Economy

Nigeria Consumes 12m Litres Of Diesel Daily

Published

8 years ago

11/12/2016

By Ladi Patrick

National president of Jatropha Growers, Processors and Exporters Association of Nigerian (JAGPEAN), Major General J. Omosebi (Rtd) has disclosed that about 12 million litres of diesel were consumed daily in the country.

The president, who stated this recently in Abuja, said blending with 20 percent biodiesel, the country needed 2.4 million litres of biodiesel daily while for 365 days 876 million would be required. According to him, there were very little data of the Jatropha available in the country, stating that it is believed that it is insignificant to the quantity that were required for the policy.

“To stem this trend, the farmers’ Association has begun to compile the data to know the short fall that would be required. We are also aware that it takes about 4-5 years for the plant to mature depending on rainfall and soil condition”, he said.

The president disclosed that for some years many people have advocated the need to use the Jatropha oil and its derivatives as alternative to the fossil fuel to diversify the economy.

He stated that pleas were not acknowledged then because the fossil fuel provided the needed funds. However, the president said the sudden fall in oil prices and the difficulty of accessing the oil fields, informed the need to seek for alternative sources of revenue which became paramount.

Mr Omosebi explained that Jatropha has come in handy to provide the survival strategy needed to reduce the vulnerability of the economy stating that it is gratifying and cheering that the federal Government has signed the Paris agreement on mitigation of climate change.

“Each signatory member of conference of parties ‘COP21 of the international body was required to declare what it would contribute to the reduction of adverse climate change in a document called Intended Nationally Determined Contribution INDC,” he said.

According to him Nigeria prepared its INDC, signed it and has deposited it in the COP/UN secretariat. The president informed that INDC states that it would reduce the consumption of fossil based diesel by blending 20 percent of biodiesel into every litre of fossil diesel AGO, that would be consumed by it by 2020, while it would do the same with petrol blending 10 percent of ethanol into every litre of premium motor spirit PMS, consumed in the country.

He disclosed that the Federal Government has directed the ministry of petroleum resources to review and update the Bio Fuel policy while the reviewed policy would give the NNPC Mandate to purchase all biodiesel ethanol produced for the 20 percent/10 percent blending in addition to providing the institutional framework to ensure that the policy were carried out faithfully.

http://nigerianpilot.com/nigerians-consumes-12-million-litres-diesel-daily-jatropha-president/

Economy

FrieslandCampina, Afriland Properties Weaken NASD Index by 0.24%

Published

1 day ago

26/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.

FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.

However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.

Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.

The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.

Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.

Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.

Economy

Nigeria’s Stock Market Gives up 0.30% Friday

Published

1 day ago

26/04/2025

Dipo Olowookere

stock market how to invest in US stocks in South Africa

By Dipo Olowookere

A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.

This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.

The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.

Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.

The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.

The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.

At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.

The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.

This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.

GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.

Economy

Naira Now N1,599/$1 at Official Market, N1,605/$1 at Black Market

Published

1 day ago

26/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.

The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.

However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.

At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.

In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.

The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.

The agency and industry have been awaiting congressional action to establish crypto market-structure oversight that will likely set guardrails, and Atkins told an audience at the SEC’s Washington headquarters that the regulator will work toward delivering “a rational, fit-for-purpose framework” for crypto.

Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.

On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.