Business
Nigeria earned N366bn from crude, others in May – NNPC
Nigeria earned a total of N366bn from the sale of crude oil and other petroleum products in May this year, data from the Nigerian National Petroleum Corporation and the Petroleum Products Marketing Company have shown.
The NNPC said it recorded a total crude oil and gas export sales of $219.75m (N90 billion) in May 2021, representing 180.29 per cent increase in sales from the previous month of April.
The PPMC, a downstream subsidiary of the NNPC, posted a total sum of N295.72bn from the sales of petroleum products in May 2021 compared to N220.13bn in April 2021.
This put the total amount realised from the sales at N366bn as contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), made available by the Group General Manager, Group Public Affairs Division of the corporation, Mr Garba Deen Muhammad.
According to the report, crude oil export sales contributed $181.19m (82.45 per cent) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56 million in May 2021.
The report also showed that between May 2020 and May 2021, the corporation exported crude oil and gas worth $1.64 billion.
In the gas sector, the report showed that natural gas production in the month under review increased by 6.19 per cent at 222.23 billion cubic feet (bcf) compared with output in the previous month translating to an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.
For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced, representing an average daily production of 7,322.94mmscf in the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 per cent, 20.04 per cent and 18.99 per cent respectively.
Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively.
This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.
This implies that 61.75 per cent of the average daily gas produced was commercialized while the balance of 38.25 per cent was either re-injected, used as upstream fuel or flared.
Furthermore, total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at N2.345 trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of N2.336 trillion.
In terms of volume, the figure translates to a total of 2.241 billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673bn litres in the previous month.
Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651bn litres and PMS accounted for 99.69% of total volume.
In May 2021, 64 pipeline points were vandalized representing a 39.13% increase from the 46 points recorded in April. The Port Harcourt area accounted for 65% and Mosimi and Kaduna Areas accounted for 30 per cent and five per cent, respectively of the vandalised points.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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