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Nigeria Earns N413bn From Gas Export -NBS

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Nigeria Gas Exports

Nigeria earned N412.983 billion from the export of Liquefied Natural Gas, LNG, Liquefied Petroleum Gas, LPG, also known as cooking gas and other gaseous materials in three months, between July and September 2015, according to data obtained from the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics Report for the Third Quarter of 2015, revealed that this represented an increase of 9.5 per cent or N35.813 billion when compared to N377.17 billion earned by the country from the export of those commodities in the second quarter of 2015.

Giving a breakdown of the third quarter figures, the NBS stated that the country’s LNG export stood at N262.202 billion; liquefied propane export was valued at N106.803 billion, while the export of other petroleum gases, among others, in gaseous state was valued at N22.762 billion.

In addition, the country earned N10.101 billion from the export of LPG and other gaseous hydrocarbons, while it also earned N8.115 billion from the export of liquefied butanes.

Liquefied propane

In comparison, in the second quarter of 2015, the country earned N260.7 billion from the export of LNG; N66.441 billion from the export of LPG and other gaseous hydrocarbons; N43.88 billion from liquefied propane, while liquefied butane export fetched the country N6.15 billion.

Furthermore, the report identified India as Nigeria highest export destination in the third quarter with an export value of N408.24 billion, comprising N382.884 billion and N25.356 billion crude oil and non-crude oil export respectively.

Netherlands followed with total export value of N245.066 billion comprising crude oil and non-crude oil export of N228.2 billion and 16.86 billion respectively, while Spain’s export from Nigeria stood at N211.357 billion, with N159.5 billion been value for crude oil and N51.853 billion from non-crude oil items.

Other export destinations in the quarter under review are: United Kingdom — N192.231 billion total exports, with N85.07 billion crude oil export and N107.17 billion non-crude oil export; Brazil — N169.44 billion, with N140.84 billion and N28.6 billion crude oil and non-oil export.

In addition, France received N106.billion of Nigeria’s total export; South Africa — N105.05 billion; United States — N85.51 billion; Japan — N80.44 billion and Indonesia — N71.37 billion among others.

On the other hand, China emerged the destination with the highest value of Nigeria’s import in the period under review, accounting for N459.4 billion of Nigeria’s total imports. The United States followed with Nigeria imports from the country valued at N160.6 billion, while the country imports from Belgium stood at N128.32 billion.

Others are: Netherlands — N101.82 billion; India — N97.42 billion; Germany — N55.04 billion; United Kingdom — N54.23 billion; Latvia — N44.79 billion; Brazil — N39.51 billion and Thailand — N31.03 billion among others.

Continuing, the report stated that, “Further analysis of Nigeria’s imports by Continent, revealed that the country consumed goods largely from Asia with imports valued at N 764.5 billion or 45.3 per cent of total imports.

“The Country also imported goods valued at N596.4 billion or 35.3 per cent from Europe and N241.3 billion or 14.3 per cent from The Americas. Import trade from Africa stood at N65.4 billion or 3.9 per cent while imports from the region of ECOWAS amounted to N16.3 billion.”

 

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Energy

How Nigeria’s National Power Grid Collapsed Ten Times Within 9 Months 

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power project

The national power grid has again collapsed, leaving many Nigerians in total darkness.

Investors King can authoritatively report that this is the tenth time the power grid will be disrupted this year alone.

For this recent collapse, the grid, reportedly lost power generation around 1:39 pm on Tuesday.

Information revealed that power generation was 2,711 megawatts as of 1:00 pm, having previously peaked at 3,631 MW.

Earlier, power generation peaked at 3,934.77 MW around six o’clock in the morning.

However, between 2 pm and 3 pm, hourly generation dropped to 0.00 MW.

The Transmission Company of Nigeria confirmed that the national grid experienced a partial disturbance at about 1:52 pm on Tuesday, 5th November 2024.

TCN spokesperson Ndidi Mbah mentioned that the recent collapse was due to a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Mbah pointed out that data from the National Control Centre revealed that a part of the grid was not affected by the bulk power disruption.

TCN however indicated that work work is in progress to restore power.

She explained that engineers are already working to quickly restore bulk power supply to the states affected by the “partial disturbance.”

Mbah noted that presently, bulk power supply has been restored to Abuja at 2:49 pm, maintaining that “we are gradually restoring it to other parts of the country.”

She apologized to Nigerians for whatever inconvenience the collapse might have caused.

Findings by Investors King revealed that the grid had collapsed at ten different times between March and November, this year.

Times the grid collapsed included February 4, March 28, April 15, July 16, two times in August 5, October 14, October 15, twice in October 19 and now today, November 5.

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Energy

Darkness Falls Again: TCN Explains Latest National Grid Collapse

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The Transmission Company of Nigeria (TCN) has provided an explanation for the latest National Grid collapse, which occurred on Tuesday, November 5.

Tuesday’s collapse, marking the 10th in 2024 alone, left Nigerians in total darkness.

Recall that the National Grid collapsed twice in October, sparking concerns among Nigerians.

Reacting to the latest collapse via a statement on Tuesday, the General Manager of TCN Public Affairs, Ndidi Mbah, disclosed that the collapse happened at 1:52 pm.

The GM revealed that the grid collapse was caused by line and generator trippings.

Mrs. Mbah said, “TCN states that the national grid experienced a partial disturbance at about 1:52 pm today, 5th November 2024.

“This followed a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Data from the National Control Centre (NCC) revealed that a part of the grid was not affected by the bulk power disruption.

Mbah disclosed that operators are working to restore power in affected states, adding that power was restored in Abuja.

She explained, “TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance. Presently, bulk power supply has been restored to Abuja at 2:49 pm, and we are gradually restoring power to other parts of the country.”

Apologizing to Nigerians, TCN said, “We sincerely apologize for any inconvenience this may cause our electricity customers.”

Investors King, in an earlier report, revealed that in an attempt to address the persistent collapse of the national grid, the Nigerian Electricity Regulatory Commission (NERC) announced that discussions were underway with Independent Operators to take over the management of the grid.

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Energy

Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

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Gas-Pipeline

The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, has announced plans to advance the $26 billion African Atlantic Gas Pipeline project to drive economic growth across Africa.

This development was revealed on Monday, November 5, by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), at the ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project.

Speaking at the meeting, which was attended by ECOWAS Ministers of Hydrocarbons and Energy as well as representatives from Morocco and Mauritania, Kyari stated that, once completed, the project will connect 13 African countries.

Represented by Olalekan Ogunleye, NNPC’s Executive Vice President for Gas Power & New Energy, Kyari said this will be Africa’s largest pipeline project.

Ogunleye confirmed that progress has been made with the front-end engineering design completed, the phase two study finalized, and work ongoing for environmental and social impact assessments as well as land acquisition and resettlement.

He emphasized NNPC’s readiness to execute the project: “Today, we come together to make significant progress in the African Atlantic gas pipeline project, which is a transformative initiative connecting at least 13 African nations in shared prosperity and development. These achievements underscore our capability to deliver this landmark project, supported by strong regional collaboration.”

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), described the project as a game-changer for the regional economy, stating, “We stand at a critical juncture where these agreements can reshape our energy landscape, strengthen our economies, and uplift our people.”

He also highlighted that the project will increase Africa’s presence in the global gas market, noting that “the agreements demonstrate a strong commitment to advancing hydrocarbon and energy trade across ECOWAS, enhancing access to natural gas in West Africa, and expanding Africa’s global footprint in the gas market.”

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