THREATENED by the usurping of some of its statutory functions, the Nigerian Electricity Regulatory Commission, NERC, has described the establishment of the Electricity Management Services Authority, NEMSA, as an unhealthy rivalry, and unsuitable for the country’s fledging power market.

“To this end, the NMDC has already signed a Memorandum of Understanding, MoU, with the Centre for Automotive Design based in Zaria. We will be producing some steel parts for them such as crane shaft, crankshaft, connecting rods, block engines, brake drums, and wheels. These will all come to fruition very soon. “We will be able to produce corrugated roofing sheets which are made from Electroplated Zinc and other items,”

THE Nigeria Extractive Industries Transparency Initiative, NEITI, has called on the newly-elected President, African Development Bank, AfDB, Mr. Akinwunmi Adesina, to focus on entrenching transparency in the management and utilisation of revenues from natural resources in Nigeria and other African countries.

The Nigerian economy is heavily dependent on oil, and the oil industry is driven mainly by the price and the volume of oil being produced. But the government of Muhammadu Buhari is coming at a period of downturn for the industry both locally and internationally.
However, there is a lot of uncertainties within the global industry occasioned by the crash in oil prices at the international oil market, and even worse for Nigeria, which is undergoing political transition and also solely dependent on imported goods and services for its economic survival.

Despite concerns over rising Non-Performing Loans, NPL, First Bank Nigeria Plc gave out N1.465 trillion loans to oil and gas companies in two years, 2013 and 2014.