Business

Nigeria Loses N603.64bn Worth Crude In 2022

Published

2 years ago

September 14, 2022

The Nigeria Upstream and Downstream Petroleum Regulatory Commission (NUDPRC) has said the country lost 13.21million barrel of crude oil worth N603.64 billion naira as a result of massive oil theft between January and August this year.
This figures are contained in a monthly report released from the NUDPRC on Sunday, which indicated that the country’s oil production only increased in two months, but crashed in others.
In the report, crude oil production (without condensates) in January, for instance, was 43.35 million barrels, but this dropped to 35.22 million barrels in February, indicating a loss of 8.13 million barrels.
It moved up in March, increasing by 3.14 million barrels to close at 38.36 million barrels in the third month of 2022.
This, however, was not sustained, as production dropped to 36.58 million barrels in April and the country lost 1.78 million barrels in that month.
The losses continued in May after oil production crashed to 31.76 million barrels, representing a loss of 4.82 million barrels when compared to what was produced the preceding month.
It increased in June to 34.75 million barrels, representing an oil production gain of 2.99 million barrels, but that was short-lived, as output fell again in July to 33.6 million barrels, meaning the country lost 1.15 million barrels in July.
The oil production losses persisted in August, crashing further to 30.14 million barrels, representing a loss of 3.46 million barrels.
It was observed that the total losses stood at 19.34 million barrels, while what was gained was 6.13 million barrels, leaving a cumulative loss of 13.21 million barrels during the review period.
Also, the prices of oil during same eight-month period, according to data from countryeconomy.com, an international analytical firm, showed that the average monthly costs of Brent, the global benchmark for crude, was $86.51/barrel in January, $97.13/barrel in February and $117.25/barrel in March 2022.
In April, May, June, July and August 2022, the average costs of a barrel of crude were $104.58, $113.34, $122.71, $111.93 and $100.45 respectively. This implies that the average cost of the commodity in the eight-month period is $106.74/barrel.
By losing 13.21 million barrels and multiplying it with $106.74/barrel, it implies that Nigeria lost about $1.41bn or N603.64bn (as at Sunday’s official exchange rate of N428.1/$), during the eight-month period.
The crash in Nigeria’s oil production has been attributed to the massive oil theft in the Niger Delta, which has been greeted by widespread condemnations and protests by oil workers.

By: Corlins Walter

Business

NCDMB Tasks Media Practitioners On Effective Reportage

Published

2 days ago

December 13, 2024

The Tide

The Nigerian Content Development and Monitoring Board (NCDMB) has charged media stakeholders on effective reportage of its activities and initiatives, saying the Media is an integral partner of the Board.

Executive Secretary of the NCDMB, Engr. Felix Omatsola-Ogbe, gave the charge in his opening remark at the 2024 Capacity Building Workshop for Media Stakeholders organized by the Board recently for Journalists in Port Harcourt, the Rivers state capital.

Tagged, “Role of Media and Communication in Sustaining the Tempo of Nigerian Content Development”, the Workshop focused on enhancing the capacity of media professionals to effectively report and promote Nigerian content initiatives.

Represented by the General Manager, Corporate Communications and Zonal Coordination of the Board, Barr. Esueme Dan-Kikile, the NCDMB Scribe emphasized the crucial role of the media in driving awareness, advocacy, and public understanding of policies and programmes aimed at fostering local content development in the nation’s oil and gas industry.

He stated that the workshop aligns with the Board’s commitment to leveraging communication and media partnerships to sustain progress in Nigerian content implementation and ensure active stakeholder engagement.

Ogbe, who commended the Media for their collaborative efforts with the Board, also revealed that the current management of the NCDMB tends to partner stakeholders in the education sector to deploy better and more qualified teachers to rural communities through a new initiative of the Board tagged, “Back to the Creek”.

“This is about the 14th year since the establishment of the NCDMB, and the media has been a very integral partner to the Board. And so this yearly workshop is being organized to train and retrain media practitioners across the country because of the important role the media has continued to play in their collaboration with the Board.

“Under the present management of the NCDMB, we’ve an initiative called ‘Back to the Creeks’ in which the Board, in partnership with stakeholders in the education sector, tends to provide some support in terms of educational facilities and infrastructure in the rural communities to attract qualified teachers to those places so that children and students in the rural areas could acquire good education and become better citizens of the nation too”, he said.

In a presentation titled “Implementing Nigerian Content New Contracting Guidelines in line with the Presidential Directives on Local Content”, Senior Supervisor, Projects Certification and Authorization Division of the NCDMB, Engr. Bashir Ahmed, said the Board was created by its enabling law due to the need for value retention in the oil and gas industry and associated ones.

He noted that with deliberate commitment of the Board in job creation and ensuring competency, while also fast tracking in investments in the oil and gas sector, the NCDMB, which had previously secured a distance 27th position in the Presidential Ease of Doing Business (PEDBE) index in 2019, has now moved upwards to first position between 2022-date, saying the Board has reduced its touch steps from nine to five, following consultation with stakeholders in both the NNPC, OPTS and others.

Giving an overview of the Nigerian Content Measurement Metrics, General Manager, Midstream Monitoring and Evaluation of the NCDMB, Ms. Tassalla Tersurg, stated that there were three approaches to monitoring and evaluation in the Board, noting that they include performance, compliance and intervention monitoring.

Meanwhile, Management of the Board has said key elements of sustaining Nigerian Content Development includes, Policy Implementation and Enforcement, Capacity Building, Promoting Local Manufacturing, Funding and Financial Support, Innovation and Technology Adoption, and Stakeholders engagement, including making the best use of Media and Communication stakeholders, amongst others.

Highlights of the event were panel discussions, moderated by the Manager, Corporate Communications of the Board, Dr. Obinna Ezeobi, with the themes “Sustaining the Tempo of Nigerian Content Development”, and “Relevance in the Face of Changing Dynamics: How Can Media Practitioners Reinvent Themselves?”

By: Ariwera Ibibo-Howells, Yenagoa

Business

FCTA, Others Chart Path To Organic Agriculture Practices

Published

2 days ago

December 13, 2024

The Tide

The Federal Capital Territory Administration (FCTA) and other stakeholders have charted path to improved organic agriculture practices nationwide.
At a 2024 national organic and agroecology business summit held recently in Abuja, stakeholders took turn to speak on the additional areas of promoting the practices.
The Mandate Secretary, FCT Agriculture and Rural Development Secretariat (ARDS), Lawan Geidam, advocated for sustainable practice to develop resilient food systems that will benefit people.
The event, with the theme,”Towards Policies for Upscaling Organic Agroecological Businesses in Nigeria”, is aimed at fostering growth in the organic agriculture sector.
Geidam, who was represented by the Acting Director, Agric Services, in the Secretariat, Mr. Ofili Bennett, emphasised the success of organic and agroecological farming, reling on the active involvement of farmers, businesses and consumers.
He reassured attendees that the FCT Administration, led by the Minister, Nyesom Wike, and Minister of State, Dr. Mariya Mahmoud, remains dedicated to supporting initiatives that enhance the livelihood of residents.
Geidam described the partnership between the Secretariat and the organic and Agroecology initiative for a monthly exhibition and sale of organic products in the FCTA premises as a testament to this commitment.
“The ARDS remains committed to driving policies and initiatives that align with national goals and global standards”, Geidam said.
On her part, the Chairperson of Organic and Agroecology Initiative, Mrs. Janet Igho, urged residents to embrace healthy eating habits to sustain a good lifestyle. She stressed the importance of adopting organic practices, highlighting the benefits of going organic, growing organic and consuming organic products.
Igho expressed her optimism regarding the Agricultural Revival Programmes as articulated in President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which aims at fostering food and nutrition security.
She also extended her gratitude to ARDS for graciously allocating a space in the FCTA premises for the exhibition and sale of organic products, noting that the platform has been effectively used to advance the promotion of organic agriculture in FCT.
Igho outlined several benefits of organic agriculture which includes improved soil health, increased biodiversity, availability nutritious and healthy food and a reduced carbon footprint.
Stakeholders at the summit, underscored the critical need for enhanced private sector involvement and robust capacity building initiatives for farmers.
They highlighted the importance of implementing supportive policies to foster the growth of the organic agriculture sector.
In the light of the significant challenges facing Nigeria’s agricultural landscape, stakeholders decided that organic agricultural practices present sustainable solutions and a pathway for a more resilient and productive farming systems.
The three-day summit featured exhibitions showcasing organic foods, fruits, vegetables and fertilizers, providing an opportunity for residents to better appreciate the benefits of production and consumption of organic agricultural products.

Business

Dangote Refinery Exports PMS to Cameroon

Published

2 days ago

December 13, 2024

The Tide

Dangote Refinery and Neptune Oil jave jointly announced the first-ever export of Premium Motor Spirit (PMS) from Dangote Refinery, Africa’s largest oil refinery, to Cameroon.

In a statement yesterday, Dangote said the milestone achieved was as a result of the strategic collaboration between the two companies, and also underscores their commitment to strengthening economic ties between Nigeria and Cameroon while meeting the region’s growing energy demand.

Alhaji Aliko Dangote, President and CEO of the Dangote Group, stated: “This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people”.

Director and Owner of Neptune Oil, Antoine Ndzengue, emphasized that “This partnership with Dangote Refinery marks a turning point for Cameroon. By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently”.

The collaboration between Dangote Refinery and Neptune Oil does not end with this first export. Both companies are exploring new initiatives to establish a reliable supply chain that will help stabilize fuel prices and create new economic opportunities across the region.

For Nigeria, this export showcases Dangote Refinery’s ability to meet domestic needs and position itself as a key player in the regional energy market. It represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.