Oil prices increased on Wednesday, extending its previous gains, amid a bigger-than-expected fall in US crude inventories. Industry data showed US oil stockpiles dropped by 6.4 million barrels in the latest week to about 501.2 million barrels, compared with market consensus of a draw of 1.9 million barrels. Sentiment was …

The South African government Tuesday launched a new mechanism to improve the country’s export environment. According to Lerato Mataboge, the Deputy Director-General of export development of the Trade Department, the newly launched Export Barriers Monitoring Mechanism (EBMM) is designed to help local businesses overcome the barriers to exports more effectively …

The BUA Group has signed a memorandum of understanding (MoU) with Axens of France, for the construction of 10million tonnes per annum mega-refinery and petrochemical facility in Akwa-ibom State. In a statement on Tuesday, the Group Head, Corporate Communications, BUA Group, O’tega Ogra, said the agreement was signed between the …

The United Nations General Assembly has passed no fewer than 70 decisions and resolutions since it went virtual in March over the COVID-19 pandemic. Amb. Tijani Muhammad-Bande, President of the 74th session of the Assembly and Nigeria’s Permanent Representative to the UN, stated this on Monday. Muhammad-Bande spoke at an …

As the prevalence of COVID-19 accelerates across Africa, over 40% of the population in Sub-Saharan Africa do not have access to clean water and are unable to heed the advice of health experts to wash their hands as a primary way to stop the spread of the virus. Preventing infection …

The Department of Petroleum Resources (DPR), says  with five built refinery plants across the country and seven in the making, Nigeria will be a net exporter of petroleum products in the next two years. The Director and Chief Executive Officer of DPR, Sarki Auwalu disclosed this in Lagos when the …

Oil prices increased on Tuesday at around 04:15 AM GMT, with WTI crude hovering near five month-high of around $43 a barrel, while Brent crude gaining 1.1% to $45.76 a barrel, supported by efforts from major oil producers to control output as well as hopes for the latest development of …

The Manufacturing PMI in the month of August stood at 48.5 index points, indicating contraction in the manufacturing sector for the fourth consecutive months. According to the Central Bank of Nigeria (CBN) data, of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in …

Ghana will on Tuesday, September 1, 2020, open its air borders to international travel, President Nana Addo Dankwa Akufo-Addo announced Sunday. Thus, the Kotoka International Airport (KIA), which was closed to international passenger arrivals since March 21, 2020, when the country recorded its first two COVID-19 cases, resumes operations Tuesday. …

WTI crude gained more than 0.7% to $43.3 a barrel on Monday, extending a 1.5% rise in the previous week, as Hurricane Laura passed and Texas avoided the worst of the storm, allowing affected refineries to start the recovery process. Meanwhile, investors’ sentiment improved after official PMIs for China showed …