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Mark Nigerian Crude to End Theft, NOSDRA Tells FG

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Oil Pumping Jacks Operating At MND AS Depot As $30 Barrel Gets Closer
  • Mark Nigerian Crude to End Theft, NOSDRA Tells FG

The National Oil Spill Detection and Response Agency on Tuesday declared that crude oil theft in Nigeria could only be stopped through the application of stringent measures such as the marking of crude oil produced in Nigeria.

NOSDRA charged the Federal Government to consider the option of marking Nigerian oil using the molecular fuel marker technology, stressing that it would be virtually impossible for oil thieves to detect.

It further stated that the technology would enable regulators to track petroleum products that were derived from stolen crude.

The agency’s Director-General, Idris Musa, who disclosed this at a stakeholders’ seminar in Abuja organised by New Nigeria Foundation on advocacy against crude oil theft, told participants that Ghana had applied the crude oil marking technique and had been tracking its petroleum products successfully.

Musa said, “Marking Nigerian oil with covert molecular fuel markers will further help in the fight against crude oil theft. With this technology, it will be virtually impossible for thieves to detect and that’s what we are also proposing as an agency.

“This measure will allow regulators to know if the fuel sold at dispensing stations are from illegal sources or not. It might interest you to know that Ghana has successfully applied this approach.”

The Managing Director, New Nigeria Foundation, Prof. Obafemi Ajibola, stated that findings from NNF researches conducted by reputable institutions had shown that the amount of crude stolen from the Niger Delta region was humongous.

He said, “Going by findings and discussions with operators in the oil sector, you will realise that we don’t have the exact figures in terms of what we are losing as a result of crude oil theft, but it is clear that the amount is humongous.

“One of the speakers said that what we lost in one year is more than 10 times what we spend on health as a country. So, you can imagine what that means. Therefore, if we can just reduce what we are losing by 10 per cent, we can increase our health budget to two times what we are spending today. The same goes for education and other sectors of the Nigerian economy.”

Ajibola added, “What we are saying is that oil theft is not a Niger Delta issue alone, it is a Nigerian issue. It is not just an economic issue but an environmental issue. It deals with issues of security and things that affect our lives naturally in Nigeria. So, if we can reduce oil theft, it can change things for the better in Nigeria.”

He noted that his organisation decided to educate Nigerians on the need to demand good governance from the Federal Government around the issue of oil theft, adding that every Nigerian should be involved in this fight.

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 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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