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Economy

Nigeria-Egypt Trade Volume Hits $200m

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NEPC
  • Nigeria-Egypt Trade Volume Hits $200m

The Nigeria-Egypt trade volume is in the region of $200 million is in favour of Nigeria, it was learnt.

Notwithstanding, the Egyptian Deputy Chief of Mission to Nigeria, Mr. Mootaz Mansour said his country is doing everything possible to improve the relationship.

Besides, he said attention is more on building cordial relations among the two great countries in the continent, which include cultural and educational exchange.

Already over 1,000 Nigerian students are in various universities across Egypt.

Mansour who spoke yesterday at the second Educational fair of Egyptian universities in Nigeria said Egypt is also looking at improving cultural and educational relations with the country.

He said the educational fair was part of the ploy to improve on the existing good relations with Nigeria.

The envoy who revealed that 12 Egyptian universities are in Nigeria to participate in the fair, said his country has a scholarship programme for Nigerians yearly.

According to him his country provides 70 scholarships to Nigerian students yearly.

He also revealed that currently, there are over one thousand Nigeria students schooling in various universities in Egypt.

“Though I don’t have the exact number now, but I think it is over a thousand Nigerian students schooling in Egypt . We present 70 scholarship per year to Nigerian students as well as other scholarships provided by private universities,” he said.

Speaking on the second educational fair in Nigeria, Mansour noted that the success of the last fair in Nigeria was the incentive for the second fair which will also hold in Kano and Kaduna.

He said, “This is the second education fair in Nigeria, the first was in October last year, it was a very successful event and it is aimed at encouraging Nigerian students to come and study in our universities and of course it is our aim to try to expand Nigeria -Egypt relations and one of the aims is to work on cultural and educational fronts and what we are trying to do is to encourage Nigerian students to come and study in Egyptian universities and a lot f the universities you found represented here they come all the way from universities in Cairo and other cities.

“This particular fair will cover Abuja and then we travel northwards to Kaduna, Zaria and Kano.”

He stressed that the success of the second one will play a determinant role in organizing another fair next year.

According to him, “The first one was very successful and that is why there were a lot of incentives to host the second one. Hopefully, if this one is successful as well, we will have one next year. “

The envoy who also spoke on the forthcoming African Cup of Nations to be hosted by his country prayed that may the best team win.

He however said he would be rooting for his homeland, even as he looked forward to Egypt -Nigeria final.

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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Gas-Pipeline

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 storage

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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