Author: Agency Reporter

Oil supply is set to outpace global demand next year even as OPEC+ members extended cuts in efforts to prop up prices, the International Energy Agency said Thursday.Eight members of the alliance, including Saudi Arabia and Russia, agreed earlier this month to maintain supply cuts of 2.2 million barrels per day (bpd) for three more months through March.But the IEA said global supply was on track to grow by 630,000 bpd this year and 1.9 million bpd in 2025, with the United States, Brazil, Canada, Guyana and Argentina leading the way.This would bring total supply to 104.8 million bpd for…

Kemi Badenoch, the leader of the United Kingdom (UK) Conservative Party, says she is not interested in laundering the image of Nigeria after Vice-President Kashim Shettima criticised her for denigrating the country.Badenoch was born in the UK in 1980 to Nigerian Yoruba parents. She returned to Nigeria, where she grew up. Badenoch finally departed for the UK when she turned 16.Before she was elected leader of the Conservative Party, Badenoch described Nigeria as a socialist nation brimming with thieving politicians and insecurity.“This is my country. I don’t want it to become like the place I ran away from,” she said.“I…

Saudi Arabia was officially confirmed on Wednesday by FIFA as host of the 2034 World Cup in men’s football, giving the oil-rich kingdom its biggest prize yet for massive spending on global sports driven by Crown Prince Mohammed bin Salman.The Saudi bid was the only candidate and was acclaimed by the applause of more than 200 FIFA member federations. They took part remotely in an online meeting hosted in Zurich by the football body’s president Gianni Infantino.“The vote of the congress is loud and clear,” said Infantino, who had asked officials on a bank of screens to clap their hands…

THE Council of Registered Builders of Nigeria (CORBON) has proposed the development of a comprehensive national housing delivery strategy and a national plan for the production of local building materials to address Nigeria’s housing deficit.Dr Samson Opaluwah, Chairman of CORBON, made this proposal at a news conference on the council’s 35th anniversary on Wednesday in Abuja.He emphasised the need for a robust programme to train building professionals, including builders, building technologists, technicians, and building trades artisans, to meet the country’s housing demand.Opaluwah also highlighted the importance of reorganising the building materials marketing system to ensure quality control and easy access…

Nigeria suffered a widespread electricity blackout on Wednesday, the 12th time in 2024, after its national grid collapsed.The country’s national power grid is prone to frequent collapses, with the resulting power shortages proving an obstacle to economic growth and investment in Africa’s most populous nation.The World Bank estimates that the Nigerian economy loses $29 billion a year due to its unstable power supply, which causes electricity blackouts across the country.Here is why Nigeria’s grid is failing. WHAT CAUSES BLACKOUTS?Nigeria’s aging power infrastructure is at the heart of the crisis. Transmis sion lines and substations, some of which are more than…

Debates are raging over South Africa’s announcement that it is relaxing visa rules for Nigerian nationals planning to visit the country for tourism and business.President Cyril Ramaphosa made the announcement after he hosted his Nigerian counterpart, Bola Tinubu, last week for bilateral talks to strengthen ties.Tensions between citizens of the two African giants had previously led to deadly xenophobic attacks in both countries – with business premises raided and goods looted.Nigeria is the main destination for South African exports and investments in West Africa. On the other hand, South Africa imports Nigerian oil and gas.South Africa’s economy has not been…

The National Hajj Commission of Nigeria (NAHCON) says it is committed to conducting a hitch-free 2025 Hajj operation.Its Executive Chairman, Prof. Abdullahi Usman, gave the assurance during a meeting with Chief Executives of State Muslim Pilgrims Welfare Boards, Agencies and Commissions, held on Wednesday at the Hajj House in Abuja.He also emphasised the commission’s dedication to overcome it’s challenges and reposition Hajj operation for greater efficiency.The chairman had outlined several challenges upon assuming office, including unresolved claims and operational bottlenecks which hindered progress of some essential activities.Usman, who assured the stakeholders of ongoing efforts to address challenges of Hajj operation,…

The Nigeria Civil Aviation Authority (NCAA) has granted UZMA Aviation Services Limited an Air Operator Certificate (AOC) to commence commercial flight operations.The certificate was awarded on Wednesday in Abuja.Capt. Chris Najomo, the Acting Director-General of the NCAA, commended the management of UZMA Aviation Services for meeting all regulatory requirements and standards during the application process.However, he urged the airline to continue upholding safety, security, efficiency, and excellence throughout its operations.In response, Mr Mohammed Abubakar, the Chairman of UZMA Aviation Services Limited, expressed gratitude to the NCAA for its support.He acknowledged the NCAA’s commitment throughout the AOC process, from the initial…

A former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George, has urged President Bola Tinubu to reduce the price of petrol to N300 per litre ,to make things easy for Nigerians during the festive season.George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.According to the elder statesman,Nigerians are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of…

The Kaduna State Government says it is collaborating with the Alliance for Green Revolution in Africa (AGRA) to strengthen the state’s Agricultural Policies to boost smallholder farmers’ ability in the maize and rice value chain.Murtala Dabo, the state Commissioner for Agriculture, made this known while hosting a one-day Stakeholders’ and Media Engagement on the State’s Policy and Agricultural Systems Strengthening (PASS) project.Dabo, represented by the Permanent Secretary in the ministry, Abubakar Abba, said the project, being funded by AGRA, would guide the ministry in policies that would foster the harmonisation of initiatives for the growth of the agriculture sector into…