Business
Nigeria now third largest oil producer in Africa, says OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s oil production declined in July 2023, making the country the third largest oil producer in Africa.
In its latest monthly report for August, the global oil cartel said Nigeria’s oil production decreased to 1.081 million barrels per day (bpd) in July 2023.
In the same month, Libya produced 1.173 million bpd, Angola produced 1.149 million bpd, and Algeria produced 955,000 barrels bpd, respectively.
According to the report, in June 2023, Nigeria’s oil output, which stood at 1.249 million bpd, surpassed Libya and Angola — making it Africa’s largest producer.
However, the country’s production suffered a huge decline of about 168,000 barrels bdp in the following month, falling two places to the third position.
“Total OPEC-13 crude oil production averaged 27.31 million bpd in July 2023. Lower by 836,000 bpd month-on-month,” the report said.
“Crude oil output production declined mainly in Saudi Arabia, Libya, and Nigeria, while production in Iran, Angola and Iraq increased.”
The OPEC report further said world oil demand in 2023 was expected to grow by 2.4 million bpd, but has remained unchanged from July’s assessment.
NON-OPEC OIL SUPPLY TO EXPAND BY 1.5MILLION BPD IN 2023
Meanwhile, the report said non-OPEC oil supply is expected to expand by 1.5 million bpd in 2023.
This, the group said, is a slight upward revision from the previous assessment of 1.4 million bpd.
But for 2024, non-OPEC oil production is projected to grow by 1.4 million bpd, unchanged from the previous assessment, according to the report.
“For 2024, the main drivers for liquids supply growth are expected to be the U.S, Canada, Guyana, Brazil, Norway and Kazakhstan, mainly due to existing project ramp-ups,” it added.
“The largest declines are expected from Mexico and Azerbaijan.
“OPEC natural gas liquids (NGLs) and non-conventional liquids are forecast to grow by 46,000 bpd in 2023 to an average of 5.4 million bpd and by another 65,000 bpd to an average of 5.5 million bpd in 2024.”
NIGERIA’S ECONOMY REMAINS AT 2.4%
Speaking on the challenges in Nigeria, OPEC the country’s economic growth in the first quarter (Q1) of 2023 stood at 2.4 percent year-on-year (y-o-y), a decline from 3.6 percent recorded in the fourth quarter (Q4) of 2022.
The oil cartel said the development was an indicator of this year’s anticipated slowdown as high inflation continues to burden Nigeria’s economy.
“Inflation data for June shows an ongoing acceleration, with an annual rate of 22.8 percent y-o-y, following 22.4 percent y-o-y in May and 22.2 percent in April and 22 percent in March,” the report reads.
“Food inflation has been a key factor in this rise, reaching 25.1 percent year-on-year (y-o-y) in June, after 24.8 percent y-o-y in May.
“A combination of factors including conflict, the impact of climate change, population pressures, and the below-average output of the agricultural sector, exacerbated the scarcity of food resources over recent years.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
Business
31 electricity towers affected as vandals destroy transmission lines in Edo communities
The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.
In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.
Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.
“A total of 31 towers were affected in this incident,” she said.
“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”
‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’
Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.
The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.
On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.
The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.
The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.
“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.
“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.
“Additionally, the line will be energized from the Ahoada end as a preventive measure.”
Mbah added that efforts are underway to replace the stolen 250mm conductor.
Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.
The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.
She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.
Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
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