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Business

Nigeria’s oil revenues plunged by 55% to $24.8b in 2015 – NEITI

Waziri Adio

Nigeria’s oil and gas revenues plunged from $54.5 billion in 2014 to $24.8 billion in 2015, while the country’s oil production fell from 798 million barrels in 2014 to 776 million barrels in 2015, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed. According to the NEITI 2015 Oil and Gas Industry Audit Report, the total outstanding revenue from the ...

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The twists and turns around 34-year-old Ajaokuta Steel Company

Ajaokuta Steel

The steel industry is said to be the backbone of any nation. The industry will continue to serve as stimulus to national development and economic boaster to industrial growth of a country. The Ajaokuta Steel Company in Kogi State of Nigeria was envisaged to serve as the bedrock of the nation’s industrialisation. The idea of having a steel industry was ...

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35 N/Delta youths get N14m Shell business start-up grant

Igo Weli Shell

The Shell Petroleum Development Company (SPDC) on Thursday, December 21, 2017 gave cheques for N14 million to 35 graduates in its 2017 Regional LiveWIRE Entrepreneurial Programme. The News Agency of Nigeria (NAN) reports that the event took place in Effurun, Delta State. Each of the beneficiaries got N400,000 as a business start-up grant. The General Manager, External Relations of SPDC, ...

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Shell honoured for Nigerian content development

Shell Petroleum Development Company

The Petroleum Technologies Association of Nigeria (PETAN) has honoured Shell companies in Nigeria with the Aret Adams Award for Excellence in recognition of their “outstanding contributions to the development of local content in the Nigerian oil and gas industry.” PETAN, comprising 89 indigenous companies in the upstream sector of the oil and gas industry, announced the recognition at the 2017 ...

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African presidents draw consensus for inclusive growth at Africa 2017 Forum

Abdel Fattah el-Sisi

African presidents have reached a consensus to focus on regional integration, inclusive growth and youth empowerment in order to achieve continued and sustained growth on the continent at the Africa 2017 Forum in Sharm El Sheikh, Egypt. President of Egypt, Abdel Fattah Al Sisi, hosted African heads of state and business leaders including President of the Republic of Guinea Alpha Condé, ...

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Four Nigerian firms among 12 selected for ‘deal room’ at Africa 2017

Sharm El Sheikh

Twelve fast-growing African companies have been selected to win a place in the Deal Room – a special matchmaking platform for African companies – to be held at the Africa Forum 2017 on December 8 and 9 in Egypt. The selected companies will meet and pitch their business to leading investors, private equity firms and venture capital firms to secure funding ...

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Shell links Nigerian, Chinese suppliers in bid to develop local content

Shell

More than 20 Nigerian and 60 Chinese suppliers met in a strategic sourcing development forum in Shanghai mid-November 2017 in a recent effort by Shell Nigeria Exploration and Production Company (SNEPCo) to boost the capacity of indigenous vendors in the oil and gas industry. Coming shortly after the 4th edition of the Global Nigerian Forum in Aberdeen, Scotland, the latest event, ...

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Government, states, councils share N4.55tr in nine months

Waziri Adio

The total sum of N4.545 trillion was disbursed as the Federation Account Allocation Committee (FAAC) allocations between January and September 2017. Out of this amount, N1.757 trillion was shared in the third quarter of 2017 as against the N1.377 trillion and N1.411 trillion disbursed in the second and first quarters of the year. The information is contained in the latest ...

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SPDC JV’s Afam VI power plant secures licence for another 10 years

Shell Petroleum Development Company

The Nigeria Electricity Regulatory Commission has renewed the power generation licence for Afam VI Power Plant, a 650MW-capacity facility that has delivered over 25.97 million Megawatt-hour (MWh) of electricity into the Nigerian grid since inception in 2008. Afam VI is owned by The Shell Petroleum Development Company Joint Venture (SPDC JV) and located in Afam in Oyigbo Local Government area ...

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Solid minerals sector generated N69.2b in 2015, says NEITI

Waziri Adio

Nigeria earned N69.2 billion from the solid minerals sector in 2015, an increase of 24% on the N55.8 billion earned from the sector in 2014. This disclosure is contained in the latest independent audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI) released on Sunday, November 19, 2017 following the approval of the report by the National Stakeholders Working ...

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