Economy
Nigeria Falls Short OPEC Quota Despite 35,000b/d Boost in October
By Adedapo Adesanya
Nigeria’s daily crude oil production increased from 1.39 million barrels per day to 1.43 million barrels per day in October 2024, according to the November 2024 monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC), which reflects supply data for the previous month.
The report indicated that Nigeria added approximately 35,000 barrels per day to its crude production.
Despite this, Nigeria is still producing below the OPEC quota for 2024 which was set at 1.5 million barrels per day. It is also far from the 1.78 million barrels per day projection set in the 2024 budget by the Bola Tinubu administration.
Nigeria’s challenges are caused by underinvestment which have been worsened by security challenges like oil theft and pipeline vandalism. Efforts to quell these have recorded progress, but remain.
Data sourced from secondary channels also confirms that Nigeria remains Africa’s leading crude oil producer, despite not meeting its OPEC production quota.
Libya ranks as the second-largest crude oil producer in Africa, followed by Algeria, Congo, Gabon, and Equatorial Guinea.
OPEC’s secondary sources, derived from independent agencies or organizations, are used to estimate and report crude oil production levels of member countries.
These sources ensure transparency and consistency in assessing production figures, reducing reliance on data self-reported by the member states.
Meanwhile, the report highlights a discrepancy in data from direct sources, which show Nigeria’s crude oil production merely increased by just 9,000 barrels per day, reaching 1.33 million barrels per day in October 2024.
According to secondary sources, OPEC-12’s total crude oil production averaged 26.53 million barrels per day in October 2024, reflecting a month-on-month decrease of 604 thousand barrels per day.
Crude oil output saw a decline in Iraq, Saudi Arabia and Kuwait, while production increased in Libya, Nigeria, and Congo.
Meanwhile, total crude oil production from non-OPEC DoC members averaged 13.8 million barrels per day in October 2024, marking a month-on-month increase of 466 thousand barrels per day.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded 1.76 per cent week-on-week growth last week on the back of a continued buying interest.
The demand for Nigerian stocks has continued to grow as a result of renewed investor confidence in the domestic equity market because of its resilience amid challenging macroeconomic environment.
Last Monday, the National Bureau of Statistics (NBS) revealed that inflation rate jumped by 34.60 per cent in November 2024, but despite this, the All-Share Index (ASI) and the market capitalisation appreciated by 1.76 per cent to close the week at 101,129.09 points and N61.303 trillion, respectively.
In the same vein, all other indices finished higher except the industrial goods and sovereign bond sectors, which depreciated by 0.86 per cent and 0.06 per cent, respectively while the ASeM index closed flat.
In the week, 61 equities appreciated versus 51 equities in the previous week, 26 shares lost weight versus 35 shares of the earlier week, and 66 stocks closed flat versus 67 stocks of the preceding week.
MRS Oil topped the gainers’ chart after it chalked up 36.36 per cent to trade at N180.00, Eterna appreciated by 32.36 per cent to N29.45, Honeywell Flour expanded by 31.52 per cent to N6.05, Livestock Feeds jumped 30.16 per cent to N4.10, and Coronation Insurance increased by 26.87 per cent to N1.70.
On the flip side, John Holt lost 18.67 per cent to N5.88, Multiverse shed 18.58 per cent to trade at N4.60, University Press declined by 16.27 per cent to N3.50, Tantalizers slumped by 13.04 per cent to N1.60, and PZ Cussons dwindled by 8.00 per cent to quote at N23.00.
Business Post reports that in the trading week before Christmas, investors bought and sold 2.536 billion shares worth N91.382 billion in 51,406 deals, in contrast to the 2.729 billion shares valued at N49.845 billion traded in 43,298 deals a week earlier.
Financial stocks led the activity chart with 1.680 billion units sold for N23.486 billion in 22,766 deals, contributing 66.24 per cent and 25.70 per cent to the total trading volume and value, respectively.
ICT equities followed with 201.287 million units worth N3.155 billion in 2,840 deals, and services shares recorded a turnover of 182.275 million units valued at N7.961 billion in 3,019 deals.
The trio Sterling Holdings, Wema Bank and eTranzact accounted for 623.895 million shares worth N3.981 billion in 1,544 deals, contributing 24.61 per cent and 4.36 per cent to the total trading volume and value, respectively.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded its first loss in nine consecutive sessions after it finished in the red territory on Friday by 0.12 per cent.
This decline suffered by Customs Street was caused by profit-taking in the industrial goods sectors, which tumbled by 0.31 per cent at the close of trading activities.
It upturned the gains recorded by the other sectors, as the banking space grew by 1.66 per cent, the insurance counter expanded by 1.05 per cent, the consumer goods index appreciated by 1.03 per cent, and the energy sector gained 0.31 per cent.
When the market ended for the day, the All-Share Index (ASI) decreased by 118.93 points to 101,129.09 points from 101,248.02 points and the market capitalisation shrank by N72 billion to N61.303 trillion from N61.375 trillion it ended a day earlier.
Despite the poor performance, investor sentiment was bullish as the bourse finished with 39 price gainers and 15 price losers, representing a positive market breadth index.
Multiverse lost 9.80 per cent to trade at N4.60, Aradel Holdings tumbled by 9.09 per cent to N664.00, International Energy Insurance slumped by 8.13 per cent to N1.47, Coronation Insurance declined by 4.49 per cent to N1.70, and Nigerian Breweries moderated by 3.33 per cent to N29.00.
On the flip side, UAC Nigeria gained 10.00 per cent to close at N30.25, Honeywell Flour also increased by 10.00 per cent to N6.05, Universal Insurance jumped by 10.00 per cent to 44 Kobo, Learn Africa rose by 9.92 per cent to N3.88, and NAHCO improved by 9.89 per cent to N46.10.
During the session, investors transacted 515.6 million shares valued at N16.5 billion in 11,554 deals compared with the previous day’s 411.4 million shares worth N26.3 billion traded in 10,260 deals a day earlier, indicating a decline in the trading value by 37.26 per cent, and growth in the trading volume and number of deals by 25.33 per cent and 12.61 per cent, respectively.
Zenith Bank was the most traded stock for the session with 60.4 million units valued at N2.7 billion, UBA exchanged 43.5 million units worth N1.5 billion, Sterling Holdings sold 43.3 million units for N216.3 million, Universal Insurance transacted 28.3 million units valued at N12.4 million, and GTCO traded 23.5 million units worth N1.3 billion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange grew by 0.87 per cent on Friday, December 20, spurred by Okitipupa Plc and FrieslandCampina Wamco Nigeria Plc.
During the session, the market capitalisation of the trading platform added N8.98 billion to settle at N1.043 trillion compared with the preceding day’s value of N1.034 trillion and the NASD Unlisted Security Index (NSI) ended the day at 3,043.27 points after adding 26.20 points to the previous day’s closing value of 3,017.07 points.
Yesterday, the price of Okitipupa Plc went up by N2.98 to close at N32.72 per unit compared with Thursday’s closing price of N29.74 per unit and FrieslandCampina Wamco Nigeria Plc increased by N3.84 to wrap the session at N43.84 per share versus the preceding day’s N40.00 per share.
Business Post reports that the volume of securities traded at the bourse by investors on the last trading day of the week went up by 182.1 per cent to 1.2 million units from the 419,682 units recorded a day earlier.
In the same vein, the value of shares traded yesterday increased by 2,089.4 per cent to N51.2 million from the N2.3 million achieved in the preceding session, and the number of deals went down by 45.5 per cent to 12 deals from the 22 deals carried out in the previous session.
At the close of business, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with a turnover of 1.7 billion units valued at N3.9 billion, Okitipupa Plc occupied the second spot with 752.3 million units sold for N7.8 billion, and Afriland Properties Plc was in the third position with the sale of 297.7 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with the sale of 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.3 million units valued at N7.8 billion, and Afriland Properties Plc was in third with 297.7 million units sold for N5.3 million.
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