Scarcity: NNPC has 2bn litres of petrol in stock – Kyari

mele kyari on downsream dereguletion litres of petrol

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has assured motorists of ample availability of Premium Motor Spirit (PMS) revealing that the Corporation has not less than two billion litres of petrol in its strategic depots across the country. In a press release by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, the GMD attributed the emergence of queues in some petrol stations across the country to the disruption of the free flow of vehicular movement occasioned by curfews and…

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Oil demand decline to persist – World Bank

world bank to support oil demand decline

Measuring sectoral impacts of COVID-19 pandemic continue to suggest that oil demand decline will persist through 2021. While metal and agricultural commodities recouped their losses from the COVID-19 pandemic and expected to make modest gains in 2021, energy prices, despite some recovery still stabilize below pre-pandemic levels next year, the World Bank said Thursday. Oil prices Oil prices fell dramatically in the early stages of COVID-19. And they have only partially regained pre-pandemic price levels. The World Bank’s semi-annual Commodity Markets Outlook report revealed this. The prediction for oil prices…

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FG flags-off N140b grant for rural women

All you need to know about Presidential Fertiliser Initiative

FG has kicked-off a N140b grant that will see over 700,000 rural women benefitting N20,000 each. The Federal Government of Nigeria has commenced the Special Grant Project for Rural Women which will see that over 700,000 women receive grants of N20,000 each to make them financially empowered members of the society. This was disclosed by the Honourable Minister of Humanitarian Affairs, Disaster Management and Social Development, Ms. Sadiya Umar Faroq, through her verified Twitter handle. Miss Sadiya revealed that the special grant project kicked off in Jos, Plateau State on Thursday,…

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World Bank to support Nigeria’s essential sectors

world bank to support oil demand decline

World Bank to support the Nigerian government to strengthen the health and education sectors. The President, World Bank Group, David Malpass, said this during a press briefing at the 2020 annual general meeting on Thursday. Pointedly, the World Bank support for the country in the cause of the pandemic continue to reduce public fiscal constraint He said: “For Nigeria, the vital steps are to strengthen the health system and the education system, and we try to work in those areas. “Also, the governance system and transparency are vital in order…

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IITA, Cassava Growers sign MoU to improve Seed Varieties

iita relating with cassava growers group in their farms

The International Institute of Tropical Agriculture (IITA) has signed a pact with the Nigeria Cassava Growers Association (NCGA) for the second phase of the Building of Economically Sustainable and Integrated Cassava Seed System (BASICS-II) project, AgroNigeria reports. The move will improve cassava seed varieties and will birth a new role for cassava seed producers and root farmers in Nigeria, IITA said. Director-General of the Institute, Nteranya Sanginga, was represented by the officer in charge of IITA Abuja, Gbassey Tarawali, during the signing. According to him, the project will provide an…

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COVID-19: UNECA says remittances to Africa shrinks by $18billion

UNECA logo symbolizing united nations economic for africa

The United Nations Economic Commission for Africa (UNECA) has said that COVID-19 pandemic is likely to cost the African continent $18 billion in remittances. A new report launched by UNECA on Wednesday, entitled “Preserving Remittances in the Time of COVID-19”, highlighted the “severe impact” that the global COVID-19 pandemic has had on remittance inflows to Africa, mainly due to the situation of migrants in most affected countries. The report was launched by UNECA, in partnership with the anti-poverty organization ONE. The report noted that remittances have steadily increased over the…

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Prioritise inclusive jobs creation, World Bank urges African countries

inclusive jobs creation as highlighted by the world bank's Africa' Pulse

The World Bank Group admonishes sub-Sahara African countries to prioritise policies that will guarantee inclusive jobs creation on the continent. Focusing on the paths to recovery for the continent, the Bank projected African economy will enter into a recession for the first time in 25 years. Reversing this, however, will require policies that prioritise firstly, sustained growth and secondly, inclusive jobs creation. The Bank disclosed this in a report titled Africa’s Pulse: Charting the road to recovery. “Steady recovery in Sub-Saharan Africa after the COVID-19 pandemic requires policies that foster sustained growth and…

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WTO DG: Okonjo-Iweala advances to final round

Okonjo-Iweala fate of being the DG of WTO is known today

Race to World Trade Organization – Director-General, WTO DG enters final round and Okonjo-Iweala made it. World Trade Organization – members selected two final candidates — Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee — to advance to the final round in the race to lead the Geneva-based trade body, according to people familiar with the matter. By advancing two women to the final round of the selection process, the WTO will likely have the first female director-general in its 25-year history. Okonjo-Iweala served two stints as Nigeria’s finance minister…

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WTO DG: Okonjo-Iweala Knows Fate Today

Okonjo-Iweala fate of being the DG of WTO is known today

A former Nigeria’s minister of finance, Dr Ngozi Okonjo-Iweala, will on Tuesday know her fate in a bid to be the 7th director-general of the World Trade Organisation (WTO). Okonjo-Iweala scaled the first phase of the selection process. She is among the five candidates that were chosen from the eight candidates nominated by their respective governments in July. “My vision is of a WTO with purpose, where members coalesce around the capacity of trade to help foster economic growth and sustainable development,” she said in a statement to the Council.…

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NNPC plans growth in domestic gas utilization

nnpc facility in rivers state

In keeping with the objectives of the United Nation’s 2030 Agenda for Sustainable Development and the Paris Climate Accord, the Nigerian National Petroleum Corporation (NNPC) is focusing on growing the nation’s domestic gas utilization for balanced economic growth. Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this Tuesday at the BusinessDay Energy Series Summit which held virtually with the theme: “Nigeria at 60: Harnessing Nigeria’s Energy for the Future”. A press release by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the GMD as restating NNPC’s commitment to the aggressive implementation of the…

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