By Dipo Olowookere
A leading poultry hatchery in the central African region, located in Douala, and a member company of the JS NOUTCHOGOUIN Group, AGROCAM, has purchased one of GE’s Jenbacher J316 gas engines from Clarke Energy, GE’s distributor of Jenbacher gas engines in Cameroon, to address the fundamental challenges related to long-term power outages, which have a great impact on poultry breeding in Cameroon.
A severe shortage of essential electrical infrastructure in sub-Saharan Africa is making it difficult for efforts aimed at achieving more rapid social and economic development.
According to the International Energy Agency, natural gas will be the fastest-growing fuel in use for power generation in Africa.
Given the critical nature of poultry hatcheries, a half-hour power outage can completely cripple a business, leading to a complete overhaul of the hatchery installations—since all eggs in the incubator would perish as a result of improper storage temperature control and ventilation.
To help meet the demand for alternative energy supply to stabilize and rebuild, AGROCAM previously used a diesel generator for backup to the grid to ensure routine operation of its hatchery, which proved to be costly given the prolonged hours of grid power outages in addition to the environmental pollution associated with diesel generators.
“More than ever before, AGROCAM believes that a stable, reliable and cost-effective source of power is crucial to revive the poultry business in Cameroon, which suffered a big hit from the 2016 avian influenza (or bird flu) outbreak that paralyzed poultry farmers in Douala and the surrounding areas. Energy currently represents 50 percent of our operational costs,” said Noutchogouin Jean Samuel, board chairman, AGROCAM.
“GE’s natural gas-fired Jenbacher gas engine will produce a nominal electrical output to power the hatchery and egg tray production facility, providing a highly efficient, economical solution to meet our needs and realize substantial annual savings,” said Noutchogouin Philippe, managing director, AGROCAM.
GE’s Jenbacher J316 gas engine will produce 813 kilowatts of power. Heat will be recovered from the hot exhaust gases of the generator in the form of hot air and will be injected into the ovens of the egg tray production machines for drying. This will save the cost of fuel currently burned for drying and therefore, it will increase the efficiency and allow for the optimum use of the gas generator.
“The technical maturity and high degree of reliability of GE’s Jenbacher Type 3 gas engines make them a leader in their range. Long service intervals, a maintenance-friendly engine design and low fuel consumption ensure a high operating efficiency, while enhanced components prolong service life,” said Ali Hjaiej, business development director—Africa, Clarke Energy. “As AGROCAM battles local power outages from Cameroon’s unstable grid, GE’s proven, cost-effective, Jenbacher gas engine technology provides AGROCAM with a solution to help meet the growing energy needs of the region while increasing the efficiency and reliability of the customer’s grid.”
GE’s Jenbacher Type 3 gas engines offer proven savings on service and fuel consumption as well as excellent efficiency.
Two-stage mixture cooling enables high flexibility, while the turbocharger bypass evens out extreme operating conditions.
They are also suitable for a range of applicable gas types including natural gas, associated petroleum gas, propane, biogas, sewage gas, landfill gas, coal mine gas and other special gases such as coke, wood and pyrolysis gases.
In addition, the gas engines increase efficiency levels and reduce industrial emissions. The gas engines are designed for 80,000 full-load operation hours before a major overhaul.
“GE’s distributed power portfolio is perfectly suited to support the huge demand for reliable and uninterrupted power in sub-Sahara Africa. With an installed base spanning several countries in Africa, we are powering the continent with our scalable and modular solutions across various applications—particularly renewable and waste-to-energy, industrial power generation and cogeneration/CHP (combined heat and power) and oilfield power generation. In a CHP configuration, our Jenbacher gas engines can deliver electricity and heat at efficiencies of more than 90 percent,” said Oluwatoyin Abegunde, sales director for the sub-Saharan Africa region for GE’s Distributed Power. “By working with Clarke Energy on this important project, we are able to meet the needs of our customer and Cameroon for a more sustainable supply of electricity.”
Nigeria’s Crude Oil Exports Jump 88.6% to N11.53trn in Six Months
By Adedapo Adesanya
Nigeria earned N11.53 trillion from the export of crude oil in the first half of 2022, according to the latest data released by the National Bureau of Statistics (NBS), jumping by 88.6 per cent compared with N6.11 trillion recorded in the first half of 2021.
In its Foreign Trade Statistics for the Second Quarter of 2022, the NBS noted that crude oil export in the first six months of 2022 accounted for 79.47 per cent of total exports in the period under review, while it also accounted for 44.62 per cent of total trades in the same period.
Giving a breakdown of crude oil exports in the first half of 2022, the NBS stated that in the first quarter of the year, crude oil valued at N5.621 trillion was exported by the country, while in the second quarter, N5.908 trillion was exported.
In comparison, in the first quarter of 2021, the NBS said Nigeria earned N2.043 trillion from crude oil exports, while in the second quarter, N4.072 trillion crude oil export sales were recorded. Furthermore, in the third and fourth quarters of 2021, Nigeria recorded crude oil export of N4.026 trillion and N4.269 trillion, respectively.
The country’s statistical authority put Nigeria’s total trade in the first half of 2022 at N25.843 trillion, comprising N13.001 trillion and N12.841 trillion in the first and second quarter of the year, respectively; while total export trade for the first half of 2022 stood at N14.507 trillion, with N7.1 trillion and N7.407 trillion export recorded in the first and second quarter respectively.
Specifically, the NBS reported that in the second quarter of 2022, crude oil ranked as the most exported commodity in the country, with 79.77 per cent of the country’s total export.
Furthermore, the statistics agency stated that the most of Nigeria’s crude oil export in the second quarter of 2022 was to European countries, with the continent purchasing Nigeria’s crude oil valued at N2.737 trillion; followed by Asia, with N1.916 trillion; while countries in America purchased N861.937 billion.
Africa accounted for N355.853 billion of Nigeria’s crude oil export, while N36.459 billion worth of Nigeria’s crude oil was exported to Oceania.
India emerged as the highest buyer of Nigeria’s crude oil, with N1.009 trillion worth of the commodity shipped to the country in the second quarter; followed by the Netherlands, with the purchase of N886.314 billion worth of Nigeria’s crude oil; while N854.859 billion crude oil was exported to Spain.
Other major crude oil export destinations were Indonesia, N614.954 billion; United States, N488.356 billion; Italy, N253.817 billion; Sweden, N232.152 billion; Canada, N226.704 billion; France, N192.273 billion and Ivory Coast, N191.425 billion.
Purchasing Managers’ Index Hits Five-Month High of 53.7
By Adedapo Adesanya
Stanbic IBTC’s Purchasing Managers’ Index (PMI) hit a five-month high of 53.7 points in September, up from 52.3 in August and signalling a solid strengthening in the health of the private sector at the end of the third quarter.
According to the index, the end of the third quarter of 2022 saw growth gather momentum in the Nigerian private sector.
This was corroborated by sharper rises in output, and new orders, while there were emerging signs of capacity pressures. Cost inflation largely remained elevated due to currency weakness while business confidence waned.
The headline PMI rose by 1.4 points to 53.7 points, indicating that the improvement in business conditions was the most marked since May.
Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show a deterioration.
In line with the headline figure, both output and new orders increased at sharper rates during the month. Firms often linked higher new business to rising demand, with some reporting that customer referrals had supported growth. In turn, output rose for the third month running and at the fastest pace since April.
Rising new orders, and some reports of difficulties securing the necessary funding, resulted in a renewed increase in backlogs of work during September, the first in 28 months.
Companies also increased their staffing levels and purchasing activity, largely in response to greater new business volumes.
In both cases, however, rates of expansion eased from the previous survey period. Higher purchasing activity fed through to a further accumulation of inventories.
In a statement, the lender noted that, “Purchase costs rose sharply, with anecdotal evidence often linking higher prices to currency depreciation. Meanwhile, staff costs increased at the fastest pace in three months. Panellists reported that efforts to motivate staff and help them with higher living costs had been behind salary increases.
“With overall input costs again rising at one of the sharpest rates since the survey began, Nigerian companies increased their selling prices accordingly. Although marked, the rate of charge inflation slowed sharply and was the joint-weakest in 21 months. Suppliers’ delivery times continued to shorten, often as a result of strong competition among vendors. The latest shortening of lead times was marked and the most pronounced in four months.
“Despite the improving growth picture in September, firms reported waning confidence in the year-ahead outlook. Sentiment remained positive overall but was the lowest since August 2021 and among the weakest on record. Those firms that expressed optimism often mentioned business expansion plans.”
Value of NASD OTC Exchange Rises by N16.09bn in Week 39
By Adedapo Adesanya
The 39th week of trading in 2022 at the NASD Over-the-Counter (OTC) Securities Exchange saw an expansion of 1.69 per cent as investors gained N16.09 billion in the five days of trading.
According to data from the bourse, the market capitalisation, which measures the value of the trading platform, grew to N968.60 trillion from the N952.51 billion it closed in week 38.
Also, the NASD OTC Securities Exchange Index rose by 12.24 points to close at 735.79 points, in contrast to the 723.56 points of the preceding week.
Business Post reports that the positive outcome for the week was influenced by three stocks led by Central Securities Clearing System (CSCS) Plc, which improved by 13.1 per cent to N14.17 per share from N12.53 per share. NASD Plc appreciated by 7.7 per cent to N14.00 per unit from N13.00 per unit, while FrieslandCampina WAMCO Nigeria Plc increased by 6.7 per cent to N78.00 per unit from N73.00 per unit.
In the week, the share price of Niger Delta Exploration & Production (NDEP) Plc went down by 6.5 per cent to N186.00 per unit from N199.00 per unit.
As for the activity level, the value of trades went down by 65.1 per cent to N52.8 million from N151.3 million, while the volume of transactions decreased by 97.8 per cent to 571,164 units from 25.3 million units, with the number of deals rising by 8.7 per cent to 50 deals from the preceding week’s 46 deals.
NDEP Plc was the most active stock by volume in the week with the sale of 226,728 units, followed by NASD Plc with 202,500 million units, CSCS Plc transacted 80,380 units, FrieslandCampina WAMCO Nigeria Plc recorded 36,808 units and 11 Plc traded 22,168 units.
In terms of value, the most traded stock was also NDEP with N42.3 million, followed by 11 Plc with N3.8 million, NASD Plc exchanged N2.8 million, FrieslandCampina WAMCO Nigeria Plc traded N2.7 million, while CSCS Plc traded N1.5 million.
on a year-to-date basis, investors have transacted 3.5 billion units of securities worth N26.7 billion in 2,169 deals.
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- Nigeria’s Crude Oil Exports Jump 88.6% to N11.53trn in Six Months October 3, 2022
- Purchasing Managers’ Index Hits Five-Month High of 53.7 October 3, 2022
- Value of NASD OTC Exchange Rises by N16.09bn in Week 39 October 3, 2022
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