Energy
Nigeria’s $750M World Bank Distributed Renewable Energy Project Aims to Power 17.5 Million Citizens
Economy Energy

Nigeria’s $750M World Bank Distributed Renewable Energy Project Aims to Power 17.5 Million Citizens

The Rural Electrification Agency (REA) has announced the launch of a new rural electricity project, set to begin next month, with the financial backing of the World Bank. The project, valued at $750 million, aims to provide electricity to 17.5 million Nigerians, primarily in underserved rural areas, through the use of renewable energy solutions. The […]

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Oando Becomes Nigeria's First Indigenous International Oil Company as its Valuation Hits $4 Billion
Energy Market

Oando Becomes Nigeria’s First Indigenous International Oil Company as its Valuation Hits $4 Billion

Oando Plc, a trailblazer in the Nigerian oil and gas industry, has now attained the prestigious status of Nigeria’s first indigenous International Oil Company (IOC) following its operations outside the shores of Nigeria, particularly in the Sao Tome and Principe Exclusive Economic Zone (EEZ). This monumental achievement is a testament to the dedication and vision […]

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Shell Appoints Ronald Adams as New Managing Director of Deep-Water Subsidiary in Nigeria
Economy Energy

Shell Appoints Ronald Adams as New Managing Director of Deep-Water Subsidiary in Nigeria

Shell Nigeria Exploration and Production Company Limited (SNEPCo), the deep-water subsidiary of Shell in Nigeria, has announced the appointment of Ronald Adams as its new Managing Director. This was disclosed in an official statement released by Gladys Afam-Anadu, Shell Nigeria’s Media Relations Manager, on Tuesday. Adams, who previously served as Chief Executive Officer of Atlantic […]

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Federal Government CNG Initiative of Distributing 2,000 Tricycles for Nigerian Youths to Launch on October 1st
Energy Sectors

Federal Government CNG Initiative of Distributing 2,000 Tricycles for Nigerian Youths to Launch on October 1st

Starting October 1, 2024, the Federal Government, through the Presidential Compressed Natural Gas Initiative (PCNGi), will begin distributing 2,000 Compressed Natural Gas (CNG)-powered tricycles to young Nigerians in the transportation sector across the country. This initiative is part of the government’s strategy to promote more affordable and eco-friendly transportation solutions. The PCNGi announced the program […]

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NNPC Revives $29.8 Billion LNG Projects: Brass and Olokola Back on Track
Economy Energy

NNPCL Revives $29.8 Billion LNG Projects: Brass and Olokola Back on Track

The Nigerian National Petroleum Company Limited (NNPCL) has reopened discussions with investors to revive two major Liquefied Natural Gas (LNG) projects—Brass and Olokola LNG—valued at a combined $29.8 billion. These projects, long stalled due to unfavourable market conditions and slow political decision-making, are now gaining renewed attention as Nigeria seeks to expand its gas capacity […]

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Dangote Refinery’s Petrol to Hit Nigerian Market Exclusively Through NNPC Starting September 15th
Economy Energy Market

Dangote Refinery’s Petrol to Hit Nigerian Market Exclusively Through NNPC Starting September 15th

Nigeria’s state-owned oil company, NNPC Limited, will begin distributing gasoline from the 650,000 barrels-per-day Dangote Refinery to the local market this Sunday, following the resolution of key disputes over offtake rights and pricing. This comes after the $20 billion refinery, constructed by Africa’s richest man, Aliko Dangote, began processing gasoline last week. Initially, distribution had […]

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Innoson Vehicle Manufacturing (IVM) unveils its first electric vehicle amid Nigeria's fuel crisis.
Energy Manufacturing

Innoson Unveils First Locally Produced Electric Vehicle Amid Nigeria’s Fuel Crisis

As Nigeria grapples with a prolonged fuel crisis, Innoson Vehicle Manufacturing Company (IVM) has made a significant move by unveiling its first locally produced electric vehicle (EV). This breakthrough could mark a significant moment in the country’s transportation industry, offering a possible solution to the rising fuel costs and environmental challenges the country faces. In […]

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Namibia Partners with Chinese Firms to Build Its Largest Solar Power Plant for $89 Million | Business Verge NG
Energy Partnerships

Namibia Partners with Chinese Firms to Build Its Largest Solar Power Plant for $89 Million

Namibia has taken a big step toward energy independence by partnering with two Chinese companies to build the country’s largest solar power plant. The project, worth $89 million (N$1.6 billion), will be constructed by China Jiangxi International Economic and Technical and Zhejiang Chint New Energy Development. Project Overview: The plant will be located in Rosh […]

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Economy Energy

Nigeria’s First Floating LNG Plant Set for Construction

Nigeria is taking a major step towards expanding its natural gas sector. UTM Offshore Ltd. has been granted a license to build the nation’s first-ever floating liquefied natural gas (LNG) facility, which is expected to produce 2.8 million metric tons per year.  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued the license, marking […]

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Energy

Eterna Plc Secures Official Distributorship of Dangote Petroleum Refinery Products in Nigeria

Eterna Plc has been named the official distributor for domestic sales of Dangote Petroleum Refinery products in Nigeria. This strategic move underscores Eterna’s commitment to bolstering product supply, marked by substantial investments in trucking through vehicle acquisitions and partnerships with third-party transportation providers. The appointment solidifies Eterna’s reputation for excellence and unwavering dedication to customer […]

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