After more than six decades of operations in Nigeria, Swiss multinational Holcim has announced its decision to exit the country. Holcim, a global leader in innovative and sustainable construction solutions, disclosed plans to sell its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement in a transaction valued at $1 billion. The deal, which…
In a shocking turn of events, the Port Harcourt Refining Company (PHRC) has inexplicably ceased crude oil processing, merely days after the Nigerian National Petroleum Company (NNPC) Ltd proudly declared the re-streaming of the refinery. A diligent reporter who visited the refinery on Friday observed that the facility was eerily inactive, with no discernible signs…
Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday night, through the chief corporate communications officer, Olufemi Soneye, has disclosed that the company has not commenced bulk sales of petrol and has not opened the purchase portal for Port-Harcourt refinery. He explained that the company is finalising necessary processes, noting that it currently sells products…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the price of Premium Motor Spirit churned out by the old Port Harcourt Refinery which resumed production on Tuesday, is ₦75 per litre higher than that sold by the Dangote Refinery. This was revealed by the association’s Public Relations Officer, Dr. Joseph Obele,…
The presidency on Tuesday said that 200 trucks are set to load petroleum products daily from the Port Harcourt Refinery. Speaking on his X handle, the Special Adviser on Public Communications and Orientation to the President, Sunday Dare, said that the refinery’s Old Wing has resumed operations with a production capacity of 60,000 barrels of…
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…