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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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MAN experiences decline in investment by N145.59bn

Ajayi-Kadir 


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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