2022 budget implementation threatened as oil theft surges

May 3, 2022 Benjamin Umuteme 0

A security expert has warned that except the rising crude oil theft in the Niger Delta is tackled, it would be difficult to fund not just the 2022 budget but subsequent government obligations effectively. In a chat with Blueprint, Friday Efih said that a situation where communities are not involved in securing the pipeline would not yield the desired result. Read More

Abaezi refinery carnage and Nigeria’s invincible oil thieves

May 2, 2022 Jerry Uwah 0

The gory sight of scores of burnt out bodies at the toxic refinery in the forest of Abaezi in Ohaji Egbema local government of Imo State is a sad reminder of how cheap life is in Nigeria. Imo State government was curiously honest in its account of what it knows about the illegal refinery. The state government admitted that it Read More

Fidelity Bank drives non-oil exports in North central through seminar

April 14, 2022 Blessing Anaro 0

Governor Simon Lalong of Plateau state has lauded the RT200 FX Programme by the Central Bank of Nigeria’s (CBN), stating that the nation stands to gain a lot in terms of expanding its foreign exchange earning capacity through previously underutilised sectors. The governor made this declaration at the recently held CBN RT200FX Policy Sensitization seminar hosted by Fidelity Bank Plc Read More

Oil thieves: Between mythology and mythic

April 7, 2022 Adefolarin A. Olamilekan 0

“Watin we no go yie for Niaja sef. Wich wan bi oil thief thief”. As humurous as the above may sound, it represents the outburst of millions of Nigerians. It Resonates with what the legendary afrobeat Fela Anikulapo Kuti refers to “as government magic”. Curiously, the prevailing state of the Nigerian oil and gas environment and management is considered to Read More

Nigeria’s position in Africa under threat as oil production crashes

April 4, 2022 Segun Odunewu 0

Nigeria’s position as Africa’s largest oil producer is now seriously under threat at a time oil prices are averaging $100 per barrel as Nigeria’s total daily production of crude oil crashes. The Group Managing Director/CEO of NNPC Limited, Mallam Mele Kyari during the weekend revealed Nigeria’s oil production had crashed to 1.15 million barrels per day. A huge drop when Read More

Russia warns energy embargo could send oil prices over $300/b

March 9, 2022 Blessing Anaro, Lagos 0

With the US reportedly said to vote as soon as Tuesday on a proposal to ditch trade relations with Russia and Belarus, including suspending oil imports despite repeated objections from Germany which has stated that a collapse in supply threatens “social cohesion”, Russian Deputy PM Novak said that a ban on Russian oil would result in catastrophic consequences for global Read More

Analysts warn of $150/b crude oil if…

March 7, 2022 Blessing Anaro Lagos 0

Analysts have said attempt by Western allies to ban Russian crude oil could spike up prices to about $150/barrel, warning that Iranian barrels cannot replace the loss of Russian oil. The United States and the European Union have been reluctant to slap sanctions on Russia’s oil and gas exports since Putin invaded Ukraine, as the Western allies are concerned about Read More

NPA designates Lilypond Terminal as non-oil export processing facility

March 4, 2022 Suleiman Idris 0

The Nigerian Ports Authority (NPA) has affirmed the designation of the Lilypond Container Terminal in Ijora, Lagos as a specialised processing and handling facility for the exportation of the country’s locally made finished and agricultural goods. Its managing director, Mr. Mohammed Bello-Koko, said the move would ease the bureaucratic and logistical bottlenecks faced by exporters, “thereby promoting better access of Read More

Oil prices fall as Russia’s energy exports avoid sanctions

March 1, 2022 Blessing Anaro, Lagos 0

The realization that the European Union (EU) and the United State of America (U.S.A) are not ready to sanction Russian energy sector has brought down oil prices, analysts at Proshare have said. The U.S. imposed sanctions on Russia’s largest banks— Sberbank and VTB—but provided broad exemptions on payments for purchases of crude oil, natural gas, fuel and other petroleum products. Read More

NGAN urges FG to invest in ginger as alternative to oil

February 28, 2022 Amaechi Okwara Asaba 0

The National Ginger Association of Nigeria (NGAN) weekend charged federal and state governments to invest heavily in ginger production as an alternative to oil. The acting president of the association, Mr. Mikah Adamu, who spoke in Asaba during the inauguration of South- south zonal executives said ginger production would boost revenue of the nation and also provide employment for the Read More

CBN releases guidelines for RT200 non-oil export rebate scheme

February 28, 2022 Amaka Ifeakandu, Lagos 0

Central Bank of Nigeria CBN has issued operating guidelines for the implementation of the RT200 Non- oil Export Rebate scheme. The RT200programme was introduced to reduce exposure to volatile sources of foreign exchange and to earn more stable and sustainable inflows of forex. The apex bank said that the scheme was designed specifically to enhanced forex inflow, diversify the sources Read More

Africa’s oil production falling due to lack of exploration of new reserves – O’Hanlon

February 1, 2022 Blueprint 0

Tim O’Hanlon, is the Senior Advisor for the Oslo-listed energy and power company, Panoro Energy. In this interview, he spoke on Africa’s changing energy sector, and the role exploration will play, as well as the continent’s significance as a frontier gas market. What will this production underperformance in Nigeria, Libya, Angola, Congo, Equatorial Guinea and African countries mean for Africa Read More

Nigeria’s rejuvenated oil production supports OPEC output

Increased oil Production in Nigeria, which resulted from shipments from Forcados crude after a force majeure has lifted supply of the Organization of Petroleum Exporting Countries (OPEC). However, output is still in long-term decline and Nigerian compliance, at 253 per cent is among the largest in OPEC, Reuters survey found. Nigeria’s crude oil production grew by 50,000 barrels per during Read More

Dangote Oil Refinery to begin production in Q3 of 2022

January 25, 2022 Blessing Anaro 0

Management of Dangote Industries Limited, has revealed that the oil refinery will start processing crude oil in the third quarters of 2022. The chairman of the Dangote Industries, Aliko Dangote, who made this known in a briefing at the refinery plant site in Lagos, said that mechanical work on the refinery has been completed and “hopefully before the end of Read More

NNPC barters N1.64trn oil for refined products in 8 months

Nigeria’s crude oil valued at N1.64tn was exchanged for refined Premium Motor Spirit, popularly called petrol, under the Direct Sale Direct Purchase arrangement from January to August 2021, for eight months. The latest data from the Nigerian National Petroleum Company Limited on DSDP cargoes that were swapped for refined petrol show that a total 63.46 million barrels of crude oil Read More

Harnessing non-oil exports to diversify Nigeria’s revenue

December 27, 2021 Blueprint 0

It is no longer news that the dwindling oil price shocks have negatively impacted the country’s revenue over the years. The downward revenue from oil was compounded by the coronavirus pandemic; hence managers of the economy had to creatively think of how to boost the country’s revenue for growth and development. The federal government soon realised that a robust non-oil Read More