Sen. Gbenga Ashafa, Chairman Senate Committee on Land Transport has said that the ongoing Lagos-Ibadan Standard Gauge Railway line would create additional 7000 jobs for the teeming youths.

The Federal Airports Authority of Nigeria (FAAN) said it has concluded plans to make huge budgetary allocation for the maintenance of Nnamdi Azikiwe International Airport and the Murtala Muhammed International Airport after the Universal Safety Assessment Audit and eventual certification of the airports by International Civil Aviation Organization (ICAO).

Oil Prices Rise

Oil prices rose after a strong U.S. jobs report bolstered hopes for growing energy demand, but crude prices remained on track for a small weekly decline, pressured by rising OPEC exports and strong output from the United States. U.S. employers hired more workers than expected in July and raised their wages, the Labor Department reported.

Dangote Cement

Dangote Industries Limited has sold a 2.3 percent stake in Dangote Cement to foreign investors on Tuesday in a stock market deal valued at 86.1 billion naira ($236 million). Africa's biggest cement maker has been selling small stakes to increase its free float, which is well below the Nigerian stock exchange's required level.

Oil Rig

The Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV on Monday in London, executed two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration.

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has given a 21-day ultimatum to some oil and gas employers over anti-labour practices. Mr Fortune Obi, PENGASSAN’s Public Relation Officer (PRO) said this in a statement issued in Lagos on Sunday.

Yesterday the Federal Executive Council (FEC) approved the inclusion of additional 27 industries to the list of pioneer industries and products that would enjoy tax holiday under the Industrial Development Income Relief Act. The Minister of Industries, Trade and Investment, Okechukwu Enelamah who made the disclosure while briefing State House Correspondents after the FEC meeting also hinted that the Council resolved not to include oil prospecting companies governed by the Petroleum Profit Tax in the pioneer industries' list.

The Minister of Transportation, Mr Rotimi Amaechi, on Thursday took delivery of two double-end-drivers’-cabin standard gauge locomotive engines from the Peoples Republic of China. The minister, who was represented by the Managing Director of the Nigeria Railway Corporation (NRC), Mr Fidet Okhiria, said that 10 more locomotives were expected to arrive the country by September.

The Federal Government said it has concluded arrangement to prevail on International Oil Companies (IOCs) to cut the high oil production cost especially now that the price of crude oil in the international market is plummeting. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu who confirmed the development on Monday stated that since the price of crude was very low, it makes economic sense to cut cost of production.

A total disbursement of N652.229billion distributable federal allocation for the month of July 2017 was shared to the Federal, States and Local Government Councils. The Accountant General of the Federation (AGF) Idris Ahmed announced this after the Federation Accounts Allocation Committee (FAAC) meeting.