By Favour Ifeoluwa & Akinola Ajibade The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
By Akinola Ajibade
Nigeria's ability to generate more revenus from crude oil importation has reduced, following the recent drop in the production of oil 1o 1.354 million barrels per day iMarch this year.
The Organisation of the Petroleum Exporting Countries (OPEC) in its monthly report of activities of member states, said that Nigeria''s crude oil production, on average has fallen to 1.354 million per day.
According to the report, Nigeria''s crude oil production fell by 24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022,the cartel said in its Oil Market Report for April 2022.
Quoting secondary sources, OPEC said that the crude oil production of its member' countries
averaged 28.56 mb/d in March 2022, higher by 57 tb/d month-on-month,adding that crude oil output increased mainly in Saudi Arabia, Kuwait and the United Arab Emirates while production in Libya, Nigeria and Congo declined.
The report said that Nigeria’s crude oil production dropped to an average of 1.354 million barrels per day in March 2022, according to OPEC.
The figure showed a decrease of 24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022,the cartel said in its Oil Market Report for April 2022.
The report stated that Nigeria"s economy expanded by 3.6 percent in 2021, following a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021,.
According to the report, the economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
The report added: “Recent official data suggested that the annual inflation rate edged up slightly to 15.7 per cent in February 2022 from 15.6 per cent in January 2022, although food inflation remained elevated.Indeed, higher food costs related to geopolitical tensions could further fuel inflation.
“In March 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested, indeed it dropped to 54.1 from 57.3 in February.Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive, despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”
The report stated that Nigeria:s economy expanded to 3.6 per cent in 2021, following a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021.
According to the report, the economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
The report added: “Recent official data suggested that the annual inflation rate edged up slightly to 15.7 per cent in February 2022 from 15.6 per cent in January 2022, although food inflation remained elevated.Indeed, higher food costs related to geopolitical tensions could further fuel inflation.
“In March 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested, indeed it dropped to 54.1 from 57.3 in February.Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive, despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”
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