News
Nigeria Loses Top African Oil Producer Status To Angola
Angola has overtaken Nigeria to emerge top African crude oil producer for the month of April 2023.
This is according to direct communication data in the April 2023 monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC).
In the report, Angola recorded 1.06 million barrels per day of crude production in April 2023.
Meanwhile, Nigeria recorded 999,000 barrels per day for the month of April 2023 and Algeria recorded the same 999,000 barrels per day during the highlighted period. This is the lowest production rate Nigeria has recorded in the year 2023.
Nairametrics reported that data from the Nigerian Upstream Petroleum Regulatory Commission showed that Nigeria produced 998,602 barrels per day of crude oil in April 2023.
The OPEC report further stated that total OPEC-13 crude oil production averaged 28.60 million barrels per day in April 2023, lower by 191 thousand barrels per day, month-on-month. Crude oil output increased mainly in Saudi Arabia, Angola and Iran, while production in Iraq and Nigeria declined.
OPEC has said in its monthly oil market report released on May 11 that world oil demand in 2023 is still dependent on rising global tensions.
In the report, OPEC stated that total world oil demand is anticipated to reach 101.9 million barrels per day in 2023.
But a part of the report states: “However, this forecast is subject to many uncertainties, including global economic developments and ongoing geopolitical tensions.”
Tax advisory, KPMG Nigeria, recently advised the Nigerian government to look for ways to increase its oil revenues.
However, the country losing its top African oil producer status to Angola in April 2023 does not restore confidence that the oil sector will perform well in the second quarter of 2023, at the very least.
In 2022, several oil and gas companies as well as crude producing countries made gains from higher oil prices due to the Russia-Ukraine war. But Nigeria was unable to gain from the price rally because of crude oil theft which were unreasonably high in 2022, making the country lose up to 700,000 barrels per day, according to the Nigerian National Petroleum Company Limited.
In the MOMR by OPEC, it was stated that Nigeria’s economy faced challenges in gaining momentum in the first quarter of 2023, with business activity and consumer spending remaining subdued, in addition to high input-cost inflation and lower employment levels compared with 2022.
News
PDP Opobo/Nkoro Hails Fubara On Peace, Projects
Stakeholders of Peoples Democratic Party (PDP) in Opobo/ Nkoro Local Government Area of Rivers State have commended the state Governor, Sir Siminalayi Fubara for his disposition that has fostered peace in the State.
Rising from an expanded stakeholders meeting last Saturday in Opobo Town, the body in an eight-point communique signed by its Chairman, Hon. Benneth Daminabo, Chairman of Council, Rt. Hon. Enyiada Cookey-Gam and LG party Chairman, Warisenibo Godwin Pepple commended the governor for linking Opobo/Nkoro LGA to the national grid.
In addition, it lauded the effort of the governor in pursuing the 50.15 kilometre Dual Carriage Ring Road, Elelenwo internal road, Aleto-Ebubu-Eteo Road in Eleme and Andoni Road projects.
Despite the distractions, the stakeholders said they were impressed that the governor had equally done projects in health-the unveiling of Prof. Kelsey Harrison Hospital, Agric projects at Tai and Oyigbo and improving welfare of civil servants.
In their words, “members reaffirmed their unalloyed loyalty and implicit confidence in his administration.”
Condemning the unfriendly and discourteous utterances of Senate President, Godswill Akpabio and Tony Okocha in different fora in the State, the forum urged the duo to desist from such action in order not to heat up the polity.
The forum pledged to stand by the governor through, “thick and thin”, the stakeholders acknowledged the contributions of women, who through prayers for the government has impacted positively in the direction and posture of the governor.
Finally, the forum unanimously expressed gratitude to the Simplified Movement and other bodies that have thrown their weight behind the governor to ensure that the administration is stable and successful.
By: Kevin Nengia
News
‘Rivers People Are Now Breathing Fresh Air Under Fubara’
Aformer Caretaker Committee Chairman of Abua/Odual Local Government Council of Rivers State, Hon Elamo Arogu, says under Governor Siminalayi Fubara, the people of the State are now breathing fresh air.
Hon Arogu said Governor Fubara has given Rivers people hope, considering the impactful and people-oriented projects being carried out by his administration.
The former CTC chairman made the assertion during the Simplified Movement’s thanksgiving service and rally held in honour of Rivers State chief executive last Friday in Abua .
Arogu said under Governor Fubara, the Abua/Odual people have the confidence that the dividends of democracy will definitely get to them.
He noted that the Governor has the strong will to change the narrative in Rivers State, being the reason he is receiving massive support across the State.
“The people of Abua/Odual are strongly behind him. Our doors ate open for everyone because there is government in place to attend to the needs of the people. I believe that he will develop Abua/Odual and other Rivers council areas, hence, the massive support. This government is business- oriented and we are ready to encourage him succeed and invest in our land. The issue of a bank; road networks and other necessities of life bordering on development as demanded by the people will be considered by Governor Fubara”, he said.
He called on the opposition to team up with Governor Fubara to build a stronger, united and viable Rivers State.
He maintained that ward nine under his leadership is Simplified.
News
Rivers State University Cooperative Society Elects New Leaders
The United Port Harcourt Peoples Cooperative Investment & Credit Society Limited, Rivers State University, Port Harcourt, has elected new leaders to pilot the affairs of the cooperative for the next two years.
They are Pastor Dr. Barine Aeba (President); Dr. Gift N. Nkweke (Vice-President), Dr. Kenneth Chima Adiele (General Secretary), Victor G. Banigo (Assistant General Secretary),
Rose Yeyeda Nwosu (Treasurer), Adaku Nwogu (Financial Secretary) and Stella Ereba (Public Relations Officer).
Inaugurating the new Management Committee after a keenly contested election held recently at the University Amphitheatre, the Director of Cooperatives in Rivers State, Dr. Elizabeth Chidi-Wike, congratulated the seven-member Executive for emerging winners at the election, charging them to uphold the bye laws of the Cooperative Society and hold regular congress meetings.
Dr. Chidi-Wike used the forum to commend the outgone Management Committee for reviving the Cooperative and placing it on an enviable pedestrial.
In her remarks, the Acting Registrar of the University, Mrs. Ibimonia Sotonye Harry applauded Cooperative members for keeping faith with the Cooperative Society, stressing that the goal of the society in helping members save for retirement cannot be over emphasised.
In his valedictory speech, the outgone President, Dr. Mie-Idala Jones Amachree expressed gratitude to God for the successful completion of his four-year tenure, thanking his fellow Management Committee members who gave him the needed support that transformed the Cooperative Society.
In his acceptance address, the President, Pastor (Dr.) Barine Aeba thanked the university management for providing the enabling environment for the peaceful conduct of the election, pledging that he will fulfill all his campaign promises.
A total of 165 Cooperative members participated in the electoral exercise which was conducted by an Electoral Committee led by Engr. (Dr.) Joseph D. Enoch.
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