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Economy

We Planned to Build Five Refineries for Exports – Gowon

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modular refineries
  • We Planned to Build Five Refineries for Exports – Gowon

A former Head of State, Gen. Yakubu Gowon (retd), said on Monday that there was a plan by his government to build five export-oriented refineries in the country but it did not materialise.

Gowon, who was the Head of State from 1966 to 1975, stated this during the annual international conference of the Oil and Gas Trainers Association of Nigeria in Lagos.

“During our time, our plan was to build five export-oriented refineries to be able to export refined fuel instead of giving the crude to various countries,” he said while addressing journalists on the sidelines of the event.

The nation’s refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.

Gowon expressed the hope that the introduction of modular refineries in the country would bring about improvement.

“So, I hope with the modular refinery scheme, things will improve and we don’t have to be sending our crude abroad to be refined and then they come here with all the subsidies, and the problem it has created,” he added.

A former Nigeria’s High Commissioner to the United Kingdom, Dr Christopher Kolade, in his presentation, stressed the need to unlock Nigeria’s potential through comprehensive human capital development.

Kolade, who is the founder of Chris Kolade Foundation, said Nigerians had not yet agreed on “values we cherish as a nation.”

“Does this nation have a culture on which noble ideas can flourish? Those who want to pursue a noble cause must know that only noble people can achieve noble causes,” he said.

The President, OGTAN, Dr Mayowa Afe, said human capital development in any chosen endeavour had been identified as a tool to promote economic growth and development in a nation.

“Its significance and relevance through acquisition of necessary skills is a prerequisite for socio economic transformation. So, our wealth is not oil and gas but the human capital that we are endowed with by God,” he said.

Afe described the Nigerian Content Act as one of the best things to have happened to the nation’s oil and gas industry.

He said, “Improvements are still needed, but the Act practically created the oil and gas training industry as it is today. Ten years ago, there were very few indigenous trainers, doing very little; but that has greatly changed today. The implementation of the law has been acclaimed to have attracted investments worth $2bn into the country and created about 38,000 job opportunities.

“This created opportunities for our members to be more involved in providing content. Some of our members were saddled with the responsibility for managing various compliance issues that arose from the implementation of Nigerian content initiatives in their companies. This was quite impactful as it has resulted to the growth and development of our members.”

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.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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