Economy
Nigerdock Attracts More Investments, Deepens Nigeria-UK Ties
By Dipo Olowookere
The new British Deputy High Commissioner for Lagos, Ms Laure Beaufils, visited Snake Island Integrated Free Zone (SIIFZ) to see first-hand the significant potential to further strengthen the bilateral relationship between the United Kingdom and Nigeria, by enabling UK businesses to partner with Jagal Energy and Nigerdock and to promote exports to, and investment in, Nigeria.
Ms Beaufils made this known during her visit to the company’s extensive facility, located at Snake Island Integrated Free Zone in Lagos, as part of her familiarization of the oil and gas industry in her new role to explore opportunities for UK firms to do business in Nigeria. To date, Jagal has invested over $550m at the Free Zone and continues to expand to drive greater local content capability, working with the UK and many others.
Speaking during the visit, the British Deputy High Commissioner lauded the significant contributions of Jagal Energy and Nigerdock to the growth of Nigeria’s energy sector by stating:
“The scale of investment within Nigerdock here is much more than I had anticipated. The facility is very large and there is so much strategic investment in terms of materials and facilities which provides massive opportunities for companies working in oil and gas supply chain to partner with Nigerdock and Jagal Energy.
“There is a lot more I know that can be done here and I have been incredibly impressed by what is available here.
“We all know that oil and gas industry contributes hugely to Nigeria’s export revenue, so it is fundamental that this industry continues to be effective and efficient. Stakeholders like Jagal Energy are key players in the field. And they are at the heart of growth, job and economic development in Nigeria,” she noted.
The British Deputy High Commission will explore opportunities for UK businesses to partner with Nigerdock as this can further strengthen the socio-economic and political ties between the two countries.
She was received and conducted on a tour by a team of top executives of Jagal and Nigerdock.
While presenting an overview of Jagal Energy to the delegation, the Group MD Chris Bennett explained that Jagal has been at the forefront in providing world class services in Nigeria’s energy sector for many years, driven by its core values of leadership, excellence, accountability and dynamism.
Nigerdock is a wholly owned Nigerian company with diverse capabilities that support highly complex oil and gas projects, during all stages of an asset lifecycle.
The company’s facility is an integrated hub that offers services to broad range of leading global IOC’s and National clients across the energy sector.
The Group MD also stated that at the very core of these major oil and gas deliveries is Nigerdock’s committed passion for developing a highly skilled indigenous workforce in-country in line with local content development standards.
Nigerdock is also the largest shipyard facility in West Africa and continues to strive to achieve its vision to maximize its stakeholder returns, thus fostering National economic development, enhance the capabilities and most importantly the competencies of its people, and build a sustainable and efficient skills base. In terms of capacity building in Nigeria, Nigerdock provides the highest quality needs-based training and development.
This track record is delivered through the Nigerdock Training and Development Academy, a fully-equipped facility which has trained over 6,000 personnel in a range of skills including project management, quality, occupational health and safety, welding, fitting, painting and coating, machining, lifting and rigging as well as scaffolding etc.
Even before the enactment of the NOGICD Act, Nigerdock was at the forefront of Nigerian content development and has come to be known across the industry as the Champion of Nigerian Content. We have attained this recognition not only by consistent investment in our people, infrastructure, equipment and facilities, but also by our dedication to lead the market in building National capacity in Nigeria,” Chris Bennett explained.
The British Deputy High Commission delegation was given an extensive tour of the facility including viewing where Nigerdock are currently preparing to load out, on schedule, to budget the second phase of some 6,500 tonnes of fabricated FPSO structures; the single largest fabrication location in-country for the Egina project. The Egina project involvement, a flagship project for Total, attests to Nigerdock’s massive contributions to local content development in Nigeria.
Nigerdock also added that several global blue-chip businesses and smaller service providers have become investment Partners with Jagal and Nigerdock, due to Jagal Energy’s track record of successful Partnering relationships and bespoke Partnership methods and agreements.
The delegation commended Nigerdock for its commitment to Nigeria and the energy services sector. Over the years, Nigerdock has continuously demonstrated its project execution expertise by taking on and delivering complex projects of an ever-increasing scope and complexity; these projects include the Ofon Phase II Project for Total, the Satellite Field Development project and Erha North Projects for ExxonMobil, and the DSO (Meren and Sonam) project for Chevron among others.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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