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The naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.
This is according to the latest edition of Africa’s Pulse, a new report by the World Bank.
As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.
The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.
The World Bank’s report further highlights that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.
It noted, “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.
“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira.”
This situation has persisted despite some foreign exchange market reforms introduced by the Nigerian government, including the liberalization of the official exchange rate that began in June 2023.
However, these efforts have so far been insufficient to stabilize the currency.
The naira’s struggle reflects broader economic challenges in Nigeria, including limited foreign currency reserves and ongoing inflationary pressures.
The report also notes that the naira’s depreciation has contributed to higher domestic prices, particularly for imported goods, compounding the difficulties for Nigerian consumers.
In contrast, some African currencies that faced challenges in 2023, such as the Kenyan shilling and South African rand, have shown signs of recovery this year.
The Kenyan shilling, for instance, strengthened by 21 per cent year-to-date by the end of August 2024, marking it as one of the region’s top performers.
Despite this, foreign exchange shortages and exchange rate pressures remain a significant concern for many African economies.
The PUNCH, however, observed that the naira appreciated by 5.69 per cent against the dollar on Monday, according to data from the FMDQ Exchange.
The exchange rate improved from N1,641.27/$1 on Friday, October 11 to N1,552.92/$1 on Monday, October 14.
Despite the naira’s recovery, foreign exchange turnover plummeted by 44.27 per cent, falling from $616.73m to $343.71m over the same period.
In its report, the World Bank offers a cautious outlook for Nigeria’s economic growth, projecting that its Gross Domestic Product will expand by 3.3 per cent in 2024 and slightly accelerate to 3.6 per cent in 2025-2026.
The report read: “Economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results. Inflation peaked in June 2024 (at 34.2 per cent year-on-year) and decelerated to 33.4 per cent in July and further to 32.2 per cent in August.”
It also noted that following the Nigerian government’s decision to remove fuel subsidies in mid-2023, gasoline prices surged dramatically, causing a ripple effect on inflation across the country. The report notes that this policy change, which saw gasoline prices triple initially, further increased by an additional 40-45 per cent in September 2024, driving up transportation and logistics costs for businesses and consumers alike.
In July 2024, inflation reached 34.2%, and although it showed signs of easing in August, the recent hike in gasoline prices is expected to reverse this trend and potentially push inflation higher in the coming months.
[STATE HOUSE PRESS STATEMENT] President Tinubu Welcomes The Safe Return Of The Super Eagles And Demands Swift Justice After Their Inhuman Treatment
Admin![[STATE HOUSE PRESS STATEMENT] President Tinubu Welcomes The Safe Return Of The Super Eagles And Demands Swift Justice After Their Inhuman Treatment](/media/k2/items/cache/ce100bdd2fed91acd4a65ab8abacb065_L.jpg)
President Bola Tinubu, deeply moved by the inhuman treatment endured by the Super Eagles of Nigeria at a Libyan airport, warmly welcomes their safe return to Nigeria.
The harrowing experience of the national football team at the hands of their hosts and the Libyan authorities prompted the Nigerian Football Federation to withdraw the Super Eagles from the scheduled match on Tuesday.
President Tinubu expects the Disciplinary Board of the Confederation of African Football (CAF) to conduct a thorough investigation and recommend appropriate action against those who wilfully violated the organisation’s Statutes and Regulations.
The President commends the proactive coordination between the Ministry of Foreign Affairs and the Federal Ministry of Sports Development in addressing the unfortunate episode and ensuring the safe return of our players.
President Tinubu applauds the players for keeping their spirit alive despite the excruciating ordeal in Libya.
The Nigerian leader recognises football's unifying power in bringing nations and people together and views the treatment of our citizens as unsportsmanlike and inhumane, a stark contrast to the spirit of the game he deeply appreciates.
He fervently calls on all lovers of the round-leather game and administrators to unite and work collaboratively to prevent and overcome such incidents in the future.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
October 14, 2024
At least 1,000 members of the All Progressives Congress (APC) in Kano State have defected to the New Nigeria Peoples Party (NNPP), aligning themselves with the Kwankwasiyya movement led by Senator Rabiu Musa Kwankwaso.
The defection took place in Tofa and Ghari Local Government Areas of the state.
They were welcomed by the state party chairman, Dr. Hashimu Suleiman Dungurawa, during a ceremony held at both locations.
Daily Trust reports that the event was marked by the flag-off of the NNPP’s chairmanship campaign ahead of the upcoming local government elections.
Among the notable attendees were the NNPP candidates for the elections, Yakubu Ibrahim Adis of Tofa and Hashimu Mai Sabulu of Ghari.
Both candidates voiced confidence in NNPP’s growing strength in the region, especially with the influx of new members.
The mass defection is seen as a significant boost for the party as it prepares for the elections, solidifying its foothold in Kano, a key base of Kwankwaso’s political influence.
[DailyTrust]
The Divisional Police Officer of Agbarho Police Station in Ughelli North Local Government Area of Delta State was ambushed and killed on Sunday night.
The Delta Police Command confirmed the incident to The Nation on Monday morning.
Spokesman of the Command, SP Bright Edafe, said: “It is confirmed, the DPO Agbarho was killed and the Orerokpe DPO was injured. It was an ambush”.
The DPO was said to have resumed at the station just a few days ago.
According to sources, the DPO with his Orerokpe counterpart, CSP Paul and their men were ambushed around 1am at Owodokpokpo – the rail station axis of the town, while on their way for an operation.
It was learnt that the Orerokpe DPO was rushed to an undisclosed hospital in critical condition.
Several residents of the area who spoke with The Nation on Monday morning recounted their sleepless night as a result of the heavy sounds of gunshots.
[TheNation]
Nigeria’s oil marketers have said the director general of the Department of State Services, Adeola Ajayi has intervened in its complaints about the high price of Premium Motor Spirit(Petrol) by the Nigerian National Petroleum Company Limited and unpaid debts.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike said this in an interview with DAILY POST at the weekend.
This comes after petroleum marketers and the DSS had a meeting on Wednesday amid the recent hike in petrol price to N1030 per liter by NNPC.
Giving details of the meeting, Ukadike said that the Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed agreed to issue their members bulk purchase license to get petrol directly from Dangote Refinery.
He also said that the NMDPRA has pledged to release N10 billion to offset debts owed to marketers.
“The Director of the Department of State Security has intervened in our complaints about high petrol prices, debt owed to us, and challenges facing the oil and gas sector.
“The director intervened and said that we should be patient, and he also made some calls.
“The Executive Director of NDPRA said he would issue us a bulk purchase license to get petrol directly from Dangote Refinery.
“NNDPRA promised to release N10 billion to pay outstanding bills to petroleum marketers. We asked members to continue operations”, he told DAILY POST.
Recall that petroleum marketers had vowed to shut down operations over ex-depot price of N1,010 per liter by the NNPC which is higher than the N1030 per litre retail price.
Earlier, the oil marketers had raised alarm that NNPC owed them over N15 billion.
DAILY POST recalls that on September 15, 2024, Dangote Refinery commenced petrol distribution with NNPCL as the sole off-taker.
A former Governor of Ekiti State, Ayodele Fayose, has expressed his support for President Bola Tinubu’s administration, stating that it is making significant efforts to improve the conditions for Nigerians.
Despite acknowledging the current economic hardships the populace faces, Fayose remains optimistic about a turnaround shortly.
In his recent remarks, Fayose recognized the challenges many Nigerians are enduring but emphasized that the Tinubu administration is committed to implementing policies to enhance the economic landscape.
Fayose’s comments come when many citizens grapple with rising living costs and economic uncertainties.
The former governor said on Channels Television’s Sunday Politics, “It’s not been too easy, that is the truth for Nigerians, but I think that this government naturally, is given their best but their best still need to be upped.
“If you say they need time, people will begin to question to say, what time do they need? Yes, I agree that it has not been too easy for Nigerians, but I know that with little time things could get better; that is what I can say.”
He, however, noted that the current situation in the country is caused by long-term damage to the economy that won’t be repaired overnight.
Assessing governance in his home state of Ekiti, where he once held sway for two terms, Fayose heaped praises on the current governor, Biodun Oyebaji.
He said that even though he is a member of the opposition Peoples Democratic Party (PDP) and Oyebanji is in the All Progressives Congress (APC), it would be unfair not to acknowledge the governor’s good works.
“As at today I am a member of the PDP, the governor there is a member of the APC, but the meeting point is that I am a leader in Ekiti.
“Like I told you, it’s either we lie we die or we say the truth we die. Governor Oyebanji has done exceedingly well,” Fayose said.
He asserted that only a miracle will stop Governor Oyebanji from winning the election to complete a second term in 2026.
“I don’t know the miracle that will defeat him except something changes between now and that election.
“Forget the party, let us be realistic – the PDP is in bad crisis in Ekiti too, anybody can come here and deny I don’t care,” he said.
He said the governor has united all the leaders in the state irrespective of their political leanings.
The Independent Petroleum Marketers Association of Nigeria is poised for talks with Dangote Petroleum Refinery between Tuesday and Wednesday to finalise agreements on the cost and lifting of petrol from the plant.
It was learnt on Sunday that the Petroleum Retail Outlet Owners Association of Nigeria had been asked by the $20bn Lekki-based refinery to resend its request for petrol lifting.
This came as PETROAN expressed optimism that the cost of petrol might reduce in the coming days once the competition in the downstream oil sector sets in fully, as marketers load the commodity from the refinery.
Meanwhile, IPMAN described the planned agreement with the Dangote refinery as a crucial step in the association’s ongoing efforts to facilitate the lifting of petroleum products, thereby contributing to the stability and efficiency of the country’s fuel supply chain.
Last week, the Federal Government granted permission to petroleum marketers to lift petrol directly from the Dangote refinery without going through the Nigerian National Petroleum Company Limited.
The Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun, had in a statement, said, “Moving forward, petroleum product marketers are now able to purchase PMS (petrol) directly from local refineries without the intermediary role of NNPC.
“Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency.”
Providing an update on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association hoped to meet with officials of the Dangote refinery for discussion as it is ready to commence a healthy business relationship with the refinery.
Ukadike, who spoke during an interview monitored by our correspondents on Arise TV, said the association had acquired tank farms to enhance its storage facilities, thus addressing a challenge that had previously hindered operations.
He said, “We hope to sit down with Dangote maybe Tuesday or Wednesday and if they give us a template or price, we will move to Dangote. I want to reassure you that we have all it takes to off-take whatever Dangote will give to us. I don’t know why they are dragging their legs to discuss with marketers, maybe it is politics.
“The more we take action in terms of distribution lines, the price will come down, we are not afraid of this competition, we have organised ourselves and are ready to compete because this is the survival of the fittest.
“The issue of not having tank farms is gone because we have addressed the issue and now have farm tanks and anywhere Dangote says they will give us our products, we will distribute them to our marketers.”
On his part, President PETROAN, Billy Gillis-Harry, told The PUNCH his group had been asked to resend their request to lift petrol from the plant.
“We have written to them (Dangote) several times and they are fully aware of what PETROAN has been doing. One of the executive directors there called me to say that they are going to set up a meeting with us, so we are waiting for that to happen. Hopefully, we can do that this week.
“We are willing to take products from all of them, NNPC, traders, importers, Dangote refinery, modular refineries, etc. So, we are in that pursuit. We have not received confirmation of the meeting with Dangote yet, but we have been told to resend our request, which we have done.
“And I think that is a positive response compared to before when they were just keeping quiet. So, any moment from now PETROAN members should start lifting products from the Dangote refinery and it is good news for us and everyone,” Gillis-Harry stated.
On whether the price of petrol would drop in the future, the PETROAN president added, “The price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down.
“If we have massive supply and there is a lot of products in Nigeria, obviously everybody will be looking for just minimal profit. Our business is focused on turnover, so people may cut prices down.”
Meanwhile, Ukadike, the IPMAN spokesperson, stated that the Nigerian Midstream and Downstream Petroleum Regulatory Authority had issued a bulk purchase license for independent marketers so that they could off-take from Dangote refinery.
“The NMDPRA has issued a bulk purchase license for independent marketers so that we can offtake from the Dangote refinery. We want this to take effect immediately. We have also been promised an import license so that we can import. These are the factors of deregulation.
“When you implement it, you have put all the stakeholders in the same line so that the competition will be healthy. It is not putting some people before others. How can we buy products at N1,040 and say there is competition? It is designed to edge us out and make us dependent on NNPC and its sources.
“The NMDPRA boss told our national president that we would be issued an import license on Friday. But you know all these processes have bureaucratic procedures. Before we didn’t have this chance but today, the situation has improved,” he noted.
On the debt owed to oil dealers by the NNPC, Ukadike said, “The NNPC boss has agreed to load out all our tickets that are in their system and unlock the money. Sometimes we get these monies from bank loans and when it is locked up, we incur bank charges which also affect the price of fuel.
“They haven’t loaded us out as I speak to you now; they have also not revealed the new price. It is only when they do that, that we will look at the remittance we are going to pay but our president insisted that since this money has been locked up with them, they should give us at the old price so that we can use it to cushion the bank charges and other expenses we have incurred so far.
“By Monday or Tuesday, the new price will be out and I will announce it. We don’t want that impression that independent marketers are selling higher than NNPC.”
Continuing, IPMAN sought the government’s assistance in financing by creating an energy bank to assist marketers following the huge cost of interest rates affecting price increases.
“We are working with security agencies to ensure that products are not stolen out of this country, and products meant for independent marketers go to their stations. Also, we are working to ensure there is nothing like adulteration.”
He said independent marketers were on the verge of collapsing because of the huge amount invested in buying one truck of 45,000 litres of petrol.
“Before the subsidy removal, we bought products at N8.1m, but now we are buying it close to N50m. How many people can survive that?”
…125 still in detention —Deji Adeyanju
The Department of State Service, DSS, this weekend, released two #EndBadGovernance protesters, who have been in detention in Kaduna.
At press time, there are no fewer than 125 protesters still in detention, including 38 remanded by Justice Emeka Nwite, in Abuja.
Vanguard gathered, yesterday, that the 38 detained protesters would appear before Justice Nwite for further hearing on their bail.
The 125 detained protesters have been in custody for over 62 days.
Meanwhile, Mr. Deji Adeyanju, counsel to the protesters, in an exclusive chat with Vanguard, yesterday, expressed concerns over the lack of transparency in the judicial process.
According to Adeyanju, authorities claimed to have filed charges, “but our team has yet to receive any documents.”
He stated that the development highlights the inconsistencies in the handling of protest-related cases nationwide, though most of the 873 protesters arrested in Kano have been released, due to collaborative efforts by the Nigerian Bar Association, NBA.
Adeyanju added that efforts are ongoing in Sokoto, as two protesters have been released in the North-West region, recently.
Nationwide, over 1,000 protesters were arrested.
Considering the releases in Kano (873) and Sokoto, as well as Kaduna (two), about 125 protesters are likely still in custody, including the 38 in Abuja and 10 facing treason charges.
Adeyanju said: “We are currently working on the cases of about 38 or 39 #EndBadGovernance protesters, who have been remanded by Justice Nwite in Abuja for 62 days.
“Their remand is set to end today (Monday). The authorities claim to have filed charges against many others, but we have not been served any documents up to this point. That’s the main challenge we have.
“In Kano, most of the 873 protesters have been released because we have been collaborating with the NBA on this matter. In Sokoto, we have made some progress as well.
“However, I am not entirely sure about the situation in other states, but I can look into it and provide you with an update in the next few days.”
The #EndBadGovernance protests were staged by Nigerians over the worsening economic hardship and growing hunger across the land.
The protests, however, turned violent in some states, resulting in casualties and arrests across the country.
The Peoples Democratic Party in Kano State has elected Yusuf Kibiya as the new chairman of the party in the state.
Kibiya is a former Commissioner for Agriculture under former state governor, Senator Rabiu Kwankwaso, between 1999 and 2003.
The party’s Election Committee chairman, Halilu Mazagani, disclosed this while announcing the election results on Sunday.
He noted that Kibiya secured a landslide victory, garnering 3,964 votes to defeat his opponent, Nura Nuhu, who scored 244 votes.
Mazagani, who commended the party’s officials in the state “for a job well done,” said the smooth conduct of the congress was an indication that the PDP would soon resolve the lingering differences between some members of the party to make it “a better and stronger opposition that can defeat the ruling party.
“Our party being the largest in Africa, no doubt, faces some internal challenges, but as always, we have learnt to manage our differences.
“I can assure you today that we are working hard to ensure unity and we are mobilising like never before, to ensure our success in the forthcoming 2027 general elections which I can confidently say the people will vote for us.
“So, it is now left for us to present credible candidates to Nigerians like we did before and we wish to improve on that.”
Also speaking at the event, an ex-Kano governor, Senator Ibrahim Shekarau, assured all that the party would produce a winning team in the 2027 general elections, adding that the PDP is poised to challenge any party in any election in the country, including the local government election scheduled to hold on October 26, 2024.
[Punch]
Festus Keyamo, the minister of aviation and aerospace development, says insufficient aircraft in Nigeria is the primary reason for frequent flight cancellations and high ticket prices for local and international flights.
In an interview with the BBC Pidgin on Saturday, Keyamo expressed concern over the challenges, including flight delays without prior notice to passengers, assuring that they would soon be resolved.
He said the government has initiated a process to empower Nigerian airline operators to partner with foreign companies that manufacture airplanes.
“I met with the people on the ground and asked them, and they told me that the money they pay to hire (rent) airplanes is too high,” Keyamo said.
“They call it wet lease, and the kind of airplanes they get are not the ones they can pay for in installments, why? It’s because the people who bring airplanes to Nigeria for business are afraid of Nigeria.
“They said Nigeria is full of dishonest people, and anytime they bring their planes to Nigeria, if the people cannot pay, they cannot recover their planes.
“I met with them around the world, and they told us to change our law called the Cape Town Convention, when you sign it, it means you are serious.
“The law we signed states that if anyone brings an airplane into Nigeria, if there’s a problem, the government will allow them to take their airplane back, we cannot hold it.”
Keyamo said after Nigeria signed the law and agreement, the country’s aviation rating improved significantly — rising from 49 percent to 70.5 percent.
He expressed optimism that as more planes become available, ticket prices will decrease.
On September 12, the federal government signed the Cape Town Convention (CTC) practice direction to enable domestic airline operators to access aircraft on dry lease.
The Cape Town accord aims to enhance asset-based financing and leasing of aviation equipment, including aircraft, thereby expanding funding opportunities and reducing costs for airlines.
With the agreement, Nigerian airline operators are expected to gain access to aircraft on dry lease, which could lead to lower flight rates for passengers.
More...
The Peoples Democratic Party, PDP, Governors Forum has called for an emergency meeting on Monday to discuss various concerns regarding the party’s crisis.
Recalls that since Umar Damagum became the acting National Chairman following Senator Iyorchia Ayu’s court removal, he has faced increasing criticism from party leaders over the ongoing crisis in the PDP, resulting in calls for his resignation.
Damagum’s indecisiveness has contributed to the tense political situation in Rivers State between Governor Sim Fubara and his predecessor, Nyesom Wike.
On Friday, in a surprising turn of events, Damagum’s faction of the NWC, through the party’s National Director of Publicity, Chinwe Nnorom, announced the suspension of National Publicity Secretary Debo Ologunagba and National Legal Adviser Kamaldeen Ajibade (SAN) for alleged insubordination and anti-party.
Shortly after, a statement signed by Ologunagba indicated that the NWC had suspended Damagum and National Secretary Sen. Samuel Anyanwu for alleged disloyalty to the PDP, appointing National Treasurer Yayari Ahmed Mohammed as the acting National Chairman.
As the crisis rocking the party persists, the Chairman of the PDP Governors Forum and Bauchi State Governor, Bala Mohammed, has charged the factional acting National Chairman of the party, Umar Damagum, to revert to the status quo.
In an interview with PUNCH, a senior party member revealed that PDP stakeholders were considering the establishment of a caretaker committee to guide the party toward a National Convention to elect a new National Working Committee.
The source, who was in the meeting between the Bauchi Governor and Damagum’s faction of the NWC, said that the chairman of the PDP Governors forum urged for calm and called for an emergency meeting to tackle concerns in the party.
He said, “Governor Bala Mohammed is worried about the situation. During his meeting with Damagum’s team on Friday, he welcomed them and called for calm. The governor urged them to restore the status quo to keep the NWC unified and allow the NEC to address the issues at its next meeting.
“To tackle these concerns, I understand that the governors have called an emergency meeting for Monday. Some stakeholders are discussing the possibility of appointing a new caretaker committee to manage the party’s affairs and organize an elective national convention in 2025 to usher in new NWC.
“These stakeholders believe that reconciliation efforts will not lead to the current NWC members collaborating for the party’s benefit. However, they are also cautious due to the ongoing litigation surrounding the Damagum and NWC situation. Therefore, the governors will convene to consider all these issues.”
Vice-President Kashim Shettima says the federal government is working to reverse Nigeria’s growing unemployment rate.
Shettima said this on Saturday at the launch of the Nasarawa state human capital development strategy document and gender transformative human capital development policy framework in Lafia.
He said the government is committed to empowering Nigerians with globally competitive skills which would enable them excel anywhere in the world.
Shettima said the human capital development (HCD) programme is designed to help Nigeria achieve a productive workforce.
“Enough of the distressing data on our education system—whether it is the mean years of schooling, the high pupil-to-teacher ratios, or the staggering number of youths not in employment, education, or training,” he said.
“The unemployment rates, the growing informal sector, and low labour force participation must be reversed. This is the dystopia our Human Capital Development Programme is designed to avert, under the mandate of His Excellency, President Bola Ahmed Tinubu.
“For so long, at the National Economic Council, we have debated the ideal nation we wish to build and the pathways to achieve it.
“Our partnerships with the private sector are critical in achieving this. By facilitating access to resources, expertise, and innovation, we aim to make human capital development the cornerstone of a more prosperous and competitive Nigeria.”
He added that the unveiling of a blueprint for Nasarawa’s human capital challenges reaffirms the administration’s commitment to tackle the unique realities of each state.
“Nasarawa state’s commitment to the Human Capital Development (HCD) Programme, a lifeline for our nation, is built on the collective realisation that enough is enough,” he said.
“Enough of the cycles that have held us back. Enough of the legacies of unplanned high fertility rates and alarming maternal and under-five mortality rates. Enough of our vulnerable populations facing low life expectancy.
“Rather, it is an invitation for every country, and indeed sub-national entities, to rise to the challenge. Every child must have access to quality education, equitable healthcare, even as the nation’s workforce must be equipped with the skills necessary to thrive in the 21st-century economy.”
Dangote Group is preparing to begin crude oil production to support its $20 billion refinery. For this purpose, the company is seeking a floating production, storage, and offloading (FPSO) vessel with a capacity of 650,000 barrels.
Production is expected to begin at its two Nigerian oil assets, Oil Mining Leases (OMLs) 71 and 72, in the fourth quarter of 2024, following initial challenges in securing crude oil supply from International Oil Companies (IoCs).
According to S&P Global Commodity Insights, the FPSO will be essential for producing and storing crude oil, enhancing the operations of the Dangote refinery.
Dangote holds an 85% stake in West African E&P Venture, which has a 45% working interest in OMLs 71 and 72, while the Nigerian National Petroleum Company (NNPC) holds the remaining 55%.
First E&P, a Nigerian upstream company, is also involved as the operator of the blocks. The oil licenses are situated in shallow waters in the Niger Delta, near the Bonny terminal.
The Kalaekule and Koronama oilfields, located within the blocks, were discovered in 1966. Shell started production two decades later. Output peaked at 21,000 barrels per day in 1999 but declined by 2003.
The fields are estimated to hold recoverable resources of nearly 300 million barrels of oil and 2.3 trillion cubic feet of natural gas. Production is anticipated to begin in 2026, with a potential output of 43,000 barrels of oil equivalent per day by 2036.
The planned startup of production from OMLs 71 and 72 is expected to help Dangote resolve crude oil supply issues and provide a steady feedstock for its refinery operations.
President Bola Ahmed Tinubu has departed the United Kingdom for Paris, France, where he is expected to attend an “important engagement” after spending over a week in the UK.
The Senior Special Assistant on Political and other matters to the president, Ibrahim Kabir Masari disclosed this on Friday through his X account.
“Today, I had the honor of visiting President Asiwaju Bola Ahmed Tinubu GCFR at his private residence in the United Kingdom, where we engaged in productive discussions.
“We then departed for Paris, France, for another important engagement”, Masari said.
Meanwhile, details of the engagement were not made public.
DAILY POST recalls that President Tinubu departed Nigeria on Wednesday, October 2, for a two-week working vacation in the UK, as part of his annual leave.
The President’s vacation comes despite the pervasive economic hardship Nigerians are facing.
The Nigerian National Petroleum Company Limited had increased the price of Premium Motor Spirit (petrol) to N1,030 per litre, further worsening the hardship on Nigerians.