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Nigeria imported 62% of cooking gas in 2019, says PPPRA

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Despite the abundant gas reserves in the country, about 62 per cent of the Liquefied Petroleum Gas otherwise known as cooking gas consumed by the Nigerians last year was imported.

Figures for the year under review released by

The Petroleum Products Pricing Regulatory Agency gave the information in the latest report, which showed that while 45 per cent of the import was from the United States of America, 3.95 per cent was from Argentina and 8.99 per cent from Equatorial Guinea.

The gas reserves in Nigeria have been put at over 200 trillion cubic feet.

Other countries that supplied the product to Nigeria were given as Algeria, 0.88; Trinidad and Tobago, 1.67; India, 0.50; Spain, 0.74. Nigeria could only locally source for about 37.42 per cent of the cooking gas.

The report also indicated that between January and December last year, about 526 million metric tonnes of the hydrocarbon was sourced abroad, while Nigeria produced 314.5 million tonnes, totaling about 840.5 million metric tonnes.

The PPPRA report, which gave no reason for the monthly import fluctuations, showed that the imports grew from 32.31 per cent in February to 100 per cent in August before falling to 77 per cent in December.

It stated, “The challenges of the LPG domestic market include inefficient distribution chain, pricing distortion occasioned by high LPG price, limited jetty, limited depot storage, inadequate and under-supplied LPG terminals, unsafe cylinder population among others.”

For the current year, the report indicated that over 71 per cent of the LPG was imported in the month of August 2020 alone.

For August 2020, a total of 123.5 million metric tonnes were supplied, out of which 88.1 million tonnes were imported, while 35.3 million tonnes were sourced within the country.

The PPPRA named Algasco LPG Services Limited, a subsidiary of Vitol, as the highest importer of the commodity into the country in August 2020, with 43,888 MT (VAC) of the LPG, representing 48.78 per cent of the total import, and 35.52 per cent of total LPG supplied within the period.

Other importers of the product into the country were Matrix Energy, 19,770 MT (VAC); Prudent Energy and Services Limited, 9,568 MT (VAC) of LPG, and NIPCO, 10,893 MT (VAC).

It said of the 35.3 MT (VAC) of the LPG locally sourced in August, the Nigerian Liquefied Natural Gas (NLNG) supplied 3.634.401 MT (VAC); NIPCO, 9,383.680 MT (VAC); Algasco, 4,107.667 MT (VAC), and Stockgap Fuels Limited, 9,058.139 MT (VAC).

It added that the product was discharged at Lister Jetty, Apapa; Matrix Jetty, Warri; Prudent Energy Jetty, Oghara; Bulk Oil Plant, Apapa; North Oil Jetty and Stockgap Jetty in Port Harcourt.

Aviation

No plane crashed in Lagos – FAAN, NEMA

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Two government agencies, the Federal Airports Authority of Nigeria and National Emergency Management Agency, have dismissed reports of a fresh plane crash in the Ikeja area of Lagos.

An internet user who saw a plane being towed away had sent the picture to the social media, concluding that it was the wreckage of a fresh plane crash in Lagos.

The aircraft, which had missing wings, was spotted on Ikeja-Agege road, causing gridlock along the route on Tuesday as the news went viral on the social media.

But FAAN in a terse statement posted on its social media handles, said Nigerians should disregard the news.

It stated, “The Federal Airports Authority of Nigeria would like to inform the general public to disregard the news making the rounds on social media about an alleged crash at Ikeja Airport.

“The aircraft was sold by the owner to a buyer, who was taking it to its final destination.”

Also, Ibrahim Farinloye, the zonal coordinator, South-West, NEMA, said after due consultations with all critical stakeholders and tracking of all incoming and outgoing flights in Lagos, there was no plane.

An aviation analyst, Daniel Dikio, had also tweeted his observation of the viral video.

“It is an Airbus A319, hasn’t flown domestically in years. I can see traces of a green logo; it likely belonged to First Nation Airways in its time.

“The wings are separated cleanly; this wouldn’t happen in a crash. The separation is a sign of dismantling.

“There is no damage to the fuselage, almost impossible given the purported circumstances”, Dikio noted.

 

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FG targets 1.4mbpd domestic refining before 2027

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Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

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Nigeria’s GDP grew by 3.11% in Q1 – NBS report

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The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.

It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

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