Connect with us

Featured

Nigeria’s Oil Production Hits 1,829mb/d, As OPEC Approves Increase

Published

on

The Organization of the Petroleum Exporting Countries (OPEC) rose from its 19th virtual meeting with members and non-OPEC members (ONOMM), yesterday, with a decision to adjust upward their overall production by 0.4mb/d on a monthly basis, starting August, 2021 until phasing out the 5.8mb/d production adjustment.
The ONOMM, will in December, 2021, assess market developments and participating countries’ performance.
Consequently, Nigeria’s daily production now stands at 1,829mb/d effective August, 2021.
That of Saudi Arabia is 11,500mb/d, Angola, 1,528mb/d, and the United Arab Emirates, 3,500mb/d.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, said that the target production is 3mb/d (subject to OPEC quota) from the current production capacity of 2.3mb/d.
The meeting noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement and OECD stocks falling, as the economic recovery continued in most parts of the world with the help of accelerating vaccination programmes.
The meeting also welcomed the positive performance of participating countries in the Declaration of Cooperation (DoC).
Overall conformity to the production adjustments was 113 per cent in June (including Mexico), reinforcing the trend of high conformity by participating countries.
In view of current oil market fundamentals and the consensus on its outlook, the meeting resolved to reaffirm the framework of the cooperation, signed on December 10, 2016, and further endorsed in subsequent meetings, including on April 12, 2020.
The meeting also agreed to extend the decision of the 10th OPEC and non-OPEC ministerial meeting in April, 2020, until December 31, 2022.
The (ONOMM) said it would adhere to the mechanism to hold monthly OPEC and non-OPEC ministerial meetings for the entire duration of the Declaration of Cooperation, to assess market conditions and decide on production level adjustments for the following month, endeavouring to end production adjustments by the end of September, 2022, subject to market conditions.
The meeting reiterated the critical importance of adhering to full conformity and taking advantage of the extension of the compensation period until the end of September, 2021.
Compensation for the good plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC ministerial meeting.
The meeting decided to hold the 20th OPEC and non-OPEC ministerial meeting on September 1, 2021.

Featured

RSG Commits To Workers’ Welfare …. Calls For Sustained Govt, Labour Partnership

Published

on

The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ekwe Ibas, has assured the commitment of Rivers State government to workers’s welfare and industrial harmony in Rivers State.

The Sole Administrator gave the assurance after meeting with leadership of organized labour unions at the Government House, Port Harcourt on Wednesday.

Ibas reaffirmed government’s policy of prompt payment of salaries and pensions to workers and retirees, stating that all local government employees are not receiving the approved minimum wage.

He disclosed that approval has been given for payment of newly employed staff at Rivers State University Teaching Hospital and the Judiciary, while medical workers in Local Government Areas will now receive correct wages.

Ibas explained that, Government is reviewing implementation challenges of the Contributory Pension Scheme ahead of the July 2025 deadline, adding that Intervention buses have been reintroduced to ease workers’ transportation ,with plans to expand the fleet.

He said specialized leadership training for top civil servants will commence within two weeks, while due consideration is being given to implementing the N32,000 consequential adjustment for pensioners and clearing outstanding gratuities.

Ibas commended Rivers State workers for their dedication to service and called for sustained partnership with labour unions to maintain industrial peace.

“This administration recognizes workers as critical partners in development. We remain committed to addressing your legitimate concerns within available resources,” he stated.

The State NLC Chairman, Comrade Alex Agwanwor, thanked the Administrator for the steps taken so far with regard to workers welfare while appreciating his disposition towards alleviating the transportation problem faced by workers.

He also expressed appreciation for the government’s openness to dialogue and pledged continued cooperation towards achieving mutual goals.

The Rivers State Government assured all workers of its unwavering commitment to their welfare and called for continued dedication to service delivery for the collective progress of our dear State.

Continue Reading

Featured

Labour Unions In Rivers Call For Improved Standard Living For Workers

Published

on

The Nigeria Labour Congress (NLC), Rivers Council, has called for policies that will improve the economic situation of the country in order to ensure enhanced living standard for workers.

The State Chairman, Mr Alex Agwanwor, made the remark on behalf of the unions affiliated to Labour Congress during the 2025 workers day celebration in Port Harcourt, yesterday.

Agwanwor highlighted the demands of the Unions which included the immediate payment of pension arrears, implementation of the N32,000 minimum wage for pensioners, and payment of gratuities and death benefits without further delay.

“We are calling for the regulation and protection of e-hailing drivers, implementation of increments and promotions, and resolution of long-standing issues in the polytechnic sector,” he said.

Agwanwor on behalf of the unions appealed to President Bola Tinubu to reinstate the democratically elected Governor, Deputy Governor, and members of the Rivers State House of Assembly.

He stressed the importance of democratic governance and good working relationship with elected representatives.

According to him, the unions expressed disappointment over the imposition of taxes, increase in electricity tariff, and high cost of goods and services, which have further worsened the plight of workers.

“We urge the federal government to take measures to alleviate the suffering of citizens,” he said.

 

 

 

 

 

 

Continue Reading

Featured

Tinubu committed to unlocking Nigeria’s potential – Shettima

Published

on

Vice-President Kashim Shettima says President Bola Tinubu is committed to unlocking Nigeria’s full potential and position the country as a leading force on the African continent.

Shettima stated this when he hosted a  delegation from the Hertie School of Governance, Berlin, led by its Senior Fellow, Dr Rolf Alter, at the Presidential Villa in Abuja last Wednesday.

He said Nigeria was actively seeking expertise from the global best institutions to enhance policy formulation and implementation, particularly in human capital development.

The Vice-President noted that President Tinubu was determined to elevate Nigeria to its rightful position as a leading force in Africa.

“The current crop of leadership in Nigeria under President Bola Ahmed Tinubu is ready and willing to unleash the full potential of the Nigerian nation on the African continent.

” We are laying the groundwork through strategic reforms, and at the heart of it, is human capital development.”

He described the Hertie School as a valuable partner in the journey.

According to him, Hertie School of Governance, Berlin, has track record and institutional knowledge to add value to our policy formulation and delivery, especially in this disruptive age.

Shettima reiterated the government’s priority on upskilling Nigerians, saying ” skills are very important, and with our Human Capital Development (HCD) 2.0 programme.

“We are in a position to unleash the full potential of the Nigerian people by enhancing their capital skills.”

The Vice-President acknowledged the vital support of international development partners in that effort.

” I want to thank the World Bank, the European Union, the Bill and Melinda Gates Foundation, and all our partners in that drive to add value to the Nigerian nation,” he maintained.

The Vice-President said human capital development was both an economic imperative and a social necessity.

Shettima assured the delegation of the government’s readiness to deepen cooperation.

” We need the skills and the capacity from your school. The world is now knowledge-driven.

“I wish to implore you to have a very warm and robust partnership with the government and people of Nigeria.”

Shettima further explained recent economic decisions of the government, including fuel subsidy removal and foreign exchange reforms.

“The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.

“President Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” he added.

Earlier, Alter, congratulated the Tinubu administration for the successful launch and implementation of the Human Capital Development (HCD) strategy.

The group leader described the development as ambitious and targeted towards the improvement of the lives of the citizens.

He expressed satisfaction with the outcome of his engagements since arriving in the country.

He applauded the zeal, commitment, energy and goodwill observed among stakeholders in the implementation of Nigeria’s HCD programme.

Alter said the Hertie School of Governance would work closely with authorities in Nigeria across different levels to deliver programmes specifically designed to address the unique needs of the country.

He, however, stressed the need for government officials at different levels to be agile and amenable to the dynamics of the evolving world, particularly as Nigeria attempted to successfully accelerate its human capital development aspirations.

 

 

Continue Reading

Trending