NLNG’s investment in gas infrastructure hits N1.8tr

Babs Omotowa

Gross investment from the Nigerian Liquefied Natural Gas (NLNG) Limited to aid production of gas in the country has been estimated to have hit about $12 billion (about N1.92 trillion).

Managing Director, NLNG, Babs Omotowa, who disclosed this at the third yearly conference of the Nigerian Liquefied Petroleum Gas Association (NLPGA) in Lagos said the company is currently producing 22 million tonnes per year  from its six trains.

However, the stakeholders in the sector have advocated for removal of kerosene subsidy, due to its alleged mismanagement over the years.

Omorowa, who was represented by a top officer of the company, Ahmed Abdul Kadiri, stressed that the company is committed to increasing domestic supply, even as he cited infrastructure challenges as a limitation.

Nigeria presently produces about 22 million tonnes yearly, but consuming only 150,000 tonnes.

Lidl discount supermarket plans to double UK stores

Lidl, the German discount supermarket chain, is planning to double the number of stores it has in the UK.

Lidl wants to expand from 600 stores to as many as 1,500, UK managing director Ronny Gottschlich told the Sunday Telegraph.

Gottschlich said Lidl is planning to open at least 30 new stores a year.

The retailer's sales have been increasing, in contrast to big supermarkets such as Tesco.

India's economy grows faster than expected

India's economic growth rate picked up strongly in the second quarter, according to official figures.

The economy expanded at an annual rate of 4.8% in the July-to-September period, up from 4.4% in the previous quarter.

The acceleration was faster than analysts had been expecting.

Asia's third-largest economy has been weighed down by various factors, such as high inflation, a weak currency and a drop in foreign investment.

This is the fourth quarter in a row that India's annual growth rate has been below the 5% mark, and the previous quarter's rate of 4.4% was the lowest for four years.

Earlier this year, the Indian prime minister's economic advisory council lowered the growth outlook for the current financial year.

It now expects the economy to expand by 5.3% this year, down from its earlier projection of 6.4%.

Black Friday shopping in US marred by violenceBrian Spain filmed shoppers

Brian Spain filmed shoppers

Several outbreaks of violence have marred the US Black Friday shopping frenzy, as bargain-hunters besieged malls across the US.

In Chicago police shot an alleged shoplifter; a robber shot a shopper in Las Vegas; and a California police officer was injured in a fight.

Black Friday, the day following the Thanksgiving holiday, is the biggest shopping day of the year in the US.

This year it began even earlier amid a trend for Thanksgiving openings.

Twelve national chains opened their doors on Thursday, advertising aggressive discounts.