Connect with us

Business

Oil Earnings Rise By N363bn In Three Months

Published

on

More progress has been made in Nigeria’s oil earnings following improvements in security in the Niger Delta region, as the country raked in an additional N363billion from crude oil sale in October, November and December, last year.
The figures, obtained from the Federal Ministry of Petroleum Resources last Sunday, has showed that the country’s oil production rose by 1.014 million barrels per day in October, representing an increase of 0.077mbpd when compared to the 0.937mbpd output in September.
In November, the country pumped 1.185mbpd crude, indicating an increase of 0.171mbpd when contrasted with the daily output in the preceding month of October.
Also, in December last year, oil production kept increasing, as Nigeria produced 1.253mbpd last month, indicating an increase of 0.05mbpd when compared to its output in November.
Data reports have shown that the global benchmark for crude, was $93.4/barrel, $89.62/barrel and $76.42/barrel respectively within the period under focus, and since oil production in Nigeria rose by 0.077mbpd in October, this represents an increase of 2.387 million barrels in that month.
At an average, crude oil price of $93.4/barrel in the review month, implies that the country earned an additional $222.95 million (N101.02 billion, at the official exchange rate of N453.1$) in October last year.
In November, Nigeria’s oil production rose by 0.171mbpd, an equivalent of 5.13 million barrels in that month, while the average price of crude in the same month was put at $89.62/barrel.
This indicates that Nigeria’s oil earnings increased by $459.75 million (N208.31 billion at the Central Bank of Nigeria official exchange rate of N453.1/$).
In December 2022, oil output from Nigeria grew by 0.05mbpd, representing 1.55 million barrels for the review month, while the average cost of Brent was $76.42/barrel.
Therefore, the Federal Government’s revenue from crude oil export last month rose by $118.45 million (N53.67 billion at the official exchange rate of N453.1/$).
The summation of the monthly revenue rise during the period showed that Nigeria earned an additional N363 billion from oil sales within the three-month duration following the improvement in security in the Niger Delta region.
President Muhammadu Buhari , recently ordered security agencies to eradicate crude oil theft and pipeline vandalism in the Niger Delta before May 29, 2023.
He said the order became vital in order to effectively ramp up the country’s oil output, stressing that the Federal Government could no longer tolerate the criminality.
Buhari gave the directive through the Minister of State for Petroleum Resources, Chief Timipre Sylva, while addressing troops of the Joint Task Force Operation Delta Safe in Port Harcourt, Rivers State, and Effurum, Delta State.

By: Corlins Walter

Continue Reading

Maritime

Trade Modernisation: Customs’ CG Tours Huawei, Port In China

Published

on

The Comptroller-General  of the Nigeria Customs Service (NCS), Adewale Adeniyi, recently led his team to the Headquarters of Huawei, a famous information and communications technology company in Shenzhen, China, where he discussed opportunities embedded in Nigeria Customs Service Trade Modernisation Project.
This was disclosed in a press release made available to our correspondent in Lagos by the National Public Relations Officer (NPRO) of the Service, CSC Maidawa yesterday.
According to the release, the CGC’s visit to Huawei Headquarters was part of his official visit to the People’s Republic of China for the 6th Global AEO Conference that took place in the city of Shenzhen between Wednesday, 8th May, Friday, 10 May, 2024.
Stating the purpose of his visit to the company’s office on behalf of his team, CGC Adeniyi said, “We are also delighted to associate with the Global Leader Technology Services through the Team of Trade Modernisation.”
It would be recalled that the Service had, during the Huawei Connect 2023 held in Shanghai in October, 2023, expressed readiness to deploy some of the company’s latest products for use in its trade modernisation project.
The CGC, who urged Huawei’s company leadership to sustain their digitalisation services to NCS, also sought their support to collaborate with the Nigeria Customs Service to maintain their transformative journey with the company.
On his part, Xujing Xu, the Huawei Company’s Vice President of Smart Transportation, welcomed the delegation of the NCS led by Adeniyi and the Management Team of the Trade Modernisation Project (TMP) Limited, led by Chairman Saleh Ahmadu.
He expressed confidence that their collaboration will benefit all parties involved, noting that “the foundational work for this transformation is already underway”.
The TMP Chairman, Saleh Ahmadu, during his address, said Huawei is living up to expectations to deliver its mandate under the auspices of Trade Modernisation Project Limited.
He appreciated the support accorded to him by the CGC and his management team towards the success of the NCS Trade Modernisation Project.
In his bid to upscale the level of NCS modernisation, the Comptroller-General of Customs, alongside members of the Trade Modernisation Project led by Chairman Saleh Ahmadu, visited Lantan Port to witness the level of automation and technological solutions provided by Huawei and other tech partners.

In a related development, a training programme on Trends and Digital Solutions for Customs officials and the TMP team was organised by Huawei the same day, which focused on equipping officials with the necessary skills to navigate the digital landscape of modern trade.

Continue Reading

Business

NERC Declares Most Discos Insolvent 

Published

on

Most of the lectricity Distribution Companies (DisCos) in Nigeria have been said to be technically insolvent and unable to not only pay for invoices sent to them from the electricity market, but also invest in network expansion projects.
Speaking at the 8th Africa Energy Market Place 2024 in Abuja, Chairman of the Nigerian Electricity Regulatory Commission (NERC), Engr. Sanusi Garba, said the poor financial state of the DisCos makes it difficult for them to raise the needed capital to invest.
Garba noted that the challenges facing the sector were a culmination of past inactions and missteps by those saddled with the responsibilities of managing the sector, both at policy and operational levels.
According to him, “Today when you look at distribution companies, they are clearly and technically insolvent, and you also want them to raise capital in terms of debt or equity. It’s a herculean task.
“I also want to mention that implementing the power sector reform requires powerful political will to implement decisions that impact the wider public”.
On his part, the Minister of Power, Chief Adebayo Adelabu, said the government was working to get the distribution companies solvent and effective by unbundling their operations along state boundaries.
Adelabu insisted that the areas covered by the current DisCos are too large for them to deliver effective services to consumers.

Continue Reading

Business

PH To Get Two CNG Refuelling Stations, Vehicle Conversion Parks

Published

on

Rivers State Capital, Port Harcourt, is set to have two Compressed Natural Gas (CNG) refuelling stations as well as two Vehicle Conversion Parks.
The Chief Executive Officer, FEMADEC Energy Limited, Fola Akinola, revealed this at the South-South/South-East Stakeholders Engagement Meeting on Presidential Initiative on CNG held in Port Harcourt, Weekend
Akinola, who stated that modalities have been concluded on the project, stressed the need for investment by stakeholders as a way of driving home the initiative of the Federal Government to ease the gas plight of its citizens.
Akinola said, “CNG is an old technology. We want to tell you that you have the opportunity to convert your vehicle from fuel to CNG. The stations will be launched in Port Harcourt and we are launching a refueling unit alongside. Rivers State is going to have a micro refuelling unit at Stadium Road and in GRA.
“For those that want to invest in CNG refuelling units, it is available. Even those who have fuel station facilities can as well invest in this”.
Earlier, the Programme Director, Presidential Initiative on Compressed Natural Gas, Michael Oluwagbemi, noted that Rivers State was the heart of oil and gas Region, insisting that the initiative was for the good of the nation as a whole.
“The initiative of the government is critical to our national development and to the well-being of the people. Rivers State is the heart of the oil and gas region”, he stated.
Oluwagbemi, however, expressed regret that over the last five to six decades, these resources have continued to waste.
“Nigeria is the second largest waste of oil and gas. We exploit it and waste it, then continue to suffer poverty. The President has set us on natural gas features and set up the nation on the path of growth. The use of gas ensures we have energy savings. Mind you, the price of Natural gas is controlled by the government.
“What the President is asking is to do more with the blessings God has given us. If we are able to move three million vehicles in the next three years, we are going to end the era of environmental degradation”, he said.
The Programme Director further said, “We will stop subsidising poverty, importing unemployment and exporting jobs.

By: Lady Godknows Ogbulu

Continue Reading

Trending