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Nigeria, OPEC Members Agree to Cut Oil Production Volumes

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Nigeria and other members of the Oganisation of Petroleum Exporting Countries (OPEC) as well as the Non-OPEC members have agreed to cut production volumes to ensure global oil market stability.

The agreement was reached at the 35th Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC held in Vienna, Austria on June 4.

Nigerian delegation was led by Amb.

Gabriel Aduda, Permanent Secretary, Ministry of Petroleum Resources, who was also confirmed OPEC Governor for Nigeria at the meeting in Vienna.

OPEC and its allies have agreed to cut global oil production by 1.393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 per cent.

Aduda said Nigeria, Congo and Angola agreed that the highest production volumes of the last Six months (November 2022 – April 2023) be used as the basis for the determination of their 2024 production quota.

“This is subject to a review in November at the second annual meeting of the JMMC.

“However, the current OPEC quota would be maintained till the end of 2023.

“This implies that Nigeria can ramp up its production up to its current quota of 1742 Thousand Barrels Per Day (KB/D) and subsequently be capped at 10 per cent less as its quota for 2024 subject to verification by independent secondary sources,” he said.

Aduda expressed confidence that the security intervention under the leadership of President Bola Tinubu, would enable the restoration of Nigeria’s production to the 1580KB/D crude oil only.

This, he said would be complimented by condensate of about 400KB/D ultimately upping Nigeria’s crude oil and condensate production to about Two Million Barrels per day in 2024. (NAN)

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FG Launches $100bn Economic Expansion Fund to Promote Cultural Heritage

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By Tony Obiechina, Abuja

The Minister of Arts, Culture, and Creative Economy, Hannatu Musa-Musawa, has announced the establishment of a $100 billion economic expansion fund to promote and preserve Nigeria’s cultural heritage under the administration of President Tinubu.

The Minister disclosed this at the 2024 Ojude Oba Festival held in Ijebu-Ode, Ogun State.

Represented by the Director of Cultural Industry Heritage, Ben Ugo, the Minister emphasized the rich cultural diversity of Nigeria and the government’s commitment to establishing the country as a cultural hub by 2030.

She also said the annual Ojude Oba festival is being considered for inclusion in UNESCO’s World Cultural Heritage list.

Governor Dapo Abiodun of Ogun State expressed his administration’s dedication to elevating the Ojude Oba festival to a global event. He highlighted the festival’s evolution from a celebration of the Awujale among the Ijebu people to a gathering that attracts participants from across the nation and the world.

Abiodun emphasized that the festival serves as a symbol of unity and showcases the hospitality and traditions of Ijebuland to a wider audience.

The governor acknowledged the festival’s role in attracting tourists and promoting the development of Ijebuland.

He emphasized the importance of preserving traditions for future generations and pledged his administration’s support to make the Ojude Oba festival a permanent fixture in the global tourism industry.He added that the announcement of the economic expansion fund and the commitment of the government and local authorities highlight the significance of cultural heritage in Nigeria and the efforts being made to promote and preserve it for generations to come.

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Nigeria’s Trade Surplus with ECOWAS Rises 216% to N1.14trn

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Nigeria’s trade surplus with countries in the Economic Community of West African States (ECOWAS) rose by 216 per cent, Year-on-Year, YoY to N1.14 trillion in the first quarter of 2024, Q1’24.

Analysis of foreign trade data for Q1’24 released by the National Bureau of Statistics, NBS showed that Nigeria’s export to ECOWAS countries rose YoY by 213 per cent to N1.

25 trillion in Q1’24 from N399.
19 billion in Q1’23.

On the other hand Nigeria’s import from ECOWAS countries rose by YoY by 167 per cent to N113.04 billion in Q1’24 from N42.296 billion in Q1’23.

Data from the National Bureau of Statistics, NBS showed that Nigeria’s main trading export partners within the ECOWAS region in the quarter are Ivory Coast (N744.

59 billion), Senegal (N361.29 billion), Benin (N55.67 billion), Togo (N38.01 billion) and Ghana (N33.75 billion) altogether representing 98.61 percent of total export to ECOWAS countries.

Nigeria’s major import trade partner within ECOWAS in the period under review was the Ivory Coast (N51.41 billion) followed by Togo (N40.86 billion), Ghana (N13.61 billion), Liberia (N3.96 billion) and Benin Republic (N1.04 billion) representing 98.10 percent of total imports from the ECOWAS region.

NBS stated: “Exports to ECOWAS member states totaled N1,250.71 billion, while imports amounted to N113.04 billion.  The main commodities exported to ECOWAS countries in the first quarter of 2024 are Petroleum oils and oils obtained from bituminous minerals worth N1,074.70 billion (85.93 percent of total exports to ECOWAS), Electrical energy (optional heading) (N58.65 billion or 4.69 percent), Urea, whether or not in aqueous solution (N29.45 billion or 2.35 percent), Flours and meals of soya beans (N9.20 billion or 0.74 percent)) and Other excluding White cement (N6.66 billion or 0.53percent). The top five exported products represent 94.24percent of the total exports to the ECOWAS region.”

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My Purported Removal as SALS President in Quest of Shippers’ N3tr funds – Ogamba

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From Anthony Nwachukwu, Lagos

President of the Shippers’ Association of Lagos State (SALS), Leo Ogamba, has dared the association’s Board of Trustees (BoT) to publish his offences or any act warranting his alleged removal from office other than his push for due process.

Ogamba disclosed that the BoT, whose constitution since 2008 has been invalid, is even being misguided on the expected N3 trillion Cargo Defence Fund, which invariably is influencing their illegal actions.

Addressing the media Tuesday in Lagos over the BoT’s general meeting of June 11, 2024 at which he was purportedly removed, Ogamba said he is not an “embattled president” by any stretch, having not violated or been charged with any violation of the constitution whatsoever.

 “This BoT constituted themselves in 2008. Nobody knew that they were in existence. The record of the status report of the association was invalid, but immediately they heard that I signed the first N13 billion, being the judgement sum between APM Terminals Ltd, Nigerian Shippers’ Council and Registered Trustees of Shippers Association of Lagos State, they woke up from their slumber,” he said.

 “Their understanding has been negatively influenced. They have no idea where that judgment sum would be paid in, thinking that the money, which is about N3 trillion, belongs to them on the ground that they are entitled to 60-70 per cent, with about 15 shipping companies involved.

 “Cargo Defence Fund is limited by guarantee, meaning that even if you make N10 trillion profit, you cannot share it, and accessing the fund is by subscription. I am sure that none of these people paid that money. It is the money that shipping companies and terminal operators collected but ought not to have collected.

 “In this circumstance, for you to have locus, you have to show evidence that you paid that money as a shipper. When the publication was out asking shippers to submit their bill of laden, only two submitted.

 “The Nigerian Shippers’ Council had to go the extra mile to meet these shippers for these bills of laden, on the basis of which the money was determined. The Shippers Association of Lagos State represents the whole shippers in the country by virtue of that judgment.”

Insisting that he remains president, Ogamba said the BoT, which is only advisory, does not have the power to convene a general meeting of the association, nor does it have the required membership to sit, being only three, while the constitution requires seven out of the 10-member body as quorum for any meeting.

He stated that the said general meeting was not properly constituted or was at best illegal on the ground that he “was not in the meeting. Till today, I have not received any letter to the purported removal either through e-mail or whatsapp.”

Meanwhile, more recently, a mediation agreement with the NSC at the instance of the BoT was that there should be “no meeting of SALS at any level pending the outcome of the reconciliation,” he disclosed.

In breach of this, however, he said the BoT has met “about three times,” including for his purported removal on June 11th, 2024, two days ahead of the mediation meeting called by the NSC as agreed, and which the BoT and their supporters failed to attend.

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