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Nigeria’s Crude Oil Production Drops To 1.354mb/d, OPEC Confirms
The Organisation of the Petroleum Exporting Countries (OPEC) has said Nigeria’s crude oil production declined to an average of 1.354million barrels per day in March, 2022.
OPEC made this known in its Oil Market Report for April 2022, made available to newsmen, yesterday, in Lagos.
The report said the figure showed a decrease of 24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February, 2022.
“According to secondary sources, total OPEC-13 crude oil production averaged 28.56mb/d in March, 2022, higher by 57tb/d month-on-month.
“Crude oil output increased mainly in Saudi Arabia, Kuwait and the United Arab Emirates while production in Libya, Nigeria and Congo declined,” it said.
The report noted that following a contraction of 1.8per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6per cent in 2021.
It said this economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
The report said: “Recent official data suggested that the annual inflation rate edged up slightly to 15.7per cent in February, 2022 from 15.6per cent in January, 2022, although food inflation remained elevated.
“Indeed, higher food costs related to geopolitical tensions could further fuel inflation.
“In March, 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested, indeed it dropped to 54.1 from 57.3 in February.
“Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive, despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
