Tag: #EnergyCrisis
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OIL ROUTES ON EDGE: IRAN WARNS U.S. BLOCKADE COULD SPARK SHOWDOWN
One blockade, one warning and the world’s busiest shipping lanes could be caught in the crossfire. Tensions are heating up in the Middle East as Iran signals it may escalate militarily if a new naval blockade by the United States disrupts its oil and commercial shipping. Iranian officials say any interference with their vessels would…
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MIDDLE EAST CRISIS: EXPERT URGES FG TO ACT FAST TO PROTECT ECONOMY
Rising global tensions could hit Nigeria’s economy hard—an expert says the government must move quickly before the impact deepens. An economic expert, Joe Nwakwue, has warned that Nigeria must act swiftly and strategically to shield its economy from the ripple effects of the ongoing Middle-East crisis. Speaking in Lagos, Nwakwue said the conflict is already…
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TRUMP TO RELEASE U.S. OIL RESERVES AS GLOBAL PRICES SURGE
U.S. President Donald Trump says the United States will release crude from its strategic petroleum reserve to help cool rapidly rising global oil prices. Speaking to Local 12 on Wednesday, Trump said the move aims to stabilise the market, adding that the reserves would be replenished later. “We’ll do that, and then we’ll fill it…
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OIL TENSIONS COULD PUSH NIGERIA INFLATION HIGHER, SAYS SEREC
Nigeria could see inflation rise 3–5% amid the escalating U.S.-Iran conflict, warns the Sea and Empowerment Research Centre (SEREC). Eugene Nweke, SEREC’s Head of Research, said disruptions in the Strait of Hormuz—the key route for one-fifth of global crude—could spike oil prices, shipping costs, and insurance premiums worldwide. While Nigeria might gain short-term oil revenue,…
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FEDERAL CAPITAL TERRITORY RESIDENTS SOUND ALARM OVER SOARING COOKING GAS PRICES
Residents in Abuja and across the Federal Capital Territory are feeling the heat as Liquefied Petroleum Gas (LPG), popularly known as cooking gas, sees sharp price hikes following the recent PENGASSAN strike. Prices for 1kg cylinders skyrocketed from around ₦1,100 to as much as ₦1,800 in many outlets, straining household budgets. Businesswoman Mrs. Tina Okojie…
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TONY ELUMELU URGES AFRICA TO UNLOCK $4 TRILLION IN PENSION FUNDS TO POWER GROWTH
Africa is sitting on a goldmine! Tony Elumelu, Chairman of Heirs Holdings and UBA, calls on governments to tap into their huge pension funds and fix the energy crisis to drive inclusive growth and innovation. Speaking at the UBA white paper launch in Washington, Elumelu stressed that trillions in African pension assets are stuck in…
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DANGOTE-PENGASSAN MEETING ENDS IN DEADLOCK; STRIKE CONTINUES
Over 800 sacked workers remain a key issue as talks stall, fueling ongoing strike in oil sector. A nine-hour conciliation meeting between the Federal Government, PENGASSAN, and Dangote Group over the dismissal of 800 workers ended with no agreement on reinstatement and unionisation. Minister of Labour Muhammad Dingyadi said progress was made, but key issues…
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AEDC REPORTS NATIONAL GRID COLLAPSE CAUSING POWER OUTAGE
Nationwide blackout hits AEDC areas after grid failure; restoration efforts underway. The Abuja Electricity Distribution Company (AEDC) announced a collapse of the national grid at 11:23 a.m. on Wednesday, causing widespread power outages across its franchise areas. AEDC is coordinating with stakeholders to restore power as soon as the grid stabilizes, urging customers for patience…
