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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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Nigeria earns N890m from non-oil exports in 2022

Above: CBN's office. Below: Emiefele 


By Akinola Ajibade



Nigeria has  recorded N890million from the non-oil exports proceeds in 2022, the Governor,  Central Bank of Nigeria (CBN) Mr Godwin Emiefiele has said.

He stated this at the Nigeria International Economic Partnership Forum as part of activities lined up for the United Nations General Assembly meeting soon.

Prior to this period, the country, according to Emiefele, had recorded export repatriation about $64 million in the first quarter of 2022, $622 million in the second quarter, N859 million in the  third quarter,  adding that projections are that by the quarter, the figures would have increased further.

He expressed regret that Nigeria is highly dependent on oil revenue proceeds to support its import obligations.

He said that low revenue inflow from oil sales was responsible for the current foreign exchange crises confronting the country.

The development had led to the massive depreciation of the Naira with an exchange rate of the IE window crashing to N436 to $1.

He said the CBN is addressing the situation with its RT 200 project which will help boost foreign exchange supply with non-oil export repatriation.

He assured that Nigeria is aggressively looking at non-export for foreign exchange proceeds, saying he is certain this would yield the expected results in the months to come.

He added that Nigeria is a country where the country depends on food, and crude revenues to support other sectors, adding that the country is aggressively looking at non-oil exports.

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