In the past 40 years or more, Nigeria had been a mono-product country exporting crude oil. This is understandable. Crude oil produces easy cash without much effort. Much effort would have been required if we had decided to refine the oil and sell the finished product. The government has not made any sustainable effort to divert attention to other sectors [...]
Tag "oil"
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Aliko Dangote has revealed that at 61, he is not getting any younger, and he is willing to take on a new wife.Speaking with David Piling in a Financial Times interview, Lunch with FT, the multi-billionaire, who is Africa's richest man, revealed a soft side of himself and talked tall about his ambitions to buy Arsenal Football club after successfully [...]
After six months in the 2018 fiscal year, President Muhammadu Buhari finally signed the 2018 budget of consolidation into law, thanks to a seven-month delay by the national assembly.The president revealed that the national assembly had inserted 6,403 new projects into arguably the last budget before the 2019 elections, while cutting down on some crucial projects.TheCable reviewed the key content [...]
The International Energy Agency (IEA) says the growth in the production capacity of the Organization of Oil Exporting Countries (OPEC) depends on stability in Nigeria, Iraq and Libya.IEA made this prediction in its latest market report series titled 'Oil 2018: Analysis and Forecasts to 2023'. "Our analysis shows that discoveries of new oil resources fell to another record low in 2017, [...]
In a bid to bring accountability and transparency to economic management of resources, the Ghanaian government has vowed to account for every single bar of gold leaving the country.It also promised to end smuggling by tightening controls, and ensure that 50% of total gold output is locally refined in the next five years.Mahamudu Bawumia, Ghana’s vice-president, told a regional meeting [...]
John Oyegun, national chairman of the All Progressives Congress (APC), says under the administration of President Muhammadu Buhari, the country no longer depends on oil to survive.Oyegun said this on Saturday at a rally which the APIC in Kogi organised to receive defectors.The APC national chairman explained that the Buhari administration has repositioned the country's economy as revenue now comes [...]
Investor sentiment towards the Nigerian economy was dealt a slight blow, after the MPC cancelled the January meeting due to their “inability to form a quorum”.Although the missed central bank meeting is likely to have little impact on the economy, it has the potential to reinforce market concerns over the nation’s poor policy management. An unwelcome return of political risk and uncertainty amid [...]
Ike Ekweremadu, deputy senate president, says the northern region of the country has no reason to be scared of restructuring as crude oil is fast losing its commercial value.According to Ekweremadu, the north is "desperately searching" for oil because of its fear of restructuring.He explained that the fear is unnecessary, as many countries that patronised Nigeria's oil have also discovered [...]
Like a planned incident, last week, three stories were coincidentally published by different newspapers on this subject; one by this author, deepening the debate on the viability of the renewed push for oil exploration in the frontier basins in the north.At the centre of the debate is still the prospect of a major oil find in the frontier basins.Oppositionists [...]
The Nigerian National Petroleum Corporation (NNPC) has become a beautiful bride, with state governors visiting or receiving its Group Managing Director, Dr Maikanti Baru, at a frequency that seems to ignore legacy and new questions about oil exploration in the Northern part of the country.The questions include the prospects of a commercial oil find and the justification of the exercise at [...]
The National Bureau of Statistics (NBS) says Nigeria has realised more than N118tn from crude production and refining from 1961.The NBS report, which has additional data from the Nigerian National Petroleum Corporation, collated its statistics from 1961 till 2014.“The petroleum statistics on crude oil production and oil refining reflects that a total 32.70 billion barrels of crude oil valued at [...]
It may be an assault on sensibilities to insinuate that Nigerians will have to drink their oceans of oil, as it may be unscientific to suggest that the resource will dry up soon. But the alarm bells are ringing loudly as the world increasingly turns away from oil.The rate at which major oil consuming countries are setting deadlines for the [...]
Oil markets on Friday saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery-outages due to Hurricane-Harvey damages, which dented demand.Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico.Brent crude futures rose to $54.57 a barrel at 0735 GMT, with the [...]
Oil prices rose on Wednesday and remained so on Thursday due to the closure of refineries as a result of Hurricane Harvey, which knocked out refineries, pipelines, and ports in some parts of the United States.By 7am on Thursday morning, Brent crude, the international benchmark, traded at $54.02 per barrel, a 16 cents drop from $54.20 which it exchanged for [...]
Oil prices rose on Thursday lifted by a sustained decline in inventories and Saudi Arabia’s preparedness to cut crude supplies to its prized Asian customers.Brent crude futures were $52.99 a barrel by 0855 GMT, while US West Texas Intermediate crude was up 17 cents at $49.73.Crude is down nearly seven per cent so far this year, suppressed in large part [...]
India's Hindustan Petroleum Corporation is considering dumping Nigeria's sweet crude for US oil.This is coming less than three years after the Americans stopped imports of Nigerian oil. After the US stopped the purchase of Nigerian oil under Barack Obama, Nigeria turned to Asia, partularly India and China for oil sale.In 2015-16, India imported nearly 23.7 MMT of crude (nearly 12% [...]
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