Manufacturers deepen local raw materials sourcing, up 11% in 3yrs
By Yinka Kolawole Nigeria’s manufacturing sector recorded a steady increase in the use of locally sourced raw materials between 2021 and 2024, with the share rising from 51.5 per cent in 2021 to 57.1 per cent in 2024, as foreign exchange pressures, naira depreciation and rising import costs pushed manufacturers towards domestic alternatives. Data from […]
Seven Energy begins gas supply to Calabar
Seven Energy International Limited, the indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 MW Calabar National Integrated Power Project (“NIPP”). The commercial delivery of gas to Calabar NIPP commenced on March 2015, and is being executed through Accugas, a wholly-owned subsidiary of Seven Energy. When operating at full capacity Calabar NIPP will increase national power generation by over 10 percent.
GGI boss tasks Buhari on steady energy supply
The Founder and President, Good Governance Initiative (GGI), Mr. Festus Mbisiogu has expressed the need for the incoming government of Muhammadu Buhari to ensure that Nigeria enjoys uninterrupted power supply to enable progressive economic growth. Mbisiogu, who stated that a recent research showed that Nigerians spend about N150 billion on a yearly basis to generate power for use both at homes and offices, also said that the situation is not benefiting the poor masses.
Oil crash: Indigenous companies lay off workers
Indigenous companies have begun to lay off workers and cut salaries as a way of coping with the challenges of the crude price crash at the international market. Those who cannot cope with the downturn in the industry have also had to close shop, pending when the fortunes of the petroleum industry improves. Dropping the hint in an exclusive chart with Vanguard, the Chairman, Petroleum Technology Association of Nigeria, PETAN, Mr. Emeka Ene, argued that indigenous companies are the most affected in the current crises facing the industry.
Indigenous ship operators move to annex 1.6bn litre of product movement
In a move to get local shipping firms to participate in the movement of 1.6billion litre of petroleum products within the nation’s coastal water, the Nigerian Indigenous Ship owners Association, NISA, has called on its members to begin preparation to position their vessels for loading.
World’s biggest oil trader sees $50 floor for crude prices
“U.S. production growth is beginning to slow down and demand is looking quite good for the year, so the combination of all of that means that probably price, if anything, moves up a little bit,” Taylor said. Prices “overreacted to the downside” and the slump is now “behind us,” Torbjorn Tornqvist, the chief executive officer of Gunvor, said at the same Lausanne event. The company handles more than 2.5 million barrels of crude and fuels each day, meaning it’s among the world’s five largest independent traders, according to data compiled by Bloomberg.
