VenturesNow

Nigeria earns N273.8bn from oil in September after rise in production

Published

1 year ago

October 22, 2023

Nigeria’s oil earnings increased by over N273.8bn in September 2023 following the rise in crude oil production by operators in the sector.

The development was revealed in data obtained from the Nigerian Upstream Petroleum Regulatory Commission, after reports that the country pumped 40,396,863 barrels of crude oil last month.

In September, the average price per barrel of Brent crude was $93.72. At an average cost of $93.72/barrel, Nigeria produced an extra 3,781,738 barrels in September, increasing its oil earnings by about $354.42 million, or N273.8 billion, at an average exchange rate of N772.65/$ for the reviewed month.

Heineken Lokpobiri, the minister of state for petroleum resources (oil), informed reporters last week that Nigeria’s oil production had climbed to approximately 1.7 million barrels per day, from 1.1 million barrels per day in August of this year.

The rise means Nigeria pumped its highest volume of crude oil so far this year in September, which was about 14 per cent higher than what it pumped in the preceding month of August 2023.

Lokpobiri explained that the rise in crude oil and condensate production was because the government and operators in the sector had been able to identify where the problem was coming from.

He said, “We have a sole agenda and it is to increase crude oil production. Once you increase production there will be more revenue for Nigeria and that is the recipe to virtually all the problems we have in this country.

“You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. Although the non-oil sector is thriving, for us to solve our problems we need to earn enough forex.”

Nigeria’s revenue has suffered as a result of industrial-scale oil theft. According to the Nigerian Extractive Industries Transparency Initiative (NEITI), the country lost 619.7 million barrels of crude oil valued at N16.25 trillion ($46.16 billion) to theft between 2009 and 2020.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.

VenturesNow

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.”