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Nigeria’s Airports Record 2.3% Increase in Domestic Passengers in 2yrs – NBS

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  • Nigeria’s Airports Record 2.3% Increase in Domestic Passengers in 2yrs 

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s airports recorded an increase of 2.3 per cent in domestic passengers in 2015 and 2016.

The NBS made this figure known in its Fourth Quarter 2016 and Full Year 2016 Air Transportation Data released in Abuja.

The report, however, stated that the first and second halves of the year differed substantially.

It stated that it differed substantially whereas year-on-year growth in domestic passenger, numbers of 9.7 per cent and 10.3 per cent were recorded in the first two quarters respectively.

“Declines of 1.3 per cent and 8.2 per cent were recorded in the third and fourth quarters respectively.

“The declines were due to their size, most of this decline was accounted for by Abuja, Lagos and Port Harcourt, and in both quarters, Abuja accounted for the largest fall.

“Murtala Muhammed Airport (MMA) in Lagos remained the busiest domestic airport in the third and final quarters of 2016.

“This airport accounted for 891,770 passengers in the third quarter and 909,851 passengers in the final quarter, which represented 33.3 per cent and 34.5 per cent respectively.’’

According to the report, the share of domestic passengers accounted for by MMA remained broadly stable throughout 2016.

“It remained stable in the year with the highest share recorded in the first quarter of 34.6 per cent, and the lowest recorded in the third quarter.

“As with the overall number of domestic passengers, the number to travel though MMA declined relative to the corresponding values in 2015.

“In the third quarter, MMA airport recorded a year-on-year decline of 7.3 per cent, compared to an overall decline in domestic passenger numbers of 1.3 per cent (when comparing same set of airports.

“In the fourth, this fell slightly to a decline of 7.5 per cent, although this was a smaller contraction than in the overall fall of 8.2per cent.’’

Similarly, it stated that the share of passengers accounted for by Abuja Airport, the second busiest airport in 2016, remained between 30 per cent and 31 per cent in each quarter of 2016.

According to the report, the third and fourth quarters, there were 822,702 and 810,410 domestic passengers to travel through Abuja respectively.

“In each quarter this was equivalent to 30.7 per cent of the total number, which is higher than the shares in the first and second quarter of 30.4 per cent and 30.2 per cent.

“Abuja was the airport to record the largest year on year reduction in domestic passengers in absolute terms in each of the third and fourth quarters.’’

In the third quarter of 2016, the report stated noted that there were 81,270 less domestic passengers to travel through than in the same quarter of 2015, a reduction of 9.0 per cent.

It stated that in the fourth quarter, the year on year drop fell to 110,005, equivalent to a 12.0 per cent fall.

“The third busiest domestic airport in 2016 was Port Harcourt, although the number of passengers fell throughout the year.

Meanwhile, under the domestic aircraft movement, the report stated the shares of domestic flights accounted for by each airport were similar to the shares of passengers accounted for by each airport, as would be expected.

However, it stated that aircraft departing from and flying to larger airports carried more people. Therefore, the share of aircraft accounted for airports such as Lagos and Abuja was smaller than their share of passengers.

“During 2016, Lagos airport accounted for 34.2 per cent of domestic passengers, but only 27.5 per cent of domestic aircraft.

“This is due to the average number of passengers on aircraft to and from Lagos being 61.1 per cent, more than 10 passengers higher than average.

“Similarly, Abuja accounted for 30.5 per cent of passengers, accounting for 24.4 per cent of aircraft.’’

In the third quarter of 2016, the report stated that Lagos recorded a fall in the number of aircraft.

“It recorded a fall in aircraft relative to the second quarter, of 13.8 per cent, to reach 14,097, before rebounding in the final quarter, growing by 9.9 per cent to reach 15,491.

Consequently, the report stated that its share fell to 26.5 per cent in the third quarter from 27.8 per cent in the second, before rebounding to 28.4 per cent in the final quarter.

“Abuja also recorded a decline in domestic aircraft movement in the third quarter; 12,593 aircraft moved through Abuja’s domestic airport compared to 13,682 in the second quarter, a drop of 9.2 per cent.

“However, growth in the amount of domestic aircraft movement in the final quarter was smaller than for Lagos, at 1.4 per cent, resulting in 12,764 domestic aircraft to leave and arrive in Abuja in the final quarter,’’ the report stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns

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Crude oil

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.

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Crude Oil

Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm

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Dangote Refinery

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.

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Energy

NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade

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Mele Kyari - Investors King

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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