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Nigeria: 50 Companies Bid for NNPC’s Boat Supply Contract

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At least 50 companies are scrambling to provide sea worthy tug boats on charter time basis for the maritime operational requirements of the Nigerian National Petroleum Corporation (NNPC) in Lagos, Warri and Port Harcourt. The public bid opening for the contract, which held at the NNPC Headquarters Abuja, had in attendance representatives of the bidding companies with officials of the ...

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Nigeria’s NNPC proposes changes to increase deepwater oil revenues

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Nigeria’s state oil company has proposed legal amendments aimed at enabling the government to increase royalties and other revenues from deepwater oil production. OPEC member Nigeria has been hit hard by a slump in crude oil prices in the last two years, which helped to push the country into recession. And militant attacks in the southern Niger Delta throughout 2016 ...

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Nigeria oil union suspends three-day strike after talks

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A Nigerian oil labour union has suspended a nationwide three-day strike over job losses that hit petrol stations and oil tankers, following talks with the government on Wednesday. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is one of several labour unions that have criticised oil companies for sacking workers in the last few months. Nigeria has been ...

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Nigeria: W’Bank – Nigeria’s Economy to Rebound, Grow By 1% in 2017

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The World Bank has predicted that the Nigerian economy would rebound from recession and grow by one per cent in 2017. The multilateral institution stated this in its January 2017 Global Economic Prospects report. Nigeria’s third quarter 2016 real gross domestic product (GDP) had contracted by 2.26 per cent from -2.06 per cent in the second quarter of this year, ...

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Nigerians to strike over oil sector job losses

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A Nigerian oil labour union has begun a nationwide strike involving petrol filling stations and tankers in a protest over job losses, a union official said on Wednesday. Cogent Ojobo, Warri zonal chairman of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), said the industrial action had started. “Filling stations, petrol tankers and all NUPENG members are involved,” ...

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Investors unfazed by Ivory Coast’s two-day mutiny

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Soldiers rampaging through Ivory Coast in a two-day mutiny have done little to dent investors’ faith that President Alassane Ouattara will retain control and push ahead with reforms in a country seen as a rare African success story of recent years. Disgruntled soldiers demanding bonuses and wage rises kicked off a revolt on Friday in French-speaking West Africa’s largest economy. ...

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Nigeria Reclaims Africa’s Top Oil Producer Spot

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Nigeria may have reclaimed its position as Africa’s top oil producer which it lost to fellow African oil producer, Angola earlier in March 2016. According to the December 2016 Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), crude oil production from Nigeria rose slightly above that of Angola even before the January 2017 planned production ...

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Nigeria: 2017 Budget Will Bring Nigeria Out of Recession – Dogara

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Speaker of the House of Representatives, Yakubu Dogara has expressed optimism that the 2017 budget would lead the country out of its current economic recession. Dogara, who said this on Tuesday in his address welcoming members from Christmas holidays also assured that the House will implement reforms to the budget process to make it more transparent and devoid of controversy. ...

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Nigeria: Dangote Cement, Others Lift Stock Market By 1.25 Percent

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The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 1.25 per cent yesterday as highly capitalised stocks led by Dangote Cement Plc lifted the market. After depreciating for the first three days in 2017, the market had last Friday rebounded. And when trading resumed for the second week of the year, tuesday, the uptrend was sustained leading to a rise ...

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Nigeria: Oil Workers Score NNPC’s Boss High

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Oil workers say the administration and programmes of the current Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, are worker friendly. The workers, under the Group Executive Councils (GECs) of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) rated ...

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