Business
N2.015trn Worth Of Petrol Consumed In 13 Months, NNPC Claims
The Nigerian National Petroleum Corporation (NNPC) has reported that it sold N2.015trillion worth of petrol from November, 2019 to November, 2020.
The corporation in a statement, yesterday, said in the month of November, 2020, it recorded a trading surplus of N13.43billion up by 54 per cent when compared to the N8.71billion surplus recorded in October, 2020.
The NNPC said 1.725 billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, in the month of November, 2020, compared with over 1.224 billion litres in the month of October, 2020.
This comprised 1.723 billion litres of Premium Motor Spirit (PMS), 2.13 million litres of Automotive Gas Oil (AGO) also known as diesel, and 0.33 million litres of Dual Purpose Kerosene.
The corporation added that total sale of white products for the period November, 2019, to November, 2020, stood at 17.031 billion litres and PMS accounted for 16.911 billion litres or 99.29 per cent.
“In monetary terms, a sum of N226.08billion was made on the sale of white products by PPMC in the month of November, 2020, compared to N158.04billion sales in October, 2020.
“Total revenues generated from the sales of white products for the period November, 2019 to November, 2020 stood at N2.034trillion, where PMS contributed about 99.09 per cent of the total sales with a value of over N2.015trillion.”
The NNPC’s spokesman, Dr Kennie Obateru, explained in the statement that the “trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review”.
In November, 2020, NNPC Group’s operating revenue as compared to October, 2020, decreased slightly by 0.02 percent or N0.09billion to stand at N423.08billion.
Similarly, expenditure for the month decreased by 1.16 percent or N4.81billion to stand at N409.65billion, leading to the N13.43billion trading surplus.
Obateru explained further that overall, expenditure as a proportion of revenue was 0.97 in November, 2020 as against 0.98 in October, 2020.
He attributed the 54 per cent increase in trading surplus in the November to “the substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with 38 percent reduction in NNPC Corporate Headquarters deficit”.
In addition, the NNPC Group’s surplus was bolstered by the noticeable improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.
These healthy performances dominated the positions of all other NNPC subsidiaries to record the Group surplus, he added. He the figures are contained in the November, 2020, edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report also indicated that export sales of crude oil and gas for the month stood at $108.84million, making a 70.33 per cent increase compared to the last month.
Crude oil export sales contributed $73.09million (67.15%) of the dollar transactions compared with $12.38million contribution in the previous month; while the export gas sales amounted to $35.75million in the month.
The total crude oil and gas export for the period of November, 2019 to November, 2020 stood at $2.89billion.
In the Gas Sector, a total of 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month under review, translating to an average daily production of 7,411.52 Million Standard Cubic Feet per Day (mmscfd).
For the period November, 2019 to November, 2020, a total of 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period.
The report also stated that out of this volume, production from Joint Ventures (JVs) accounted for 67.29 percent, Production Sharing Contracts (PSCs) accounted for 19.97 percent, while the Nigerian Petroleum Development Company (NPDC) accounted for 12.74 percent.
A further breakdown showed that a total of 137.41 BCF of gas was commercialized, consisting of 39.99BCF and 97.42BCF for the domestic and export market respectively.
This translates to a total supply of 1,332.82 mmscfd of gas to the domestic market and 3,247.44 mmscfd of gas supplied to the export market for the month.
This implies that 62.55 per cent of the average daily gas produced was commercialized while the balance of 37.45 per cent was re-injected, used as upstream fuel gas or flared.
Gas flare rate was 7.89 per cent for the month under review translating to 577.39 mmscfd.
A total of 789mmscfd was delivered to gas-fired power plants in the month of November, 2020, to generate an average power of about 3,358MW compared with October, 2020 when an average of 750mmscfd was supplied.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters