Economy
Nigeria’s Gas Output Rises 3.5% to 156.95 BSCF in June 2024
By Adedapo Adesanya
Nigeria’s gas output for June 2024 rose by 3.5 per cent to 156.952 billion standard cubic feet (BSCF) from the 151.632 billion SCF recorded in the previous month (May 2024).
According to gas production data released by the Nigerian National Petroleum Company (NNPC) Limited in its Gas Production and Utilisation Report for June 2024, Associated Gas (AG) accounted for 103.158 billion SCF of gas, representing 65.73 per cent of the country’s total output, while Non-Associated Gas (NAG) accounted for 34.27 per cent of total gas output with 53.794 billion SCF.
Of the total gas output, NNPC noted that 147.634 billion SCF of gas was utilised in the month under review, representing 94.1 per cent of the total gas output, while 9.263 billion SCF of gas, representing 5.9 per cent, was flared.
Giving a breakdown of the volume of gas utilised, the national oil firm stated that 65.776 billion SCF, representing 41.91 per cent of the commodity was used by the Nigerian Liquefied Natural Gas (NLNG); domestic sales by the Nigerian Gas Company (NGC) and others stood at 21.598 billion SCF, representing 14 per cent of the total; while 9.527 billion SCF, 2.957 billion SCF and 1.501 billion SCF were utilised as fuel gas, by the Escravos Gas-to-Liquid (EGTL) project, and as Natural Gas Liquid/Liquefied Petroleum Gas (NGL/LPG).
In addition, 29.48 per cent of the total gas output, which is 46.267 billion SCF was reinjected and used as gas lift make-up in the month under review; while 9.263 billion SCF of gas was flared, rising by 0.42 per cent compared with 9.224 billion SCF recorded in May 2024.
The NNPC reported that Shell Nigeria recorded the highest gas output in the month under review, with 37.161 billion SCF of the commodity, comprising 2.845 billion SCF of associated gas and 34.316 billion SCF of non-associated gas.
Total Energies followed with 21.021 billion SCF of gas, with associated gas accounting for 10.952 billion SCF and non-associated gas accounting for 10.070 billion SCF; Mobil recorded 20.584 billion SCF of gas; Chevron Nigeria – 19.538 billion SCF; Star Deep Water’s Agbami Floating Production Storage and Offloading (FPSO) vessel 12.661 billion SCF and Total Upstream’s Akpo FPSO – 11.618 billion SCF of gas.
Furthermore, the state oil firm identified the worst offenders in terms of gas flaring in June 2024 including Nigerian Petroleum Development Company/Seplat Petroleum Development Company (NPDC/SPDC) Joint Venture (JV), who flared 100 per cent of their 82 million SCF of gas output, while Seplat also flared 100 per cent of its 108 million SCF gas output.
NPDC-CNL JV produced 208 million SCF of gas and flared 97 per cent of its total output; Enageed (Oil Mining Lease 148) flared 96.97 per cent of its 117 million SCF of gas output; while First Exploration and Production (E&P) Company flared 81 per cent of its 691 million SCF of gas output.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
