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Nigeria’s oil revenue drops by N1.1trn in one year

Nigeria’s oil revenue drops by N1.1trn in one year
Data obtained from the Central Bank of Nigeria, CBN, has revealed that Nigeria’s earnings from the petroleum sector dropped sharply, as revenue from the sale of crude oil dipped by N1.114 trillion to N1.86 trillion in the 2015 fiscal year, Vanguard reports. The N1.114 trillion decline represents 18.35 per cent of Nigeria’s 2016 budget estimate…
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Nigeria, Saudi committed to oil price stability – Presidency

Nigeria, Saudi committed to oil price stability – Presidency
An official spokesman for President Muhammadu Buhari said on Tuesday that Nigeria and Saudi Arabia are committed to a stable oil market and efforts to support a price rebound, Reuters reports. President Muhammadu Buhari is in Riyadh to discuss ways to stabilise prices with Saudi Arabia’s King Salman. “The two leaders accepted the fact that their…
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Kachikwu Rallies OPEC Members on Stable Global Crude Oil Price in 2016

Kachikwu Rallies OPEC Members on Stable Global Crude Oil Price in 2016
The Minister of State for Petroleum Resources and President of the Organization of the Petroleum Exporting Countries (OPEC) Conference, Dr. Ibe Kachikwu has said the demand for OPEC crude is expected to rise by 1.2 million barrels per day to average 30.8 million barrels per day for the year 2016 leading to a more balanced…
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Nigeria to resume oil export to United States

Nigeria to resume oil export to United States
HOPE of resumption of crude oil export from Nigeria to the United State of America has been renewed by the president of a Washington-based Global Water and Energy Strategy Team (GWEST), Paul Wihbey. Also, President Muhammadu Buhari has been advised to swiftly put in place a new strategic energy policy for export of Nigerian oil…
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