Category Archives: Export

Nigeria Earns $640.35m from Crude Oil Export in Oct – NNPC

The Nigerian National Petroleum Corporation (NNPC) says the country earned 640.35 million dollars from the export of crude oil and gas for the month of October, 2018.

The corporation disclosed this in its monthly Financial and Operation report for October 2018, released in Abuja.

It said that the total export receipt of 640.35 million dollars recorded in October 2018 was higher than the 527.70 million dollars logged in September 2018.

It added that the receipt showed 450.44 million dollars accrued from crude oil sale with gas and miscellaneous receipts standing at 173.92 million and 15.99 million dollars respectively.

In the downstream sector, the report revealed that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of NNPC, posted a receipt of ₦231.33 billion from sales of white products in the month of October 2018 compared with ₦150.25 billion sold in September 2018.

“Total revenues generated from the sales of white products for the period October 2017 to October 2018 stand at ₦2.684 trillion, where PMS contributed about 88.32 per cent of the total sales value of ₦2.371 trillion.

“To ensure continuous increase of PMS supply and effective distribution across the country, a total of 1.66 billion litres of petrol, translating to 55.50 milion liters/day, were supplied for the month under review,’’ it said

The report further noted that out of the 1,066.88 million standard cubic feet of gas per day (mmscfd) of gas supplied to the domestic market in October 2018, about 627.33 mmscfd of gas representing 58.81 per cent was supplied to gas-fired power plants to generate an average power of about 2,349MW.

This, it said when compared with the September 2018, was an average of 615 mmscfd supplied to generate 2,303MW.

“The balance of 439.35 mmscfd or 41.19 per cent was supplied to other industries.’’ It said

Similarly, the reported noted that  for the period of October 2017 to October 2018 an average of 1,188.58 mmscfd of gas was supplied to the domestic market, comprising of an average of 744.06 mmscfd or (62.60 per cent) as gas supply to the power plants and 444.52 mmscfd or (37.40 per cent) as gas supply to industries.

It added that about 3,096.18 mmscfd or 89.58 per cent of the export gas was sent to Nigerian Liquefied Natural Gas Company (NLNG) Bonny.

On Pipeline vandalism, the Corporation raised an alarm on the increasing incidents of pipeline vandalism across the country.

It said that in October its pipeline network suffered a 42.9 per cent increase in the incidents of vandalism compared to the previous month during the year.

Giving a breakdown of the incidents of breaches in its infrastructure it said the corporation recorded 219 pipeline vandalised points in the month under review, compared to 125 incidents it suffered in September of the same year.

It revealed that among the breaches, four vandalised pipeline points failed to be welded and one point was ruptured.

The report stated that cases of vandalism of pipeline facilities were high along Ibadan-Ilorin and Aba-Enugu axis, accounting for 81 (40%) and 39 (18%) vandalized points respectively.

It added that in spite the challenge posed by pipeline vandalism, the NNPC kept an eye on Premium Motor Spirit (PMS) stock level to ensure zero fuel queue across the nation.

Nigeria Yam Committee Targets 5,760 Tonnes Export in 2019

Abuja – The Technical Committee on Nigeria Yam Export Nigeria Yam Committee Targets 5,760 Tonnes Export in 2019 say it is targeting the exportation of no fewer than 5,760 tonnes of yam to different countries in 2019. Prof. Simon Irtwange, Chairman of the committee told the News Agency of Nigeria (NAN) in Abuja on Sunday, that the committee was unable to achieve 50 per cent of the same target in 2018.

Irtwange said that the existences of the 1986 Export Prohibition Act, as well as some other logistics issues were hindering successful operations of yam exports in the country.
We are still targeting 5,760 tonnes for exportation this year which is the same target last year.

“We were unable to do up to 50 percent of last year’s target because of some difficulties and logistics problem.

“We are trying to attack those issues very vigorously.

“We have written to the Ministers of Agriculture and Trade about the Export Prohibition Act to put pressure on the National Assembly to do Nigerian farmers this favour.

“We found out that some efforts have been done at the National Assembly but we do not know where the thing is currently hanging at the National Assembly.

The chairman noted that there were no cases of yam rejection at the international market in 2018.

“There was no rejection of our produce, the challenge we are having is that because there is an Export Prohibition Act in place especially in the United Kingdom.

Once they see our yams there, they will say it is contraband because they are aware of the ban on export of yam out of Nigeria because our country prohibits it.

“So, it is even better to label our yams Ghana yam for it to be accepted in United Kingdom markets.’’

Irtwange, who is also the President, Yam Farmers, Processors and Marketers Association of Nigeria, appealed to the government to provide incentive for farmers to produce sufficient yams across the country in 2019.

According to him, once there is an incentive for the farmer, they will go into large scale and a lot of farmers are doing that now. (NAN)

Nigeria Govt Budget only N5.12bn for N1.2tr Non-Oil Export Debts

Information reaching us has it that despite having a backlog of unpaid incentives for non-oil exporters hovering at about N1.2 trillion, the Federal Government of Nigeria will this year, honour only N5.12 billion of such debts based on provisions made in the 2019 budget.

Indeed, there were expectations last year that some of the backlogs would be cleared before third quarter end, but the delayed implementation of the 2018 budget, under which provisions were made for some debt payments, further prolonged the issuance of promissory notes to the beneficiaries.

While industry operators say exporters are owed approximately N350 billion towards the revised Export Expansion Grant (EEG) scheme claims that are due to them for the year 2007 to 2016, the Nigerian Export Promotion Council (NEPC) puts the figure at about N1.2 trillion.

Although the proposal to issue Promissory Notes in lieu of EEG claims for the legacy EEG claims of non–oil exporters was approved by the Federal Executive Council (FEC) in 2017, the EEG claims has been processed and approved at the series of meetings of the EEG Implementation Committee (EEGICM).

The Manufacturers Association of Nigeria (MAN), however described the allocation as grossly insufficient to drive the needed impetus.According to MAN, the proposal for 2019 is below expectations and may not aid the realisation of a sector that will contribute significantly to the country’s Gross Domestic Product (GDP).Indeed, the local producers said the manufacturing sector could be in for a tough operating environment in 2019, seeing that the needed supporting policies and infrastructure have not been given sufficient priority.

Recently, the Executive Director and Chief Executive Officer, Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, had appealed for patience from the non-oil exporters, noting that government had done the necessary things for the implementation and payment of outstanding debts.

Awolowo, who was represented at the yearly general meeting of the MAN Export Promotion Group (MANEG), by NEPC Director, Policy and Strategy, Abdullahi Sidi-Aliyu, said: “The EEG for so many years is what many exporters leverage to expand their activities. In the absence of such incentives, non-oil export activities continued to dwindle, and this affected the volume of non-oil export that is being recorded. We are advocating that the EEG be revitalised, and exporters given access to the incentives to boost their activities.

“On the issue of promissory notes, we are appealing to non-oil exporters to be patient. Government has done all that is necessary for the take off of the programme.”On his part, the Chairman of MANEG, Chief Ede Dafinone, decried the lack of incentives for the non-oil sector, adding that since the collection of unutilised Negotiable Duty Credit Certificates (NDCCs) by the Federal Government, no payment had been made to the exporters, thus putting the exporters in a difficult position with their banks.

Some non-oil exporters had told The Guardian that the possibility of experiencing a revamped non-oil sector before year end was elusive going by the lingering challenges, and government’s inability to implement key incentives needed to stimulate the sector’s operations.Recall that Nigeria’s exports remained heavily dependent on crude oil, according to the latest merchandise trade data released by the National Bureau of Statistics (NBS), accounting for 85.4 per cent of export transactions in the third quarter (Q3), despite commitments. by the federal and state governments to the diversification agenda.

Nigeria eyes $6b from global leather Export market

The Nigerian Export Promotion Council (NEPC), said it is working hard to earn $6billion from the $60billion global leather market.

For it to achieve this, it has set up a training programme in three tranches for the youths interested in leather work.

The training will focus on learning how to make different exportable products from leather so that the country will not continue to be consumers of finished products.

Expert seeks more involvement in $6.7t Africa export market

The Executive Secretary, Institute of Export Operations and Management, Mr Ofon Udofia, has said increased Nigeria involvement in the African market estimated at S6.7 trillion can help to drive economic growth through higher industrial and service activities.

Apart from South Africa and Morocco, Udofia said, Nigeria is the other African country with the capacity to compete for the continental market said to consist of 1.7 billion people.

Nigeria To Increase Shares In Afrexim Bank

The Minister of Finance, Mrs Zainab Ahmed said, that yesterday, Nigeria was discussing the possibility of increasing its shareholding with Afrexim Bank.

Ahmed made this known in a statement signed by the special adviser on media and communications, Paul Ella Abechi.

According to the statement, the minister disclosed this during a meeting with the president, African Export-Import Bank, Prof Okey Oramah, on the sidelines of the on-going IMF/World Bank Annual Meeting. Nigeria currently owns 40 per cent shares in the bank.

No Shipping Link: Nigeria Loses 1.4 Mt Coal Export To Ghana

Nigeria has lost opportunity of exporting 1.4 million tons of coal from the middle belt area of the country to Ghana annually, the Nigerian Export Import Bank, NEXIM has said.

Speaking at the Sub-regional workshop and joint committee meeting organized by the Union of African Shippers Council in conjunction with the United Nations Conference on Trade and Development, UNCTAD, Technical Adviser to the Managing Director of the bank, Hope Yongo, said that the logistics of moving the consignment from Nigeria to Ghana is hindered.

UK Prime Minister Approves £750m Export Credit Facility For Lagos

The British Prime Minister, Theresa May, yesterday, visited Lagos, disclosing the availability of £750 million credit facility for Lagos to boost export financing and others activities in the state.

May, who left Lagos for Kenya, stressed the achievement recorded by the state, underscored the commercial importance of Lagos in Nigeria. fILE: Lagos State Governor, Mr. Akinwunmi Ambode (left), with British Prime Minister, Theresa May (right); British High Commissioner to Nigeria, Mr. Paul Arkwright (left behind) during the arrival of the British Prime Minister at the Presidential Wing of the Muritala Mohammed International Airport, Ikeja, Lagos, on Wednesday, August 29, 2018.