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
By Favour & Akinola Ajibade
The Manufacturers Association of Nigeria (MAN) recorded a major decline in investment towards the end of 2022, due to lull in the economy, its Director General, Mr Segun Ajayi-Kadir, has said.
Spefically, the body experienced drop in operations in the second quarter of last year (April to June) as investment fell to N145.59 billion from N160.88 billion within the period.
Presenting the operational findings of the body in Lagos, Ajayi-Kadir, noted Investment in the sector witnessed a decline of N15.29billion in the second quarter of 2022.
This, he said, translates to 10 per cent fall in investment, adding that the sector further experienced a decline by N32.8 billion or 18 per cent when compared with N178.39 billion recorded in the first half of the year.
Prior to this period, the association had experienced decrease in investment between 2021 to 2022 from N305.02 billion to N323.98 billion within one year, development, which showed a reduction of N8billion loss in business outlay.
Investment in the period was affected by the high debt profile of the Government which particularly deters foreign investment, high cost of borrowing, high cost of energy, low consumption during the period and many more.
News Mirror reports that the findings were carried out in order to monitor changes in manufacturing sector performance indicators viz-a-viz the behaviours of macroeconomic and policy environments in 2022.
The indicators used include capacity utilization, production value, inventory, level of utilization of local raw materials, investment, expenditure on alternative energy source, etc.
Recall that MAN recorded cumulative employment of 1,686,725 at the end of 2022, as against drop in employment by 6741, 8508 and 9559 in the corresponding half of 2021 and the first half of 2022 respectively.
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