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Nigeria Earns $592.34 Billion From Oil, Gas in 15 Years

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Heritage Oil - Investors King
  • Nigeria Earns $592.34 Billion From Oil, Gas in 15 Years

The Federal Government earned about $592.34 billion from the oil and gas sector from 1999 to 2014, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).

The Executive Secretary of NEITI, Waziri Adio, made the disclosure in Abuja at a special workshop by ‘Publish What You Pay’, a leading civil society organisation working in the extractive sector in Nigeria.

Adio expressed concerns that despite the huge revenues earned by government over the years, there is little change in the living standard of majority of Nigerians and in the development of infrastructure.

He urged civil society groups to be more vigilant and ensure that future earnings from the sector translated to national development and support poverty reduction.

He identified the slow pace of implementing NEITI’s industry audit findings and recommendations as one of the weakest links in EITI implementation in Nigeria, and tasked Publish What You Pay to lead a robust civil society activism and engagements with relevant government agencies to implement NEITI reports.

Adio described ‘Publish What You Pay’ as an important global civil society organisation in a vantage position to lead advocacy for translating NEITI reports into results capable of bringing about the desired reforms in Nigeria’s oil, gas, and mining sectors.

He explained that while it is the responsibility of NEITI to provide the information and data, it is the duty of the civil society to use the same information and data to hold government and companies accountable.

In her presentation, Faith Nwadishi, a member of the international EITI Board, underlined the importance of the civil society protocol in advancing civil society freedom and engagement to ensure that EITI process leads to reforms that will bring about the required impact.

Nwadishi welcomed the improved enabling environment and space for civil society activism in Nigeria, and urged civil society organisations to take up the space by utilising information and data in NEITI reports for stronger advocacy.

Asmara Klein from PWYP international presented the 2016 EITI Standard and the key areas that Nigeria needs to pay attention in order to meet the global EITI standard. These include, contracts and beneficial ownership disclosure; sub-national transfers; data quality and timelines; mandatory social expenditures etc.

The National Coordinator, Publish What You Pay in Nigeria, Emeka Ononamadu, gave assurance that the exposure gained from the workshop will help CSOs to push the boundaries of transparency and accountability in the management of revenue from extractive industries in Nigeria.

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 Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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