Economy
NCDMB to Complete Second Bayelsa Oil and Gas Park July
The Nigerian Content Development and Monitoring Board (NCDMB) has commenced the construction of phase two of the Nigerian Oil and Gas Parks Scheme (NOGAPS) situated in Emeyal-1, Ogbialand, Bayelsa State.
At a townhall meeting last week, Executive Secretary of NCDMB, Mr Simbi Kesiye Wabote, said the 25 megawatts independent power plant (IPP) being constructed in partnership with the Nigerian Agip Oil Company (NAOC) will supply electricity to the park and other dedicated facilities when completed in July 2019.
He explained that the contract for new phase of Bayelsa NOGAPS was approved by the Federal Executive Council, which underlines President Mohammed Buhari’s commitment to ensure comprehensive development of the Niger Delta region, spur the incubation of manufacturing of oil equipment in-country to generate employment for young people.
He stated that the main purpose of the townhall meeting was “to formally inform stakeholders that we have secured Federal Government’s approval to award the contract for the construction of roads and drainage system in furtherance of the development plan of the industrial park.“ The new phase of the project would include the construction of pavements, walkways, parking lots, concrete-lined drainages, service ducts amongst others, he said.
Mr Wabote thanked the community stakeholders for the success so far recorded in the first phase of the project, adding that “it is due to the support so far received on the sand-filling and fencing works that gives us the confidence to continue to the next phase of the project development.”
He underscored the need for continued support of the stakeholders as the project is meant to bring progress and jobs to their area.
He added that “I expect utmost cooperation from all as you play your roles and be part of history that will place your community on the map of oil and gas manufacturing activities. Such roles include checkmating any individual or group that wants to derail this wonderful opportunity from coming to fruition in your community.”
The Executive Secretary confirmed that O.K. Isokariari & Sons won the bid for the 2nd phase of the NOGAPS project and canvassed for maximum support for the contractor to enhance timely completion of the project.
He stated that the contract made provision for hiring of a minimum of 80 percent of all ‘unskilled labour’ from the host and immediate communities for the project execution, a minimum of 50 percent of the semi-skilled and 20 percent of the skilled labour requirements, except where there is no response from the communities to such advertised positions.
The NCDMB boss also indicated that community suppliers would participate in the supply of sand, granite, water, fuel, and other construction supplies to be determined by the contractor and they would be subject to the quality required and fair market price.
He charged the contractor to ensure safety and security at the site and promote cordial and harmonious relationship with the communities. The firm is also expected to deliver on time, within budget and to the specified quality. “We have there two cardinal objectives in this project. The first is to maximize the participation and employment of persons from the communities in the project. The second is to ensure that the project is successfully completed on schedule.”
Further scopes lined up for the development of the 25 hectares industrial park include the provision of electrical and water utilities, warehouses, manufacturing shop floors, factories, capacity building centre, hostels, administrative block, mini estate, security posts, fire station, and other facilities.
Providing insight on the NOGAPS concept, the Executive Secretary stated that the oil and gas park “fits perfectly into our mantra to domicile and domesticate oil and gas activities in-country. A key benefit to highlight is that about 2,000 jobs are projected to be created when this park is in full operation in addition to serving as capacity development center and on-the-job training hub for our youths. There is no doubt that this project will positively impact Bayelsa State in general and the Ogbialand/ Emeyal-1 community in particular.”
The Obanobhan 111 of Ogbia Kingdom, King Dumaro Charles-Owaba suggested the setting up of a monitoring committee to be composed of representatives NCDMB and the community stakeholders, which would liaise with the Board and the contractor as well as provide members of the communities updates on the project.
Other stakeholders who spoke at the meeting promised a conducive environment for the project while imploring the contractor to avail them ample opportunities to participate in the execution.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange entered a third straight day of losses after it fell by 0.12 per cent on Wednesday, June 10.
The depletion trimmed the market capitalisation further by N3.1 billion to N2.590 trillion from N2.593 trillion, and cut the NASD Unlisted Security Index (NSI) by 5.19 points to 4330.12 points from 4,335.31 points.
11 Plc lost N22.21 during the session to finish at N221.00 per share versus the previous day’s N243.21 per share, MRS Oil Plc depreciated by N6.90 to N158.10 per unit from N165.00 per unit, and Central Securities Clearing System (CSCS) Plc decreased by N2.81 to N78.32 per share from N81.13 per share.
On the flip side, FrieslandCampina Wamco Nigeria Plc went up by N9.27 to N183.08 per unit from N173.81 per unit, Nitrox Industrial Gases Plc added N1.92 to its value to close at N23.80 per share compared with the preceding day’s N21.88 per share, and Food Concepts Plc gained 10 Kobo to exchange at N2.58 per unit, in contrast to Tuesday’s closing price of N2.48 per unit.
At the close of business, the volume of securities traded by investors contracted by 92.6 per cent to 117,374 units from 1.6 million units, and the value of securities moderated by 80.5 per cent to N12.2 million from N62.3 million, while the number of deals increased by 4.9 per cent to 43 deals from 41 deals.
Great Nigeria Insurance (GNI) Plc finished the day as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units traded for N6.5 billion, and CSCS Plc with 65.2 million units exchanged for N4.4 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 valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million
By Adedapo Adesanya
The Naira fell against the United States Dollar by N1.50 or 0.11 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell at N1,362.05/$1 on Wednesday, June 10, compared with the N1,360.55/$1 it traded on Tuesday.
Also, the local currency lost N4.33 against the Pound Sterling in the official window yesterday to trade at N1,827.33/£1 versus the preceding day’s N1,823.00/£1, and depreciated against the Euro by N1.74 to quote at N1,575.35/€1, in contrast to N1,573.61/€1 of the previous session.
However, at the GTBank forex desk, the Naira gained N3 against the US Dollar to sell at N1,370/$1 versus N1,373/$1, and at the parallel market, it remained unchanged at N1,380/$1.
Updated data from the Central Bank of Nigeria (CBN) showed that foreign reserves surged further due to additional inflows from various sources. Nigeria’s gross external reserves increased to $50.439 billion, its highest level since March 2026, reflecting sustained inflows from oil revenue and other FX sources.
Also, the International Monetary Fund (IMF) has said increased confidence in the Naira, supported by lower and more stable inflation, would encourage households, businesses and investors to hold more local currency assets and reduce reliance on foreign currencies.
The global lender, in a recent assessment, stressed the importance of strengthening the CBN’s operational framework and aligning liquidity management operations more closely with monetary policy objectives.
In the cryptocurrency market, there were recoveries from recent losses as US headline inflation rose an expected 0.5 per cent in May, but the beat on the core rate — which cuts out food and energy costs — pleased markets. The core rate, though, rose just 0.2 per cent in May against forecasts for 0.3 per cent.
The print reinforces the view that the US Federal Reserve will keep interest rates at 350-375 basis points at its June 17 meeting, but is likely to increase rates by 25 basis points by the end of the year.
Cardano (ADA) went up by 2.4 per cent to $0.1647, Bitcoin (BTC) rose by 2.3 per cent to $62,794.09, Binance Coin (BNB) jumped 1.8 per cent to $596.23, Ethereum (ETH) grew by 1.7 per cent to $1,658.12, and Solana (SOL) also soared by 1.7 per cent to $65.23.
Further, Dogecoin (DOGE) appreciated by 1.5 per cent to $0.0849, Ripple (XRP) expanded by 0.4 per cent to $1.11, and TRON (TRX) increased by 0.05 per cent to $0.3218, while the US Dollar Tether (USDT) lost 0.10 per cent to close at $0.9989, and the US Dollar Coin (USDC) declined by 0.01 per cent to $0.9997.
By Adedapo Adesanya
Oil prices jumped early on Thursday as Iran declared the critical energy chokepoint, the Strait of Hormuz, closed after the US launched additional strikes against the Middle East oil producer.
Brent futures rose $1.48 or 1.59 per cent to $94.58 per barrel, and the US West Texas Intermediate (WTI) crude climbed $1.71 or 1.90 per cent to $91.74 a barrel.
Iran’s top joint military command announced the closure of the Strait of Hormuz on Thursday, including oil tankers and commercial ships, saying any vessel attempting passage will be shot at.
Market analysts noted that the renewed escalation in fighting prompted oil prices to rally in early morning trading.
On Wednesday, the US military said on X that commercial ships continue to transit in and out of the strait. It also said no US warships have been struck in the strait, after Iran’s state media reported US ships near the waterway were targeted by missiles and drones.
US forces began launching additional strikes against multiple targets in Iran on Wednesday, the latest in an escalating exchange of attacks that threaten to reignite a full-scale war, which was paused in early April when the two sides agreed to a fragile ceasefire.
Defence Secretary Pete Hegseth held a press briefing announcing further attacks on Iran, saying, “If we need to negotiate with bombs, we’ll negotiate with bombs.” US Central Command later described those attacks as targeting “Iranian military surveillance capabilities, communication systems, and air defence sites across Iran.”
In response to the attacks, Iran’s top joint military command then announced that the Strait was closed to all shipping.
President Donald Trump said the strikes would stop shortly, but that they would continue if Iran’s leaders did not sign an agreement with the US immediately.
Iran’s months-long blockade of the strait, which normally carries a fifth of global oil and gas shipments, has kept oil prices elevated.
The latest exchange of strikes between the US and Iran marks the most significant escalation in the conflict since both countries agreed to a fragile ceasefire in April. Since then, oil inventories have drained dramatically, and no tangible breakthroughs have been announced.
Crude oil inventories in the US decreased by 7.2 million barrels during the week ending June 5, according to new data from the Energy Information Administration (EIA). The EIA’s data release follows figures that were released by the American Petroleum Institute (API) a day earlier, which reported that crude oil inventories saw a draw of 9.119 million barrels in the period.
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