A Nigerian firm has said it has started oil production from an offshore field in the commercial city of Lagos, the first output outside the country’s oil hub in the Niger delta. “Yinka Folawiyo Petroleum Co. Ltd (YFP) is pleased … read more
Nigeria plans to begin exploratory drilling in search of oil in the northeastern Chad Basin region by October, the head of the state oil company has said. Emmanuel Ibe Kachikwu, who last year said Africa’s biggest crude exporter may be … read more
Nigeria’s Vice-President Yemi Osinbajo has accused the previous administration of stealing some $15 billion of public money through fraudulent arms deals. Osinbajo said the huge sum was “lost… to fraudulent and corrupt practices in… security equipment spending during the last … read more
The World Bank Doing Business Report 2016 says Nigeria remains one of the poorest business destinations in the world, improving marginally by just one step from its ranking last year. Out of 189 countries surveyed, Nigeria moved from 170th position … read more
Property investors in the Nigerian city of Maiduguri are benefiting from a rise in real-estate prices following the retreat of Boko Haram fighters. Maiduguri is the largest city in Borno state, once a stronghold of the fighters and a frequent … read more
Earlier this month, the Boston Consulting Group (BCG) released its Sustainable Economic Development Assessment (SEDA) Report on Nigeria titled “Unlocking Nigeria’s Potential: The Path to Well Being.” This report evaluates the relative well-being of countries around the world by measuring … read more
Crime on the high seas has nearly halved in the last five years but there is one region bucking that trend. Pirate attacks off Nigeria are seeing a resurgence, at a rate of nearly one a week in the past … read more
It will no longer matter whether you’re the buyer or the seller; if you’re found handling petrol with jerry cans, you will be arrested. The order, given on Tuesday by Solomon Arase, inspector-general of police, to all zonal assistant inspectors-general … read more
Depressed oil prices, rampant corruption, and pipeline vandalism are only parts of Nigeria’s oil problem. It’s now losing a massive 400,000 barrels of crude daily to pirates in the Gulf of Guinea, an amount equal to the entire daily export … read more
Nigeria’s oil output is set to decline sharply over the next decade, according to industry executives and analysts, because of uncertainty over promised reforms to the cash-strapped and debt-laden state oil company. President Muhammadu Buhari came to power a year … read more