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Economy

Nigeria Drops To 7th On OPEC Production List

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Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list, according to the organisation’s Monthly Oil Market Report for November, which examined oil production performance in October.

 

Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria.

 

While Nigeria’s production was 1. 014mb/d in October, Angola produced 1. 051mb/d; Algeria, 1.060mb/d; Kuwait 2.811mb/d; UAE, 3.188mb/d; Iraq, 4.651mb/d; and Saudi Arabia, 10. 957mb/d.

While Venezuela’s production was 711b/d, Equatorial Guinea’s was 57b/d. The likes of Gabon, Libya and Iran did not produce a barrel in the month.

 

Nigeria used to rank fifth, with countries such as Angola and Algeria behind it in terms of crude oil production.

West Africa’s largest economy has been through a rough patch as its crude oil production is bedevilled by theft and pipeline vandalism.

 

A recent report revealed how the country lost N415bn to the shutdown of nine crude oil terminals within the space of two months.

The affected terminals, Forcados, Qua Ibo, Bonny, Bonga, Voho, Erha, Brass, Ukpokiti and Aje were shut down between May and June 2022.

 

Crude oil losses recorded as a result of the shut-in include 258,000 from Forcados between June 24 and 30; 1,470mb from Qua Iboe from June 15-30; 3, 545mb from Bonny from June 1-30; and 558,000b from Bonga between June 15 and 30.

 

According to him, beyond technology, Nigeria needed to identify the challenges, find the origin of the problem and deal with it.”

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Economy

Rainoil’s Facility To Boost Nigeria’s Gas Utilisation

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The African Refiners and Distributors Association has applauded Rainoil Limited for its gas facility located at Ijegun-Egba, Amuwo Odofin LGA, Lagos State.

 

The association commended the company’s genuine move to boost domestic utilisation of Liquified Petroleum Gas in the country, noting that its facility would contribute positively to the Nigerian economy.

 

The association gave the commendation during a recent tour of the facility, where its President, Marième Decraene, the Executive Secretary, Anibor Kragha, and other delegates praised the company for its resilience and support for the Nigerian economy.

 

According to Kragha, the visit was necessitated by the need for members to see the reality of the massive projects going on in Nigeria. He noted that Rainoil was aligning with the vision of the Federal Government and ARDA in driving cleaner fuel in the region.

According to him, ARDA’s vision was to serve as the leader in Africa’s transition to cleaner fuels. “We also promote the harmonisation of cleaner fuel specifications across Africa in line with the AFRI Fuels Roadmap to avoid urban pollution and the associated health challenges. ARDA supports the implementation of a Cleaner Air Policy with a regulatory framework that considers fuels and vehicles as an integrated system.”

 

He noted that the association was in Nigeria as part of its mission, noting that it was focused on developing an integrated energy self-sufficiency plan for Africa that would promote the processing of African crude oil in upgraded African refineries.

 

Kragha confirmed that the delegation had earlier paid a courtesy call to the Nigerian National Petroleum Company (NNPC), the Dangote Refinery and was scheduled to visit Sahara Group’s Egbin Power Plant.

 

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Economy

Naira Redesign: CBN Replies Finance Minister, Insists Due Process Followed

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The Central Bank of Nigeria (CBN) says it followed due process in its ongoing process to redesign the N200, N500, and N1,000 banknotes.

 

The spokesman for the CBN, Osita Nwanisobi, made this known on Friday night in response to the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the apex bank.

 

Nwanisobi expressed “surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions”.

According to Nwanisobi, the Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new banknotes.

 

Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.

 

He added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

 

He assured Nigerians that the redesign will deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira, help to curb the incidents of terrorism and kidnapping, amongst others.

 

Earlier on Wednesday, the CBN Governor, Godwin Emefiele said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

 

The Economic and Financial Crimes Commission (EFCC) immediately commended the move and warned currency speculators and Bureau de Change (BDC) operators not to undermine it.

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Economy

Finance Minister, Zainab Ahmad Dissociates Self From CBN Governor’s Naira Note Policy

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The Minister of Finance, Budget and National Planning, Zainab Ahmad, has dissociated her ministry from the planned move by the Central Bank of Nigeria (CBN) to redesign high-denomination naira notes.

 

The minister stated this on Friday in response to a question by Senator Opeyemi Bamidele (APC Ekiti Central) during a defence of the 2023 budget before the Senate Committee on Finance.

Ahmad warned the CBN of the consequences that may arise from the policy.

Senator Bamidele had noted in his question to the finance minister that the policy was already having repercussions on the value of the naira against the United States dollar barely two days after its announcement by the CBN.

He said: “Just two days after the announcement of the policy, naira has fallen from N740 to N788 to a US dollar due to rush in the exchange of stashed naira notes for foreign currencies, particularly dollar.

“To me, the policy may be a well-conceived one but the timing, going the by realities on the ground, is very wrong as the naira may fall to as low as N1,000 to a US dollar before the January 31, 2023 fixed for the full implementation of the policy.”

The minister, in a quick response, said she and her ministry only learned about the CBN policy through the media.

“Distinguished senators, we were not consulted at the Ministry of Finance by the CBN on the planned naira note redesigning and cannot comment on it as regards the merits or otherwise.

“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy, as rolled out at this time, portends serious consequences for the value of naira against foreign currencies.

“I will however appeal to this committee to invite the CBN governor for required explanations as regards the merits of the planned policy and the rightness or otherwise of its implementation now,” she said.

The CBN governor, Godwin Emefiele, had on Wednesday said that the apex bank would redesign the N200, N500 and N1,000 denominations.

He said the action was taken in order to take control of the currency notes in circulation just as he posited that 80 per cent of the notes were outside bank vaults and the CBN would not allow the situation to continue.

The planned policy, according to him, is in line with Section 19, subsections a and b of the CBN Act 2007, upon which the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce and circulate new series of banknotes at N200, N500 and N1,000 levels.

It was gathered that the Senate Committee on Finance headed by Senator Adeola Olamilekan is ready to summon the CBN governor to throw more light on the naira redesign policy.

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