Connect with us

Business

Nigeria sign deal to import fuel from Niger Republic

Published

on

Nigeria has signed an agreement with a neighbouring country, Niger Republic for importation of petroleum products from that country.

The Ministry of Petroleum Resources said in a statement that the two countries signed a Memorandum of Understanding on Thursday for petroleum products transportation and storage.

It stated that Niger Republic’s Soraz Refinery in Zinder, located some 260km from the Nigerian border, had an installed refining capacity of 20,000 barrels per day.

“Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 bpd, mostly for export,” it said.

The ministry said the MoU was signed by the Group Managing Director, NNPC, Mallam Mele Kyari and the Director-General of SONIDEP, Mr Alio Toune, under the supervision of the two countries’ ministers of State for Petroleum, Çhief Timipre Sylva and Mr Foumakoye Gado, respectively with the Secretary-General of the African Petroleum Producers Organisation, Dr Omar Ibrahim, in attendance.

“This is a major step forward. Niger Republic has some excess products which needs to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relation for both countries,” Sylva said.

Kyari said the two countries had had long engagements in the last five months towards restoring the importation of petroleum products (excess production) from Niger into Nigeria.

He said, “With this development, we hope to have a long-lasting and sustainable commercial framework to having a pipeline from the Soraz Refinery in Zinder (Niger) into the most proximate Nigerian city so that we can develop a depot.”

Business

Inflow of foreign capital drops by 54% to $875.62m

Published

on

The total value of capital importation into Nigeria dropped to $875.62 million in the second quarter (Q2) of 2021, the National Bureau of Statistics has said.
According to the NBS, the figure represents a 54.06 per cent drop compared to the $1.91 billion in the first quarter (Q1) of 2021.

It stated this in its latest report titled, ‘Nigerian capital importation (Q1 & Q2 2021)’.
In 2020, Nigeria’s capital importation plunged by 59.65 per cent at $9.68 billion – the lowest level in four years.

“The largest amount of capital importation by type was received through portfolio investment, which accounted for 62.97% ($551.37m) of total capital importation,” the report stated.
“It is followed by other investments, which accounted for 28.13% ($246.27m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90% ($77.97m) of total capital imported in Q2 2021.”
Capital importation into the banking industry dominated in Q2 reaching a total of $296.51 million, followed by financing with $205.88 million and shares with $194.59 million.
In both Q1 and Q2, brewing, fishing, hotels, tanning and weaving sectors had no record of capital imports, the report added.
Similarly, only Lagos, Ogun and the federal capital territory (FCT) recorded capital inflows across Nigeria in Q2.
Lagos emerged as the top destination of capital investment in the second quarter with $780.06 million, Abuja had $95.26 million, while Ogun had $0.3 million.
By banks, foreign firms emerged as the top capital investment in Nigeria in Q2. Stanbic IBTC recorded $310.21 million, Standard Chartered was second with $282.37 million, then Citibank ($94.15 million).
The report also stated that “the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26m.”

Continue Reading

Business

Nigerians experience another nationwide blackout as grid collapses

Published

on

Most parts of Nigeria experienced total blackout on Wednesday after a national grid collapse, which electricity distribution companies confirmed in separate notices to their customers.
In a public notice sent out to consumers, the Abuja Electricity Distribution Company said the collapse occurred at 12.26pm but did not say how long it would last.
The notice read, “Dear Esteemed Customers,
Following a grid system outage that occurred at about 12:26 pm today, we have been unable to service our customers in Niger, Kogi and Nasarawa State as well as a significant part of the Federal Capital Territory.
“At the moment, only 20MW has been allocated to AEDC as against the over 400MW that they have been receiving in recent times.
“We urge our customers to be patient and promise that the power supply will be restored to our franchise area as soon as there is a significant improvement in our
allocation.”
In a similar notice, Eko Disco said, “Dear valued customer, we regret to inform you of a system collapse on the National Grid that’s causing outages across our network.
“We are working with our TCN partners to restore supply as soon as possible. Please bear with us.”
Ikeja Electric also sent out a message that read in part, “The current power outage is due to a nationwide system collapse that occurred at about 12:26hrs.
“Power supply will be restored gradually to various parts of the network as soon as the grid is stabilised. Kindly bear with us.”

Continue Reading

Auto

Niger driver kills three students, injures eight in Suleja

Published

on

Three SS1 students of the Government Secondary School Field Base Suleja, Niger State, have been killed by a vehicle that rammed into them on their way from school.
The students were trekking home on the Suleja-Kaduna road on Monday afternoon when the incident occurred.
Three of the students were killed on the spot while eight others sustained injury.
Names of the students that died were given as Abdulhafeez Musa, Kawiyat Sharafadeen and Sunday Paul.
The driver was also said to have been injured and was receiving treatment under police watch in Suleja.
Niger State Commissioner for Education, Hajiya Hannatu Salihu, described the incident as painful and tragic.
She said the students were returning from school to their parents when they met with their death in a preventable accident.
To prevent future occurrences, the commissioner stated the state government would construct speed breakers (bumps) on the roads to schools across the state.

Continue Reading

Trending