Search results

President Bola Ahmed Tinubu has ticked a lot of the right boxes for those hoping Nigeria will at last tackle the thorny problems that have hobbled the country’s economic and political prospects. In some respects, he has moved even more quickly than even those close to his transition team expected, in response to the deterioration of key indicators during his predecessor Muhammadu Buhari’s two terms. 

Lagos-headquartered commercial and industrial (C&I) developer Rensource has closed a $15m debt finance facility with Afrigreen’s Debt Impact Fund.

Geregu Power has to date paid NGN8.8bn ($10.8m) to Italian company Ansaldo Energia for repairs to gas turbines at the Geregu gas-fired power plant in Ajaokuta, Kogi state.

Lagos-based developer Elektron Energy Development Strategies and utility Eko Electricity Distribution Company are partnering on the construction of a 30MW natural gas-fired power plant on the commercial capital’s Victoria Island (VI).

Lagos-headquartered multilateral the Africa Finance Corporation (AFC) has set out its stall as a financier and partner for the continent’s energy transition, with a strategy to support renewable energy and critical minerals projects around the continent, as well as the development of battery manufacturing supply chains. The AFC also plans to continue supporting short- to medium-term energy needs by backing upstream and midstream gas projects and gas-to-power (GTP) developments. Marc Howard spoke to AFC executive director and chief investment officer Sameh Shenouda during the recent Africa Energy Forum in Nairobi.

TotalEnergies' Ntokon discovery, in the Niger Delta,  is shaping up as Nigeria’s biggest shallow-water oil and gas discovery in a decade

Savannah Energy subsidiary Accugas has signed a deal to take up to 20 mcf/d of gas from Amocon and resell it to customers via its pipeline network, opening up a potentially lucrative new area of business.

Amid a waning consensus over strategy, the Opec+ meeting in early June broke up with African members unhappy at an unwelcome squeeze on their future production while Saudi Arabia made a unilateral output cut of 1m b/d, reflecting Riyadh’s determination to shape market forces, writes Jon Marks.

Bola Ahmed Tinubu acted decisively at his 29 May inauguration as head of state, by ordering the removal of subsidies on petroleum products. Sources close to his incoming administration had predicted such a move was likely, but the timing of any announcement had been unclear. Previous governments have promised to remove subsidies before backing away from such a decision, so Tinubu’s nerves are likely to be tested in the face of the protests that are now likely.

First details have emerged of the integrated power plant at Dangote Group’s 650,000 b/d Lagos refinery, commissioned on 22 May.

Among the more positive signals emerging from the Nigerian oil and gas sector is the prospect of more liquefied natural gas (LNG) projects. However, many of Nigeria's West African neighbours already having an FLNG project under construction or reactivation.

The timing of the official commissioning of the 650,000 b/d Dangote Petroleum Refinery and Petrochemical Plant on 22 May said as much about local political sensitivities as it did about the facility’s undoubted importance for the Nigerian energy sector.

Incoming Nigerian President Bola Tinubu inherits a challenging brief in the upstream oil and gas sector, with concerns over fiscal terms, regulation and other long-standing corporate worries likely to prove resistant to easy resolution.

Three distribution companies – Kano, Kaduna and Aba Power Limited Electric – were briefly disconnected from the grid by Transmission Company of Nigeria (TCN) in April after a long history of unpaid invoices. Government intervention led to them being reconnected, but only for a 60-day grace period. TCN has warned that other discos could be disconnected once the grace period expires.

Justice minister Abubakar Malami has reportedly recommended that the Federal Government of Nigeria (FGN) halt its legal action in the long-running saga over alleged fraud related to the sale of oil production licence (OPL) 245, saying the episode had negatively affected the economy.