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Kaduna: Dry port to produce 5,000 jobs

By David Agba Abuja Up to 5,000 new jobs may be created when the Inland Dry Port in Kakuri, Kaduna, comes on stream. The port has the capacity to handle 29,000 tonnes of cargoes yearly at the first phase of operation and will double when fully completed. “The Kaduna Dry Port which is the first […]

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BP sets $1.5bn charge for U.S tax charges

Oil giant BP will take a one-off $1.5 billion charge to adjust to new U.S. tax rules, but expects a long-term boost from the corporate-friendly tax rates, it said on Tuesday. BP’s rival Royal Dutch Shell said last week it would incur a one-off charge of $2-$2.5 billion for the U.S. tax changes. According to […]

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NPA management sympathises with TCIPC fire victims

The Management of the Nigerian Ports Authority (NPA) has expressed concern while sympathizing with those affected in the unfortunate fire incident which occurred at locations in the Tin Can Island Port Complex (TCIPC), Apapa during which no lives were lost. The Management stated this against the back dropof the fire outbreak of Tuesday, the 2nd […]

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Tincan customs records 162,285 tonnes of agric export– Bashar

By Ajibola Abayomi Lagos A total of 162,285.72 Metric Tonnes of agricultural products were exported through Tin Can Island Port in 2017. The figure was over a hundred and fifty percent increase above the 55,000 metric tonnes recorded at the port in 2016. Customs Area Controller in charge of Tin Can Island Port Command of […]

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Harmattan haze: Airlines lose 50% flight operations, revenue

Stories by David Agba with agencies Local airlines have lost about 50 per cent of flight operations due to poor visibility occasioned by the seasonal harmattan haze. Though air travel is usually at its peak during yuletide, operators couldn’t optimise most of their recent investments as a result of flight delays and cancellations. In the […]

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Airline start-ups and failures in 2017

FlightGlobal data shows that 39 new airline operations were established over the first eight months of 2017, roughly matching the 37 airlines that ceased operations or suspended flights. The 39 start-ups include some subsidiary carriers created to enter new markets – or, in the case of EasyJet Europe, to ensure continuity of operations ahead of […]

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NeFF and quest to scale up fight against e-payment thieves

The Chairman, Nigeria Electronic Fraud Forum (NeFF), ‘Dipo Fatokun, has said the forum would be more dedicated to providing security for the nation’s banking sector by giving a tough fight against e-Payment thieves. DAVID AGBA reports Electronic payment is a relatively new phenomenon in Nigeria. Most transactions in the country are done with cash. This […]

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Over 1.3bn litres of petroleum products distributed – NNPC

The Nigerian National Petroleum Corporation (NNPC) sold and distributed 1.352.86 billion litres of white products across the country in October, 2017. This was done through its downstream subsidiary, the Petroleum Products Marketing Company (PPMC). In its October 2017 edition of the Monthly NNPC Operations and Financial Report also indicated that 252.83 billion cubic feet of […]

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Q3: NLNG, cooking gas export hit N398bn

Stories by Benjamin Umuteme with Agencies The National Bureau Statistics (NBS) in its third quarter 2017 Foreign Trade Statistics revealed that the country earned N397 billion from the export of Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG). In the report, NBS stated that the value of exported LNG and cooking gas stood at […]

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Power: N1.5bn daily lost to gas, water, transmission problems–Report

Stories by Benjamin Umuteme Abuja A new report from the Nigeria Electricity Supply Industry (NESI) has revealed that the country’s electricity sector lost N1.5 billion daily to gas, water, and transmission lines. NESI in the report also disclosed that the sector generated 99,000 mega watt/hour (MWh/day) a day on the same day, but lost about […]

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The GDP

The Mining sector in the year under review grew by 2.24% in the second quarter (Q2), 2017 contributing its little to the 0.55% growth in Nigeria Gross Domestic Product (GDP). However, nothing was said to have been contributed to the GDP in Q3, 2017 according to the Nigerian Bureau of Statistics. The ‘World Risk Report’ […]

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Minister seeks additional $400m for new Airport terminal

By Adeola Tukuru Abuja The Minister of State for Aviation, Senator Hadi Sirika, yesterday expressed dismay that new international terminal building at the Nnamdi Azikiwe International Airport (NAIA) Abuja which was set to be ready December 2017, did not meet the deadline as expected due to lack of procurement. Senator Sirika, during a visit to […]

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FG loses $1.28bn to crude oil theft–NEITI

Stories by David Agba Abuja Nigeria lost a whopping 27.12 million barrels of crude oil worth about $1.28 billion to crude theft in 2015, a report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has shown. The NEITI oil and gas audit process covered 75 entities, including 54 oil and gas companies, 10 government agencies, […]

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NEITI report and need for oil sector reforms

NEITI, which has over the years proven to be an effective agency of the federal government, recently released the 2015 Oil and Gas Industry Report laced with several issues, among which is the need for reforms in the oil and gas sector. DAVID AGBA report Earlier in the year (2017), the Executive Director NEITI, Mr. […]

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NSE 30 index review affected Oando, 7Up, others

The Nigerian Stock Exchange (NSE) over the weekend review its NSE-30, and its seven sectoral indices, following the completion of the year-end review and index rebalancing exercise which will see the entry of some major companies and the exit of others from the various indices. Most affected in the review were Oando Plc and 7-Up […]