Afreximbank’s $3.3 Billion Crude Oil Prepayment Facility for Nigeria The African Export-Import Bank (Afreximbank) has taken a significant step in addressing Nigeria’s economic challenges by confirming the initial disbursement of $2.25 billion from the recently approved $3.3 billion crude oil prepayment facility. This crucial financial support aims to alleviate the acute foreign exchange (FX) shortage…
The Defense Headquarters recently disclosed a remarkable achievement by the Nigerian military, stating that they successfully eliminated 6,880 terrorists and criminals, apprehended 6,970 individuals, and rescued 4,488 kidnapped hostages from January to date. Maj.-Gen. Edward Buba, the Director of Defence Media Operations, shared these astounding figures during an update on the military’s operations in 2023….
Local airlines, united under the Airlines Operators of Nigeria (AON), and manufacturers represented by the Manufacturers Association of Nigeria (MAN), are strategically positioning themselves to secure priority supplies of diesel and JetA1 from the anticipated Dangote Petrochemical Refinery. The collaboration aims to ensure that domestic carriers and local industries receive favorable consideration for these critical…
Dangote Refinery announced the successful reception of its first one million barrels of Agbami crude from Shell International Trading and Shipping Company Limited (STASCO). The cargo, which sailed to the facility’s Single-Point Mooring (SPM), was efficiently discharged into the refinery’s crude oil tanks, marking a crucial milestone in the refinery’s operational readiness. This inaugural supply,…
Nigeria’s Fuel: In a recent statement from S&P Global, concerns have been raised over potential cost increases for Nigeria’s petrol and diesel imports. This issue arises following the announcement by Netherlands and Belgium, key suppliers of Nigeria’s fuel, regarding plans to elevate specifications and quality standards for their exports. This move is part of environmental…
The Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has announced that the Port Harcourt refinery is poised to resume operations within the next fortnight. Speaking before the Senate ad-hoc committee investigating the Nigerian Refineries‘ Turn Around Maintenance (TAM) Projects, Kyari expressed confidence in the refinery’s readiness for production. He disclosed that…
The Federation Account Allocation Committee (FAAC) declared a remarkable distribution of N1.13 trillion in earnings for December 2023. This marked a substantial increase of N500 billion compared to the previous month’s allocation, demonstrating a positive financial trend. The committee, led by Dr. Oluwatoyin Madein, the Accountant General of the Federation, disclosed the breakdown of this…
Ibrahim Onoja, the Managing Director of the Port Harcourt Refining Company (PHRC), has reaffirmed that the long-awaited revival of the Port Harcourt Refinery is on track, aiming for a December start despite widespread skepticism. In a recent television appearance, Onoja echoed the assurance given by Mele Kyari, the CEO of the Nigerian National Petroleum Company…
