gas operations

The chairman of National Gas Expansion Programme (NGEP), Mohammed Ibrahim, says the federal government will launch a new pricing framework to regulate operations in the gas sector.
Nuno Espirito Santo (left) jokes with Raul Jimenez (right), who visited Wolves while training

Wolves boss ‘confident’ Raul Jimenez will return this season

Wolves manager Nuno Espirito Santo is "totally confident" Mexico striker Raul Jimenez will be back from his fractured skull before the end of this season.

OPC nabs four ‘kidnappers’ in Ibarapa

The Oodua Peoples Congress, OPC, in Oyo State said yesterday that it arrested four suspected Kidnappers in the Ibarapa, area of the state.
“Now countries are still pursuing deals that will compromise the COVAX supply,” WHO senior adviser Bruce Aylward told a briefing. “Without a doubt.”

WHO: Countries threaten global COVAX vaccine supply by making own deals

Countries seeking their own vaccine doses are making deals with drug companies that threaten the supply for the global COVAX programme for poor and middle-income countries, the World Health Organization said on Friday.

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The Nigeria Police Force says its investigation shows that Boko Haram, Ansaru and other terror groups are getting support from some Nigerians.

Insecurity: Police redeploys 300 officers from Ebonyi to northern region

Up to 300 police officers serving in Ebonyi State command have been redeployed to force headquarters Abuja to shore up efforts to tackle ongoing insecurity in the north of the country.
An umbrella body for the 61 investors that secured different development lease agreements from the Federal Government through the Ministry of Industry, Trade and Investment and Trade Fair Management Board have petitioned the government against the planned concession of the Lagos International Trade Fair complex on Lagos Badagry Expressway.

Investors kick against concession of Lagos Trade Fair complex

An umbrella body for the 61 investors that secured different development lease agreements from the Federal Government through the Ministry of Industry, Trade and Investment and Trade Fair Management Board have petitioned the government against the planned concession of the Lagos International Trade Fair complex on Lagos Badagry Expressway.
FILE PHOTO - Australian Prime Minister Scott Morrison arrives at Haneda airport in Tokyo, Japan, November 17, 2020. REUTERS-Issei Kato

Australian premier warns of ‘culture problem’ after allegations of rape in parliament

Australian Prime Minister Scott Morrison said on Saturday he was “sickened” by allegations of sexual assault in Parliament House, adding that there was a “culture” problem at the government building.
The National Agency for Food and Drug Administration and Control (NAFDAC) says it has not approved any drug or vaccine for the treatment of COVID-19.

NAFDAC vows to shut down packaged water factories endangering Nigerians’ health

The National Agency for Food and Drug Administration and Control (NAFDAC) has vowed to shut down packaged water production facilities that fail the Good Manufacturing Practice requirements.
A Nigerian police officer holds a bunch of handcuffs in Abuja on October 3, 2020. Sodiq Adelakun-Channels TV

Fake soldier arrested during robbery in Lagos

The Lagos State Police Command has arrested a suspected fake soldier, Johnson Godday, for allegedly robbing one Onyebuchi Nwanga of his valuables in the Ogudu area of the state.