Skip to main content

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...
Post a Comment

Nigeria's inflation increases to 21.83 % in January, says NBS

Nigeria's inflation chart in July 2022


By Favour Ajibade



The National Bureau of Statistics (NBS) says the  Nigeria's rate of inflation has risen by 0.47 per cent from 21.34 per cent in December 2022 to 21.82 per cent in January this January. 

NBS attributed the slight increase in the inflationary rate to higher commodity and good prices, the latter, which has witnessed a surge, primarily to the nation's wobbling economy. 

It, however, explained that year-on-year, the headline index was 6.22 per cent higher compared to 15.60 percent in January 2022.

According to the Consumer Price Index (CPI) report for January which was released by the statistical agency, food inflation year-on-year rose to 24.32 percent in January 2023, representing 7.19 per cent increase compared to 17.13 per cent in January 2022.

The rise in food inflation was attributed to increases in prices of bread and cereals, oil and fat, pota¬toes, yam and other tubers, fish, vegetable, fruits, meat, and food products.

Month-on-month, however, the food index stood at 2.08 per cent in January, which was 0.20 per cent higher than the 1.89 per cent in December.

Core inflation, which excluded prices of volatile agricultural produce rose by 5.29 per cent 19.16 per cent year-on-year in January 2023, compared to 13.87 per cent in 2022.

Month-on-month, the core index rose by 0.49 per cent 1.82 per cent in January compared to 1.33 per cent in December.

The NBS blamed the rise in core inflation on increases in prices of gas, liquid fuel, pas¬senger transport by air, vehicles spare parts, fuels, and lubricants for personal transport equipment, solid fuel, among others.

Notably, the highest contributors to the headline index include bread and cereal (21.67 per per cent), actual and imputed rent (7.74 per cent), potatoes, yam and tuber (6.06 per cent), vegetable (5.44 per cent), and meat (4.78 per cent).

Urban inflation year-on-year increased to 22.55 per cent in January compared to 16.17 per cent 2022.

Month-on-month, the urban index stood at 1.98 per cent in January com¬pared to 1.80 per cent in December.

On the other hand, the rural inflation also rose to 21.13 per cent year-on-year compared to the 15.06 per cent in 2022.

On a month-on-month ba¬sis, the rural index rose to 1.77 per cent in the period under review compared to 1.63 per cent in De¬cember.

On states level, general inflation year-on-year was highest in Bauchi (24.79 per cent), Ondo (24.54 per cent), and Anambra (24.51 per cent), while Jigawa (19.09 per cent), Borno (19.62 per cent) and Sokoto (19.90 per cent) recorded the slowest rise in the headline index.

Month-on-month, however, the highest increases were recorded in Lagos (2.91 per cent), Taraba (2.84 per cent), Ondo (2.68 per cent), while Yobe (0.54 per cent), Jigawa (0.73 per cent) and Oyo (0.87 per cent) record¬ed the slowest rise on month-on-month inflation.

Food Inflation year-on-year was highest in Kwara (29.03 per cent), La¬gos (27.67 per cent), and Ondo (27.38 per cent), while Jigawa (19.22 per cent), Sokoto (20.80 per cent) and Yobe (21.32 per cent) recorded the slowest rise in the index.

On a month-on-month basis, however, food inflation was highest in Lagos (3.67 per cent), Ogun (3.54 per cent), and Ekiti (3.32 per cent), while Yobe (-0.50 per cent), Jigawa (0.18 per cent) and Kebbi (0.92 per cent) recorded the slowest rise.

Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first C...
1 comment
Read more

Oil Block: Why Fed Govt Prioritises Production Bonus To Attract Local & Foreign Investors

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l...
Post a Comment
Read more

Axella Plans To Deepen Gas Utilisation in Nigeria

Axella' s Director of Business Development, Mr Franklin Imole By Favour  Ifeoluwa & Akinola Ajibade Axella's Gas Processing Plant announces Final Investment Decision ( FID) to develop a 50 MMASCF/D Gas Processing Plant, with h a view to deepen utilisation of gas  in the country. The firm, which is situated  in 0ML 56 in Delta State,  said that its making strategic investment in order to ensure that gas is available for industrial use in Nigeria. Situated in  Delta State, Southern Nigeria and billed to commence operation by the end of 2024, the facility, Axella' said, boasts of 12 MMSCF  Modular Plant with an interconnection pipeline network of about 4kilometres alongside other ancillary infrastructure. The facility, the company added, is expected to commence operation by the end of this year. Speaking on the plant ,  Axella's  Director of Business Development, Franklin Imole said: " As the Federal Government continues to pursue its...
Post a Comment
Read more