Business

Nigeria Loses N151.78bn Crude Oil Monthly – NNPC

Published

4 years ago

February 26, 2021

The Nigerian National Petroleum Corporation (NNPC) said on Wednesday that the country is currently losing an average of 200,000 barrels of crude oil daily.
Group Managing Director, NNPC, Mele Kyari, disclosed the volume of crude oil lost daily in Nigeria while speaking at a meeting with the Chief of Defence Staff , Major General Lucky Irabor.
The Tide reports that Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379 per dollar.
From the above figures, it showed that the country was losing about N151.79 bn in 30 days, going by the 200,000 barrels of crude oil being lost daily, as revealed by NNPC.
The NNPC boss was quoted in a statement issued in Abuja by the corporation’s spokesperson, Kennie Oba-teru, as saying, “We have two sets of losses, one coming from our products and the other coming from crude oil.
“In terms of crude losses, it is still going on. On the average, we are losing 200,000 barrels of crude every day”.
On his part, Irabor promised to galvanise the military to provide maximum security for the nation’s oil and gas assets.
He said, “I am delighted that you made this effort , and I tell you that the Armed Forces of Nigeria will collaborate with you to protect NNPC ’s assets”.
Irabor acknowledged the role of the oil and gas sector to the economy and stated that there was need for collaboration between the NNPC and the Armed Forces to protect oil and gas facilities.
“It is my intention to cooperate maximally with you and to give necessary instructions to all officers in the Armed Forces,” he said.
Meanwhile, a professor of law at the University of Lagos, Dayo Ayoade, has said the Federal Government was losing huge revenue in the upstream sector through the inadequacy of the measurement infrastructure.
The lecturer said the nation lost 500 million barrels of crude oil valued at $44.7bn which was not assessed for royalty and tax between 2009 and 2019.
Ayoade who disclose this at a virtual meeting on illicit financial flows organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in Abuja on Wednesday, pointed out that Nigeria currently relied on crude oil producers for determination of crude oil volumes.
According to him, “Nigeria currently relies on holders and producers of crude oil for determination of volumes of crude oil”.

Business

Lokpobiri Condemns Abandoned Refinery Project in N’Delta … Vows Revival

Published

1 day ago

February 7, 2025

The Tide

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has condemned the long-standing abandonment of the Brass Modern Refinery project in Bayelsa State, saying it’s “unacceptable”.

Lokpobiri, who stated his concerns over the abandoned project during an inspection visit to Brass Local Government Area, emphasized the need to revitalise the project.

He also toured the Ewa-Ama Road project leading to the Brass Petroleum Products Terminal, and reaffirmed the Federal Government’s commitment to fast-tracking critical oil and gas infrastructure in the Niger Delta.

“It is unacceptable that such a strategic project has been left in this state for so long”, Lokpobiri declared, adding that “the Federal Government remains committed to ensuring that critical oil and gas infrastructure, like the Brass Refinery, is completed to create jobs and drive economic growth in the region”.

A statement issued yesterday by the Special Assistant on Media and Communication to the Minister, Nneamaka Okafor, assured that the administration is determined to deliver on these projects within President Bola Tinubu’s first two years in office.

Accompanied by the Chief Executive Officer of the Nigerian Midstream & Downstream Petroleum Regulatory Authority, Farouk Ahmed, Lokpobiri stressed that the completion of these projects aligns with Tinubu’s mandate to boost Nigeria’s oil and gas sector.

Beyond infrastructure concerns, Lokpobiri engaged with host community representatives, commending their patience and peaceful disposition despite the setbacks.

He said, “I sincerely commend the people of Brass for their patience and cooperation. Your support is invaluable, and I assure you that we will work tirelessly today to address these issues and bring this project to completion”.

A community representative, who welcomed the minister’s visit, described it as a step toward rebuilding trust in the government’s commitment to the region.

“We appreciate Senator Lokpobiri’s visit and his assurance that this project will receive due attention. We are hopeful that his intervention will lead to tangible progress”, the representative said.

Lokpobiri further urged the community to sustain the peace, emphasising that stability is crucial for attracting investment and fostering regional development.

He reiterated the government’s dedication to creating economic opportunities that would benefit Brass and the broader Niger Delta region.

Business

FG Unveils Industrialisation Strategies In 2025 … To Conduct MSMEs Census

Published

1 day ago

February 7, 2025

The Tide

Towards enhancing its industrial transformation and economic growth strategy, the Federal Ministry of Industry, Trade, and Investment (FMITI) is set to carry out a national census aimed at establishing a data-driven roadmap for empowering Micro, Small and Medium Enterprises (MSMEs) in 2025.

The Ministry revealed this in its 2025 outlook document, which listed the top priorities for the 2025, titled, “Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade & Investment”, signed by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole and the Minister of State, Senator John Enoh.

The census, according to the document, is an essential step in conducting a nationwide census to establish a precise, data-driven roadmap for empowering MSMEs.

According to the document, “The ministry will conduct a nationwide census to establish a precise, data-driven roadmap for empowering Micro, Small, and Medium Enterprises (MSMEs) and a high-level task force focused on implementing industrial reforms and re-engineering the Nigeria Industrial Revolution Plan (NIRP), aiming to create a modernised blueprint for sustainable industrialisation”.

Oduwole defined 2025 as a critical year for the nation to diversify its economy, promising quantifiable results through strategic initiatives and policy changes.

According to her, the ministry will concentrate on three crucial areas – investment mobilisation, trade revenue growth, and economic diversification.

“As a ministry, we prioritize creating a dynamic, resilient, and sustainable economy by positioning the private sector for productivity and competitiveness and enabling businesses to take full advantage of the vast opportunities available in domestic, regional, and global markets.

“We have re-positioned ourselves to deliver empirically verifiable policies and reforms based on transparently laid down, which improved FMITI’s Performance significantly in the last quarter of 2024.

“We are building an economy that attracts abundant investment from across the world, fosters industrial transformation, and facilitates trade in exports to generate productive jobs for Nigerians across the country.

“In 2025, to accelerate diversification and rebuild prosperity, FMITI will deliver a more enabled environment through good regulation and development policies and the expansion of trade and investment across three broad areas: Economic diversification to accelerate through industrialisation, digitisation, creative arts, manufacturing and innovation; Trade revenue growth to boost export and foreign exchange earnings; and investment mobilisation aimed at increasing investment retention and attraction”, Oduwole stated.

The key priorities for the ministry in 2025, according to the document, are: “Unlocking the full potential of the automotive sector by accelerating local manufacturing and fostering world-class supply chains; Expanding value addition in agriculture to position Nigeria as a global powerhouse in agro-industrial production; and Revitalizing the Cotton, Textile, and Garments (CTG) ecosystem to enhance domestic production, drive exports, and create millions of jobs.

Others are, “Advancing Nigeria’s industrial self-sufficiency through strategic investments in pharmaceuticals, medical devices, and petrochemical industries; Conducting a nationwide census to establish a precise, data-driven roadmap for empowering Micro, Small, and Medium Enterprises (MSMEs); and setting up a high-level task force focused on implementing these industrial reforms and re-engineering the Nigeria Industrial Revolution Plan (NIRP), aiming to create a modernized blueprint for sustainable industrialisation”.

In his comment, Enoh said, “We will also drive the revitalisation of existing industries, ensuring they remain vibrant players in an increasingly competitive world”.

To make these goals a reality, he said the ministry will engage extensively with key stakeholders across sectors, fostering strategic partnerships, collaboration, and rigorous monitoring and evaluation of industrial projects.

Business

Coy Strengthens Commitment To Nigeria’s Energy Future

Published

1 day ago

February 7, 2025

The Tide

Genesis Energy Group, a provider of integrated power solutions, has strengthened its commitment to the future of Nigeria’s energy infrastructure after hosting Governor Dikko Radda of Katsina State on a landmark visit to its Lagos and Port Harcourt facilities.

According to a statement, the visit highlighted the growing collaboration between state governments and private sector players in addressing Nigeria’s persistent energy challenges.

Governor Radda toured Genesis Energy’s 84 MW off-grid power plant at the Port Harcourt Refinery, the largest licensed facility of its kind in Nigeria.

The statement noted that the facility plays a crucial role in providing a stable and efficient power supply to key industrial establishments, reinforcing Genesis Energy’s leadership in sustainable energy solutions.

Following the refinery visit, the Governor proceeded to its Lagos power plant on Banana Island, Ikoyi, which includes 2×7.5MVA and 15MVA Injection Substations operating at 33/11KV.

The company explained that the facility ensures an uninterrupted electricity supply to both commercial and residential areas, further establishing Genesis Energy as a trusted provider of reliable power solutions.

Commending the company’s technological capabilities and operational excellence, Governor Radda said, “I am highly impressed with what I have seen.

“The company has exhibited remarkable expertise in power generation, with its turbine system running at full capacity for over a decade. Their electricity distribution process and service efficiency demonstrate their ability to execute large-scale power projects in Nigeria”.

The visit also allowed discussions on potential partnerships between the Katsina State government and Genesis Energy to enhance energy access and industrial growth in the region. Governor Radda acknowledged the company’s capacity to contribute meaningfully to Nigeria’s energy transformation.

On his part, the Executive Vice President of Operations and Maintenance at Genesis Energy Group, Simon Shaibu, emphasised the company’s dedication to driving innovation and strategic partnerships in the energy sector.

He said, “At Genesis Energy, we firmly believe that collaboration is key to unlocking Nigeria’s vast energy potential. As we continue expanding and innovating, we remain committed to supporting industries, fostering economic growth, and shaping a more sustainable energy landscape.

“The company remains committed to advancing national energy objectives through strategic investments in sustainable power infrastructure, further positioning itself as a leader in the transformation of Nigeria’s energy landscape”.