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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Nigeria requires N60b annually for palm oil importation

By Akinola Ajibade

Nigeria needs about N60 billion annually to import palm oil in order to meet the needs of Nigeria, the  Central Bank of Nigeria (CBN)has said. 

Palm oil is an edible vedetable oil  that comes from the fruits of the palm trees. Domestically, palm oil is consumed by many Nigerians until few years ago, when it was replaced in many homes by oil made from fatty substances.

Speaking on the issue, the Governor, Central Bank of Nigeria ( CBN), Mr Godwin Emefiele said that a total sum of over  N45.03 billion had hitherthoo been disbursed to stakeholders in the oil palm industry to aid the cultivation of about 31, 442 hectares to further grow the commodity,the bank’s Governor, 

He explained that the apex bank’s intervention would help unleash the potential of the oil palm value chain with requisite support for the economic diversification plan as well as the industrialisation aspiration of the country.

He added that the importation demand was expected to cover both the Technical Palm Oil (TPO) used in industry and Special Palm Oil (SPO) used by households.

He added that Nigeria’s palm oil production per annum is currently estimated at 1,250,000 million metric tons (MT) with demand valued at 2,500,00 MT per annum.

The apex bank also said, for the country to achieve 50 per cent import substitution through production upgrade within the next 10 years, there was need to bridge demand deficits for domestic production of fresh fruit bunches from 8.5 million MT in 2010 to about 10 million MT.

According to the fourth quarter 2021 trade statistics by the National Bureau of Statistics (NBS), crude palm oil imports from China totaled N20.28 billion and N16.49 billion from Malaysia as well as palm olein worth N31.43 billion imported from Malaysia.

Recall that Nigeria was the major producers of palm oil in the 60s, when Malaysia took over the production  and exportation of palm oil to other countries.

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