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Oil Output: OPEC Considers More Cuts Two Months’ Time

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By Adedapo Adesanya

The Organisation of Petroleum Exporting Countries (OPEC) is looking at deeper cuts in oil supplies for its allies in December as the cartel’s forecasts pointed to slower global growth and lower demand next year.

This was revealed by the producer group’s secretary general, Mohammad Barkindo in London on Thursday.

“The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020,” Barkindo said.

An Alliance of OPEC, Russia, and other producers known as OPEC+ have since January implemented a deal that will cut oil output by 1.2 million barrels per day to support the market.

The deal will run till March 2020 and the OPEC+ will meet on December 5 – 6, 2019 to set policy and regarding the prospect of deeper oil supply cut, the secretary general hinted that all options were open.

Nigeria, a member of the OPEC+, was granted an increase in its oil output under the petroleum production quota deal member states renewed in December 2018, according to a report by Reuters, this will see Nigeria produce 1.774 million barrels per day, as against the 1.685 million barrels per day it was allowed previously.

Oil prices have failed to gain a lasting boost from supply disruptions this year, including the attack last month on Saudi Arabian oil installations that briefly shut down more than half of production in the world’s top exporter and drove the prices of oil to peak above 20 percent.

The consideration for Nigeria was down to the coming on stream of the Total-owned Egina offshore oil field, which began production in January 2019 which officials said was not factored into the quota structure.

Nigeria which had its budget presentation on Tuesday, October 8, 2019, factored in a production quota of 2.18 million barrels per day at $57 per barrel to fund its 2020 budget.

However, it was then disclosed that Nigeria adds condensates – an ultra-light variant that is not counted by OPEC, into its production output figures.

Data from the Department of Petroleum Resources (DPR) indicated that condensate production in 2017 – the most recent figures available, ranged between 414,000 and 497,000 barrels per day

The difference between 2020’s oil production assumption and the OPEC quota is 410,000 barrels per day, which means the country might be able to obey OPEC’s production quota and meet its budget assumptions.

 

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

APM Terminals Apapa Records 31.5% Surge in Exports in April

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APM Terminals Apapa

By Adedapo Adesanya

APM Terminals Apapa has reported a 31.5 per cent increase in export volumes for April 2025, reaching its highest monthly figure since operations began in 2006.

The terminal handled 8,687 twenty-foot equivalent units (TEUs) of export cargo, up from 6,606 TEUs in April 2024.

According to the terminal manager, Mr Steen Knudsen, this underscores a major milestone in Nigeria’s growing export momentum and reflects years of sustained growth and strategic investment in export infrastructure.

“It’s advantageous for Nigerian shippers when ships depart our ports fully loaded with exports. Preventing ships from leaving empty positively influences the overall cost of shipments into Nigeria,” he said.

Mr Knudsen attributed the growth to targeted operational improvements and alignment with national economic priorities.

“Our aim aligns with the Federal Government’s vision of transforming Nigeria into an export-driven economy. To support this, we launched a new rail service in February to expedite the movement of goods from the hinterland to Apapa port,” he revealed.

“We’ve expanded our yard capacity for exports and introduced dedicated truck lanes to streamline the process, reducing the time exports spend in the terminal and ensuring timely ship departures,” he added.

Mr Knudsen praised top agencies including Nigerian Ports Authority (NPA) and Nigerian Railway Corporation (NRC) for their support in enabling the terminal to focus on delivering top-tier services to its customers.

Since acquiring the Apapa concession, the company has made significant capital investments to boost capacity, efficiency, and overall terminal productivity.

In the last four years, APM Terminals Apapa has recorded a steady rise in export volumes. In 2022, the terminal handled 53,807 TEUs of exports. This number rose to 70,432 TEUs in 2023 and 77,631 TEUs in 2024.

As Nigeria’s largest container terminal and a subsidiary of the A.P. Moller Maersk Group, APM Terminals Apapa continues to play a central role in the modernization and expansion of the country’s maritime logistics network.

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Economy

Tinubu’s Aide on Entrepreneurship Development Lauds Legend Internet NGX Listing

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By Aduragbemi Omiyale

President Bola Tinubu’s Senior Special Assistant on Entrepreneurship Development in Communications, Innovation and Digital Economy, Ms. Chalya Shagaya, has commended Legend Internet Plc for listing its shares on the Nigerian Exchange (NGX) Limited.

Last month, the internet service provider (ISP) listed about two billion stocks valued at N12.4 billion on the local bourse, becoming the first indefinite telecom operator in Nigeria to do so, reflects strong investor confidence in nation’s digital economy.

Speaking during a visit to the headquarters of the organisation, Ms Shagaya praised the team led by Mr Bruce Ayonote for the achievement.

“The listing of Legend Internet Plc is not just a corporate achievement, it is a national win. It sends a powerful message to indigenous digital and tech companies that the capital markets are within reach,” Ms Shagaya stated.

The President’s aide further highlighted the alignment of this success with the Renewed Hope Agenda of her boss, emphasising the administration’s dedication to building a business-friendly environment driven by digital transformation and inclusive economic growth.

She also applauded the tech firm for its inclusivity efforts, noting that the majority of its executive and senior members of staff are women, describing this as a progressive example of gender representation in leadership, which aligns with national goals for women’s inclusion in economic development.

Ms Shagaya expressed her readiness to support Legend Internet and its affiliate company, Suburban, in future initiatives, including expansion of digital infrastructure, innovation policy development, and capacity building programs for entrepreneurs.

She also stressed the ripple effect such achievements could have on the broader ecosystem, from enhancing local content development and broadband access to creating jobs and fostering innovation, encouraging the organisation to further engage in mentorship, tech training, and entrepreneurship support initiatives.

“Legend Internet’s story is one of vision, resilience, leadership, and inclusivity. It is the kind of story this administration is proud to champion and we look forward to partnering with more companies that are pushing the boundaries of what is possible,” she stated.

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Economy

NASD Bourse Soars 0.64% to N1.947trn

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Alternative Bourse NASD Securities

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.64 per cent increase on Monday, May 12, with its total value rising by N12.46 billion to N1.947 trillion from the N1.935 trillion quoted at the preceding session, as the NASD Unlisted Security Index (NSI) went up by 21.28 points to 3,326.06 points from 3,3204.74 points.

The expansion recorded during the first trading session of the week was influenced by price appreciation in the shares of three companies admitted to the platform.

Central Securities Clearing System (CSCS) went up by N2.25 to trade at N24.85 per unit versus last Friday’s N22.60 per unit, FrieslandCampina Wamco Nigeria Plc improved its value by 40 Kobo to settle at N40.43 per share from the previous closing value of N40.03, per share, and Geo-Fluids Plc added 10 Kobo to end at N1.91 per unit, on contrast to the preceding session’s N1.81 per unit.

During the trading day, the volume of shares bought and sold by the market participants decreased by 99.7 per cent to 673,233 units from the 231.6 million units traded in the previous trading day, the value of securities transacted by investors moderated by 98.9 per cent to N6.3 million from N606.4  million, and the number of deals retreated by 38.6 per cent to 35 deals from 57 deals.

When trading activities finished for the day, the most active stock by volume on a year-to-date basis remained Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million, followed by Geo-Fluids Plc with 266.4 million units valued at N470.5 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.

The most traded stock by value on a year-to-date basis also remained Okitipupa Plc with the sale of 153.6 million units for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.0 million units valued at N768.5 million, and Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million.

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