Category: Local Content

By Energy Worth The Senate has approved the payment of subsidy claims totalling N348bn to oil marketing companies based on a request by President Muhammadu Buhari. The approval was made at the plenary on Wednesday following the adoption of the interim report by the Senate Committee on Petroleum (Downstream) on ‘Promissory Note Programme and Bond…

By Energy Worth Stakeholders in Niger Delta have cautioned President Muhammadu Buhari against signing the Petroleum Industry Governance Bill (PIGB), alleging that it seeks to privatise the country’s oil and gas assets and to further impoverish the people of the region. They warned that any attempt to privatise the oil and gas assets in the…

Energy Worth with Agency Report The Lagos headquarters of ExxonMobil has been shut down by the company’s workers’ unions over the sacking of 860 spy police without entitlement. The workers besieged the office of the oil company, protesting the sacking of workers, mainly Nigerians, on Tuesday in Lagos. The protesters accused the company of sacking…

The World Bank, Federal Ministry of Finance and the Nigerian National Petroleum Corporation (NNPC) have commenced investigations to determine the actual volume of Premium Motor Spirit, popularly known as petrol, being consumed in the country. According to the Chief Operating Officer, Downstream, NNPC, Henry Obih, the National Executive Council has directed the corporation to work…

The World Bank has disclosed that Nigeria will get $350 million from the $2.1 billion it recently approved for it, to push through its electrification programme expected to provide electricity for 2.5 million people and 70,000 micro, small and medium enterprises. The $2.1 billion concessionary loan is expected to support the funding of seven projects…

The World Bank approved today seven projects to support Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion. “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive…

By Energy Worth The Nigeria Extractive Industries Transparency NEITI Initiative says it has assisted the Federal Government to recover over $3bn from oil and gas companies operating in the country. The Executive Secretary, NEITI, Waziri Adio, stated that the agency’s operations in the country’s oil and gas sector had so far led to the recovery…

By Energy Worth Security concerns may have stalled a stakeholders meeting between the Federal Government and Ogoni leaders to discuss planned resumption of oil and gas exploration in the area. Consequently, the Movement for the Survival of Ogoni People (MOSOP) has enjoined President Muhammadu Buhari to stand on the side of humanity and the suffering…

By Energy Worth Nigerian Content Development Management Board, NCDMB, on Monday, stated that it would not be deterred by the antics of oil and gas companies trying to sabotage local content initiative of the Federal Government. Speaking at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja, Executive Secretary of NCDMB, Mr. Simbi…

By Energy Worth The World Bank Thursday announced its approval of a total of $2.1 billion as project support loan for Nigeria. The concessionary loan is to support the funding of seven projects in key sectors in the country. The World Bank, in a statement listed the seven projects to include nutrition, access to electricity,…