Business

Nigeria earns $236bn from petroleum exports in five years

Published

5 years ago

June 13, 2019

Eric

Nigeria, Africa’s top oil producer, earned a total of $236.15bn from petroleum exports over the last five years, a new report by the Organisation of Petroleum Exporting Countries has shown.

OPEC, in its 2019 Annual Statistical Bulletin, put the value of Nigeria’s petroleum exports at $75.196bn in 2014; $41.168bn in 2015; $27.295bn in 2016; $37.983bn in 2017, and $54.513bn in 2018.

In 2018, the value of the country’s petroleum exports was the sixth biggest in the 14-member group, behind Saudi Arabia’s $194.358bn, UAE’s $74.94bn, Iraq’s $68.192bn, Iran’s $60.198bn and Kuwait’s $58.393bn.

The group said member countries’ economy indicators, including GDP growth and current account balance, continued to improve in 2018.

It said, “The population of OPEC member countries increased by almost 11 million last year, with Nigeria, Iraq and Angola adding 5.3 million, one million, 0.52 million inhabitants, respectively, thus bringing the OPEC MCs’ share of global population to 6.64 per cent (up from 6.57 per cent in 2017).

The report noted that member countries successfully continued to improve the diversification of their economies and be less dependent on petroleum export revenues.

It said, “The share of OPEC MCs petroleum export revenues to GDP has decreased by around six percentage points over the last five years. Declines have been registered in all OPEC MCs, as local governments commissioned a number of initiatives and programmes to promote the development of high value-added non-oil industries, including manufacturing and services.”

OPEC said the trend of diversification was also confirmed when analysing the share of non-petroleum export revenues to GDP at comparable oil price levels.

“Over the last four years (2015–18), this ratio has been between 78 per cent and 85 per cent, which is between 20 and 15 percentage points higher, as against the same ratio in years of comparable oil prices (2005, 2006, 2007 and 2009),” it added.

The year 2018 was said to have seen substantial global supply growth as total oil liquids production increased significantly by 2.60 million barrels per day, outpacing oil demand growth by more than one million bpd in 2018.

“The increase was once more driven by outstanding production gains in North America, particularly in the United States. In contrast, crude oil production from OPEC member countries, as well as from other non-OPEC countries, showed declines,” the group said.

In total, OPEC crude oil production showed a drop of around 400,000 bpd last year, compared to 2017, according to the report.

“With regard to countries with increasing oil production in 2018, output expansions were clearly driven by North America, notably by the United States. Oil supply in the US increased by around 2.3m bpd in the year 2018, representing almost 80 per cent of total non-OPEC supply growth,” OPEC said.

Business

FirstBank Appoints New MD/CEO, Alebiosu

Published

1 day ago

April 22, 2024

Eric

First Bank of Nigeria has appointed Olusegun Alebiosu as its new Managing Director with effect from April 2024.

The Bank stated this in a release signed by its acting company secretary Adewale Arogundade.

Alebiosu takes from Adesola Adeduntan, who resigned abruptly on Saturday with eight months left to complete his tenure in December 2024.

The release stated that “following the resignation of the managing director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.

“Alebiosu brings to the executive management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing.”

It added that the new acting MD/CEO commenced his professional career in 1991 with Oceanic Bank Plc (now EcoBank) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

“He is an alumnus of Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a Master’s degree in International Law and Diplomacy from the University of Lagos and holds a Master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.”

Business

Again, Naira Slumps Against Dollar, Trades at N1,169/$1 in Official Window

Published

3 days ago

April 20, 2024

Eric

The Naira, on Friday, slumped for the second consecutive day against the American dollar at the official window trading at N1,169/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Friday, the Naira lost N15 against the dollar when compared to the previous exchange rate of N1,154/$1 on Thursday, April 18, 2024.

The intra-day high and low recorded during the day were N1,236/$1 and N1,021/$1 respectively, representing a lean spread of N215/$1.

Similarly, the Naira slumped against the dollar at the parallel market for the second consecutive day to trade at N1,150/$1 representing a loss of N50 when compared to the N1,100/$1 it traded the previous day.

The British Pound also slumped against the Naira by N50 to trade at N1,500/£1 as against the previous trading price of N1,450/£1 representing a loss of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate of N1,000/ CA$1.

The Euro also slumped against the Naira to trade at N1, 280/€1 as against the rate of N1,200/€1 the previous trading rate indicating a gain of N80 in the European currency.

Business

Glo Launches New Internet Solution Products for Homes, Businesses

Published

2 weeks ago

April 8, 2024

Eric

Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.