Business

Nigeria’s crude oil exports hit three-year low, says report

Published

4 years ago

February 2, 2021

West Africa’s oil exports slumped to the lowest level in at least three years last month as infrastructure woes for some of Nigeria’s biggest streams combined with gradually waning output in Angola.

Combined flows from the region fell to 3.41 million barrels a day in January from 3.8 million barrels a day in December, according to tanker-tracking data compiled by Bloomberg.

It was the lowest for both countries since January 2018, when Bloomberg started monitoring shipments in detail.

The report came just as Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that with the completed and ongoing modular refineries in Nigeria, the Federal Government is set to tackle unemployment and incessant pipeline vandalism.

Nigeria, West Africa’s biggest oil producer, has seen its shipments curtailed in recent months by infrastructure issues affecting its biggest crude streams.

The nation’s loadings fell to 1.37 million barrels a day in January, the lowest for four years, according to separate data based on loading schedules compiled by Bloomberg.

Exxon Mobil Corp.’s Qua Iboe stream was placed under force majeure until late January following a fire in mid-December at the grade’s oil export terminal.

Revised loadings of Qua Iboe slumped to about 61,000 barrels a day over December and January, the lowest rate in more than four years while liftings averaged 190,000 barrels a day last year, the loading data show.

Nigeria’s Brass crude flows also slumped as shipments were rescheduled following pipeline problems late last year.

Eni SpA lifted a force majeure, a clause in contracts that allows deliveries to be suspended, on Brass exports in mid-December following repairs of two pipelines that lead to the Brass oil terminal.

Exports of Royal Dutch Shell Plc’s Forcados crude, the nation’s biggest oil stream, were also briefly placed under restrictions last month after a pipeline for that facility experienced leaks, although crude flows weren’t fully halted.

However, according to Bloomberg, Nigeria’s export problems may be temporary, as infrastructure is repaired and oil flows are restored.

However, it stated that Angola’s dwindling outflows look symptomatic of a longer-term decline in the country’s oil output.

Africa’s second-largest oil producer shipped 1.05 million barrels a day last month, slumping from an average of 1.25 million barrels a day last year, the tanker-tracking data show.

When Angola joined the Organisation of Petroleum Exporting Countries (OPEC) in 2007 it was pumping about 1.5 million barrels a day and output was rising as a string of new deepwater discoveries were brought into operation by companies including Total SE, BP Plc, Eni and Chevron Corp.

At the time, Angola said it would accept an OPEC production quota once its output hit 2 million barrels a day, a level that it struggled to reach on a sustained basis before a steep decline in rates as its offshore fields began to exceed the pace of additional supplies from new discoveries.

Linking smaller satellite fields back to existing floating production units helped the country to keep production close to its two million barrel-a-day target for several years, but declines really began to set in from the beginning of 2016, when the stock of new fields available for development began to dwindle.

Meanwhile, the Minister of State for Petroleum Resources, Sylva, has said that with the completed and ongoing modular refineries, the federal government is set to tackle unemployment and incessant pipeline vandalism.

Sylva spoke during the ground-breaking of an energy infrastructure park being developed by Atlantic International Refinery and Petrochemical Limited in partnership with the Nigerian Content Development and Monitoring Board (NCDMB) at Okpoama, Brass Local Government Area, Bayelsa State.

A statement by the NCDMB in Abuja noted that the minister also inaugurated three corporate social responsibility (CSR) projects executed by the company.

The projects included the Okpoama Cottage Hospital, Iseleama Health Centre and Okpoama Community Water Works. Sylva added that one of the best strategies to curb restiveness in the Niger Delta region is to create jobs and opportunities for youths.

He listed part of his mandate to include collaborating with players in the private sector to establish oil and gas facilities, including modular refineries, which will ensure value addition to the crude oil, products sufficiency, create jobs in-country and curb pipeline vandalism.

He charged the people of Okpoama and other parts of the Niger Delta to create an investment-friendly environment that will attract other oil and gas and manufacturing facilities to the region.

Executive Secretary of NCDMB, Mr Simbi Wabote, listed the various elements of the energy park project to include 2,000 barrels per day modular refinery, a power plant and a jetty.

He added that the project will serve as a catalyst for infrastructural development and economic activities in Bayelsa State.

-Thisday

Business

Top 5 crypto apps that work with Nigerian Bank accounts

Published

6 hours ago

November 12, 2024

Trends Admin

Top 5 crypto apps that work with Nigerian Bank accounts

Nigeria is the number one country by crypto adoption in Africa and the second largest in the world.

Cryptocurrency is a revolutionary idea in the country and resonates well with the country’s large demographic of young people.

Despite mixed signals from the Nigerian authorities as regards crypto regulation, the sector is still thriving in the country and cryptocurrency is fast becoming an everyday means of transaction.

Earlier this year, Nigerian authorities led a crackdown on crypto entities accusing them of currency manipulation and other unregulated activities.

The highlight of the era was the prolonged dispute between Nigerian authorities and Binance Limited which led to the detention of a Binance executive for 7 months.

The crackdown led to an investor flight in the crypto space with Binance closing down its Peer to Peer feature and Kucoin and OKX pulling out of the Nigerian market.

The investor flight led to a shortage of crypto apps that the Nigerian crypto community can use for their day-to-day transactions.

Despite the vacuum, some crypto apps and resources are filling in the gap in the market while ensuring a smooth experience for Nigerian traders and crypto enthusiasts.

Some of these apps work with Nigerian banks making their services more tailored and relative to the Nigerian end user.

Yellow Card

Yellow Card is a pan-African crypto exchange that allows users to buy, sell, and Trade cryptocurrencies. The crypto exchange supports Nigerian Banks in its services and users can sell their crypto assets and withdraw them in Naira into the Nigerian banks.

The exchange has an instant transfer feature where sold cryptocurrencies can be sent to your Nigerian bank account directly. This makes for convenient use amongst Nigerian and African users.

Quidax 

Quidax is another cryptocurrency exchange that supports Nigerian bank accounts. The exchange allows users to buy cryptocurrencies with Nigerian bank accounts.

This process occurs via Bank transfers or a Quidax Bank Account number which is usually the User’s bank account number.

Quidax is one of the two crypto exchanges to receive a full license from the Nigerian Securities and Exchange Commission under Emomotimi Agama.

Busha 

Busha is a cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies with the naira. The Indigenous crypto exchange supports Nigerian bank accounts for payouts.

Busha Users can make deposits to Merchant’s Nigerian Bank accounts through their Naira wallet on the platform.

Busha is the second of the two crypto exchanges to receive a full license from the Nigerian SEC.

Local Traders 

Local Traders is a P2P crypto exchange platform gaining some popularity in the Nigerian crypto space. The platform offers over 750 payment options including traditional Nigerian bank accounts.

Nigerians using the platform for P2P transactions can send money directly to their Nigerian Bank accounts through Bank transfer and Paystack.

The P2P sector in Nigeria took a hit following the discontinuation of Binance Naira P2P. platforms like local traders are filling the void.

Koyn 

Koyn is a crypto app that facilitates the sale of major cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Tether. The app is gaining ground in the Nigerian crypto market due to its ease of use.

The crypto app supports Nigerian bank accounts and readily converts crypto naira which can be easily withdrawn to Nigerian bank accounts.

The app has a dedicated rate calculator which varies according to the given market price for the day.

Koyn is patronized mostly by Nigerians who don’t want to go through the hassle of direct P2P.

The crypto industry in Nigeria is still lagging in much-needed infrastructure to meet up with the demand in the Nigerian market. This is partly due to an unclear regulatory framework from relevant Nigerian authorities for investors and crypto end users in the country.

The issuing of Full licenses to Busha and Quidax marks a significant step forward in the Nigerian crypto space as regards regulation and its role in creating an enabling environment for growth.

Top 5 crypto apps that work with Nigerian Bank accounts

Railway

Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route

Published

6 hours ago

November 12, 2024

Trends Admin

Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route

The Nigerian Railway Corporation (NRC) has announced the introduction of additional train trips on its Lagos-Ibadan Train Service (LITS) route, exclusively for Fridays and Saturdays.

This initiative increases weekend trips from two to three, offering commuters greater travel flexibility.

The announcement, made via the NRC’s official X (formerly Twitter) handle on Tuesday, revealed that the new Lagos-to-Ibadan trip will depart at 1:40 pm, complementing the existing schedules of 7:45 am and 4:00 pm.

For the Ibadan-to-Lagos route, the additional trip is set for 10:50 am, joining the regular departures at 8:00 am and 4:30 pm.

Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route

Business

NNPCL to deliver 12 CNG stations, LNG mini plants

Published

14 hours ago

November 12, 2024

Trends Admin

NNPCL to deliver 12 CNG stations, LNG mini plants

Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Corporation (NNPC Ltd), has stated that the company has finalised plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants as part of efforts to increase the existing 1.6 billion cubic feet of gas supply for the domestic market.

In a statement issued on Monday, the NNPCL’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye, quoted Kyari as saying this at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition, themed “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” held in Lagos.

He said, “The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network.”