Agriculture & Nigerian Economy
Nigeria Loses N343 Billion as Oil Firms Burn 265 Billion Cubic Feet of Gas in 9 Months
Oil and Gas firms operating in the country flared 265.18 billion standard cubic feet of gas between January and September 2020 representing a decline of 23.6 percent compared to 347.15 cubic feet of gas flared in the corresponding period of 2019.
According to the data obtained from the National Oil Spill Detection and Response Agency, NOSDRA, the 265.18 billion cubic feet of gas flared in the first half of 2020, translated to a loss of 928.3 million dollars, an equivalent of 343.47 billion naira.
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Thus, the oil producing firms responsible for this flaring are expected to pay penalties amounting 530.5 million dollars (an equivalent of 196.29 billion naira) for breaching the flaring laws in the period under review.
The volume of Gas flared in the nine-month period is also an equivalent of 14.1 million tonnes of carbon dioxide emission and has a power generation potential of 26,500 Gigawatts per hour.
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Agriculture & Nigerian Economy
Nigeria’s Strategic Objective to Capture 10% Of Africa’s Import by 2035 – Achimugu
The Nigerian National Action Committee on the African Continental Free Trade Area, AfCFTA, has revealed that its strategic objective is to capture 10 per cent of Africa’s imports by 2035, thereby doubling Nigeria’s export in the process.
This was disclosed by the coordinator oil and gas work stream, secretariat of the National Action Committee on the AfCFTA, Franca Achimugu, at the implementation plan adoption meeting with the oil and gas work stream which was held at the Nigeria National Petroleum Corporation headquarters, in Abuja, on Thursday.
While introducing the agreement and what the oil and gas sector stands to benefit from its full implementation, she said, “AfCFTA means Nigeria is no longer Africa’s largest economy, we need to sit up and get our house in order.”
She added that Nigeria is aligning itself for agreements, which comes with the elimination of tariffs.
She also mentioned that Nigeria’s mission is to become the preferred provider of value-added services to Africa.
Recall that it was reported earlier this month that the AfCFTA secretariat and the African Export-Import Bank signed an agreement on the management of the base fund of the AfCFTA adjustment fund.
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The AG. Controller general, federal fire service (ffs), Karebo Pere samson has cautioned Nigerians against storage of premium motor spirits (PMS) popularly known as petrol in their homes during this period of scarcity.
Karebo said petrol is a highly inflammable liquid which if not handled carefully can cause serious fire explosion.
This was disclosed in a statement released by Abraham Paul the public relations officer of the services
Karebo explained that invariably there is always a risk of a fire outbreak or an explosion if there is a source of ignition nearby such as a naked flame or an electrical spark.
The ag controller general stressed that Nigerians should avoid any act which could lead to fire outbreak in their environment.
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Agriculture & Nigerian Economy
NNPC Ltd Commences Distribution Of 1Billion Litres Of Petrol Across Nigeria to Ease Fuel Crisis
The Nigerian national petroleum corporation limited has said that it has commenced the distribution of one billion litres of safe premium motor spirit to fuel stations across the country.
This was made known by group executive director, downstream, NNPC, Adetunji Adeyemi on Tuesday in Abuja during a press briefing.
He said in order to ensure smooth distribution of the PMS nationwide, NNPC constituted a monitoring team with the support of the Nigeria midstream and downstream petroleum authority and other security agencies.
Adeyemi stated that the NNPC commenced operations on Tuesday at its depots and retail outlets to aid with the distributions across the country and an additional 2.3 billion litres of PMS is expected to arrive in Nigeria before February ends in order to address the current situation and restore sufficiency above the 30-day national target
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