The Federal Government has said power supply leaped by 400 megawatts in the past two weeks after key maintenance in the hydro power plants.
Ratings agency Standard & Poor’s cut Nigeria’s credit rating on Friday, saying the drop in oil production and a restrictive foreign exchange regime was hurting its economic prospects.
Hopes that the Federal Government would hold any licensing round for oil blocks this year is dim due to the delay in the passage of the Petroleum Industry Bill (PIB), The Guardian reports.
Crude prices bounced back on Friday from two-month lows hit in the previous session, but benchmark Brent was in line for its largest weekly decline since January as bearish economic indicators weighed on oil, Reuters reports
The Nigerian state oil company, Nigerian National Petroleum Corporation (NNPC) said on Thursday that the country has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, Reuters report
The Organization of the Petroleum Exporting Countries (OPEC’s) oil output has risen in June to its highest in recent history, a Reuters survey found on Thursday, as Nigeria’s oil industry partially recovers from militan