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‘India, Spain, France Bought Oil Worth N1.787tn from Nigeria in 2018’

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  • ‘India, Spain, France Bought Oil Worth N1.787tn from Nigeria in 2018’

The Nigeria Natural Resource Charter (NNRC), which is part of a global initiative designed to help governments and societies effectively harness the opportunities created by natural resources, has disclosed that three countries – India, Spain and France, were the biggest buyers of crude oil produced from Nigeria’s oil fields in the Niger Delta in 2018.

NNRC which promotes policy reform of the Nigerian extractive sector using its 12 economic principles known as ‘precepts’ as a guide, explained in a twitter chat that the three countries bought crude oil worth N764.88 billion; N522.12 billion; and N500.31 billion, respectively from Nigeria in 2018.

Combined, it stated that the monetary value of crude oil bought by the three countries was worth N1.787.31 trillion.

Also, five other countries – South Africa, Netherlands, Indonesia, Brazil and United Kingdom – bought oil worth N1.298.45 trillion, while the United States and Canada bought oil worth N400.66 billion from the country within the same transactional period.

“India is the highest importer of Nigeria’s crude oil, purchasing N764.88 billion worth of the commodity; followed by Spain with N522.12 billion and France, with N500.31 billion respectively.

“Other buyers are South Africa, Netherlands, Indonesia, Brazil and United Kingdom, valued at N335.28 billion, N276.37 billion, N256.3 billion, N226.2 billion and 206.3 billion respectively. United States and Canada bought crude oil worth N201.65 billion and N199.01 billion respectively,” said the NNRC on its confirmed official twitter handle.

Similarly, the NNRC has highlighted the need for Nigeria to adopt proper resource management framework in its oil and gas revenues.

It explained at a recent workshop in Lagos that whatever natural resource a country is endowed with, proper management of revenues accrued from it decides the rate of growth, and quality of development of that nation or otherwise.

The workshop which was organised in collaboration with the Nigeria Institute of Legislative and Democratic Studies (NILDS) deliberated on the needs for proper policy that would help Nigerians benefit maximally from its oil and gas resources.

At the workshop, Mr. Israel Aye, who is the founding partner and current managing partner of Primera Africa Legal, explained that the degree of prudency applied to the management of resources and revenues that accrue from natural resource will determine whether it will be a blessing or a curse to the people.

According to him, countries that just mine and trade their natural resource tend towards poverty because its economy will lose the benefits of the value-chain in processing of such commodity, while those who process the commodity before it is exported and also incorporate its use within the economy of that country tend towards prosperity as they enjoy the benefits of the value-chain.

He noted that the oil and gas resources in Nigeria have in the past six decades been poorly managed, which has deprived the country of its full potentials and benefits.

Among several issues that needed to be address for Nigeria to gain maximum potential in the petroleum industry according to a paper presented by Aye, included legislatives obsolescence and uncertainty; unclear terms for domestic refining; cost assessment control; lack of fiscal neutrality; high barriers to entry; zero royalty in deep offshore; non-value adding incentives; windfall from price increase; multiple taxation; insufficient clarity around Production Sharing Contracts (PSC); and declining competitiveness.

He urged Nigeria to learn from countries such as Norway, the state of Texas in the United States, Aberdeen in Scotland, the Gulf States, which he stated seemed to have gotten it right in terms of management of their petroleum resources.

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.

Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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