Saturday, July 5

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IMF raises alarm on Nigeria’s 2025 budget amid falling crude oil prices

The International Monetary Fund (IMF) has expressed concerns over Nigeria’s 2025 budget projections, which are anchored on higher oil revenues despite a global decline in oil prices

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New report reveals Nigeria’s oil industry outperforms other sectors in June

A new report by the Nigerian Economic Summit Group (NESG) shows that Nigeria’s oil and gas sector outpaced all other sectors in June, driven by offshore investment, export performance, among others.

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Nigeria burns $2.6 billion on crude oil importation amid growing local refineries

In the first quarter of 2025, Nigeria—Africa’s leading oil producer—spent over $2 billion exporting crude oil. This shift, largely driven by the rise in local refining capacity, suggests the country may be transitioning from petrol import dependency to a new form of importation: crude oil, which it traditionally exports.

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Burundi commissions the Jiji hydroelectric power plant, first phase of $320 million project

Burundi’s President Évariste Ndayishimiye inaugurated the power plant, marking the first phase of the $320 million Power Project.

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Saturday, July 5

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Other highlights


Explainer: How the new tax reform laws will affect Nigeria’s oil and gas sector

The new tax laws signed by the president will have major effects on the country’s oil and gas sector. From tax credits to significant export exemptions, the laws represent a complete overhaul of the previous business-as-usual approach.

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Shell, Eni, Chevron win big as Egypt awards latest bid round

The bidding round is expected to attract billion of dollars in investment from the supermajor oil companies.

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Libya, Turkey to explore four offshore sites under new energy deal

Libya’s National Oil Corporation and Turkish Petroleum Corporation (TPAO) have signed a memorandum of understanding (MoU) to jointly conduct geological and geophysical studies across four offshore blocks in the Mediterranean

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Will Egypt’s gas crisis get a lifeline as Israel-Iran conflict de-escalates?

Currently, Egypt relies on Israel for roughly one-fifth of its total natural gas consumption—a striking reversal of roles for the North African country who was once a leading gas exporter on the continent.

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