The report of an increase in Nigeria’s crude oil earnings to about N308.6bn within two months following the recent increase in the country’s oil output due to concerted efforts by the Nigerian National Petroleum Company Limited and security agencies to halt oil theft, is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that Nigeria’s crude oil earnings rose by about N308.6bn within two months following the recent increase in the country’s oil output due to concerted efforts by the Nigerian National Petroleum Company Limited and security agencies to halt oil theft.
Data accessed from the Nigerian Upstream Petroleum Regulatory Commission and other international agencies, on Sunday, showed that the country’s oil earnings moved up between September and November this year.
Figures from the NUPRC showed that while Nigeria pumped 937,766 barrels of crude oil per day in September, its output moved up to 1,014,485 barrels per day in October.
This represents an increase of 76,719 barrels per day, which translates to a total of 2,378,289 barrels for the month of October.
The increase in oil production continued in November, as Nigeria produced 1,185,604 barrels per day in that month, indicating a daily increase of 171,119 barrels in November.
This implies that the country’s crude oil output appreciated by 5,133,570 barrels during the review month.
Data from Statistica, an international statistical firm, showed that in October 2022, the average price of Brent, the global benchmark for crude oil, was $93.4/barrel, while in November it was $91.42/barrel.
Therefore in October, the country’s oil earnings moved up by $222.13m or N99.14bn, at the official exchange rate of N446.32/$.
For November, Nigeria’s crude oil earnings rose by $469.31m or N209.46bn, at the Central Bank of Nigeria N446.32/$ official exchange rate.
This implies that for the two months, the 7,511,859 barrels increase in Nigeria’s crude oil production raised the country’s earnings by about N308.6bn.
Nigeria’s oil production had been crashing since last year following massive oil theft in the Niger Delta region, a development that denied the country billions of dollars in terms of oil revenue.
The newspaper says that Lionel Messi and Argentina won an all-time classic World Cup final despite Kylian Mbappe’s hat-trick taking France into a penalty shoot-out following a 3-3 draw on Sunday.
Gonzalo Montiel converted the winning spot-kick to clinch a 4-2 shoot-out success for Argentina at the end of a thriller at Lusail Stadium, with goalkeeper Emiliano Martinez having saved Kingsley Coman’s attempt and seen Aurelien Tchouameni fire wide.
France, aiming to become only the third side to ever retain the trophy, battled back from two goals down in normal time after Mbappe converted an 81st-minute penalty and scored a delightful volley 97 seconds later.
Messi had opened the scoring, before Angel Di Maria rounded off a stunning counter-attacking move, and the Albiceleste number 10 restored his side’s lead in the 108th minute, only for Mbappe to respond again two minutes before the end of extra time.
That teed up penalties, with both Mbappe and Messi converting before Argentina gave their captain a fitting World Cup farewell.
The Guardian reports that during the U.S-Africa Business Forum, Visa announced a pledge to invest $1 billion in Africa over the next five years to advance resilient, innovative, and inclusive economies across the continent.
Visa claimed that its expanded investments demonstrate the company’s long-term commitment to Africa’s growth potential and will help enable greater access to digital payments as an entry point for expanding formal financial services for individuals and merchants.
Visa Chairman and CEO Alfred F. Kelly, Jr. outlined the pledge during the US-Africa Business Forum, alongside the US-Africa Leaders Summit in Washington, DC. The pledge will further scale Visa’s operations in Africa, and deepen collaboration with strategic partners including governments, financial institutions, mobile network operators, fintechs and merchants.
The investments will also focus on strengthening the payment ecosystem through new innovations and technologies, supporting digitisation of economies, and investing in upskilling, talent development and capacity building.
Chairman and Chief Executive Officer, Visa, Inc., Al Kelly, said Visa has been investing in Africa for several decades to grow a truly local business, and “today our commitment to the continent remains as firm and unwavering as ever.
“Every day, Visa supports digital commerce and money movement in every country across the continent, and Africa remains central to Visa’s long-term growth plans. We look forward to continuing to work closely with our partners to advance the financial ecosystem, accelerate digitisation and to build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”
In line with Visa’s corporate purpose to be the best way to pay and be paid, these investments will facilitate additional opportunities to expand financial inclusion. Visa is dedicated to empowering small- and women-led entrepreneurship in Africa through its operations and community programs.
Visa revealed that today, an estimated 500 million people in Africa are without access to formal financial services, less than 50 per cent of the adult population made or received digital payments in Africa, and more than 40 million merchants do not accept digital payments.
Senior Vice President, Visa sub-Saharan Africa, Aida Diarra, said Africa is experiencing an unprecedented digital acceleration, with a growing number of consumers, merchants and businesses realising the benefits of secure and convenient digital payments to fuel commerce and money movement.
The newspaper in its editorial, entitled “The trouble with CBN cash withdrawal limits” stated that six weeks after announcing its plan to redesign the naira notes of N200, N500 and N1000 (October 26, 2022), the Central Bank of Nigeria (CBN) has further entrenched itself in controversy by its move to introduce new cash withdrawal limits for the banking public.
Among others, the apex bank restricted the maximum cash withdrawals over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively as well as pegging the maximum cash withdrawal per week through the Automated Teller Machines (ATM) at N100,000 subject to a maximum of N20,000 cash withdrawal per day.
Though the policy is scheduled to come into operation early in January 2023, for the ordinary business person in Nigeria who has to transact business largely with cash, this is scary.
The controversies surrounding these past two CBN policy moves are still in the public domain and many have wondered whether the apex bank took time to do its homework before embarking on these projects.
This line of thought is not surprising since in recent times, the CBN has been in the news for the wrong reasons. It is not surprising given that under the watch of Godwin Emefiele as CBN governor and with the tacit approval of President Muhammadu Buhari, the policy framework on the management of the naira has been by and large, a gross failure.
This is so since, under the watch of these two, the value of the naira has plummeted from N197 to which it exchanged to a United States Dollar in 2015 to over N700 in the foreign exchange parallel market.
In addition, under their watch, the CBN failed woefully in its primary function of price stability since the single digit inflation rate they met in 2015 is now over 20 per cent and still worsening. Real incomes have fallen drastically for all economic agents especially for the fixed income earners.
The worst of the controversies coming from the CBN was the very frightening moves of Mr. Godwin Emefiele to vie for the Office of the President under a political party whilst still holding unto his position as CBN governor. This is a taboo for Central Bank governors globally.
These series of controversies from the Emefiele-led CBN has cast doubt on the genuineness of these latest policies emanating from the apex bank to the extent that many have called for a revisit of the two policies, particularly, if the development of the banking system and the growth of the Nigerian economy is anything to go by.
The promotion of cashless policy should be gradual. Even though the recent currency redesign may force money back to the banking system and new cash withdrawal limit policy presumably shutting the door against cash outflow from the banking system, the outcomes may not turn out as intended.
GIK/APA