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Nigeria’s $36.6 billion budget gets a breather as oil prices see biggest one-day comeback since 2022
Nigeria’s troubled N54.99 trillion (~$36.6 billion) 2025 federal budget, built on a $75 per barrel oil price benchmark, has received a much-needed boost today. ICE Brent futures, against which Nigeria’s Bonny Light is benchmarked, surged over 10% intraday, ultimately closing up 5.7% at $73.29 per barrel. This marks the largest single-day gain since February 2022…
In economics, it’s commonly said that high prices often result from high demand or limited supply. However, the reality can be more complex. One of the fundamental drivers of high prices is the cost of production. For the oil and gas industry, production cost plays a critical role in determining the final selling price of…
The Nigerian National Petroleum Company Limited (NNPC) reported a profit after tax of N748 billion ($623.3 million) in April 2025, according to its Monthly Financial and Operational Report released on Thursday, June 12. The report also indicated a total revenue of N5.89 trillion ($4.91 billion) for the same month. The figures were shared via the…
Shell Plc has revealed that ongoing projects in Nigeria are among several global developments set to contribute to its plan of adding up to 12 million metric tons of liquefied natural gas (LNG) capacity by the end of this decade. Speaking at Wood Mackenzie’s Gas, LNG and the Future of Energy Conference in London on…
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In the heart of Nigeria’s offshore oil fields, a quiet yet intense competition brews beneath the surface. Here, global energy giants—often referred to as Big Oil—are battling for supremacy in Nigeria’s lucrative deepwater oil sector. Backed by decades of experience and billions of dollars in investments, companies like Shell, TotalEnergies, and ExxonMobil are steadily increasing…
Nigeria’s talks with Saudi oil giant Aramco over a proposed $5 billion oil-backed loan have stalled. The setback comes amid a sharp decline in crude prices and rising concerns among potential co-lenders about the country’s production capacity, sources familiar with the matter confirmed to Reuters. The deal, which would be Nigeria’s largest such facility and…
Ghana introduces a new GHC1 “Dumsor Levy” on fuel to tackle its $3.1 billion energy debt and persistent power outages. The move faces strong public backlash, with many calling it a betrayal of promises and an undue burden on already struggling citizens.
A great percentage of African nations have released ambitious plans to increase energy access with a focus on the clean energy transition as a means to that end. To finance the continent’s ambitious clean energy goals, there is a need for sustainable financing options, and several players have stepped into the mix to provide the…
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