Economy

Nigeria Earned $21bn from Oil/Gas Sector in 2017 – NEITI

Published

6 years ago

29/11/2019

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiatives (NEITI) has disclosed that Nigeria earned the sum of $21 billion from the oil and gas sector in 2017. This disclosure came from NEITI at the 2017 Oil and Gas Industry Report released in the nation’s capital, Abuja on Wednesday.

It said the figure showed a 23 percent increase from the 2016 figures of 17.05 percent and 15 percent lower than $24.79 billion inflow recorded in 2015.

A breakdown of the financial flows by revenue streams showed that crude oil and gas sales topped the table with about $10.19 billion, while other financial flows accounted for about $10.13 billion.

It added that flows to other entities like the Niger Delta Development Commission and Nigeria Content Development Monitoring Board among others were $669.05 million.

The report said: “In a five-year comparison of revenue flows from the oil and gas sector, the report revealed that there was a steady decline in year-on-year revenues from 2013 to 2016, with the sharpest drop of 55 per cent in 2015 compared to the preceding year.

“The year under review experienced a 23 per cent increase in revenues, 23 percent from 17.06 billion dollars in 2016 to 20.99 billion dollars in 2017.”

According to the report, 2017 witnessed a halt in the steady revenue decline the sector has been experiencing since 2013.

The report also showed that inflows from the Nigeria Liquefied Natural Gas (LPG) as dividend, interest and loan repayment were $834 million.

This indicated was a significant increase of 114 percent from the 2016 figures pegged $390 million.

On oil production during the period under review, a marginal increase of 4.75 per cent (690,465 barrels) as against the 659,137 barrels produced in 2016 was recorded.

It noted that the significant increase in revenues when compared to the increase in production volumes was as a result of the increase in oil prices.

The report further pointed out that average crude oil price was higher in 2017 and was sold for an average of $54.44 as against the S43.73 in 2016, and this signified an increase of 24.5 per cent.

“Out of the 690,465 mbbls of crude oil produced in 2017, a total of 688,291 mmbls was lifted, representing an increase from the 668,147 mmbls lifted in 2016,” it added

The NEITI report also showed that the Nigerian National Petroleum Corporation (NNPC) lifted a total of 241 million barrels (mbbls) of crude oil on behalf of the federation.

A breakdown of the liftings show that federation exports accounted for 135 million barrels, while the domestic crude liftings accounted for 106 million barrels.

It further disclosed that the federation exports volume went down by 36 per cent from 211 mbbls in 2016 to 135 mbbls in 2017.

It noted that while liftings by the companies amounted to 447 mbbls, joint venture operations, production sharing contracts and sole risk operators accounted for 130 mbbls, 223 mbbls and 79 million barrels respectively.

It said that the marginal field and service contract operators lifted 15mbbls and 1mbbls during the year under review

On crude allocation for domestic use, the report indicated that in 2017, the NNPC allocated 105.925 mbbls for domestic, while 25 per cent of this quantity was supplied to the refineries, 69 per cent was on the other hand utilised for the Direct Sales and Direct Purchase arrangement.

On production arrangements in terms of volumes, joint ventures and production sharing contracts produced 305 mbbls and 303 mbbls.

It added that others such as service contracts, marginal fields and sole risks accounted for the balance.

The report said: “Sole Risk operations produced the highest percentage increase of 114 per cent, and Marginal Field operations witnessed an increase of 32 per cent in the year under review.

“Overall production from the JV companies increased by 16.199 mbbls, indicating a six per cent increase from 2016 volumes.

“On the contrary, PSC and SC operations suffered volume reductions of six per cent and 31 per cent respectively.”

On Gas production, it said the total gas production was 3,494,774 mmscf from all arrangements, slightly higher than 2016 production of 3,051,249 mmscf by 15 per cent.

It noted that the total volume of gas flared in 2017 increased by 23 per cent, while gas utilisation saw a significant jump of 32 per cent when compared to 2016 volumes.

The report also said $8.474 billion was budgeted for Cash Call obligations, but only 49 per cent or $4.13 billion was paid as at January 2018.

It said out of the $5.125 billion negotiated as outstanding cash call liabilities for 2016, $2.177 billion was paid, therefore, leaving a balance of $2.948 billion.

It further observed that 2017 witnessed a huge drop in crude oil theft, sabotage and deferred production.

It said: “Nigeria lost about 36.5 mbbls of crude oil to theft and sabotage and there was 69mbbls lost due to decrease in production volumes resulting from routine maintenance or unplanned repairs of the production facilities.

“This is regarded as a remarkable improvement particularly, when compared to the 2016 figures of 101 mbbls and 144 mbbls lost to theft and deferred production respectively.”

NEITI also noted that there was reduction in pipeline breaks in 2017 (924 breaks) when compared to the figures of the previous years (2013-3,571; 2014-3,732; 2015-2,832 and 2016-2,589 breaks).

This decline, it said, suggested a positive return on the actions taken to mitigate vandalism.

The report further added that the oil and gas sector contributed 8.68 percent to Nigeria’s Gross Domestic Product (GDP)

The 2017 NEITI oil and gas report covered 63 entities and these include seven government agencies, 12 joint venture companies, 13 production sharing contract companies and 16 marginal field operators.

Economy

BNB Price Reflects Changing Dynamics in the Digital Asset Market

Published

13 hours ago

25/04/2026

Dipo Olowookere

Digital asset markets have slowed, though not in a dramatic way. Things are still moving, just not with much urgency. The BNB price reflects that shift, sitting within a tighter range as broader conditions begin to shape behavior more than short bursts of demand.

It can feel uneventful at first. No strong push higher, no sharp drop either. But the movement is still there. It just does not travel far. A rise begins, then fades. A dip forms, then steadies again. It repeats more than you might expect.

That pattern tends to linger. Sometimes longer than people anticipate, especially when there is no clear reason for it to change quickly.

BNB Price Movement Reflects Exchange-Driven Demand

BNB does not behave like assets that rely purely on outside demand. Its connection to the Binance ecosystem changes that.

Usage matters here. Trading activity, transaction volume and general platform engagement all feed into how BNB is used. That connection is not always obvious in the short term, but it sits underneath everything.

Sometimes it shows up clearly. Other times it does not. The relationship is there either way.

When activity holds steady, price often follows that tone. It does not surge, but it does not weaken much either. It stays somewhere in the middle, supported without needing strong momentum. It reflects usage more than speculation in many cases.

Market Conditions Continue to Shape Price Behaviour

There is also the wider market to consider. Binance has pointed out that liquidity remains tight, with capital concentrating in a smaller number of assets.

Bitcoin still holds close to 59% of the market. Ethereum sits much lower, around 11.8%. After that, the drop-off becomes more noticeable. Smaller assets make up far less than they once did. That shift matters. It changes how everything moves.

When capital gathers like this, movement tends to compress. Prices still change, but not as freely. It becomes harder for assets to break away from the general pattern.

BNB is part of that. It does not sit outside these conditions. It moves with them more often than against them.

BNB Utility Remains Central to Its Value

There is also the question of utility, which tends to be discussed but not always fully understood.

BNB is used across the Binance ecosystem in practical ways. Fees, transactions, access to services. These are not abstract use cases. They happen regularly, even when markets feel quiet.

That kind of activity does not always push prices higher. But it does create a base level of demand. Something that holds, rather than drives.

Over time, that can matter more than short bursts of interest. It gives the asset a different kind of stability. Not fixed, but less reactive. That difference tends to show up more clearly over longer periods.

Institutional and Retail Activity Remain Balanced

Participation is mixed. Institutional involvement has increased, but it does not dominate. Retail activity is still there and often more visible in certain phases. Neither side controls the market on its own. That is part of why movement feels less defined.

At times, it can seem like different forces are pulling in slightly different directions. Not enough to create volatility, but enough to prevent a clear trend from forming.

So price moves, then pauses. Moves again, then settles. It continues like that, without fully committing to either direction.

Global Participation Continues to Expand

Outside of price, participation continues to grow. Estimates suggest global cryptocurrency users are now approaching 860 million, reflecting continued expansion across digital asset markets.

That kind of growth does not always appear in charts straight away. It builds slowly. People enter the space, others remain active and usage continues in ways that are not always easy to track day to day.

BNB sits within that broader expansion. As the ecosystem grows, so does the potential for continued use. It is not immediate. It rarely is. But it accumulates over time. That gradual build tends to matter more than short-term spikes.

Local Economic Conditions Add Perspective

Broader economic conditions still play a role. Inflation remains around the mid-teen range, which suggests the environment is stabilizing, though not completely settled.

That kind of backdrop tends to influence behavior. When conditions feel uncertain, decisions become more measured.

It does not directly control how BNB moves. But it helps explain the pace. Why do things feel slower, more contained? Markets do not exist in isolation, even when they seem separate. External factors tend to feed in gradually.

Right now, the market feels balanced more than anything else. The B&B price reflects that. Not pushing higher, not dropping away. Just holding.

There is still activity underneath. Usage continues. Participation grows. Liquidity shifts, even if it is not always visible.

For now, BNB is sitting in that middle space. Not doing too much, but not losing ground either. It might not stand out. But these phases tend to matter more than they first seem. Over time, they often shape what comes next, even if that is not immediately obvious.

Economy

NASD Unlisted Security Index Crosses 4,000-point Benchmark Again

Published

15 hours ago

25/04/2026

Adedapo Adesanya

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

Published

15 hours ago

25/04/2026

Adedapo Adesanya

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.