Nigerians grappled with economic pressures in 2024, as food, fuel, and transportation costs surged. Inflation hit a 17-year high of 32.15 percent in August, pushing millions to the brink of hunger.
Thursday, January 2, 2025
Video - Nigeria faces food shortages, currency strain
Nigerians grappled with economic pressures in 2024, as food, fuel, and transportation costs surged. Inflation hit a 17-year high of 32.15 percent in August, pushing millions to the brink of hunger.
Nigeria to expand credit access to citizens
Nigeria will establish a national credit guarantee company in May to lend to businesses and individuals, President Bola Tinubu said in an speech on Wednesday.
Tinubu, who took office in May 2023, campaigned on economic reforms including expanding credit access to boost economic growth.
"To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
Tinubu said the company would partner with government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, as well as the private sector and multilateral institutions.
"This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people," Tinubu said.
Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation, to enhance access to credit to employed Nigerians.
The implementation of the programme was planned in stages, beginning with Federal civil service employees and now the general public.
By Isaac Anyaogu, Reuters
Tinubu, who took office in May 2023, campaigned on economic reforms including expanding credit access to boost economic growth.
"To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
Tinubu said the company would partner with government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, as well as the private sector and multilateral institutions.
"This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people," Tinubu said.
Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation, to enhance access to credit to employed Nigerians.
The implementation of the programme was planned in stages, beginning with Federal civil service employees and now the general public.
Nigeria requires oil licence applicants to demonstrate low carbon emissions
Nigeria has announced a new policy that will require applicants for oil licences and permits to demonstrate evidence of low carbon emissions and a renewable energy programme, the head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated.
The policy aligns with the country's commitment to achieving net zero carbon emissions by 2060.
NUPRC has introduced the Upstream Petroleum Decarbonisation Template to guide applicants in meeting the new requirements.
NUPRC chief executive Gbenga Komolafe stated that the policy aims to ensure compliance with environmental goals.
The enforcement begins from 1 January 2025 and will apply to all approvals within the upstream sector, including divestments.
Komolafe said: "By this, the commission is deepening its efforts to align the upstream petroleum industry with national priorities and international climate goals while ensuring sustainable value creation from oil and gas resources for Nigeria's energy security and economic development."
The initiative is a step towards a more sustainable and environmentally responsible oil sector.
Operators will be mandated to implement methane management programmes, which include leak detection and repairs.
They will also be required to optimise operations with energy-efficient technologies and incorporate renewable energy sources into their projects.
The directive is part of Nigeria's broader strategy to reduce its carbon footprint and promote sustainability in the oil industry.
Nigeria recently partially resumed operations at the Warri oil refinery after a decade, following a rehabilitation effort that has cost $898m since 2021.
The refinery, with a capacity of 125,000 barrels per day (bpd), had been shut down since 2015 due to disrepair and crude shortages but is now operational at 60% capacity.
In December 2024, Nigeria's Dangote Refinery made its first petrol export to Cameroon, a step that could help stabilise fuel prices across the region.
The 650,000 barrels per day facility, located in Lagos' Lekki Free Zone, marks a key milestone in regional energy integration.
"Nigeria requires oil licence applicants to demonstrate low carbon emissions" was originally created and published by Offshore Technology, a GlobalData owned brand.
The policy aligns with the country's commitment to achieving net zero carbon emissions by 2060.
NUPRC has introduced the Upstream Petroleum Decarbonisation Template to guide applicants in meeting the new requirements.
NUPRC chief executive Gbenga Komolafe stated that the policy aims to ensure compliance with environmental goals.
The enforcement begins from 1 January 2025 and will apply to all approvals within the upstream sector, including divestments.
Komolafe said: "By this, the commission is deepening its efforts to align the upstream petroleum industry with national priorities and international climate goals while ensuring sustainable value creation from oil and gas resources for Nigeria's energy security and economic development."
The initiative is a step towards a more sustainable and environmentally responsible oil sector.
Operators will be mandated to implement methane management programmes, which include leak detection and repairs.
They will also be required to optimise operations with energy-efficient technologies and incorporate renewable energy sources into their projects.
The directive is part of Nigeria's broader strategy to reduce its carbon footprint and promote sustainability in the oil industry.
Nigeria recently partially resumed operations at the Warri oil refinery after a decade, following a rehabilitation effort that has cost $898m since 2021.
The refinery, with a capacity of 125,000 barrels per day (bpd), had been shut down since 2015 due to disrepair and crude shortages but is now operational at 60% capacity.
In December 2024, Nigeria's Dangote Refinery made its first petrol export to Cameroon, a step that could help stabilise fuel prices across the region.
The 650,000 barrels per day facility, located in Lagos' Lekki Free Zone, marks a key milestone in regional energy integration.
"Nigeria requires oil licence applicants to demonstrate low carbon emissions" was originally created and published by Offshore Technology, a GlobalData owned brand.
Tuesday, December 31, 2024
Population of Nigeria to cross 237 million by 2025
Nigeria has been forecasted to have a population of 237,527,782 by 2025, increasing from 235,072,214 recorded in December 2024.
This is based on the latest United Nations data as estimated by Worldometer, which shows that between 2023 and 2024, the country’s population increased by 4,796,533.
Nigeria’s population is equivalent to 2.85% of the total world population and the country ranks number six in the list of countries (and dependencies) by population.
The data places the most populated cities to be Lagos with 15,388,000 people, Kano 4,910,000, Ibadan 3,649,000, Abuja 2,690,000 and Port Harcourt 2,120,000. 53.9 % of the population is urban (125,447,884 people in 2024).
The population density in Nigeria is 255 per Km2 (662 people per mi2) and the total land area is 910,770 Km2 (351,650 sq. miles), the report said.
“The median age in Nigeria is 17.9 years while the life expectancy at birth for both sexes is 54.6 years.
“Females have a life expectancy of 54.9 years at birth while that of males is
54.3 years,” the report said.
Meanwhile, according to U.S. Census Bureau estimates released Monday, the world population increased by more than 71 million people in 2024.
This is a slight slowdown from the 75 million increase witnessed in 2023
The data projected the world population to reach 8.09 billion people on Wednesday, January 1, 2025.
By Segun Adewole, The Guardian
This is based on the latest United Nations data as estimated by Worldometer, which shows that between 2023 and 2024, the country’s population increased by 4,796,533.
Nigeria’s population is equivalent to 2.85% of the total world population and the country ranks number six in the list of countries (and dependencies) by population.
The data places the most populated cities to be Lagos with 15,388,000 people, Kano 4,910,000, Ibadan 3,649,000, Abuja 2,690,000 and Port Harcourt 2,120,000. 53.9 % of the population is urban (125,447,884 people in 2024).
The population density in Nigeria is 255 per Km2 (662 people per mi2) and the total land area is 910,770 Km2 (351,650 sq. miles), the report said.
“The median age in Nigeria is 17.9 years while the life expectancy at birth for both sexes is 54.6 years.
“Females have a life expectancy of 54.9 years at birth while that of males is
54.3 years,” the report said.
Meanwhile, according to U.S. Census Bureau estimates released Monday, the world population increased by more than 71 million people in 2024.
This is a slight slowdown from the 75 million increase witnessed in 2023
The data projected the world population to reach 8.09 billion people on Wednesday, January 1, 2025.
Nigeria restarts Warri refinery operations after 10 years
Nigeria has announced the partial resumption of operations at the Warri oil refinery, reducing the country's reliance on imported fuel.
The 125,000 barrel-per-day (bpd) refinery, which was shut down in 2015 due to disrepair and crude shortages, is now operating at 60% capacity, according to a statement from presidential spokesperson Bayo Onanuga.
Now operating at 60% capacity, the facility is part of the government's commitment to revitalise its refining sector, plagued by years of neglect and mismanagement.
"This plant is running. We have not completed 100%," Mele Kyari, head of the state oil firm NNPC, said during a tour of the facility with government officials, regulators and journalists.
The refinery, currently undergoing rehabilitation since 2021 at a cost of $898m, will focus on producing straight-run kerosene, diesel, and naphtha, the Nigerian presidency said in an emailed statement.
Nigeria's refining infrastructure comprises four state-owned refineries with a combined capacity of 445,000bpd. These include the 110,000bpd Kaduna plant and three units in the Niger Delta, all of which have been non-operational for years, reported Reuters.
Last month, the Nigerian National Petroleum Corporation (NNPC) reported the restart of the 60,000 bpd Port Harcourt refinery, aiming to revive all four facilities this year.
This month, Nigeria's Dangote Refinery exported its first petrol shipment to Cameroon. This development could contribute to stabilising fuel prices across the region.
The Dangote Refinery, located in the Lekki Free Zone in Lagos, has a production capacity of 650,000 barrels per day (bpd).
"Nigeria restarts Warri refinery operations after 10 years" was originally created and published by Offshore Technology, a GlobalData owned brand.
The 125,000 barrel-per-day (bpd) refinery, which was shut down in 2015 due to disrepair and crude shortages, is now operating at 60% capacity, according to a statement from presidential spokesperson Bayo Onanuga.
Now operating at 60% capacity, the facility is part of the government's commitment to revitalise its refining sector, plagued by years of neglect and mismanagement.
"This plant is running. We have not completed 100%," Mele Kyari, head of the state oil firm NNPC, said during a tour of the facility with government officials, regulators and journalists.
The refinery, currently undergoing rehabilitation since 2021 at a cost of $898m, will focus on producing straight-run kerosene, diesel, and naphtha, the Nigerian presidency said in an emailed statement.
Nigeria's refining infrastructure comprises four state-owned refineries with a combined capacity of 445,000bpd. These include the 110,000bpd Kaduna plant and three units in the Niger Delta, all of which have been non-operational for years, reported Reuters.
Last month, the Nigerian National Petroleum Corporation (NNPC) reported the restart of the 60,000 bpd Port Harcourt refinery, aiming to revive all four facilities this year.
This month, Nigeria's Dangote Refinery exported its first petrol shipment to Cameroon. This development could contribute to stabilising fuel prices across the region.
The Dangote Refinery, located in the Lekki Free Zone in Lagos, has a production capacity of 650,000 barrels per day (bpd).
"Nigeria restarts Warri refinery operations after 10 years" was originally created and published by Offshore Technology, a GlobalData owned brand.
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