Economy
CBN Blames Ageing Pipelines for Oil Revenue Crash
Abuja – The Central Bank of Nigeria (CBN) has attributed a significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies.
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Sterling Financial Holdings Projects ₦20.7 Billion Profit in Q4 2025
Sterling Financial Holdings Company Plc has released its detailed cashflow projection for the fourth quarter ending December 31, 2025, outlining robust financial expectations across key performance indicators. The company forecasts gross earnings of ₦149.27 billion, driven primarily by interest income of ₦116.73 billion. Interest expenses are projected at ₦42.88 billion, resulting in net revenue from…
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AI Adoption in Nigeria Surges: 93% of Organizations Embrace Technology, Prioritize Privacy-Zoho Report
In a significant announcement at Zoholics Nigeria, Zoho, a leading global technology company, reported a remarkable 75% customer growth in Nigeria in 2024, emphasizing its commitment to the African market. This growth aligns with the findings of a newly released study, titled “The AI Privacy Equation: The Nigerian Model of Responsible AI Adoption,” conducted by…
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Insider Trading: Akanji Olusegun Emmanuel Acquires 113,127 Neimeth Shares
Neimeth International Pharmaceuticals Plc has disclosed insider share dealings involving Non-Executive Director Akanji Olusegun Emmanuel. The notification, submitted to the Nigerian Exchange, details multiple transactions conducted between August 13 and August 29, 2025. Mr. Akanji purchased a total of 113,127 ordinary shares of Neimeth, broken down as follows: The average price across all transactions was…
The apex bank’s latest economic report revealed a 24.72% drop in oil revenue to N1.30 trillion compared to the second quarter. This shortfall was primarily due to lower receipts from petroleum profit tax and royalties. Furthermore, the revenue significantly missed the quarterly target by 75.39%, largely attributed to frequent shutdowns caused by deteriorating pipelines and installations.
Despite a modest increase in crude oil production, challenges like theft, vandalism, and infrastructure deficits severely impacted Nigeria’s oil revenue performance. The report highlighted that the ageing infrastructure not only reduced efficiency but also hindered the country’s ability to meet its OPEC production quota.
Global factors also contributed to the decline, with the average spot price of Nigeria’s Bonny Light crude falling by 5.45% to $82.23 per barrel during the quarter.
While the oil sector struggled, the Nigerian economy recorded a 3.46% growth in Q3 2024, driven by the non-oil sector. However, the oil sector’s growth slowed to 5.17% year-on-year due to operational inefficiencies and declining crude oil prices.
The fiscal implications were substantial, with federally collected revenue falling short of the budget benchmark. The fiscal deficit, though narrowing compared to the previous quarter, widened significantly relative to the quarterly target, reflecting ongoing fiscal pressures.
The report concluded that Nigeria’s goal of achieving an oil production target of 2 million barrels per day by the end of 2024 remains under threat due to these persistent challenges.