<< Back             Poser >> Goldman Sachs:Global Oil Demand to Grow Through 2040 Goldman Sachs has projected that global oil demand will grow through at least 2040, driven by rising energy needs and ongoing challenges in scaling low-carbon technology and infrastructure, a year after the bank predicted a peak by 2034. Goldman’s above-consensus outlook came just days after the International Energy Agency (IEA) said oil demand would continue to grow over the next several decades, and a year after predicting demand would peak by the end of the decade. The bank forecast global oil demand will grow to 113 million bbl/day in 2040 from 103.5 million bbl/day in 2024, with annual average oil demand growth to remain solid at 900,000 bbl/day in 2025-30, before slowing gradually to 100,000 bbl/day by 2040, with a likely long plateau in the early 2040s. Key factors Goldman cited for its view include limited alternatives for jet fuel and petrochemicals due to technology bottlenecks, an indirect boost from AI-driven gross domestic product growth, and an overall increase in global energy demand that is expected to outpace the rate at which oil is replaced by low-carbon alternatives. Thisday Business News	Decline in textile sector persists as GDP contribution falls 3.6% in 2yrs By Yinka Kolawole Activities in Nigeria’s cotton, textile and garment industry continued to trend downward in 2025, with the industry’s contribution to the nation’s Gross Domestic Product, GDP, declining to N4.384 trillion, reflecting persistent structural challenges confronting the sector. Data from the National Bureau of Statistics (NBS) shows that the sector’s output has recorded a steady […] 30 banks meet CBN recapitalisation requirements The Central Bank of Nigeria (CBN) has disclosed that 30 banks have met the revised minimum capital requirements under its ongoing recapitalisation programme. Manufacturing VAT surges 54.7% to N875bn in 9 months …Surpasses 2023 full-year figure By Yinka Kolawole The contribution of Nigeria’s manufacturing sector to Value Added Tax (VAT) in 2025 significantly increased with payments rising to N875.420 billion in the first nine months of the year (9M’25), surpassing both the N566.011 billion recorded in the corresponding period of 2024 (9M’24) and the N578.394 billion generated in […] Nigeria’s non-oil exports to EU lag at 10% despite $21.87bn trade— NEPC By Progress Godfrey  The Nigerian Export promotion Council (NEPC) has urged agro-exporters to tap the European Union’s over 400 million-strong consumer market, warning that non-oil exports account for only 10 percent of total trade with the bloc despite a $21.87 billion trade volume in 2024.   Executive Director and CEO of NEPC, Mrs Nonye Ayeni, made the […] Vitafoam shareholders endorse N3.75 bn dividend, bonus shares Shareholders of Vitafoam Nigeria Plc , have approved a N125 million capital injection through a bonus share issue and endorsed a N3.75 billion dividend payout, signalling strong investor confidence in the company’s improving financial performance. Dangote Refinery commits to energy stability amid global refineries shutdown By Udeme Akpan Dangote Petroleum Refinery & Petrochemicals has indicated its commitment to stabilising energy supply to Nigeria amid recent shocks in the international oil market.  The ongoing conflict in the Middle East has led to the shutdown of some refineries and cuts in refinery production across the world, resulting in a global scarcity of petroleum […]