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🇳🇬 Shell Approves $2 Billion Offshore Gas Project in Nigeria — A Major Boost for the Nation’s Energy Future

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Global energy giant Shell Petroleum Development Company (SPDC) , in collaboration with Sunlink Energies , has officially approved the development of a new $2 billion offshore gas project in Nigeria. This project, named the HI Gas Field Development , is a landmark step in reviving Nigeria’s oil and gas fortunes and a strong signal of renewed investor confidence in Africa’s largest energy producer. 🔹 A Bold Step in the Offshore Frontier The HI gas field, located in Oil Mining Lease (OML 144) roughly 50 kilometers offshore the Niger Delta coast, is expected to produce about 350 million standard cubic feet of gas per day at peak capacity. Shell holds a 40% stake in the project, while its partner Sunlink Energies retains 60% . The gas will be supplied primarily to Nigeria LNG (NLNG) and other domestic offtakers, helping to meet Nigeria’s rising energy demand. According to project details released by Shell on Monday, the development will include a combination of subsea wells , of...
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Revenue Reforms Bite Hard: Nigerians Pay More for Less

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The Nigerian economy is undergoing a painful transition, and the average citizen is bearing the brunt of it. Following the federal government’s decision to remove fuel subsidies and float the naira, Nigerians are paying significantly more for basic needs—yet getting far less in return.

Under President Bola Tinubu's administration, these revenue reforms were introduced as part of broader economic restructuring. Officials argue that subsidy removal and currency liberalization are necessary to free up funds and attract foreign investment. But in reality, these policies have unleashed inflationary pressure, worsening the cost of living across the country.

As of December 2024, Nigeria’s inflation rate had skyrocketed to 34.8%, with food inflation soaring beyond 40%. Prices of everyday items such as rice, yam, bread, and cooking oil have more than doubled. Transportation costs are also climbing due to rising petrol prices, directly impacting commuters and traders.

The floating of the naira has led to significant depreciation of the currency, pushing the prices of imported goods even higher. Unfortunately, while government revenues have increased, public welfare seems to have declined. Many Nigerians now question how these funds are being utilized, as improvements in infrastructure, healthcare, or education remain invisible.

Small businesses are not spared either. Many are closing shop due to high operating costs and low patronage. While the government promotes reforms, citizens face hunger, job losses, and uncertainty.

Economists and civil society organizations are urging the government to provide safety nets—such as food relief, transport palliatives, and a reviewed minimum wage—to cushion the negative effects of these reforms.

In a nation where millions already live below the poverty line, the pressure is mounting. If not urgently addressed, these economic changes could trigger deeper social and economic unrest.

For more updates and news, visit luchiinter.blogger.com daily.

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