APA – Lagos (Nigeria)
The report that Nigeria earned about $11 billion from crude oil exports in the first half of the year is one of the trending stories in Nigerian newspapers on Tuesday.
The Guardian reports that Nigeria earned about $11 billion from crude oil exports in the first half of the year.
The latest revenues fact sheet of the Organisation of Petroleum Exporting Countries (OPEC), which revealed the figure, also projected that the country’s earnings would increase to about $29 billion in the same period 2024.
According to the report published by the America Energy Information Administration (EIA) and obtained by The Guardian, the figure represents a huge decrease from $34 billion earned in the same period last year.
The report revealed that Angola, which is the closest rival to Nigeria in the continent, made about $12 billionin oil export, within the period, while Saudi Arabia, the highest oil producer in OPEC realized $$97 billion within the period.
The Central Bank of Nigeria (CBN) had earlier revealed that Nigeria exported 0.86 million barrels of crude oil per day (mbpd) in February; 0.82mbpd and 0.73mbpd in May 2023.
Meanwhile, the entire OPEC members earned about $888 billion in net oil export revenue in 2022. The revenue rose nearly 43 per cent compared with the previous year, according to the EIA.
“The increase in net export revenue in 2022 is mostly attributable to higher crude oil prices, and to a lesser degree to higher petroleum liquids production,” the EIA said.
The newspaper says that the Central Bank of Nigeria (CBN), yesterday, intensified campaign for stakeholders and institutions to embrace and adopt the e-Naira policy.
Officials of the apex bank, led by Ondo State Acting Branch Controller, Samuel Giwa, visited the Federal University of Technology, Akure (FUTA), to intimate principal officers, members of staff and students of the institution on the need to key into the payment system.
Giwa, who told the Vice Chancellor, Prof. Adenike Oladiji, that the whole world is going digital, said the move by the CBN was hinged on its resolve to respond to the innovation by introducing cashless policies, one of which is the e-Naira.
He said CBN is the first to introduce e-Naira in Africa and the second in the world, stressing that the policy, when fully adopted, will revolutionise the financial landscape of the country.
The Acting Controller, therefore, appealed to FUTA to embrace e-Naira as means of transactions, adding that it will further enhance and harmonise the economic environment of the institution.
He said: “The e-Naira has the potential to revolutionise the way we transact and conduct business. The e-Naira is not just any currency, it is designed to complement the existing physical naira and also provide a more efficient, secure and accessible means of payment.
“Considering the multitude of benefits associated with the e-Naira, I strongly urge FUTA to adopt this for the collection of fees, levies and revenues within the institution.
Oladiji, who was represented by Deputy Vice Chancellor, Academics, Prof. Taiwo Amos, said the institution would be willing to partner with the apex bank on the initiative.
Meanwhile, 10 students of the institution, who were trained by the CBN on electronic currency, were inaugurated as ambassadors of the scheme in Akure.
The Punch reports that the Bank of America has said the Monetary Policy Committee of the Central Bank may need to increase interest rates by at least 700 basis points before the end of the year to curb inflation.
In an interview with Bloomberg on Monday, the bank’s sub-Saharan Africa Economist, Tatonga Rusike, said the hike was necessary to tackle soaring inflation occasioned by the fuel subsidy removal and unification of foreign exchange.
Rusike explained that at the current trend, inflation may quicken to 30 per cent by the end of the year from 22.4 per cent in May, noting that the nation’s apex bank may need to push up the rates.
He further warned that if this decision was not taken, foreign investors might exercise caution before investing in the country.
Revealing what transpired at the meeting, the NSA said, “He (Tinubu) gave us the assurance that he’s with us hundred per cent.
“He told us that we must work as a team and that there’s work to be done, he’ll expect us to deliver and we’re grateful for the opportunity. That’s why we are here.”
According to Ribadu, episodes of insecurity have declined nationwide in the past few weeks and would remain so as the security chiefs get to work.
“If the negative real interest rate is not reversing, then it is less likely to see foreign inflows coming into the country,” Rusike said adding that “it is less likely they (CBN) will do such level of increases,” he said.
The PUNCH reports that the CBN, in record-breaking moves has been increasing the country’s interest rates since last year.
The newspaper says that Nigeria has caught up with Angola in the drilling of crude oil, as both nations are now the biggest crude oil drilling markets in Africa, data from the June 2023 Offshore Rigs Tracker, released on Monday by Hawilti and the Caverton Offshore Support Group Plc, showed.
Nigeria lost its position as top African oil producer several times on the back of repeated crude theft and pipeline vandalism, but is now showing signs of recovery, going by the recent monthly oil production figures released by the Organisation of Petroleum Exporting Countries.
“Nigeria has caught up with Angola to also take the position of biggest drilling market this year, with a total of eight drilling campaigns confirmed offshore in both countries.
“However, activity is likely to remain higher in Angola as most drilling campaigns there are confirmed until the second half of 2024 already to support exploratory, infill, and development drilling,” the report stated.
It said several of the oil rigs mobilised offshore Nigeria had been extended, including the Valaris DS-10 for SNEPCo (Shell), and Shelf Drillings Baltic and Mentor rigs, for TotalEnergies and First E&P, respectively.
In addition, it stated that Shelf Drilling had also secured new contracts for the Adriatic I and the Scepter units which were providing a boost to Nigeria’s offshore drilling activities.
“The former is for drilling on Oriental Energy Resources Ebok Field scheduled between May and August this year, while the latter is for a much longer, two-year contract for an undisclosed operator.
It said several of the oil rigs mobilised offshore Nigeria had been extended, including the Valaris DS-10 for SNEPCo (Shell), and Shelf Drillings Baltic and Mentor rigs, for TotalEnergies and First E&P, respectively.
In addition, it stated that Shelf Drilling had also secured new contracts for the Adriatic I and the Scepter units which were providing a boost to Nigeria’s offshore drilling activities.
GIK/APA