Thursday, 31 August 2017

Delay in Ogoni clean-up worries Rivers students 

Delay in Ogoni clean-up worries Rivers students 
Mkpoikana Udoma 31 August 2017, Sweetcrude, Port Harcourt – The delay by the Federal Government to begin the actual clean-up of oil impacted sites in Ogoniland as recommended by United Nations Environment Programme, UNEP, is now a source of serious concern for students in Rivers State. A group known as Rivers South-East Students Assembly, RSESA, says […] More »
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NNPC plans world-class health care facilities in-country

NNPC plans world-class health care facilities in-country
31 August 2017, Sweetcrude, Lagos – As part of efforts to jump-start its diversification into the health care business, the Nigerian National Petroleum Corporation, NNPC, plans to revitalise its 52 clinics across the country. In this regard, it has requested a deeper collaboration with India in the area of expertise and state-of-the-art medical equipment for […] More »
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SAN commends NIMASA over co-operation with shippers 

SAN commends NIMASA over co-operation with shippers 
Michael james  31 August 2017, Sweetcrude, Lagos – The Shipping Association of Nigeria, SAN,  says it is impressed with the level of cooperation between the shippers and the Nigerian Maritime Administration and Safety Agency, NIMASA. SANcalled for a more robust relationship towards actualising the opportunities that abound in the sector. The chairman of the association, Mr. Val Usifoh, […] More »
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Labour awaits inauguration of Minimum Wage Committee

Labour awaits inauguration of Minimum Wage Committee
Oscarline Onwuemenyi 31 August 2017, Sweetcrude, Abuja – The Nigeria Labour Congress, NLC, has submitted the names of its nominees for the 29 man-committee for the negotiation of the new National Minimum Wage. Having done that, the NLC said it now awaited formal inauguration of the committee and the unveiling of the chairperson and that the […] More »
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Sasol lowers return estimates for $11bn project

Sasol lowers return estimates for $11bn project
31 August 2017, Sweetcrude, Lagos – South Africa’s Sasol Ltd has lowered estimated returns at its $11 billion Lake Charles chemicals project in the U.S. and said it’s disputing a revised tax bill in South Africa. Sasol, the world’s biggest producer of liquid fuel from coal, projects an internal rate of return of 7 percent to […] More »
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CAPMI is coming back, says EKEDC

CAPMI is coming back, says EKEDC
OpeOluwani Akintayo 31 August 2017, Sweetcrude, Lagos – Managing Director and Chief Executive Officer of Eko Electricity Distribution Company Limited, EKEDC, Engr. Oladele Amoda, says the Credit Advanced Payment Metering Implementation scheme, CAPMI, would be coming back. He made the assertion during an interview with SweetcrudeReports at his company’s headquarters at Marina, Lagos. According to […] More »
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Govt approves $5.792bn for 3,050MW Mambilla hydro project

Govt approves $5.792bn for 3,050MW Mambilla hydro project
The minister said the project, when completed, would boost the nation’s economy as it would unleash the potential that had been reported about Mambilla in the fields of agriculture, tourism and energy. More »
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Oando says AGM not suspended

Oando says AGM not suspended
OpeOluwani Akintayo 31 August 2017, Sweetcrude, Lagos – The management of Oando Plc has rubbished claim that its Annual General Meeting, AGM has been suspended, saying it will still hold. The company said in a tweet on Wednesday that its 40th AGM will hold on of September 11 in Akwa Ibom state. “Contrary to misleading reports that […] More »
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Naira closes at N362 as CBN injects $547m in one week

Naira closes at N362 as CBN injects $547m in one week
31 August 2017, Abuja – In anticipation of Sallah holiday, the Central Bank of Nigeria on Thursday raised the total intervention for the week to 547 million dollars as against 195 million dollars offered the previous week. The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the […] More »
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Wednesday, 30 August 2017

Libya seizes foreign oil tanker, trawler

Libya seizes foreign oil tanker, trawler
30 August 2017, News wire – Libya seized a foreign oil tanker and trawler Wednesday off the country’s western coast and detained their crews for questioning in Tripoli, the navy and coast guard said. “The Rex, a Tanzanian-flagged tanker registered in Zanzibar, was intercepted” loaded with a suspected illegal cargo of Libyan diesel, navy spokesman […] More »
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States, LGs receive N244bn from NNPC N450bn debt refund

States, LGs receive N244bn from NNPC N450bn debt refund
Ike Amos 30 August 2017, Sweetcrude, Lagos — States and Local Government in Nigeria received N243.758 billion from the Nigerian National Petroleum Corporation, NNPC, N450 billion debt repayment since October 2011. According to a report by the Nigeria Extractive Industries Transparency Initiative, NEITI, payments to state governments totaled N151.446 billion while payments to local governments […] More »
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Hurricane Harvey: Shell to donate $1m to American Red Cross

Hurricane Harvey: Shell to donate $1m to American Red Cross
30 August 2017, Sweetcrude, Houston, Texas – International oil company, Shell, has said it will make an initial contribution of $1 million to the Hurricane Harvey disaster relief fund. According to a statement by Bruce Culpepper, Shell U.S. President on Wednesday, Shell said it had informed the American Red Cross about the donation. The company said as recovery […] More »
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Independents, marginal fields’ operators account for 5.6% of oil production

Independents, marginal fields’ operators account for 5.6% of oil production
Ike Amos 30 August 2017, Sweetcrude, Abuja — Efforts by the Federal Government to improve the fortunes of indigenous oil firms are yet to yield any meaningful result, as independent and marginal oil fields companies, accounted for 5.55 percent of Nigeria’s total crude oil and condensates production over a period of four months, from January […] More »
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Nigeria’s 3 refineries produced 6mb/d petrol in June

Nigeria’s 3 refineries produced 6mb/d petrol in June
OpeOluwani Akintayo 30 August 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has said the country’s three refineries produced between five and six million litres of Premium Motor Spirit (PMS), also known as petrol, per day in June. Nigeria’s refineries are the Warri Refining and Petrochemical Company located in Delta State, Port Harcourt […] More »
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Nearly one-quarter of U.S. fuel output shut, and Harvey isn’t done

Nearly one-quarter of U.S. fuel output shut, and Harvey isn’t done
30 August 2017, Houston/New York — The heart of the U.S. energy industry suffered further damage overnight from Tropical Storm Harvey, and supply constraints could last for weeks with nearly one-quarter of U.S. fuel output knocked out. The Beaumont/Port Arthur area in Texas, where several large refiners are located, has seen more rain in the […] More »
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Data from space hint that Nigeria’s economy is improving

Data from space hint that Nigeria’s economy is improving
30 August 2017, Sweetcrude, London — Nigeria’s battered economy improved between April and June, at least according to satellite data. San Francisco-based SpaceKnow’s Nigeria Night Light Index, which measures light intensity and provides an indication of electricity usage, rose 29 percent year-on-year in that period, the first time it’s showed a positive reading since the […] More »
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NIMASA targets 100% implementstion for ISPS Code compliance

NIMASA targets 100% implementstion for ISPS Code compliance
Michael James 30 August 2017, Sweetcrude, Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA, has reiterated that it would not rest on its oars until 100 percent compliance with the International Ship and Port Facility Security (ISPS) Code is achieved in all port facilities across the country. Dr. Dakuku Peterside, NIMASA Director General, […] More »
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NNPC’s crude contract is 950,000b/d not 3mb/d

NNPC’s crude contract is 950,000b/d not 3mb/d
OpeOluwani Akintayo 30 August 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has said its crude contracts are typically 950, 000 barrels per day, and not 2 to 3 million b/d. The corporation in a statement on Monday while alerting the public against crude oil scammers, said the between 2 to 3mb/d is […] More »
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NNPC announces major shake up

NNPC announces major shake up
OpeOluwani Akintayo 30 August 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has announced a major shakeup in line with the ongoing restructuring of the state-owned company. According to a statement signed by its Group Manager, Public Affairs, Ndu Ughamadu on Tuesday, there have been appointments and deployments of top executives across the […] More »
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Chevron announces plan to enter Mexico’s retail market

Chevron announces plan to enter Mexico’s retail market
OpeOluwani Akintayo 30 August 2017, Sweetcrude, Lagos —International oil major, Chevron, has announced a plan to enter the Mexican fuel retail market. The company on Tuesday said it would open its first Chevron-branded station in Mexico in a few weeks’ time. This new retail station, according to the company specialises in the importation, distribution, and […] More »
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Nigeria: Govt signs $500m MoU for mini-LNG plant

Nigeria: Govt signs $500m MoU for mini-LNG plant
Ike Amos 30 August 2017, Sweetcrude, Abuja — The Nigeria Government, Tuesday, signed an agreement with National Petroleum Corporation, Total Exploration and Production Nigeria Joint Venture and Greenville Energy for a mini-Liquefied Natural Gas plant. The agreement would see the construction of the plant in Rumuoji, Rivers State, with an investment outlay of $500 million. […] More »
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OPEC daily basket price close at $49.51/b

OPEC daily basket price close at $49.51/b
30 August 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $49.51 a barrel on Tuesday, compared with $49.86 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial […] More »
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Nigeria: Gas supply to power plants increases to 730mscf/d

Nigeria: Gas supply to power plants increases to 730mscf/d
Michael James 30 August 2017, Sweetcrude, Lagos — The daily average supply of natural gas to Nigeria’s gas power plants is said to have increased by 123 percent to 730 million standard cubic feet per day. This was made known by the Nigerian National Petroleum Corporation, NNPC in its June 2017 Monthly Financial and Operations […] More »
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Nigerians paid less for PMS, Kerosene, more for LPG in July

Nigerians paid less for PMS, Kerosene, more for LPG in July
Michael James 30 August 2017, Sweetcrude, Lagos — Statistics released by the National Bureau of Statistics, NBS revealed that Nigerians paid less for Premium Motor Spirit, PMS also known as petrol and Household Kerosene, in the month of July 2017. This is not the case with Liquefied Petroleum Gas, LPG also known as cooking gas […] More »
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Greenville to invest $850m in mini-LNG plant in Nigeria

Greenville to invest $850m in mini-LNG plant in Nigeria
  Ike Amos 30 August 2017, Sweetcrude, Abuja — Greenville Oil and Gas Limited, Tuesday, said it would invest a total $850 million in the construction of a mini-Liquefied Natural Gas facility in Nigeria. Speaking during the signing of a Gas Sale and Aggregation Agreement with the Federal and the Nigerian National Petroleum Corporation/Total Exploration […] More »
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OPEC pressure: Why Nigeria won’t cut production yet

OPEC pressure: Why Nigeria won’t cut production yet
Chuks Isiwu 30 August 2017, Sweetcrude, Lagos – Nigeria is likely to come under immense pressure from the Organisation of the Petroleum Exporting Countries, OPEC, next month to cut its crude oil production in line with the organisation’s current policy aimed at stabilising oil prices. OPEC late last year cut its output for the first […] More »
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East-West Road collapse paralyses $50bn investment – OGFZA

East-West Road collapse paralyses $50bn investment – OGFZA
… Cuts off Onne Seaport, Eleme Refinery, Petrochemical plants Mkpoikana Udoma 30 August 2017, Sweetcrude, Port Harcourt – The collapse of Okulu-Aleto bridge in Eleme section of the East-West Road has paralysed investment estimated at more than $50 billion in the Eleme-Onne axis of the industrial hub of Rivers State. That section of the road […] More »
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NERC announces three windows for grid renewable energy

NERC announces three windows for grid renewable energy
OpeOluwani Akintayo 30 August 2017, Sweetcrude, Lagos – In line with the national policy on renewable energy and energy efficiency, the Nigerian Electricity Regulatory Commission, NERC, has approved three windows for grid connected renewable energy projects. It said the approval of the three windows is pursuant to its regulatory mandate established in 2015. According to […] More »
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NNPC wants local oil firms to target 50% national production

NNPC wants local oil firms to target 50% national production
30 August 2017, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation, NNPC, has urged members of the Independent Petroleum Producers Group, IPPG, to ramp up their collective oil production from the current 10 per cent of national output to 50 per cent in the next 10 years in order to increase the footprint of indigenous […] More »
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Abuja Disco refutes Fashola”s claim of inadequate capacity

Abuja Disco refutes Fashola”s claim of inadequate capacity
Oscarline Onwuemenyi 30 August 2017, Sweetcrude, Abuja – The Abuja Electricity Distribution Company, AEDC, has refuted allegations that the electricity distribution companies or Discos were the weakest link in the Nigerian electricity value chain. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, made the claim recently, saying the greatest challenge on the path […] More »
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Nigeria has enough biomass capacity to provide electricity – Kotter

Nigeria has enough biomass capacity to provide electricity – Kotter
“But in Nigeria all year round you have plants growth and animal growing and waste is produced and biomass is produced, so here you have actually better chances for this technology." More »
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Total becomes second-largest producer in North Sea

Total becomes second-largest producer in North Sea
30 August 2017, Sweetcrude, Lagos – French oil major Total is now the second-largest producer in the North Sea after it overtook Royal Dutch Shell. This follows the French oil company’s acquisition of Maersk’s Norwegian and UK producing assets. The $7.45 billion deal by Total was welcomed by the market, with analysts saying it helped […] More »
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Tuesday, 29 August 2017

U.S loses 2.2mb/d crude oil to Hurricane Harvey

U.S loses 2.2mb/d crude oil to Hurricane Harvey
OpeOluwani Akintayo 30 August 2017, Sweetcrude, Lagos — The United States of America has lost some 2.2 million barrels per day of crude oil to Hurricane Harvey. According to S&P Global Platts, the natural disaster has claimed 2.2mb/d of the country’s refining capacity. Forbes said due to the storm that belted the southern Texas coast […] More »
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Ghana to import 150mscf of gas from Equatorial Guinea

Ghana to import 150mscf of gas from Equatorial Guinea
29 August 2017, Sweetcrude, Lagos – West African country, Ghana, is to import liquefied natural gas, LNG, from the Central African country, Equatorial Guinea. This is the outcome of the recent visit of Ghana’s president, Nana Akufo-Addo,  to the Gulf of Guinea petroleum producer. During the visit, Akufo-Addo signed a Memorandum of Understanding, MoU, with […] More »
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Hurricane Harvey: IEA says no need to panic on oil production

Hurricane Harvey: IEA says no need to panic on oil production
29 August 2017, Sweetcrude, Houston, Texas – The International Energy Agency, IEA, has said it “does not see a need to act” yet as regards to the widely reported disruption in the United States’ oil production since Hurricane Harvey hit the country on Friday. According to a publication on the agency’s website on Tuesday tilted […] More »
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NNPC’s crude contract is 950,000b/d not 3mb/d

NNPC’s crude contract is 950,000b/d not 3mb/d
OpeOluwani Akintayo 29 August 2017, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation, NNPC, has said its crude contracts is typically 950, 000 barrels per day, and not 2 to 3 million b/d. The corporation in a statement alerting the public against crude oil scammers, said the between 2 to 3mbd is a falsified figure […] More »
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Chevron announces plan to enter Mexico’s retail market

Chevron announces plan to enter Mexico’s retail market
29 August 2017, Sweetcrude, Houston, Texas – International oil major, Chevron, has announced plan to enter the Mexican retail fuel market. The company on Tuesday, said it would open its first Chevron-branded station in Mexico in few weeks. The new retail station, according to the company, will specialize in the importation, distribution, and commercialization of […] More »
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Police stops interception, of containers cleared from the ports

Police stops interception, of containers cleared from the ports
Vincent Toritseju 29 August 2017, Sweetcrude, Lagos —THE Maritime Command of the Nigeria Police Force has ordered the stoppage and interception of containers already cleared from Lagos ports. Besides, stakeholders in the industry yesterday at the Nigerian Shippers’ Council and Nigeria Customs Services Seminar on Ethics & Integrity in International Trade held at Rock View […] More »
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Corruption: EFCC vows to extradite ex-oil minister, Diezani, to face charges

Corruption: EFCC vows to extradite ex-oil minister, Diezani, to face charges
"If they cannot get a conviction for Diezani there (in London), let them bring her back home. Our eyes are on the Diezani matter and I am hoping that it won’t be business as usual.” More »
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Just In: Shake-up in NNPC; major executives affected

Just In: Shake-up in NNPC; major executives affected
In a statement released on Tuesday by the NNPC spokesman, Mr. Ndu Ughamadu, said 55 management staff were affected in the exercise. More »
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Oando responds to claims on SEC’s investigation

Oando responds to claims on SEC’s investigation
OpeOluwani Akintayo 29 August 2017, Sweetcrude, Lagos — Oando Plc has responded to an ongoing investigation by the Security and Exchange Commission, SEC, into an alleged gross abuse of corporate governance and financial mismanagement report filed by two of its shareholders. According to a statement signed by the company’s Chief Compliance Officer & Company Secretary, […] More »
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Equatorial Guinea demands €73m from Total over ‘fraud’

Equatorial Guinea demands €73m from Total over ‘fraud’
“Following an investigation, we found a suspicious and fraudulent situation,” said Finance Minister Miguel Egonga Obiang as he announced the claim for 48 billion CFA francs. More »
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S/East, S/South govs demand relocation of oil firms’ head offices

S/East, S/South govs demand relocation of oil firms’ head offices
The governors lamented that despite providing the necessary logistic support to the security agencies, perceptions of insecurity are on the rise, preventing inflow of direct foreign and local investment into the regions. More »
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NNPC increases gas supply to power plants by 123%

NNPC increases gas supply to power plants by 123%
“The Corporation has maintained seamless nationwide supply and distribution of petroleum products which guarantees stable products and queue-free filling stations across the nation,” the report stated. More »
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OPEC daily basket price close at $49.86/b

OPEC daily basket price close at $49.86/b
29 August 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $49.86 a barrel on Monday, compared with $49.93 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial […] More »
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Customs officers dismissed over links to arms importation

Customs officers dismissed over links to arms importation
Vincent Toritseju 28 August 2017, Sweetcrude, Lagos — The Nigeria Customs Service has dismissed some of its officers who were found culpable in the importation and clearing of arms into the country earlier this year. The officers were found to have illegally released the container load of arms illegally, after collecting bribes. The dismissal of […] More »
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MRS announces appointment of new registrars

MRS announces appointment of new registrars
OpeOluwani Akintayo 28 August 2018, Sweetcrude, Lagos — MRS Oil Nigeria Plc. has announced the appointment of new registrars for the company. According to a statement published by the Nigerian Stock Exchange, NSE on Monday, the company said its current registrars, CardinalStone Registrars Limited, had been notified and will be handing over to the new […] More »
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Corruption: UK court seizes £18m worth property linked to Alison-Madueke

Corruption: UK court seizes £18m worth property linked to Alison-Madueke
Two properties allegedly belonging to Alison-Madueke at Regents Park in London, along with one in Buckinghamshire, have now been frozen based on the request of Nigerian authorities. More »
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Chevron contributes $1m to Texas Hurricane Harvey relief efforts

Chevron contributes $1m to Texas Hurricane Harvey relief efforts
29 August 2017, Sweetcrude, Houston, Texas – Chevron Corporation has announced that it is making a $1 million contribution to the American Red Cross for the immediate relief efforts under way to assist victims of Hurricane Harvey that struck Texas over the weekend. “Our thoughts are with all the people who have suffered tremendous losses and […] More »
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Monday, 28 August 2017

Nigeria: Inflation rate drops to 16.05%

Nigeria: Inflation rate drops to 16.05%
28 August 2017, Sweetcrude, Lagos – Nigeria’s National Bureau of Statistics, NBS, said Monday inflation rate dropped marginally from 16.1 per cent in June to 16.05 per cent in July. It said in its Consumer Price Index which measures inflation that the July drop is the sixth consecutive time the index had dropped since January this […] More »
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