The Nigerian National Petroleum Company Limited (NNPC Ltd) has provided fresh details on the products being refined at the Port Harcourt Refinery. A statement released on Tuesday evening, and signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd, aimed to address misleading claims suggesting that the refinery is not producing products. According to the…
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent. Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday after the panel’s 298th meeting in Abuja. He…
GISTSMATE MEDIA reports that the Port Harcourt Refinery in Rivers State has commenced crude oil processing. According to the Chief Corporate Communications Officer of the Nigeria National Petroluem Company Limited (NNPCL) Femi Soneye, the refinery will operate at 60 percent capacity. Soneye said that the Refinery is processing 60,000 barrels per day of crude. He…
Nigeria’s unemployment rate declined to 4.3 per cent in the second quarter of 2024, signalling improved labour market conditions. According to the latest report released on Monday, by the National Bureau of Statistics, this marked a decrease from the 5.3 per cent recorded in Q1 2024 and reflected a gradual recovery from the 5.0 per…
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms during the third quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS). This marks a notable increase from the 2.54% growth recorded in the corresponding period of 2023 and an improvement from the 3.19% growth observed in…
The Dangote Refinery has successfully exported its jet fuel to various international destinations, including airports in Iceland, Tenerife, and London. According to a report by SP Global Commodity Insights, the refinery’s Nigerian-made aviation fuel has reached prominent locations such as Heathrow Airport in the UK, as the petrochemical facility continues to scale up production. The…
The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦990 per litre to ₦970 per litre for marketers. The announcement was made in a statement issued by Anthony Chiejina, the Group Chief Branding and Communications Officer. The statement read: “As the year comes to an end, this…
Property worth millions of naira were on Saturday destroyed at the Ladoke Akintola University Teaching Hospital in Ogbomoso, Oyo State, as a result of a fire incident. The incident, which happened around 5 am in a paediatric consultant’s office, affected electronic gadgets, engines, books, office equipment, roofs, and others worth millions of naira. A credible…
Five Nigerian pastors and others residing in the Idabato II community of Cameroon, formerly known as the Bakassi Peninsula, have been arrested and detained by the Cameroonian authorities. Their detention followed the kidnap of the community’s Divisional Officer, Ewane Roland, by armed men in early October. A former chairman of the Yoruba community in the…
Islamic morality police (Hisbah) in the northern Nigerian city of Kano are to resume their crackdown on betting shops after a supreme court ruling on gambling. The Nigerian supreme court quashed a 2005 law Friday that established a national lottery commission and legalised sports betting and gambling. The court ruled gambling regulation is a matter…