Author: Gambeta News

Nigeria to get a positive rise in GDP Bismarck Rewane, Chief Executive Officer of Financial Derivatives, at the West African Investment Summit in Lagos said, Nigeria’s Gross Domestic Product (GDP) projection will reach 2.2 per cent this year. According to the forecast, the nation’s trade balance will rise to US$9 billion this year from 2017’s US$7 billion. This result will be attainable as Non-Performing Loans (NPLs) will decline this year. The economy’s data would be positive this year, but would…

Increased adoption of cooking gas in Rwanda have caused a rise in gas imports. Statistics in Rwanda have shown more Rwandans are discarding charcoal and choosing gas as the new energy source for cooking. This demand have cause a fourteen times increase in the importation of Liquefied Petroleum Gas (LPG). This is according to Rwanda Utilities Regulatory Authority (RURA). In 2010 records show that Rwanda imported about 700,000 kilograms of LPG and the imports is still increasing…

NNPC have reduced cost of producing barrel of oil to US$20 The Nigerian National Petroleum Corporation ( NNPC ) have successfully reduced cost of producing a barrel of oil to US$20. The corporation also said it it taking necessary measures to further reduce the cost to US$15 per barrel. NNPC said, it has sign four Memoranda of Understanding (MOU) with state governments for the production of bio fuel. The bio-fuel is to complement the volume…

Nigeria now world’s largest importer of petroleum Nigeria is the only member of OPEC that imports petrol according to Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru. He said this through NNPC’s Chief Operating Officer during the 2018 Oloibiri Lecture Series and Energy Forum (OLEF). Nigeria is the largest importer of Premium Motor Spirit (PMS) in the world because refineries are not working at maximum capacity. The Society of Petroleum Engineers (SPE), Nigeria Council, organizes OLEF…