Connect with us
nairametrics
UBA ads

Business News

Nigeria needs 1.52m bpd capacity to meet petrol demand – NNPC

The Nigerian National Petroleum Corporation (@NNPCgroup), has disclosed that to meet the country’s premium motor spirit (PMS) requirement by 2025, Nigeria needs a refining capacity of about 1.52 million barrels per stream day (MBPSD).

Published

on

NNPC, IJV model, JV

The Nigerian National Petroleum Corporation (NNPC), has revealed that in order to meet the country’s premium motor spirit (PMS) requirement by 2025, Nigeria needs a refining capacity of about 1.52 million barrels per stream day (MBPSD).

According to the NNPC, the country’s petroleum products demand is expected to grow from 13.2 million metric tonnes (MMT) in 2015, to 15.1 MMT in 2020, and then 17.3 MMT by 2025.

UBA ADS

The required capacity will include NNPC’s current nameplate capacity of 445,000 BPSD (WRPC, KRPC, and PHRC), and Dangote Refinery’s expected 650,000 BPSD. With all these, there will still be a shortfall of 427,000 BPSD; equivalent to 20 million litres of PMS daily.

[READ MORE: Nigerian Senate rejects Ben Bruce’s Electric Car Bill, says it’s “irrelevant”]

Why this matter: In Nigeria, PMS, which is also known as petrol, has the highest demand among all the other refined products. This is because most vehicles in the country are run on the product.

GTBank 728 x 90

While addressing this need, NNPC‘s Group Managing Director, Maikanti Baru, said the global crude oil production has taken a new turn due to the rise of new production centres across the world, particularly in Africa and Argentina.

What Nigeria must do to meet the requirement

The increasing global competition has made it necessary for Nigeria to unlock new barrels as quickly as possible, in order to stay relevant in the new emerging world; whilst strengthening the country’s oil and gas industry.

[READ MORE: Nigeria records the highest crude oil sale in Q3 2018]

Baru, who recently spoke at the Society of Petroleum Engineers’ Oloibiri Lecture Series and Energy Forum (OLEF) 2019, also informed the public that NNPC in collaboration with the private sector is providing clusters for in-country refining capacity.

“NNPC is adding 215,000 BPSD of refining capacity through private sector driven co-location at our existing facilities in Port Harcourt Refining Company (PHRC-100,000 BPSD), and Warri Refining and Petrochemicals Company (WRPC-115,000 BPSD) respectively.

“Additionally, NNPC through its new initiative of establishing Condensate Refineries with private sector participation is providing clusters for in-country refining capacity totalling about 250,000 BSPD, which closes the PMS supply-demand gap, and creates positive margins to the investors.

“For the upstream, we are committed to aggressive production growth, and our target is to achieve a reserve level of 40 billion barrels of crude oil, and producibility of four million barrels of crude oil per day by 2025.”

app

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Job listings spike up by 183% in April –Jobberman

Jobberman released figures showing a 183% increase in job listings on its platform in April 2020, thanks to its #UnityInAdversity campaign.

Published

on

Job listings spike up by 183% in April – Jobberman

Notable job placement website, Jobberman, has released figures showing that there was a 183% increase in job listings on its platform in the month of April 2020.

This increase, according to Jobberman, is a result of the #UnityInAdversity campaign which allowed companies to post job listings and access Jobberman’s database of over 2.2 million professionals across Nigeria for free, rather than paying the usual fees. This was the company’s way of showing support to businesses and individuals, amid the economic challenges which resulted from the COVID-19 pandemic.

UBA ADS

According to the release from Jobberman, this campaign came at a cost to the company since it was trading off its revenue by offering for free, the same services which formed its major source of income.

“At the beginning of March, Jobberman Nigeria saw a 70 percent decrease in job listings due to the reduced economic activity caused by the enforced lockdown and many companies shutting down recruitment budgets to cut costs. Jobseeker sign-ups also decreased by 17 percent. Jobberman took the bold step to put employers’ and job seekers’ needs first” the statement read.

(READ MORE: Merger, Tax incentive boosts BUA Cement FY 2019 result)

GTBank 728 x 90

The campaign, which is billed to run till June 30, has paid off greatly as data for April’s job listings alone was more than that of the entire Q1 2020 period. See a breakdown of the job listings below:

  • Almost a fifth of the positions (18.79%) were listed in the tech sector
  • Banking, finance, and insurance accounted for 9.27%
  • Education and training had 6.78 percent
  • IT & Software positions accounted for 11.69%
  • Sales had 13.32%.

Note that with the increase in job listings, job seeker sign-ups also increased by 39% in April alone.

Job listings spike up by 183% in April – Jobberman

Speaking about the campaign, the CEO of Jobberman Nigeria, Hilda Kragha said, “The COVID-19 pandemic has made the process of connecting talent to opportunities more complicated and we are fully aware of the strain businesses and individuals in Nigeria are facing. We plan to be here for the next 10 years so making this small sacrifice to help our users navigate these difficult times is something that we think is definitely worth doing”.

Kragha also noted that the campaign has encouraged healthy competition as candidates strive to show themselves qualified for the position.

app

“We have found that soft skills such as emotional intelligence, business etiquette, time management, which are often overlooked and underestimated in Nigeria, can make a big difference. We know the power of soft skills and we are committed to empowering individuals with the training and soft skills they need to succeed in the workplace” she explained further.

devland

(READ MORE: Partnerships Beyond The Partners… Another Lesson From Interswitch)

Sequel to this, the company also launched a free soft skills training programme to help job seekers (between age 18 and 30 years) acquire the needed soft skills and better their chances of gaining employment.

Continue Reading

Economy & Politics

Gold prices rise, as President Trump decides on China today

Gold prices jumped on Friday as China and America’s drift deepened over further moves by China to impose security laws on Hong Kong

Published

on

Gold, Gold prices tick up as President Trump decides on China today

Gold prices jumped on Friday as China and America’s drift deepened over further moves by China to impose security laws on Hong Kong, lifting the allure of safe havens amid market uncertainties.

U.S. President Donald Trump’s top economic adviser cautioned the Chinese lately that Hong Kong, which has enjoyed special privileges, may now be treated like China when it comes to financial matters and trade.

UBA ADS

Trump, who had earlier vowed a tough action on China, will hold a news conference today to announce what measures his administration will take.

Spot gold gained about 0.1% at $1,719.63 per ounce, and U.S. gold futures rose 0.4% to $1,734.60.

The friendship between the Americans and Chinese had weakened, since the outbreak of the Covid-19 pandemic.

GTBank 728 x 90

President Trump and President Jinping of China have accused each other as a result of issues surrounding the COVID-19 pandemic.

(READ MORE:  Gold records 3-week high, as investors rush to safe haven)

Why do Investors buy Gold? Global Investors most often buy the safe-haven asset in times of uncertainty and use it to hedge against cash (inflationary macros).

Oil prices, Gold prices tick up as President Trump decides on China today

“The possible U.S. response could range from a tearing up of the Phase 1 trade deal and fresh tariffs on China, to milder travel or financial sanctions on Chinese officials,” said Shane Oliver, chief economist at Australian wealth manager AMP to Reuters News.

app

“It is seen as a major threat to the rally we’ve had and the recovery,” “If it’s at the relatively mild end, then I don’t think it would derail the recovery bull market, but if it’s at the more extreme end with tariffs and harsh treatment of Hong Kong, then I think it gets more problematic,” Oliver added.

devland

 

Continue Reading

Business News

AfDB board denies asking Adesina to step down, as Obasanjo says the bank risks being hijacked

“The Bureau of the board of governors informs the public that it has not taken any decision. Everyone must allow the Bureau to do its work and allow due process to reign.”

Published

on

AfDB partners DFID to unveil $80m infrastructure financing for Africa, ADB launches $3 billion “Fight COVID-19” Social Bond, US calls for an independent probe of AfDB president, Akinwumi Adesina, AfDB board denies asking Adesina to step down as Obasanjo says the bank risks being hijacked

The Bureau of the Board of Governors of the African Development Bank (AfDB) has denied media reports making the rounds that AfDB’s president, Akinwumi Adesina, has been asked to step down pending the completion of the probe and determination of allegations against him.

The bank’s top governing board members said that they have not asked Adesina to step down from his position as president, even as the board continues to review the fallout of complaints by some whistleblower. The statement from the Chairman of the bank’s board of governors, Niale Kaba, said:

UBA ADS

“The Bureau of the board of governors informs the public that it has not taken any decision. Everyone must allow the Bureau to do its work and allow due process to reign. All governors will be carried along in resolving the issue.’’

READ ALSO: IMF advises banks to suspend dividend payment

Kaba also stressed that there was no governance crisis at AfDB as was being speculated in certain quarters. He confirmed that the Bureau of the Board of Governors of AfDB met on Tuesday, May 26, after the request by the U.S Secretary calling for an independent probe. The essence of the meeting was to take a closer look at the allegations by the whistleblowers against Akinwumi Adesina, said allegations which had already been investigated by the ethics committee of the bank.

GTBank 728 x 90

Kaba further disclosed that even though no decision has been taken yet, the bureau assures that it is treating the case with the utmost seriousness that it deserves.

(READ MORE:  AfDB bows to pressure from U.S, orders an independent probe of Akinwumi Adesina)

Adesina, who maintains his innocence of those allegations, had stated that a fair, transparent, and just process will vindicate him.

In a related development, former Nigerian President Olusegun Obasanjo had thrown his weight behind Adesina and kicked against the demand by the United States of America for a fresh, independent probe of the AfDB President who had earlier been cleared by the ethics committee of the bank.

In his letter to 12 former African Presidents, Obasanjo said that Africa must stand up and not allow its institutions to be unduly controlled by non-African countries.

app

Obasanjo said that the bank has witnessed tremendous growth under Adesina’s leadership and has doubled its capital base since he took over.

devland

Continue Reading