Connect with us

News

Nigeria hit hard by Russia-Ukraine war, as Asian countries look away – NNPC

Published

on

“To illustrate the extent of this shift, Nigeria’s crude exports to India dwindled from approximately 250,000 barrels per day (bpd) in the six months preceding the February 2022 invasion of Ukraine to 194,000 in the subsequent six months afterwards. And so far, this year, only around 120,000 bpd of Nigerian crude volumes have made their way to India.”

These were the exact words with which the Nigerian National Petroleum Company Limited (NNPCL) painted the stark realities of the negative side of the current war between Russia and Ukraine, particularly the dwindling interest in the nation’s crude.

Maryamu Idris, Executive Director, Crude & Condensate, NNPC Trading Limited, who painted the dark pictures, said the lingering conflict between Russia and Ukraine had impacted Nigerian crude oil inflows in the international oil market, leading to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc.

At a panel presentation at the Argus European Crude Conference in London, she added that in addition to the substantial price shocks impacting commodity and energy prices globally, the conflict between Russia and Ukraine had triggered a situation where India, a primary destination for Nigerian grades, increased its appetite for discounted Russian barrels to the detriment of some Nigerian volumes.

Advertisement

She also noted that Nigerian crude flow to Europe had increased in a bid to fill supply gaps left by the ban on Russian crude, pointing out that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.

See also  Nursing mother of three in coma after her two children got electrocuted in Lagos

She added: “This trend makes it evident that Nigerian grades are increasingly becoming a significant component in the post-war palette of European refiners. Several Nigerian distillate-rich grades have become a steady preference for many European refiners, given the absence of Russian Urals and diesel. Forcados Blend, Escravos Light, Bonga, and Egina appear to be the most popular, and our latest addition — Nembe Crude – fits well into this basket. This was a strong factor behind our choice of London and the Argus European Crude Conference as the most ideal launch hub for the grade.”

On production challenges, Idris remarked that, like many other oil-producing countries, Nigeria had faced production challenges aggravated by the COVID-19 pandemic, including reduced investment in the upstream sector, supply chain disruptions impacting upstream operations, ageing oil fields, and oil theft by unscrupulous elements. These factors, she said, contributed to production declines in the second half of 2022 and early 2023.

Idris, however, noted that the challenges are fast becoming a thing of the past with the introduction and implementation of a new framework for the domestic petroleum industry (the PIA of 2021), rejuvenating the business landscape, and re-positioning NNPC Limited to adopt a more commercial approach to the management of the nation’s hydrocarbon resources.

According to her, NNPC Limited has secured vital partnerships with notable financial institutions to promote upstream investments to restore and sustainably grow production capacity in the coming years.

Advertisement

“NNPC Limited is championing concerted efforts in partnership with host communities and private stakeholders to address the security and environmental challenges in the Niger Delta to further fortify production growth. Suffice to say we have already begun seeing significant progress on the rebound. In September 2023, Nigeria recorded its highest crude oil and condensate output in nearly two years, reaching 1.72 million barrels per day. This, we believe, is just the beginning of our production rebound.”

See also  Kalu, ex-gov, Ogah, ex-Minister shun Tinubu’s campaign in Abia

She affirmed that in addition to sustainably growing upstream production volumes, NNPC Limited is also increasing its participation in the downstream sector in line with a ‘wells-to-wheels’ approach, taking the country’s unique hydrocarbon molecules as close as possible to end-users.

The vehicle for this, she said, is the restructured NNPC Trading Company, focused on growing NNPC’s presence in the global market for crude, condensate, gas, and petroleum products.

The Argus Crude European Crude Conference Panel Session, according to a statement by NNPCL spokesman, Sola Soneye, held with the theme: The Invisible Hand: How Are Shareholders and Asset Managers Meeting the Crude Industry? What Does This Mean for the Future of Crude in Europe? was moderated by Vice President Crude of Argus, James Gooder.

Advertisement

News

BREAKING: Stop these demolitions, you’re killing the people, Obi tells Lagos govt

Published

on

A government that has lost the milk of human kindness is not justification to preside over their affairs, Peter Obi, presidential candidate of the Labour Party’s (LP) in the February 25 election, said on Thursday, in reaction to the ongoing massive demolitions of properties in parts of the country, particularly, Lagos and Abuja, mostly.

While Nyesom Wike, Minister of the Federal Capital Territory (FCT), had been engaging in some demolitions of buildings contravening the building plans of the city, the more devastating outcomes are being witnessed in Lagos, which seemed to have gone haywire with the bulldozers, which had been pulling down multi-billion structures in high-brow areas.

Alaba International Market, Abule Ado, Lekki and other parts of Lagos, have witnessed some of the onslaughts with the building owners lamenting that in many cases they were given just a few hours to evacuate their properties, a condition which many of them could hardly meet.

Obi, while bemoaning the situation, while pleading with the government to take the suffering of the people into account and approach the issue with human face, said:

Advertisement

“All government actions must show compassion, even though we should enforce sensible regulations.”

Amid the speculations that some of the victims who come from the South East were being punished for creating the situation, which gave Obi the massive votes in Lagos that made him beat President Bola Tinubu, who governed the state for eight years, and still maintains a stronghold on the political structure of the state, who used his X handle to air his position, on Thursday, advised the government to come up with measures aimed at alleviating the people’s hardships considering the current harsh economic conditions in the country.

See also  Ganduje’s commissioner clamped into detention over alleged N1billion fraud

He said, “It’s with complete despondency and unhappiness that I have followed the ongoing demolitions of properties across the country, especially knowing the extra hardship such acts have been heaping on hapless citizens who are already battling with multi-dimensional poverty.

“What a responsive government should be doing under the current harsh economic conditions in the country is to come up with measures aimed at alleviating the people’s hardships and to carry out measures that will take more people out of poverty.

“Even if there are some violations as the governments are claiming, this critical time is not auspicious for such an exercise knowing the hardship in the land and the consequences it will have on the poor who are struggling to make ends meet with their little resources.

Advertisement

“The poor in our midst who are putting their meager resources are going through very severe financial stress that should not be multiplied further. In some cases, the properties being demolished are the life time savings and retirement abodes of the aged and incapacitated.

“My appeal therefore is for the respective governments involved in this act to consider the hardship in the country and try and put a human face to their actions. While we should enforce sensible regulations, all actions of government must show compassion.”

Continue Reading

News

It’s Tinubu’s budget of ‘hopelessness and pains,’ prepare for more hardship – PDP

Published

on

Nigerians must gird their loins for more suffering with the budget President Bola Tinubu released on Wednesday if allowed to pass, the Peoples Democratic Party (PDP), has said, warning the National Assembly not to approve it if they were truly representing the people.

Describing the N27.5 trillion budget for the 2024 fiscal year as deceitful, strangulating, and hopeless, the party in a statement by Debo Ologunagba, its spokesman, said if the budget was allowed to pass, it will further plunge the nation into more economic depression and hopelessness.

Stating that NASS must activate its mandate to the constitution under Sections 80, 81, and 82 of the 1999 Constitution, to reject the 2024 budget as presented, he said: “The PDP calls on the National Assembly pursuant to its Constitutional duty under Section 80, 81 and 82 of the 1999 Constitution to reject the 2024 budget as presented and use its legislative powers to disassemble the budget and make provisions that are critical and pivotal to the growth of the economy and the welfare of Nigerians,” the party said.

Ologunagba, while stressing that the document was devoid of concrete mechanisms to revive the economy, create jobs, address the comatose manufacturing and productive sectors, human capital development deficiencies, and depleting the life expectancy of Nigerian citizens, alleged that it was filled with heavily padded figures, duplicated items, and several false statistics, including claims of global increase in the inflation rate.

Advertisement

The PDP National Publicity Secretary declared that the budget is predicated and expected to be funded from multilateral and bilateral foreign loans and increased taxes on Nigerians and is designed to further mortgage the nation and strangulate the already impoverished Nigerians.

See also  SS2 students engaged in hot love affair arrested after video leaked

Continue Reading

News

No room for corruption in Abuja anymore – Wike * Says, Abuja metro ready in six months

Published

on

Anybody planning how to skew the process for personal advantage, would discover the hard way that there is a new sheriff in town and it would no longer be business as usual, Nyesom Wike, Minister of the Federal Capital Territory (FCT), said on Wednesday.

Wike, former Governor of Rivers State and the only Minister of the Peoples Democratic Party (PDP) or member of the opposition in the cabinet of President Bola Tinubu of the All Progressives Congress (APC), made this solemn declaration on the floor of the National Assembly, where he presented and defended a N61billion supplemental budget for the year 2023.

The Minister, whose is presenting the fresh estimates one month to the end of 2023, said components of the proposal, were projects-specific, added that President Bola Tinubu would commission most of them including the Abuja Metroline by May as part of activities marking the president’s one year in office.

According to him, the N61 billion FCT Supplementary Budget was drawn from its Paris Club refund, PAYE, the N5billion special presidential intervention for states, the presidential infrastructure support funds and the territory’s Internally Generated Revenue IGR.

Advertisement

For instance, Wike, who assured that the President would commission the metro line by May adding that part of the project, which would ease the movement of the people in the capital, was already contained in the national budget, presented by Tinubu on the same day.

Wike, who also spoke on the fate of victims of the administration’s demolition exercises, blamed them  for the situation, saying there was no way that the desire of a world-class Federal Capital Territory by Nigerians could materialise with those entrusted with making it happen engaging in excuses for unplanned and illegal developments.

See also  Channels’ N5million fine: Nobody can intimidate me, we’re all Nigerians – Seun Okinbaloye

Noting that demolitions could not be stopped as long as people continue to build on green areas, water and sewage lines and other unapproved places, he said the Administration would however pay compensation in areas designated for resettlement.

He said: “We can’t stop demolitions. You cannot go and build in a green area and then when we demolish, you want us to compensate you. Illegality is illegality. But if we want to acquire your property for development, we will pay you.”

Wike, who justified his decision to engage Senior Advocates of Nigeria (SAN) to help handle cases involving the Administration, lamented that the lack of diligent prosecution of cases in the past by FCT officials led to the loss of a number of cases, adding that over 800 litigations involving the FCT, were currently pending in various courts.

Advertisement

Wike, who also alleged complicity on the part of some officials who connived with plaintiffs to get judgments against the FCT Administration, he said: “I have never seen a territory with over 800 litigations. Some of these litigations were in connivance with staff of the FCT. So, I said I will engage SANs because I don’t want a situation whereby someone will go to court and then agree with the plaintiffs and judgment is entered against the FCT.”

Revealing that his administration would revive the city’s mass transit system to eliminate cases of “one chance”, adding that private operators would undergo security vetting before being allowed into the system, he added that he was working with the Office of the National Security Adviser (ONSA) and the Department of State Services (DSS) with regards to providing Closed Circuit Television (CCTV) cameras in strategic parts of the city.

See also  SS2 students engaged in hot love affair arrested after video leaked

Accusing some of his staff of using some Public-Private Partnerships (PPPs) entered into by the FCT with some private developers, to fleece the administration, he vowed to cancel the contracts, adding: “I will cancel several PPPs. All the PPPs in Abuja are about land and are against the FCT.”

Citing a case in Wassa where the FCT gave a developer land for mass housing, and gave him another N85billion for infrastructure, he lamented a situation where the same developer would go and build houses, and sell to people at market value without anything coming to the government.

On the recertification of all Certificates of Occupancy (C of Os,) he said: “All C of Os will be recertified and you will put your NIN. In FCT, there are a lot of fake C of Os but with this new development, we will end that and security-wise, we can know people who own each structure. If you have a C of Os and you have enjoyed recertified, it will no longer be valid,” he stated.

Advertisement

Chairman of the House Committee on FCT, Muktar Betara lauded the minister for his passion for developing the territory, however urged him to reconsider the uniform fees for obtaining a Certificate of Occupancy, saying highbrow areas like Asokoro, Maitama, Wuse and others cannot have the same fees with the satellite towns.

Continue Reading

Trending