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Nigeria crude production fell to record low of 1.57mbd last month

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Nigeria’s crude oil production fell to a record low of 1.57 million barrels per day last month, the Organisation of Petroleum Exporting Countries (OPEC) has said.
The producer group said in its monthly oil market report published on Wednesday that the country’s oil output stood at 1.66 million bpd in November, based on direct communication.
The group uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.
Nigerian crude production in December was in line with its quota of 1.77 million bpd, according to secondary sources.
“Nigeria is more sensitive about production than price. A lower oil output would affect the actualisation of budgeted revenue projections as oil revenue accounts for 31.35 per cent of the total revenue projected,” analysts at the Financial Derivatives Company Limited said in a recent note.
OPEC and its partners, including Russia, agreed to cut output by a further 500,000 bpd from January through March 2020, on top of their previous cut of 1.2 million bpd.
According to S&P Global Platts, starting this month, Nigeria’s quota drops to 1.75 million bpd under the OPEC+ coalition’s agreement to deepen its production cuts through March.
Last week, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), said the country was shifting its upstream work towards natural gas liquids and natural gas, to better comply with its crude production quota under the OPEC+ agreement.
“You can produce condensate which is not part of the OPEC commitments. We are focusing our production to more gas-based reservoirs so that we can continue to grow our production while maintaining balance in the market,” he was quoted as saying on the sidelines of the Atlantic Council Global Energy Forum in Abu Dhabi.
OPEC said in the report that a rise in oil demand growth this year would be offset by a sharper increase in non-OPEC supply.
“Continued accommodative monetary policies, coupled with an improvement in financial markets, could provide further support to ongoing increases in non-OPEC supply,” the report said, adding that OPEC+ cuts remained essential in maintaining stability in the oil market.
The group said demand for its crude would average 29.50 million bpd in 2020, which is 60,000 bpd above what it produced in December.
However, demand for its crude from January to March this year, which is the duration of its current cuts, is predicted to average 29.19 million bpd.
Demand for OPEC crude averaged 30.60 million bpd in 2019.
SOURCE: tidenewsonline.com

UK partners African govts, to hold investment summit this month

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Internet use in Africa photo: Google Images

UK Partners African Governments, Holds Investment Summit in January
Nigerian Investment Promotion Commission (NIPC) is taking part in the UK-Africa Investment Summit (UK-AIS) organised in the UK by Her Majesty’s Government on 20 January 2020. There will be a Manufacturing pre-event, on 14-15 January, which is a prelude to the UK-AIS.

Please find below, some information about the pre-event on Manufacturing and the UK-AIS:

Manufacturing Pre-Event, 14-15 January 2020

The Manufacturing event will be held at the De Vere Grand Connaught Rooms, in London on the 14th and 15th of January 2020. This specialist event and precursor to the UK-AIS, aims to match African countries’ investment needs with leading UK capability.

It will provide a unique opportunity for UK companies to learn more of the growing possibilities of investing in manufacturing in Africa and to raise African governments’ awareness of investor needs.

The event will feature a keynote address, presentations on manufacturing sub-sectors, one-to-one business meetings with investors and investment promotion agencies. Focus sectors include Pharmaceuticals & Healthcare Consumables, Agri-processing, Construction Materials, Fast-moving Consumer Goods, Packaging and Electronics.

Investment promotion agencies and senior government officials from Nigeria and other African countries including Algeria, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Kenya, Morocco, Rwanda, Senegal, Tunisia and Uganda are expected to attend.

UK-Africa Investment Summit: 20 January 2020

With over 500 African and UK businesses invited, the UK-AIS will secure investment deals and showcase the UK’s unique offer to Africa. NIPC will use the opportunity to build new partnerships, promote Nigeria as an investment destination, and aim to secure investments in priority projects. In partnership with UKAid and supported by KPMG, NIPC will also release the “Nigeria Investment Guide” at the Summit.

Source: NIPC INTELLIGENCE

Cross River, American firm sign MoU to fund Bakassi Deep Seaport

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Nigerian Investment Promotion Commission
Cross River State, American Firm Sign MoU to Fund Bakassi Deep Seaport
Cross River State governor, Professor Ben Ayade has stated that the proposed Bakassi Deep Seaport will facilitate seamless maritime and shipping activities within the African sub region when completed.

The governor was speaking Monday at the Governor’s Conference Room, Governor’s Office, Calabar during the signing of Memorandum of Understanding (MoU) between the state government and Terradyn Corporation of Ohio, United States of America, for the financing of the port’s construction.

Describing the port as a regional African port, and the deepest port in Africa, governor Ayade stressed that the Bakassi Deep Seaport was not only geared towards opening an alternative maritime corridor for Nigeria, which according to him, the country is in dire need of, but also designed to ease shipping and maritime difficulties of neighbouring landlocked African countries.

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Nigerian Investment Promotion Commission
Cross River State, American Firm Sign MoU to Fund Bakassi Deep Seaport
Cross River State governor, Professor Ben Ayade has stated that the proposed Bakassi Deep Seaport will facilitate seamless maritime and shipping activities within the African sub region when completed.

The governor was speaking Monday at the Governor’s Conference Room, Governor’s Office, Calabar during the signing of Memorandum of Understanding (MoU) between the state government and Terradyn Corporation of Ohio, United States of America, for the financing of the port’s construction.

Describing the port as a regional African port, and the deepest port in Africa, governor Ayade stressed that the Bakassi Deep Seaport was not only geared towards opening an alternative maritime corridor for Nigeria, which according to him, the country is in dire need of, but also designed to ease shipping and maritime difficulties of neighbouring landlocked African countries.

He disclosed that the Republic of Chad was already disposed to having a bonded warehouse within the princint of the Bakassi Deep Sea port.

The governor said that the 274 kilometre Superhighway linking Cross River to the Northern part of the country was conceived with the Bakassi Deep seaport in mind.

His words: “If you have a Deep Seaport without a Superhighway, you are wasting your time. Nigeria basically needs an alternative maritime corridor. Nigeria is in dire need of an alternative maritime corridor. Every Nigerian who loves this country knows that Nigeria is in desperate need of of an alternative maritime corridor to be able to provide the posterity agenda that we profess to our people

“Today in Nigeria, we don’t have a port in the category of a deep seaport. The Bakassi Deep Seaport is the first Deep Seaport in Nigeria. It is a 20 metres draft port, one of the biggest port in Africa.”

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Nigerian Investment Promotion Commission
Cross River State, American Firm Sign MoU to Fund Bakassi Deep Seaport
Cross River State governor, Professor Ben Ayade has stated that the proposed Bakassi Deep Seaport will facilitate seamless maritime and shipping activities within the African sub region when completed.

The governor was speaking Monday at the Governor’s Conference Room, Governor’s Office, Calabar during the signing of Memorandum of Understanding (MoU) between the state government and Terradyn Corporation of Ohio, United States of America, for the financing of the port’s construction.

Describing the port as a regional African port, and the deepest port in Africa, governor Ayade stressed that the Bakassi Deep Seaport was not only geared towards opening an alternative maritime corridor for Nigeria, which according to him, the country is in dire need of, but also designed to ease shipping and maritime difficulties of neighbouring landlocked African countries.

He disclosed that the Republic of Chad was already disposed to having a bonded warehouse within the princint of the Bakassi Deep Sea port.

The governor said that the 274 kilometre Superhighway linking Cross River to the Northern part of the country was conceived with the Bakassi Deep seaport in mind.

His words: “If you have a Deep Seaport without a Superhighway, you are wasting your time. Nigeria basically needs an alternative maritime corridor. Nigeria is in dire need of an alternative maritime corridor. Every Nigerian who loves this country knows that Nigeria is in desperate need of of an alternative maritime corridor to be able to provide the posterity agenda that we profess to our people

“Today in Nigeria, we don’t have a port in the category of a deep seaport. The Bakassi Deep Seaport is the first Deep Seaport in Nigeria. It is a 20 metres draft port, one of the biggest port in Africa.”

He assured of his administration and federal government’s commitment to ensuring that the port comes to fruition.

“It takes at least 15 years to obtain an OBC approval for the construction of a seaport but it took Cross River only three years. This shows strong will and commitment by the federal government to support the Bakassi Deep Seaport.

“The Bakassi Deep Seaport is not a Cross River Port. It is not a Nigerian port. It is indeed a regional African port. It will serve Africa.”

Earlier, the Chairman and Chief Executive Officer of Terradyn, Mr.Brent Dyke commended governor Ayade’s foresight in conceptualizing the port project.

He described Nigeria as “a very very fortunate country blessed with abundant natural resources.”
NIPC INTELLIGENCE

Sesame, Cocoa, Cashew Gross $84.97m – AFEX

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AFEX Commodities Exchange has stated that Sesame, Cocoa, and Cashew led the non-oil export charts, as they grossed $84.97 million by the end of the third quarter of 2019. this was disclosed in the AFEX’s latest annual report.

The report stated that the agriculture sector in Nigeria received significantattention, rivalling what was witnessed in the 2011-2013 period. The renewed drive has been broad-based with virtually all sub-sectors (Livestock, Crop, and Fishery) benefitting from the public, private and developmental investments in the sector.

Details: At the end of Q3 2019, Sesame, Cocoa and Cashew led the non-oil export charts, grossing $41.19million, $30.03 million and $13.75 million over the period.

The commodities exchange, in the report, found that Kaduna, Niger and Taraba remain the largest producers of maize in Nigeria with an estimated production of 937,820 tonnes, 745,110 tonnes and 608,730 tonnes respectively.

It attributed the increased production levels to high demand from baby food and animal feed companies which service an increasing population with expanding dietary awareness.

NIPC INTELLIGENCE

Taraba Civil Defence rescues 2 kids abducted from Borno State

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Sylvanus Viashima, Jalingo

The Nigeria Security and Civil Defense Corps (NSCDC) Taraba Command, on Thursday said it has  rescued two children who were abducted from their community in Askira Uba in Borno state.

Alhaji Aliyu Ndanusa, the Taraba Commandant of NSCDC, who disclosed this to newsmen in Jalingo said the two children were rescued in Lau Local Government area of Taraba on Wednesday.

The commandant who named the children as Yakubu Usman, 9 and Umaru Muhammed 7, explained that men of the command got a hint about the evil act through its intelligence and trailed the abductors to their hide out in Lau.

According to him, the abductors ran away on sighting the operatives of the NSCDC, ran away leaving the two children behind.

“On sighting the operatives of the command, the abductors ran away while the children were rescued by our men.

“We have already contacted the family and will soon reunite them with their parents,” he said.

Ndanusa, who noted that there was no hiding place for criminals in Taraba, said men of the command were working tirelessly to apprehend the perpetrators.

He however, advised parents across the country to be vigilant so as to avoid a recurrent of such an ugly incident.