Elite Economics and Commonsense

Curbing Nigeria’s Personal Sector

The personal sector is defined as that part of the economy made up of individuals and their incomes and expenditures, as opposed to those of private or public sector entities. It is arguable that this invisible sector is the largest since it is made up solely of the same individuals to be found in the private, public and third sector (Civil Society). What is interesting about the personal sector in Nigeria is that patronage networks heavily influence

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Funds for Development?

The President of the Federal Republic of Nigeria has just sacked his National Security Adviser and relieved the Service Chiefs of their Jobs. For some, this move was long overdue for others it simply adds to the trepidation of the wait as he still seems to be playing his cards very close to his chest. Who will be next? (more…)

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Oil Glut: Crude Differential Hits 10-year Low

As the nagging oversupply of physical oil takes its toll, official prices for Nigerian crude have hit their lowest in at least a decade. The Nigerian National Petroleum Corp (NNPC) lowered the official selling price for its largest crude oil stream Read more

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Declining Oil Price: Nigeria’s Debt Repayment Is Challenged – IMF

The International Monetary Fund (IMF) has said that the impact of the oil price fall has had a negative effect on a number of countries and also raised the risks to global financial stability. Read more

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How Merger, Acquisition Options Strengthen Nigerian Content in Oil, Gas Sector

BARELY five years after passing the Nigerian content bill into law, the indigenous oil and gas firms across the value chain may have exhibited strong commitment to the sector via several prevailing investment strategies. As many independent operators gather momentum to hold enviable stakes in the nation's hydrocarbon wells, Read more

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Nigeria earned $30.3bn from oil, gas export in 2012

The nation earned $30.3 billion from crude oil, gas sales in 2012, according to NEITI oil and gas audit report. “Nigeria earned a total of $62.9 billion from oil and gas in the year 2012. This is made up of $30.3 billion from crude oil and gas sales, $26.9 Billion from taxes, royalties, rents and $5.6 billion as revenue flows to states, local governments and other entities,” the report disclosed. Read more

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Dwindling Oil Revenues: PPPRA union demands introduction of fuel tax

The Petroleum Products Pricing Regulatory Agency, PPPRA, branch of the Petroleum and Natural Gas Senior Staff Association of Nigeria, has called for the adjustment of the current fuel pump price to accommodate fuel tax. Consequently, the association has proposed the adjustment of the cost component of the pricing template to accommodate a N1.50 fuel tax. Read more

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FG Says Oil And Gas Park Scheme Will Increase Job Creators

The Federal Government said that the implementation of Nigeria Oil and Gas Park Scheme (NOGaPS) would facilitate local manufacturing of goods for the oil and gas industry. The Head of Civil Service of the Federation, Mr Danladi Kifasi, said this on Thursday in Abuja at the 15th Nigerian Oil and Gas Conference and Exhibition. Read more

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Dangote Group Hopeful U.S.$9 Billion Refinery Kicks Off By 2017

A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa's richest man, Aliko Dangote, is expected to come on stream in Nigeria by 2017, a senior Dangote Group official said yesterday. The refinery, to be located in Lagos, will cut Nigeria reliance on international markets for refined petroleum products, which constitute imports of more than 80 percent of the nation's fuel needs. Read more

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Nigeria: Oil Slide – Chevron U.S Asset Sales to U.S.$15 Billion

Chevron Corporation is planning to increase its asset sales by 50 percent to $15 billion and curtail new investment for the next two years after plunging oil prices squeezed cash flow for the second-biggest U.S. energy producer.

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