Economy
Dangote Refinery to Commence Production in Mid-2023—NNPC
By Adedapo Adesanya
The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has said that the country would stop importing petroleum products by 2023.
Mr Kyari disclosed this at the State House Ministerial Briefing organised by the Presidential Communications Team, on Tuesday in Abuja, saying the combination of output from the Dangote refinery scheduled to begin next year and state-owned refineries would eliminate any importation of petroleum products into the country.
He noted that the NNPC had the right to 20 per cent of production from the Dangote refinery.
“The NNPC owns 20 per cent equity in the Dangote refinery and not only that, and we’re very proud of this. We’re not only owning 20 per cent equity, we have the first right of refusal to supply crude oil to that plant. But we saw this energy transition challenge coming, we knew at that time will come when you look for people who will buy your crude oil you will not find and that means that we have locked down the ability to sell crude oil for 330,000 barrels minimum by right for the next 20 years.
“Also, by right, we have access to 20 per cent of the production from that plant. That means that whatever it does, you know we have a right to take 20 per cent of that production as part of our equity and this refinery will come on stream latest by the middle of next year.
“Projection is the first quarter, but we think that it can come up latest by the middle of next year. If it does, this refinery alone, because it has a 650,000 per barrel capacity and different technology, means that it can crack the crude in a manner that you can have more gasoline than a typical refinery.
“That means that the refinery has the ability to produce up to 50 million litres of PMS. So, the combination of that and our ability to bring back our refinery will completely eliminate any potential petroleum product into this country next year. You will not see any importation into this country next year. This is very practical. This is possible,” Mr Kyari said.
“As a matter of fact, when we’re done with our refineries and the Dangote Refinery, very many small initiatives that we are doing; small, modular, condenser refineries that we’re building, if that happens, and we are very optimistic it will happen, you will see that this country will now be a net exporter.
“As a matter of fact, it will be a hub for the export of petroleum products, not just to the West African sub-region but to the rest of the world.
“This will happen, and the flow of supply will change. By the middle of next year, it will change. So, you will have no need for the importation of petroleum products into this country by the middle of next year,” Mr Kyari added.
In July, Mr Kyari announced that the NNPC limited will be ready to launch an initial public offering (IPO) in the middle of next year.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Naira maintained stability against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 13, at N1,379.65/$1.
However, it appreciated against the Pound Sterling in the official market by N2.44 to exchange at N1,848.18/£1 compared with the previous rate of N1,850.62/£1, and lost 73 Kobo against the Euro to sell at N1,576.39/€1 versus last Friday’s N1,575.66/€1.
At the GTBank fore counter, the Naira declined by N2 to settle at N1,388/$1, in contrast to the previous session’s rate of N1,386/$1, and at the black market, it traded flat at N1,400/$1.
Market analysts expect the Naira to trade within a relatively stable range, supported by sustained FX inflows and a continued market intervention by the Central Bank of Nigeria (CBN), although persistent underlying FX demand is likely to keep depreciation pressures elevated.
According to Monday’s trading data, interbank FX turnover surged by 21.14 per cent to $86.136 million from $71.044 million at the previous trading session on Friday.
However, interbank deal counts declined to 85 from 87 on Monday, reflecting the absence of pressure from US Dollar payments against local units. Last week, total foreign exchange inflows amounted to $0.97 billion, according to a Coronation Merchant Bank research report.
Analysts reported that foreign portfolio investors (FPIs) remained the largest source of inflows, contributing 30.29% or $0.29 billion, closely followed by Exporters and Importers at 30.14 per cent.
Non-bank corporates accounted for 26.49 per cent or $0.26 billion, while the CBN contributed 6.93 per cent or $0.07 billion. Other sources made up the remaining 5.4 per cent of total inflows.
In the cryptocurrency market, major coins came under pressure following heightened expectations for a Federal Reserve interest-rate increase as soon as July, just ahead of key US inflation data and congressional testimony from Chairman Kevin Warsh came into focus.
Bitcoin (BTC) fell by 0.2 per cent to $62,627.03, Solana (SOL) dipped by 1.5 per cent to $75.18, TRON (TRX) depreciated by 0.2 per cent to $0.3248, Ripple (XRP) slumped by 0.6 per cent to $1.06, and Cardano (ADA) lost 0.6 per cent to close at $0.1589.
On the flip side, Ethereum (ETH) appreciated by 0.5 per cent to $1,784.26, Dogecoin (DOGE) grew by 0.2 per cent to $0.073, and Binance Coin (BNB) jumped by 0.2 per cent to $569.23, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
