The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that companies awarded flare gas sites under the Nigerian Gas Flare Commercialisation Programme (NGFCP) risk losing their permits if they fail to make meaningful progress in developing the sites. The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, issued the warning on Tuesday in Abuja during a working …
Nigeria's power sector recorded a total revenue shortfall of ₦3.39 trillion in 2025, with tariff subsidies and commercial losses recorded by distribution companies (DisCos) accounting for a substantial share of the sector’s shortfalls. This massive deficit was dominated by Federal Government tariff subsidies and downstream retail losses (billing and collection inefficiencies), which collectively accounted for …
Pinnacle Daily Editor, Sunday Michael Ogwu, has been honoured with the Economic Journalist of the Year award by the Nigerian Economic Society (NES) for his contributions to business and economic journalism in Nigeria. The event, held on Monday night in Abuja by NES, was a special award and fellowship ceremony to honour excellence in economics, …
Nigeria plans to hold at least one oil licensing round every year, with the possibility of twice-yearly auctions, as the Federal Government steps up efforts to revive upstream activity and raise crude production to three million barrels per day by 2030. The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, …
Nigeria’s merchandise trade surplus surged 101.32 per cent year-on-year to ₦12.60 trillion in the second quarter (Q2) of 2026, up from the surplus recorded in Q2 2025 The surge was buoyed by strong export earnings from crude oil, petroleum products and other raw materials. According to the Foreign Trade in Goods Report released by the …
President of the African School of Governance (ASG), Prof. Kingsley Moghalu, has cautioned African leaders against mistaking symbolic victories for genuine development, saying that correcting Africa’s distorted representation on world maps will neither build infrastructure nor drive economic prosperity. Moghalu stated this while reacting to the United Nations General Assembly’s overwhelming vote backing efforts to …
Millions of Nigerian commuters are bracing for another round of transport fare increases as Premium Motor Spirit (petrol) prices climb to as high as ₦1,400 per litre in parts of the country. The development is putting commercial transport operators under fresh pressure to raise fares, while commuters already battling soaring food, rent and other living …
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has called on the Federal Government to adopt urgent measures to improve the supply of crude oil to domestic refineries on commercially sustainable terms, warning that inadequate feedstock could undermine Nigeria’s refining ambitions. CORAN made the call in a position paper titled “Position Paper on the …
The Independent Petroleum Producers Group (IPPG) has called for the establishment of a robust indigenous financing system to fund Africa's energy sector, as foreign capital increasingly retreats from the continent. Speaking at Africa Oil Week 2026 in Accra on Tuesday, IPPG Chairman Adegbite Falade warned that more than 150 essential oil and gas projects have stalled across …
Egbin Power has kicked off the 11th edition of its annual scholarship programme, reinforcing its ongoing dedication to advancing quality education and expanding opportunities for youth within its host communities. Aligned with Sustainable Development Goal 4 (SDG 4)—which advocates inclusive, quality education and lifelong learning opportunities—the initiative operates under the company’s Corporate Social Responsibility (PCSR) …
