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NNPC Reports: N13.23bn Trade Surplus In October 2019

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Nigerian National Petroleum Corporation (NNPC)
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The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of ₦13.23billion in October 2019.

This represented an increase of 54 per cent compared to ₦8.59 billion surplus posted in September 2019.

The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October released in Abuja, on Wednesday.

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The report reflected the sustained streak of positive results in the operations of the National Oil Company.

It added that the September 2019 trading surplus of ₦8.59 billion in turn indicated a significant increase of 65 per cent compared to the ₦5.20billion surplus posted in August 2019.

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The report noted that the August surplus also beat the ₦4. adsbygoogle || []).push({}); 26billion surplus posted in July 2019, reflecting an increase of 22 per cent.

The report revealed that the October surplus was largely due to the improved trading surplus posted by its Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

On Crude oil and Gas sales, it said that a total Crude Oil and Gas export sales of 483.25 million dollars were made in October 2019.

It said this was an increase of 35.77 percentage point, compared to September, implying that in October, Crude oil export contributed 396.94million dollars  (82.14 per cent) of the dollar transactions, compared with 267.97million dollars contribution in the September 2019.
It noted that the export Gas sales for the month amounted to 86.32 million dollars.

“Overall, the October 2018 to October 2019 Crude Oil and Gas transactions indicated that Crude Oil and Gas worth 5.49 billion dollars was exported,’’ it said.

In the Downstream Sector, it said that 1.16billion litres of Premium Motor Spirit(PMS) also known as petrol, translating to 37.30mn liters/day, were supplied for the month.

It noted that the corporation had continued to monitor the daily stock of PMS in order to achieve smooth distribution of petroleum products and zero fuel queue nationwide.

The report said that in October 2019, 35 vandalized-pipeline points, representing a decrease of 81 per cent from the 186 vandalized-points in September 2019, were recorded.

“Out of the vandalized points, eight failed to be welded, while only one pipeline was ruptured, with Ibadan-Ilorin axis accounting for 34 per cent of the breaks.

“ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent, respectively,’’ it noted.

In the Gas Sector, the report said that out of the 235.82 billion Cubic Feet (BCF) of gas supplied in October 2019, a total of 134.97 BCF of gas was commercialized, consisting of 31.37 BCF for domestic market and 103.60 BCF for export market.

This, it said translated to a total supply of 1.01 Million Standard Cubic Feet (mmscfd) of gas to the domestic market and 3.34 mmscfd of gas supplied to the export market.

It said that during the month, 57.23 per cent of the average daily gas produced was commercialized, while the balance of 42.77 per cent was re-injected, used as Upstream fuel gas or flared. (NAN)

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

BECCIMA Lauds FG For Initiating To Establish Cottage Industries In 774 LGAs

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The Benue State Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA) has lauded the Federal Government for establishing cottage industries across all the Local Governments Areas (LGAs) in Nigeria

President of BECCIMA, Dr Paul Ubwa, made the commendation at a news conference on Friday in Makurdi.

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“It is a well thought out initiative by the Federal Government to set aside the sum of one trillion naira to establish cottage industries in each of the 774 LGAs in the country.

“This all important news was disclosed by the Hon. Minister for Special Duties and Inter-Governmental Affairs, George Akume.

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“We the organised private sector in Benue express our sincere appreciation to the government of President Muhammadu Buhari for coming up with this unique initiative. adsbygoogle || []).push({});

“The initiative is aimed at creating wealth for the common man,’’ he said.

According to him, the initiative when implemented will go a long way in eradicating poverty in Benue State and indeed Nigeria and the president’s name will be written in gold for posterity.

“In Benue state, we are hoping that in order to ensure stability, sustainability and longevity of the proposed cottage industries, each should be incorporated as a company with a Board of Directors.

“This should be made up of indigenes of the catchment area or host community.

“The plan will involve the local government council itself, traditional institutions, cooperative societies and associations, youth/women groups, existing entrepreneurs, traditional land owners and other interest groups.

“We are assured of and envisage the support of the Benue State government’’

Ubwa also appealed to the Federal Government and most especially, the Minister of Special Duties and Inter-Governmental Affairs to make Benue one of the pilot states for the take-off of the programme.

“On our part, we stand ready to co-operate with the ministry and other support agencies to ensure success and sustainability of the initiative,’’ he said. 

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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FG Flag-off Gold Processing Cluster in Kogi

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President-Muhammadu-Buhari
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The Federal government on Tuesday carried out the groundbreaking ceremony of the Gold Processing Cluster, located in Mopa, Mopamuro council area of Kogi State.

The Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr. Oluwatoyin Akinlade who led the Federal government team for the event said the projects is part of the FG efforts to refocus the economy from oil depended.

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Dr. Akinlade said the Gold Processing Cluster will also cater for other Gems stones and solid mineral mining activities in the North Central of the country.

“The Ministry of Mines and Steel Development has commenced the implementation of programmes aimed at establishing and accelerating mineral value chain activities through the development of a Mineral Mining cluster in each of the six geopolitical zone. adsbygoogle || []).push({});

“The objective of the project is to Assembly and coordinate the activities of the artisanal and small scale miners in the identified areas based on the identified mineral type for each geopolitical zone.

“The mining cluster is to provide common facilities and coordinated activities to enable easy formalization of the artisanal miners in the identified zones and avail them an opportunity for mineral value addition, as well as creation of market access.

“Furthermore, the cluster shall be adequately equipped with state of the art equipment for the purpose of imparting modern morning expertise and knowledge into the teeming youths across north Central zone. Provision shall also be made for heavy equipment such as excavators leasing by the artisan miners.”

The Kogi State Governor, Yahaya Bello said the state government will consolidate on the idea of the Gold Processing Cluster in diversifying the economy of the state.

Bello who was represented at the event by the state Commissioner for Information and Communication, Mr. Kingsley Fanwo said, “We thank Mr. President for this project. This will spur the economy of the state. It will create jobs and make Kogi the economic hubs of the country.

“It will increase the trading of the state. This underscore the economic blueprint of the state government in making the state a giant amongst other states in term of industrialization.”

Fanwo who promised that the state will ensure proper security of the projects, urged stakeholders to take advantage of the opportunities.

The Permanent secretary said the project is expected to be commissioned by ending of June, and become operational immediately.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

MPC Retains MPR At 11.5%, Holds Other Parameters Constant

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The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.

The  Governor, of CBN, Godwin Emefiele who disclosed this while reading the communique in press briefing in Abuja, at the end of the MPC meeting said that the committee decision are: MPR retained at 11.50%, asymmetric corridor of +100/-700 basis points around the MPR, CRR was retained at 27.5%, While Liquid Ratio was also kept at 30%.

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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