President Lays Foundation of GE’s $1b Manufacturing Facility

President Goodluck Jonathan on Tuesday laid the foundation of the General Electric’s $1 billion service and manufacturing facility in Calabar, Cross River State.

The groundbreaking ceremony followed the Memorandum of Understanding signed by the Minister of Industry, Trade and Investment, Olusegun Aganga, and the Global Chairman/Chief Executive Officer of GE, Jeff Emmelt, in January.

New Global Oil Market and the Prospects of Nigeria’s PIB

The evolving global energy market dynamics suggest an urgent need to take a sober look at the Nigerian oil and gas subsector in particular and the energy sector in general. This is essential given the importance of the sector to the Nigeria economy. Despite the declining contribution to the nation’s Gross Domestic Product (GDP) –currently at 13.42%, the extreme dependence of government finances and external trade balances on proceeds from the sector exposes the nation to significant risks from oil price and production shocks.

Transcorp Signs Partnership Agreement with General Electric

Transnational Corporation of Nigeria Plc (Transcorp) and General Electric Company (GE) have signed a framework agreement to revamp the power and transportation sectors in the country.

The framework agreement, which was signed following a closed door meeting with GE’s global chairman, Jeffrey Immelt, and Transcorp Chairman, Tony Elumelu (CON), will enable GE and Transcorp to explore a partnership for the refurbishment and expansion of the Ughelli power plant in Delta State.

Oil and Gas: Slow Implementation Frustrates Local Content Law

Three years after it was initiated for legislative consideration, the Nigerian Local Content Act which was signed into law in April 2010, by President Goodluck Jonathan is said to be far from achieving its purpose because of slow implementation. However, in spite of its weak performance, some still believe that the law is already showing its potency of change.

Factbox: Nigeria's state-oil company NNPC

(Reuters) - Nigeria's government owes the state-owned oil firm for improper, informal loans used to cover a range of expenses, from a presidential helicopter to maritime security, a report of a partial audit will say. Here is a look at Nigeria, the largest oil producer in Africa, and its indebted oil company: OIL DISCOVERED: - Oil was discovered in Nigeria in 1956 at Oloibiri in the Niger Delta after half a century of exploration.

Nigeria Oil Market: Alternative Fuel to the Rescue

In Nigeria today, petrol is sold for N97 in the west, between N120 and N150 in the East, and in the North it is sold for as much as N180. To make things even worse, the people there have to endure long queues to buy a few liters of fuel. The state of the electricity supply in the country has made power generators a necessity. So that even if you did not have a car you still ended up in the queue at the fuel station for hours on end.