- Nigeria Produced 43.5 Million Tonnes Solid Minerals in 2016
The States disaggregated mining and quarrying data for 2016 reflected that Nigeria produced exactly 43,495,423.12 tonnes of solid minerals in 2016. The report released by the National Bureau of Statistics (NBS), which produces data help make informed decisions by governments and corporate, at the weekend, revealed that Ogun State produced the highest tonnes of minerals among the 36 states and the Federal Capital Territory (FTC).
Solid Minerals are precious metals, various stones and industrial minerals such as petroleum, salt, gold, diamond, coal, limestone, granite, barytes, gypsum, kaolin, marble and a host of many others. With Nigeria’s vast mineral deposits, experts believe are suitable alternative to oil and gas, and have the capacity to earn huge revenues much more than petroleum if properly harnessed.
According to the Bureau, Ogun State produced about 16.4 million tonnes of minerals representing 37.65 per cent of the total volume produced last year.Kogi and Cross River states followed with about 12.74million tones and 2million tonnes or about 29.29 per cent and 6.89 per cent respectively of the total minerals produced. Borno and Yobe states, both from the North Eastern Zone, produced the least volumes with 1,250 and 883.08 tonnes respectively.
The NBS report identified Limestone as “the most produced solid minerals in 2016 with 28,204,522.91 tonnes of limestone produced representing about 64.84% of the total tonnes of minerals produced. Granite and laterite followed closely with 5,846,368.08 and 2,160,737.61 tonnes produced representing 13.44 per cent and 4.97 per cent of the total tonnes of minerals produced in 2016. However, Aquamarine and Beryl Ore are the least produced solid minerals in 2016.”
It listed potential mineral resources in Abia State to include glass sand, limestone, salt, shale, ball clay, galena, granite, marble, laterite, bentonite, phosphate, kaolin, pyrite, feldspar, petroleum, lignite, gypsum, sphalerite, clay.
The report disclosed that Adamawa State produced a total of 61,055.02 tonnes of solid minerals in 2016, and identified the potential solid minerals in the State to include granite, clay, gypsum, limestone, uranium, kaolin, coal, trona, barite, salt, marble, magnesite, laterite.
It said that Bauch has the potential for Kaolin, trona, gypsum, cassiterite, mica, clay, tantalite, galena, iron ore, gemstone, sphalerites, silica sand, barite, columbite, zinc, lead, muscovite, quartz, tin, glass sand, salt, monazite, feldspar, graphite, wolfram, coal, agate, tantalum, rutile, tungsten, copper, talc, ilmenite, zircon.
The data agency concluded that Nigeria can also benefit from bentonite, crude salt, petroleum, limestone, glass sand,Gemstone, barites, feldspar, marble, mica, silica sand, quartz, galena, lead, zinc ore, silica sand, clay, coal, gypsum, kaolin, anhydrite, calcium, sulphate, and brick clay. Others are crushed and dimension stone, fluorspar, wolframite, bauxite, shale, magnetite, ilmenite and brenite, all of which are available in Benue State.
Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns
Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.
Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.
The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.
This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.
While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.
Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.
Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.
Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.
Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.
Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.
Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.
The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.
However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.
Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.
He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.
Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.
The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.
NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade
The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.
Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.
Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.
In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.
Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.
He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.
Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.
In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.
Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.
The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.
As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.
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