The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday that the country’s oil and gas reserves stood at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022. At a press conference in Abuja, Engr. Gbenga Komolafe, Chief Executive Officer of the commission, said robust policies are in place to enhance and streamline oil and gas operations in the nation. He said that the reserves of associated gas are at 102.59 trillion cubic feet (TCF) and non-associated gas at 106.67 TCF, totaling 209.26 TCF in gas reserves. He noted that addressing issues concerning…
Author: Temitope N.
After losing Angola and other key players, the Organization of Petroleum Exporting Countries (OPEC) has set its eyes on Namibia for possible membership after a significant amount of oil was discovered within its shores. The latest discovery of oil in Namibia would easily make the country the fourth largest oil exporter by output by the next decade, according to an African industry official. Reuters reported that Total Energies and Shell have, in recent years, made discoveries estimated at 2.6 billion barrels of oil, placing the South African country in a good position to plan production from about 2030. OPEC’s main goal is to…
Ten years after its initial public offer (IPO) which was held in 2014, Seplat Energy has generated $1.7 billion in free cash flow and invested over $57million to support community projects focused on healthcare, education and empowerment. These were disclosed by Roger Brown, Chief Executive Officer, Seplat Energy, at a press briefing marking the oil company’s 10-year anniversary of dual listing at the Nigerian Stock Group (NXG) and the London Stock Exchange (LSE) in Lagos on Thursday. Free cash flow is defined as “the money a company has left over after paying its operating expenses (OpEx) and capital expenditures (CapEx),”…
Industry key player and CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government has resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market. Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos. He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion. “When Mr. President came May…
The Organised Private Sector in Nigeria comprising the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), National Employers Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI) and National Association of Small and Medium Enterprises (NASME) has stated that over 65% of businesses in Nigeria may shut down due to the over 200% hike in electricity tariff by the Federal Government. The group disclosed this in a statement addressed to President Bola Tinubu on the need to suspend the tariff hike to save businesses, jobs and the economy in general. According…
The World Bank and the African Development Bank (AfDB) have announced plans to partner to provide access to energy for 300 million Africans by 2030. The plan will cost around $30 billion and is to be funded by the World Bank through the International Development Association (IDA) and the AfDB together with governments across the continent and the private sector. Announcing the partnership during the panel session on Energizing Africa: What Will It Take to Accelerate Access & Improve Lives? at the World Bank’s Spring Meetings in Washington DC on Wednesday, Ajay Banga, President of the World Bank, said for the plan…
Ekperikpe Ekpo, the Minister of State for Gas, has said that the Federal government secured an agreement with Shell (SHELL) to supply gas to its planned $3.8 billion methanol plant in Brass, Bayelsa State, clearing a significant obstacle for the final investment decision on the project. Ekpo said that following successful negotiations with the CEO of Shell Nigeria and executives from other participating companies, the Gas Supply and Purchase Agreement (GSPA) essential for the Brass methanol project will be signed next month. The GSPA has secured a long-term gas supply agreement with a Shell-led joint venture to support the methanol…
The average retail price of Automotive Gas Oil (Diesel) paid by consumers rose by 59.51% year-over-year, increasing from N840.81 per litre in March 2023 to N1341.16 per litre in March 2024. On a month-to-month basis, the price climbed by 6.69% from N1257.06 in February 2024 to N1341.16 in March 2024. State and regional breakdown Examining state-level price variations, the highest average prices in March 2024 were found in Edo State at N1566.67, Jigawa State at N1533.33, and Cross River at N1532.71. Conversely, the lowest prices were recorded in Plateau State at N1067.25, Niger State at N1140.00, and Adamawa State at…
The Federal Government asserts it needs approximately N3.2 trillion to subsidize electricity in 2024 should the current tariff hike be reversed. Mr. Sanusi Garba, Chairman of the Nigeria Electricity Regulatory Commission (NERC), disclosed this during a stakeholders’ meeting convened by the House of Representatives committee on Power in Abuja on Thursday. Garba emphasized that the investments in the sector were insufficient to ensure consistent power supply nationwide. He further warned that without addressing foreign exchange fluctuations and gas payment issues, the sector would face collapse. Prior to the tariff review, Electricity Distribution Companies (DisCos) were only required to pay 10…
The average retail price to refill a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) rose by 42.97%, from N4,610.48 in March 2023 to N6,591.62 in March 2024, according to the National Bureau of Statistics (NBS). Comparatively, the price saw a monthly increase of 7.10% from N6,154.50 in February 2024. A state-level analysis shows that Kano had the highest average price at N7,609.00, followed by Ogun with N7,363.64, and Akwa Ibom at N7,162.50. In contrast, the lowest price was in Adamawa where the price was N5,312.50, with Taraba and Zamfara following at N5,375.00 and N5,550.00, respectively. Regionally, the South-South had…
The United States of America (USA) and Nigeria are set to discuss digital economy, emerging technology, and the development and implementation of Artificial Intelligence (AI) in a bid to find common grounds for partnerships. The Deputy Chief of Mission at the U.S. Embassy, Mr Arthur Brown, disclosed this during the closing ceremony of a four-day Workshop on National Artificial Intelligence Strategy in Abuja. Brown said in less than two weeks, high-level U.S. government officials would be in Abuja for a conference under the auspices of the U.S.-Nigeria Bi-National Commission. Programs and policies Providing further details on the upcoming meeting, the…
The Federal Government through the Ministry of Communications, Innovation and Digital Economy, has launched Nigeria’s first Multilingual Large Language Model (LLM) as the country pushes forward to take a leadership position in Artificial Intelligence (AI) development in Africa. The Communications Minister, Dr. Bosun Tijani, who announced this on Friday said the launch of the LLM was one of the outcomes of the 4-day AI workshop held in Abuja between Monday and Thursday those weeks. According to him, the AI tool was launched through a partnership between a Nigerian AI company, Awarritech, a global tech company, DataDotOrg, the National Information Technology…
Kenyans living and working abroad sent home a total of $1.2 billion in the first three months of the year. This marks an 18.8% increase from the total amount remitted in the first quarter of 2023. According to the East African, Data from the Central Bank of Kenya (CBK) showed that Kenyans living abroad remitted in descending order $412.4 million (Ksh53.8 billion) back home in January followed by $407.8 million (Ksh53.2 billion) in March and $385.9 million (KshSh50.3 billion) for February. The total amount remitted by Kenyans living and working abroad in the first quarter of 2024 represents a $190.5 million…
The House of Representatives Public Accounts Committee has mandated the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) to reconcile the N45 billion unremitted operating surplus from 2007 to 2021 within 21 days. During a public hearing on government revenue leakages in Abuja, the Chairman of the committee, Hon. Bamidele Salam issued the ultimatum. He emphasized that according to the law, the FRC is mandated to ensure responsible behaviour from all agencies and government corporations listed in its enabling Act concerning remittances and revenue management. He stated, “I don’t know why SEC is more comfortable with the Accountant General…
The International Monetary Fund (IMF) says Nigeria’s inflation rate will drop to 26.3% in 2024, noting that the country’s economy will equally grow by 3.3% this year. In its revised Global Economic Outlook for 2024 released on Tuesday, the Bretton Woods institution left the growth prospects for Sub-Sahara Africa (SSA) in 2024 unchanged from its previous outlook earlier in the year as the downward forecast in Angola was offset by an upgrade in Nigeria’s growth prospects. The report noted that Nigeria’s economy would grow by 3.0% in 2025, representing a 0.1% decline from the Fund’s projection for January 2024. Furthermore,…
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has addressed concerns over the declining external reserves, maintaining that the decline is not because the apex bank is defending naira. Cardoso, further clarified that the decreasing foreign exchange (FX) reserves were primarily due to debt repayments and other standard financial obligations, rather than efforts to defend the naira. . He also stated that there were no future intentions to defend the currency with the external reserves, as it was counterintuitive since the apex bank was already implementing a willing buyer, willing seller policy. “The shift you see in our reserves…
The Nigerian Ports Authority (NPA) is set to receive a $700 million loan from Citibank, which is to be funded by the UK Export Finance (UKEF). The fund is meant to revamp the Apapa and Tincan Island ports in Lagos State. The Managing Director of NPA, Mohammed Bello-Koko, announced this development on his official X (formerly Twitter) account on Wednesday, stating that he had signed the Mandate Letter and Term Sheet for the loan. He noted that the funds would be used to rehabilitate the quay wall for landside operations and enhance other infrastructure, deepening the draft to 16.5 meters…
Comptroller of Customs Area Commander at Tincan Island Ports (TCIP), Dera Nnadi, has reported that the command generated N303.9 billion in revenue during the first quarter of 2024. This figure represents a 139% increase compared to the same period in 2023, amounting to a N177 billion rise. The announcement was made in a statement issued on Wednesday in Lagos, which was signed by NN Okwara, Public Relations Officer of TCIP. He noted that the command collected N100.3 billion in revenue in February 2024, marking a 141.8% increase from the N41.5 billion generated in February 2023. For March 2024, revenue collection…
Rising inflation and weak earnings have pushed 10 million Nigerians into poverty in 2023, according to the World Bank in its Macro Poverty Outlook for Nigeria: April 2024. Presenting a grim reality where nominal earnings have drastically lagged behind the surging inflation rates, rendering the economic growth of the country insufficient to improve living standards, the report noted: “Nominal earnings have not kept up with inflation, pushing another 10 million Nigerians into poverty in 2023.” Persistent Poverty Levels According to the World Bank’s statistics, poverty rates in Nigeria have escalated to concerning levels across various economic thresholds. The international poverty…
China has written off an undisclosed amount of Zimbabwe’s interest-free loans and pledged to help the country navigate its way out of its current debt crisis. But Zimbabwean activists warn of a permanent debt trap. According to the East African, Zimbabwe’s debt as of September 2023 stood at $17.7 billion, of which $12.7 billion was external and $5 billion domestic. Most of the country’s foreign debt was purchased from China as the country is currently ineligible to secure loans from multi-lateral creditors such as the International Monetary Fund (IMF) and the World Bank after it defaulted on repayments. Since the exit…