Economy

Nigeria Raises Oil Export in January by 94%

Published

6 years ago

23/04/2020

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has disclosed that Nigeria’s crude oil and gas export increased by 94.3 percent month-on-month in January 2020.

The national oil company, in its first Monthly Financial and Operations Report (MFOR) for the year released in Abuja, on Wednesday, stated further that the total revenue from oil and gas within the period amounted to $434.85 million

It also said that during the month under review, crude oil export sales contributed $336.65 million (77.42 percent) of the dollar transactions for the period, compared with the $136.36 million in the previous month, December 2019.

It added that export gas sales in January amounted to $98.20 million even as it noted that 2019 to January 2020 crude oil and gas transactions valued at $5.18 billion was exported.

The report added that vandalism of NNPC pipelines across the country recorded a phenomenal spike of 50 percentage increase in January.

“60 pipeline points were vandalized, compared to the 40 incidents recorded in December 2019.

“Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 per cent and 17 per cent of the breaks respectively, while all other routes accounted for the remaining 33 per cent, according to the report,” it said.

It, however, explained that NNPC, in collaboration with the local communities and other stakeholders, were working in harmony to curtail this menace.

The report stated that to ensure steady supply and effective distribution of Premium Motor Spirit (PMS), otherwise called petrol, across the country, 1.20 billion litres of the white product, translating to 38.68mn liters/day, were supplied for the month.

It noted that the corporation had continued to diligently monitor the daily stock of fuel to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

In the gas sector, it revealed that out of the 253.09 billion cubic feet (BCF) of gas supplied in January, a total of 151.16 BCF of gas was commercialised, consisting of 36.20 BCF and 114.96 BCF for the domestic and export market, respectively.

This, it said translated to 1,167.80 million standard cubic Feet (mmscfd) of gas supply to the domestic market, with 3,708.23 mmscfd of gas supplied to the export market during the month.

It report further stated that 59.89 percent of the average daily gas produced was commercialised, while the balance of 40.11 per cent was re-injected, used as Upstream fuel gas or flared. Gas flare rate was 7.90 percent for the month under review.

According to the report, it is 643.59 mmscfd, compared with average gas-flare rate of 8.46 percent i.e. 671.40 mmscfd, for the period January 2019 to January 2020.

“Out of the 1,167.80 mmscfd of gas supplied to the domestic market in January 2020, about 639.70 mmscfd of gas, representing 54.78 percent, was supplied to gas-fired power plants.

“The balance of 528.10 mmscfd or 45.22 percent was supplied to other industries,” it said

The report said 640 mmscfd of gas delivered to gas fired-power plants in January generated an average power of about 2,683 MW, compared with December 2019 where an average of 596mmscfd was supplied to generate 2,498 MW.

It explained that for January 2019 to January 2020, an average of 1,203.93 mmscfd of gas was supplied to the domestic market, comprising an average of 693.73 mmscfd or (57.62 percent) as gas supply to the power plants and 510.20 mmscfd or (42.38 percent) as gas supply to industries.

Economy

Four Securities Erase N51.17bn from NASD Exchange

Published

21 hours ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.

The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.

During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.

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 68.6 million units sold for N4.7 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed 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.

Economy

Cautious Trading, Profit-taking Weaken Nigeria’s Stock Exchange by 0.66%

Published

21 hours ago

27/06/2026

Dipo Olowookere

By Dipo Olowookere

The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.

This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.

Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.

At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.

Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.

The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.

As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.

Economy

Official FX Market Sees Naira Dip to N1,380.93/$1

Published

22 hours ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.

Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.

At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.

Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.

Also, a stronger greenback has generally put significant pressure on emerging-market currencies.

Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).

The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.

If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.

At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.

On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.