Connect with us

Economy

NNPCL Intensifies Fight Against Oil Theft, Uncovers 83 Illegal Refineries and 15 Pipeline Connections

Published

on

NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has escalated its efforts against oil theft as 83 illegal refineries and 15 illegal pipeline connections were uncovered in the Niger Delta region over the past week.

The revelation comes as part of the company’s relentless campaign to curb crude oil theft and protect national resources.

The NNPCL shared the remarkable findings through its official X handle, highlighting the extent of oil-related infractions within the region.

A video accompanying the announcement detailed that between January 6 and 12, 2023, a total of 211 incidents related to oil theft and vandalism were reported, underlining the magnitude of the challenge faced by authorities.

Emphasizing the gravity of the situation, the NNPCL disclosed that 15 illegal pipeline connections were detected within the same timeframe.

This concerted effort to uncover and dismantle illegal activities showcases the commitment of the NNPCL to combatting crude oil theft and safeguarding vital national assets.

In a separate instance, the company, in collaboration with private security firm Tantita Security Services and the Nigeria Security and Civil Defence Corps, intercepted an illegal crude oil vessel named MT Kali.

Loaded with thousands of metric tonnes of crude oil, the vessel was apprehended while directly loading from an offshore platform in Bayelsa State. The 23 crew members onboard the illegal vessel have been arrested.

Addressing the ongoing efforts, Mr. Mele Kyari, the Group CEO of NNPC Ltd, and General Christopher Musa, Chief of Defence Staff, visited Oporoza, Warri, Delta State, to inspect the intercepted vessel.

General Musa affirmed the military’s commitment to collaborating with the national oil firm and other security agencies to eradicate the menace of crude oil theft in the Niger Delta.

As the NNPCL intensifies its operations against oil-related crimes, these recent discoveries mark significant strides in the ongoing battle to preserve Nigeria’s valuable energy resources.

Continue Reading
Comments

Economy

Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024

Published

on

Gas-Pipeline

The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

Continue Reading

Economy

IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%

Published

on

IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

Continue Reading

Economy

South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty

Published

on

South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending