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Ochicha: Buhari not Responsible for Our Economic Woes

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The Governorship candidate of the governing All Progressives Congress(APC), in the 2015 general elections in Cross River state, Mr. Odey Ochicha has called on Nigerians to stop blaming President Muhammadu Buhari for the nation’s economic recession.

In a statement he issued in Calabar on Tuesday, Ochicha said that Nigerians should learn how to separate lies from facts.

Ochicha said, if not for the intervention of Buhari’s administration, the country might have been in total shambles by now.

Ochicha, a retired Nigeria National Petroleum Corporation (NNPC) manager stated that there is no where in the world that economy grows in space, therefore instead of accusing the APC-led administration, the people should ask former leaders of the structures they set up for our economy to grow without oil.

He blamed the former administration of Goodluck Jonathan, describing it as “insensitive and the most corrupt in the history of the country which has led us to the present quagmire”.

According to the statement, “Nigerians should begin to channel their questions to the right people and stop believing this rhetorics and illusions that President Buhari and APC are responsible for the nation’s economic woes.

“There is nowhere in the world that the economy grows in space. What were the structures the past administrations built for our economy to grow without oil? “The economy grows by the standard of infrastructure and institutions created but unfortunately, the Buhari administration inherited almost a failed state from the PDP that had the rare privilege of managing the affairs of this country for a whole 16 years,”Ochicha said.

Blaming the Jonathan administration for mismanaging the nation’s resources, he said:”I can’t understand why people are pointing accusing fingers at this administration. The former administration earned more than sixty per cent of our total revenue from oil yet there’s nothing to show for it. See what is happening with the former first lady? What work was she doing to have such stupendous amount of money in her various accounts?

“Over $31.4 million in separate accounts. What was her source of income? I served this country for 29 years, 6 months and grew to the rank of Deputy Manager in the NNPC but I cannot boast of such huge amount of money because I didn’t steal. But a woman who has contributed nothing to the development of our country is today richer than the entire South South region.

“When people talk about Jonathan handing over the largest economy to Buhari, I begin to wonder whether they don’t understand that Jonathan met a viable economy with the growth rate of 7.9 percent and left it at about 2.9 percent. Six months to when he was leaving office and when the prices of crude oil had began to fall, his Finance Minister told us that they were borrowing money to pay salaries of federal workers.

“But under the President Buhari’s administration, despite the difficult economic situation, the government has been able to pay salaries without borrowing. The last two month’s federal allocation shared was the highest in the history of this country and was not gotten from oil. Why is nobody talking about this?”

He called on Nigerians to be patient with the President, adding that “nothing good comes easy as the challenges the country is facing is some of the sacrifices we need to make to be great and prosperous again and it’s going to be shortlived considering the dogged approaches being adopted by the present administration to revive the economy”.

Continuing, Ochicha said: “Only few countries like United Arab Emirates(UAE), Norway etc that utilised their oil wealth very well are currently not faced with recession. In fact, Norway is surviving now from about $800 billion foreign reserve it had accumulated but here, former President Jonathan’s Finance Minister has said it all that they lacked the will to save even when they had the will to squander what other administrations had saved.So I want to appeal to Nigerians to be patient with the President.”

What we are going through now is the price other nations had paid to get to where they are. President Buhari and you the good people of Nigeria will make our dear country great and prosperous again. Together, we can build a new Nigeria that is great, powerful, progressive, prosperous, industrialised and world class

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.

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Crude Oil

Oil Prices Hit Multi-year Highs on Monday

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Crude oil - Investors King

Oil prices hit multi-year highs on Monday buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation.

Brent crude oil futures were up 59 cents, or 0.7%, to $85.45 a barrel by 0900 GMT, after hitting $86.04, their highest level since October 2018.

U.S. West Texas Intermediate (WTI) crude futures climbed 90 cents, or 1.1%, to $83.18 a barrel, after hitting a $83.73, their highest since October 2014.

Both contracts rose by at least 3% last week.

“Easing restrictions around the world are likely to help the recovery in fuel consumption,” analysts at ANZ bank said in a note, adding that gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels per day in the fourth quarter.

Cold temperatures in the northern hemisphere are also expected to worsen an oil supply deficit, said Edward Moya, senior analyst at OANDA.

“The oil market deficit seems poised to get worse as the energy crunch will intensify as the weather in the north has already started to get colder,” he said.

“As coal, electricity, and natural gas shortages lead to additional demand for crude, it appears that won’t be accompanied by significantly extra barrels from OPEC+ or the U.S.,” he said.

Prime Minister Fumio Kishida said on Monday that Japan would urge oil producers to increase output and take steps to cushion the impact of surging energy costs on industry.

Chinese data showed third-quarter economic growth fell to its lowest level in a year hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.

China’s daily crude processing rate in September also fell its lowest level since May 2020 as a feedstock shortage and environmental inspections crippled operations at refineries, while independent refiners faced tightening crude import quotas.

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Oil and Gas Companies in Nigeria

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Oil - Investors King

Nigeria is an oil reach nation with several oil and gas companies operating in Africa’s largest economy.  However, only ten oil and gas companies are listed on the Nigerian Exchange Limited (NGX).

Before we discuss in detail each of the listed oil and gas companies in Nigeria. A short background on Africa’s largest economy will help throw more light on the significance of the oil and gas companies or the entire oil sector to the Nigerian economy.

Nigeria is a petrol-dollar economy, which means Africa’s most populous nation, sells crude oil and use its proceed to service the economy. In fact, the Nigerian Naira is backed by crude oil like Canadian Dollar and other commodity-dependent economies.

But because the Central Bank of Nigeria (CBN) pegged the Naira against its global counterparts, the local currency does not reflect succinctly the fluctuation in global oil prices like other crude oil-dependent currencies.

Since global oil prices rebounded with the gradual reopening of economies, the oil and gas companies in Nigeria have also rebounded from the 2020 record low of $15 per barrel. The oil and gas sector has gained 62.76 percent from the year to date, according to the NGX Oil and Gas Index.

The index gauge price movements in 10 listed oil and gas companies in Nigeria.  However, there are several oil and gas companies in Nigeria not listed on the Nigerian Exchange Limited.

Oil and Gas Companies Listed on the Nigerian Exchange Limited (NGX)

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Oil Prices Extend Gains on Friday After Saudis Dismiss Supply Concerns

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Oil

Oil prices extended gains on Friday after Prince Abdulaziz bin Salman, Saudi Energy Minister dismissed calls for more crude oil supply on Thursday.

Brent crude oil, against which Nigerian oil is priced, rose to $84.92 per barrel at around 8:31 am Nigerian time. The U.S West Texas Intermediate crude oil also responded positively to the comment, rising to $81.56 per barrel on Friday.

Prince Abdulaziz had stated on Thursday that OPEC plus efforts were enough to protect the oil market from wild price volatility seen in coal and natural gas markets.

“What we see in the oil market today is an incremental (price) increase of 29%, vis-à-vis 500% increases in (natural) gas prices, 300% increases in coal prices, 200% increases in NGLs (natural gas liquids) ….”

He further stated that the Organization of the Petroleum Exporting Countries and allies led by Russia, have done a “remarkable” job acting as “so-called regulator of the oil market,” he said.

“Gas markets, coal markets, other sources of energy need a regulator. This situation is telling us that people need to copy and paste what OPEC+ has done and what it has achieved.”

Prince Abdulaziz explained that OPEC plus will add 400,000 barrels per day in November and do the same in December and subsequent months. The increase will be gradual he said.

“We want to make sure that we reduce those excess capacities that we have developed as a result of COVID,” he said, adding that OPEC+ wanted to do it “in a gradual, phased-in approach”.

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