widening electricity gap loopholes in-pib worry experts
Energy experts yesterday in Abuja raised fresh concerns over the growing gap in access to electricity and other energy sources as over 940 million people, especially in Africa and about 3 billion world population continues to lack access to electricity and clean fuels for cooking.The industry players, who spoke ahead of the Nigerian Association for Energy Economists (NAEE) conference, where Vice President, Yemi Osinbajo, Minister of State for Petroleum Resources, Timipre Sylva, and other stakeholders are expected to discuss leeway to critica…
Nigeria’s auto industry loses $10bn yearly to petrochemical, steel deficits
Government’s failure to revive steel companies and equally develop indigenous petrochemical plants have stalled the local automotive development agenda, leading to loss of $10 billion yearly to large scale importation of fully-built motor vehicles and allied components used for local assembling. For instance, steel accounts for about 60 per cent of raw materials used in automobiles, while petrochemicals are used for plastics and foam used in vehicle interiors. Despite being an oil-producing nation, non-existent refining capacity continues to…
Airlines count losses, struggle over disrepair at Lagos, P/Harcourt airports
Despite a rebound in passenger traffic since flights resumed a year ago, scheduled airlines are struggling to cope with poor aviation infrastructure that has not seen repair or upgrade in several years.Indeed, flight operations at the Lagos Airport, the flagship facility of Nigerian aviation, are steadily recovering since they resumed operation in July 2020 following three months of lockdown. In the last one year, the General Aviation Terminal (GAT), for instance, recorded 1.24 million passenger traffic and 14,079 aircraft movements – the high…
Oando shareholders task SEC on value recovery, ROI
Shareholders of Oando have urged the Securities and Exchange Commission (SEC) to assist the company recover from the prolonged dispute, convene its yearly general meeting and increase return on investment. According to them, giving the current macro-economic challenges, coupled with uncertainty in the global economy, it has become crucial that efforts must be made to assist the management ensure that business activities continue in the usual way to increase shareholders’ value. Specifically, the President of Ibadan zone Shareholders Associ…
Nigeria’s sweet crude bullish at $75 despite oil prices crashing to $69
The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, but Nigeria’s sweet crude, Bonny Light remains bullish at $75.23. With gradual stability, notwithstanding the uncertainty in the market, analysts were hoping that the rally, which was heading to $80 per barrel would become a reality until the price nosedived. Although Nigeria’s Bonny Light maintained its competitive edge, s…
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