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Crude Oil Production: Angola, Libya Overtake Nigeria — OPEC Report

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Angola and Libya have overtaken Nigeria as Africa’s highest crude oil producers, says a report by the Organisation of the Petroleum Exporting Countries (OPEC).

OPEC made this known in its Oil Market Report for September 2022, which was obtained by the News Agency of Nigeria on Tuesday in Lagos.

According to the report, Nigeria’s crude oil production for the month of August averaged 1.100 million barrels per day.

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The report said the figure showed a decrease of 65,000mb/d when compared to the 1.164mb/d produced averagely in the month of August.

However, the report said Angola was Africa’s highest crude oil producer for the month under review with an average production of 1.187mb/d.

It said Libya’s crude oil production averaged also 1.123mb/d for the month of August.

“According to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month.

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“Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined,” the report said.

The report said Nigeria’s real Gross Domestic Product expanded by 3.5 per cent year-on-year in 2022, following growth of 3.1 per cent in the first quarter of 2022.

It noted that the expansion was mainly driven by the non-oil sector, which grew by 4.8 per cent y-o-y.

READ ALSO: How Govt Officials Facilitated $1.2bn Crude Oil, Gas Theft – Source

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“On a quarterly basis, the GDP shrank by 0.37 per cent following a 14.66 per cent contraction in the previous quarter.

“Nevertheless, the annual inflation rate surged to the highest since September 2005, climbing to 19.6 per cent y-o-y in July from 18.6 per cent in June.

“This was a result of the weakening naira due to continued high imported input costs as well as soaring fuel prices.

“Moreover, food inflation increased to 22 per cent y-o-y, the highest since May 2021,” the report said.

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It said reflecting these pressures, August’s Stanbic IBTC Bank Nigeria Purchasing Manger’s Index dropped to 52.3 from 53.2 in July.

The report said this was amid slower growth in non-oil output as well as the slowdown in purchasing activity, while employment rose at a quicker pace.

It said looking ahead, Nigeria’s economy might still be impacted by the high level of employment associated with elevated price levels.

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CAC To Cancel Certificates Of BDCs With Revoked Licences

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The Corporate Affairs Commission (CAC) has said it would cancel the certificates of incorporation of Bureaux De Change(BCDs) whose licences have been revoked by the Central Bank of Nigeria( CBN).

The Nation reported in February the CBN revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines.

In a statement by its acting Director, Corporate Communications, Sidi Hakama, CBN explained that the regulatory provisions flouted include nonpayment of all necessary fees within the stipulated period.

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CBN said: “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

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“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.”

However, in line with the above directive by the CBN, the CAC in a notice on its website on Wednesday, said the certificates would be cancelled within three months if the affected companies do not change the names and objects of such companies.

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The general public is hereby informed that following the revocation of the operational licenses of 4,173 Bureau De Change companies by the Central Bank of Nigeria vide a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the exercise of its powers under section 8(1)(e) of the Companies and Allied Matters Act, 2020 advises these companies to within three months from the date of this publication, change the names and objects of such companies.

“Failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution. It is to be noted that it is unlawful for a company whose certificate has been deemed dissolved to carry on business,” the CAC notice reads.

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FG Suspends Taxes On Maize, Wheat, Rice, Others

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The Federal Government has suspended duties, tariffs and taxes on some essential food items imported through land and sea borders.

Minister of Agriculture and Food Security, Abubakar Kyari, announced this at the National Press Centre, Abuja.

Kyari also said the Federal Government has also inaugurated the Renewed Hope National Livestock Transformation Implementation Committee to develop and implement policies that prioritize livestock development and align with the National Livestock Transformation Plan.

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He stated that the listed food items, which include maize, wheat, husked brown rice and cowpeas, will enjoy a 150-day Duty-Free Import Window.

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He added that the move is part of the Presidential Accelerated Stabilization and Advancement Plan, which is aimed at achieving food security and economic stability in the country.

According to him: “The Federal Government has announced a 150-day Duty-Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat and cowpeas.

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“Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).

“I am glad to reiterate that the Government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.

“In addition to the importation by the private sector, the Federal Government will import 250,000MT of wheat and 250,000MT of maize. The imported food commodities in their semi-processed state will target supplies to the small-scale processors and millers across the country.”

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CAC Extends PoS Registration Deadline 

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The Corporate Affairs Commission has announced the approval to extend the mandatory Point of Sales agents, super agents and sole agents registration to September 5th, 2024.

The commission made the announcement in a statement signed by its management and posted on its Facebook page on Saturday, giving a 60-day extension.

It said the extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.

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The statement read, “The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.”

It added operators who continue to disobey after the new deadline will risk losing their businesses and facing prosecution for assisting criminal activities.

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“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities,” it said.

 

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