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Nigeria’s oil production rises to 1.6 mln bpd but yet to hit OPEC quota

Published

2 years ago

February 17, 2023

Nigerians have something to cheer about amidst the many troubles they have faced lately, as the state’s own oil enterprise, Nigerian National Oil Corporation has revealed that the country’s oil output is increasing and as of Thursday stood at 1.6 million barrels per day (bpd).

According to the NNPC group chief executive of the Nigerian oil company, Mele Kyari on Friday, the increase is up from less than 1 million bpd in July last year.

Kyari told reporters at NNPC’s offices, “We are growing production. In July 2022 we were at less than 1 million barrels per day. As of yesterday, we were at 1.6 million barrels and hopefully we will meet the OPEC quota of 1.8 million,”

Nigeria’s NNPC has been the subject of immense corruption allegations, so much that President Buhari on coming into the office on the mantra of fighting Nigeria’s neck-deep corruption, made himself the Minister of Petroleum, perhaps to face the menace in the oil sector head-on having been a Minister of Petroleum Minister during past military government in Nigeria.

The latest figure by the NNPC is however still significantly lower than the roughly 1.8 million bpd OPEC allocation to Nigeria. But the development is measurable progress from the industrial scale of oil theft in the country.

In 2022, Nigeria’s lower legislative chamber, the House of Representatives alleged that more than $10 billion worth of the nation’s crude has been stolen via fraudulent fuel subsidy claims by the Nigerian National Petroleum Corporation (NNPC) and other industry stakeholders.

Related Topics:#NNPC Featured Nigeria Oil prduction

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Moroccan annual inflation rises to 0.8% in November

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”