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Nigeria’s Brent crude crosses $72 mark, production hits 1.81mbpd

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crude oil

Nigeria’s Brent crude crosses $72 mark, production hits 1.81mbpd

 

Nigeria’s Bonny Light crude oil price touched it’s highest since 2014 at the weekend, supported by Organisation of the Petroleum Exporting Countries (OPEC) led production cuts, and the likelihood of the United States taking military action in Syria increases.

Besides, Nigeria’s crude oil production increased from 1.792mbpd in February to 1.810 mbpd in March.OPEC and allies including Russia are keeping crude oil supply limits in place in 2018, to reduce a price-denting glut of oil held in inventories.

Also, the United State pledged recently that missiles would be fired at Syria and this is said to have threatened crude oil supply level thereby leading to higher oil prices.

Nigeria’s Bonny Light attained its highest level at $72.73 a barrel, a little lower than Brent crude oil, which sold for $72.58 per barrels during the trading hours on Friday.

Bonny Light oil is a high grade of Nigerian crude oil produced in the Niger Delta basin and named after the prolific region around the city of Bonny.

The very low sulfur content of Bonny Light crude makes it a highly desired grade for its low corrosiveness to refinery infrastructure and the lower environmental impact of its byproducts in refinery effluent.

The United States West Texas Intermediate (WTI) crude oil also hits $67.39 per barrel at the weekend.In March, the OPEC Reference Basket (ORB) increased by less than 0.5 percent to $63.76 per barrel.

Oil futures ended about one percent higher in a relatively volatile month, following US equity market movements and supported by robust oil demand growth forecasts, tightening US crude stocks and geopolitical tensions.

For the month, the Dubai structure flipped back into contango, while Brent and WTI structure remained in backwardation, albeit at a reduced level before the latest price surge.

OPEC crude oil production dropped by over 201,000 barrels per day in March over the previous months, while production mainly decreased in Angola, Venezuela, Algeria and Saudi Arabia.

This OPEC said has been partially offset by higher production in the United Arab Emirates, according to the organization’s latest crude oil report.

OPEC expects the demand for its crude oil to be at 32.6 million barrels per day (bpd), 0.3 mbpd lower than in 2017.

Speaking recently on the efforts of OPEC toward price stability, OPEC Secretary General, Mohammad Sanusi Barkindo said that the global energy system is undergoing significant and speedy changes and becoming progressively complex.

He stated: “Our economies are increasingly interwoven. We must build on our common ground to face upcoming challenges together, strive for sustainable market stability and safeguard future energy security through our ongoing effective cooperation.

The irreversible forces of globalization will continue to shape this energy transition.

“We have, through the Declaration of Cooperation, which has become a permanent feature on the global energy scene, established a new framework for producing countries, taking into account the strategic interests of consumer countries as well as the world economy.”

Minister of Petroleum Resources, Dr. Ibe Kachikwu urged OPEC countries to work hard and become least-cost oil producer, saying that if shale oil can produce and sell at $65 per barrel, there was absolutely no reason why Nigeria and other OPEC members’ country should be struggling.

He said: “Shale is going to active. We know that whenever we are in excess of $65 per barrel, shale gets very active because the fundamentals become much more supportive of more investments and more production lines.”

Customs Corner

Nigeria Customs Service Reaffirms Commitment to Gender Equality in Decision-Making

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Author: Bashir Muhammad.

The Nigeria Customs Service (NCS) has reiterated its dedication to promoting gender equality in decision-making processes as part of its efforts to combat gender discrimination and gender-based violence.

At a capacity-building workshop on gender inclusivity, co-organized by the World Customs Organization (WCO) and the NCS in Abuja on Monday, April 22, 2024, the Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed his commitment to fostering a gender-inclusive environment within the service.

Acting Deputy Comptroller-General of Customs, Caroline Niagwan, represented the CGC at the event, where she emphasised the need for clear policies and procedures to address gender discrimination, harassment, and biases within the NCS.

“Our aim is to create a workplace where everyone has equal opportunities to grow and contribute to the service’s success, regardless of gender,” the CGC said. “We are committed to addressing gender discrimination, harassment, and biases within our ranks, and we will work tirelessly to ensure that our policies and practices reflect this commitment.”

The workshop brought together customs officials, gender experts, and stakeholders to discuss strategies for promoting gender inclusivity and addressing gender-based violence in the workplace.

With this reaffirmed commitment, the NCS demonstrates its dedication to creating a more inclusive and equitable work environment where all employees can thrive and reach their full potential.

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Customs Corner

CGC Adeniyi Meets NFIU DG, Reiterates Commitment to Enhance Border Security

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Author: Muhammad Bashir.

The Comptroller-General of Customs (CGC), Bashir Adeniyi, had on Tuesday, 16 April 2024, received in audience the Nigerian Financial Intelligence Unit (NFIU) delegation, led by Director General Hafsat Bakari, at the Service’s Headquarters in Abuja.

CGC Adeniyi’s meeting with DG Bakari centred around sealing a strong partnership that will enable the two agencies to take measures of enhancing border security through intensifying onslaught against smugglers and money launderers and other terrorism financing activities.

The CGC, while addressing the NFIU officials, congratulated DG Bakari for her appointment to head the organisation. He expressed Nigeria Customs Service’s commitment to support NFIU by way of establishing a joint team that will be tasked to address some pressing issues.

“I want to wish you a successful tenure. I see, through your passion, your commitment to Project Nigeria, and I also see the collaborative spirit that you brought on board. These are all things that I share also because I believe that we can draw strength from each other, assist ourselves, and get things done.” the CGC said.

“We need to form an internal team that will be drawn up from our side to review those outstanding issues so that we begin to see, in a determined effort, what we can do,” he added.

Speaking earlier, the NFIU Director-General, Hafsat Bakari, applauded the NCS’s resilient commitment to safeguarding Nigerian borders, particularly in combating smuggling activities.

Emphasising the importance of information sharing, Mrs Bakari highlighted that her visit to the Headquarters of the Nigeria Customs Service is to establish a cordial relationship with the service in intelligence sharing.

She said, “We recognise the vital role of the NCS in protecting Nigeria’s borders, preventing the smuggling of illicit goods, but also in ensuring that those who import goods into our country pay the appropriate fees and levies that are due to the federal government.”

According to her, the ultimate goal of the NFIU was to ensure the safety and prosperity of Nigeria, adding that “we want to make sure that we have efficient systems processes and technologies in place to identify the smuggling of currency and other high-value items.

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Customs Corner

Nigeria Customs Command and Staff College Graduates 50 Officers of Junior Course 18

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As CGC Adeniyi Commends Directing Staff, Instructors for Dedication to Service

Author: Muhammad Bashir.

The Nigeria Customs Command and Staff College, Gwagwalada, marked a significant milestone on Friday, April 19, 2024, as it graduated 50 officers from Junior Course 18. The ceremony, held at the Ahmadu Makarfi Hall of the college, was attended by top officials of the Nigeria Customs Service, family members, and friends of the graduating officers.

Comptroller-General of Customs Bashir Adeniyi, represented by Deputy Comptroller-General in charge of Human Resources and Development Greg Itotoh, commended the directing staff and instructors for their exceptional input throughout the training session. He praised the graduating officers for their hard work and dedication, urging them to apply the knowledge and skills acquired during their training to enhance the service’s operations.

DCG Itotoh emphasised the importance of capacity building in achieving the Nigeria Customs Service’s strategic goals, stating, “The Service is committed to building a strong and effective team, and this graduation is a testament to that commitment.” He encouraged the graduating officers to be innovative and proactive in their approach to customs operations, embracing technology to enhance effective service delivery.

Commandant of the College, ACG Kingsley Egwuh, also praised the directing staff for their dedication and hard work in shaping the officers’ minds. He congratulated the graduating students, urging them to embrace the opportunities and challenges ahead and make a positive impact in the Nigeria Customs Service.

The graduating officers, who have completed their training in various aspects of customs operations, leadership, and weapon handling, are expected to be deployed to various formations of the Service, where they will apply their knowledge and skills to enhance effective service delivery.

The ceremony featured the presentation of certificates and awards to deserving officers, recognising their outstanding performance during the training.

Earlier, the College had also held a regimental dinner for the graduating officers of Junior Course 18 on the 17th of April, 2027 – where Comptroller-General of Customs Bashir Adeniyi urged them to embrace professionalism and integrity in their service.

As the Special Guest of Honour at the Regimental Feast, CGC Adeniyi took to the podium to congratulate the graduating students after scaling through a series of rigorous training in the colleges, which, according to him, were meant to equip them to master the technical know-how of the Customs work.

Celebrating their academic achievements, CGC Adeniyi, however, enjoined them to be good ambassadors of the Service and give their careers purposeful meaning and uphold the motto of the Nigeria Customs Service—Justice and Honesty.

He added, “As you all return to your respective Commands, put everything you’ve learned to the test. That is the only gratitude you can show to those who have taken time to develop the curriculum which you were taught here.”

“You have been here for some time. You have developed yourselves. In a couple of years, the business of the Nigeria Customs Service will rest squarely on your shoulders”, he said.

The night concluded with a sense of accomplishment and pride, marking not only the end of academic pursuits but also the beginning of a journey for these graduates to carry forward the values of the Nigeria Customs Service with honour and dedication.

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