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92 Million Mobile Phone Users Connected to Internet

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A total of 92,181,978 GSM subscribers use Internet through mobile telecommunications networks, the National Bureau of Statistics has said.

The NBS stated this in its second quarter sector report which was made available to our correspondent in Abuja on Tuesday.

The report said, “Of all GSM users, a total of 92,181,978 had an Internet subscription with one of the four carriers of Airtel, Etisalat, Globacom and MTN in June 2016.

“This means that all of the active GSM lines, 61.79 per cent had an Internet subscription. Throughout most of 2014 and 2015, this proportion had been increasing. However in the first two quarters of 2016, it had declined; from 65.26 per cent in December 2015 to 62.61 per cent in March 2016, and further to 61.79% in June 2016. This proportion is also lower than in June 2015, when it was 63.28 per cent. This was the first month or quarter to record a fall in this proportion relative to the previous year.”

The report also delved into other areas of the telecommunications industry.

On fixed networks, it said, “In contrast to fixed wireless line and CDMA technology types, the number of fixed wired line subscribers increased slightly both quarter on quarter (by 0.20 per cent) and year on year (by 1.41 per cent).

“In June 2016, there were 125,452 subscribers to this technology type, compared to 125,196 in March 2016 and 123,708 in June 2015.

“IpNX was the only fixed wired line provider to record a quarter on quarter decline in their number of subscribers, which fell from 2,764 in March 2016 to 2,597 in June 2016, a fall of 6.04 per cent.

“The other three providers for this technology type all recorded small increases, although none of the increases were above one per cent; 21st Century and Glo Fixed each recorded increases of 0.35 per cent relative to March 2016; the number of 21st Century subscribers increased from 103,191 to 103,552, and the number of Glo Fixed subscribers increased from 11,750 to 11,791.”

It added that the increase recorded by MTN Fixed was slightly less. Its number of subscribers increased from 7,491 in March to 7,514 in June 2016, an increase of 0.20 per cent.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Markets

Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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