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IMF approves $3.4 billion emergency loan to Nigeria

The International Monetary Fund said on Tuesday its executive board approved $3.4 billion in emergency financial assistance for Nigeria to support the oil exporter’s response to the coronavirus pandemic. The global lender said it remained closely engaged with Nigerian authorities and was ready to provide policy advice and further support as needed. The outbreak and […]

Nigeria to cut oil production

Nigeria will cut its oil production by 1.9 million barrels per day. This will reduce its daily crude oil production to 1.412 million barrels. Abuja is hoping for a $15 rebound in the price per barrel in the short term. This rebound that could bring at least 2.8 billion dollars to the country, according to […]

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Gombe loses N800m to oil price crash –NLC

The Gombe State Chairman, Nigeria Labour Congress, Musa Mohammed, has called on civil servants in the state to remain calm. Mohammed stated this at a joint minimum wage committee meeting which held in the office of the state Deputy Governor, Manassah Jatau. He said workers in the state should be calm and appreciate the current […]

Nigeria oil mogul prayerfully ‘rebukes, cancels’ coronavirus globally

One of Nigeria’s richest women Folorunsho Alakija has advanced prayer as a sure route to beat the coronavirus pandemic. According to her Africa’s most populous nation has beaten past plagues and the current one will be no different with divine intervention. In a video shared on her Twitter handle titled “Prophetic Declaration and Prayers Against […]

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OPEC slashes oil production worldwide

OPEC’s decision to cut oil production worldwide is yet another blow for oil-producing countries. The organization now forecasts a global demand of 0.99 million barrels per day, compared to more than a million. This slash they say is because of the Coronavirus outbreak in China. The first victim of this downward revision is the aviation […]