Economy

Minister reveals Why oil production dropped in Q1 2024

Published

11 months ago

April 13, 2024

Heineken Lokpobiri, minister of state for petroleum resource (oil), says the drop in crude oil production in the first quarter of 2024 is due to challenges with the Trans-Niger pipeline (TNP) and the maintenance carried out by some oil companies.

Lokpobiri spoke in a statement signed by Nneamaka Okafor, his special assistant, media and communications, in Abuja on Friday.

The TNP, operated by Shell Petroleum Development Company of Nigeria (SPDC), is a major pipeline capable of transporting about 180,000 barrels of crude per day to the Bonny export terminal.

On April 11, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production dropped to 1.23 million barrels per day (bpd) in March – a 6.88 percent decrease from the 1.32 million bpd recorded in February.

Commenting on the decline, Lokpobiri said the federal government was intensifying efforts to restore the production to the previous level of 1.7 million barrels per day and also exceed it.

The minister clarifies that the reported “production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some Oil companies operating in Nigeria,” he said.

Lokpobiri said production is expected to return to its previous levels in the coming days.

Speaking further, the minister said his ministry is actively engaged in policy evolution aimed at maximising the utilisation of all available wells in Nigeria.

“This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves,” he said.

“The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget.”

Lokpobiri also said his ministry remains committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate

Published

6 hours ago

March 12, 2025

Naijablitznews

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Economy

Overview of Dollar to Naira Exchange Rate: Key Insights, Trends as of March 11, 2025

Published

13 hours ago

March 12, 2025

Admin

Understanding the dynamics of the foreign exchange market is crucial for individuals and businesses engaged in international transactions. The exchange rate between the U.S. Dollar (USD) and the Nigerian Naira (NGN) has experienced notable fluctuations in recent times. This article provides an overview of the current exchange rates, historical trends, and factors influencing these changes as of Tuesday, March 11, 2025.

Current Exchange Rates

As of March 11, 2025, the exchange rates are as follows:

Date Official Exchange Rate (USD to NGN): 1 USD = 1,559.65 NGN

Black Market Rate (USD to NGN): 1 USD = 1,561.00 NGN11-03-2025

Note: The official exchange rate is sourced from historical data, while the black market rate is based on user-reported information.

Recent Trends and Fluctuations

Over the past week, the USD/NGN exchange rate has exhibited the following movements:

High: 1 USD = 1,559.65 NGN on 11-03-2025
Low: 1 USD = 1,493.99 NGN on 04-03-2025

The most significant 24-hour change occurred on 11-03-2025, with a 2.118% increase in value. 

Factors Influencing the Exchange Rate

Several factors have contributed to the recent fluctuations in the USD/NGN exchange rate:

Oil Prices: Nigeria’s economy is heavily reliant on oil exports. Variations in global oil prices directly impact foreign exchange earnings, influencing the Naira’s value.

Inflation Rates: Higher domestic inflation can erode the Naira’s purchasing power, leading to depreciation against the USD.

Monetary Policy: Decisions by the Central Bank of Nigeria regarding interest rates and foreign exchange interventions play a pivotal role in stabilizing the Naira.

Political Stability: Political events and policy decisions can affect investor confidence, thereby impacting currency value.

Implications for Stakeholders
Importers and Exporters: Fluctuating exchange rates can affect the cost of goods and services, influencing profit margins.

Investors: Currency volatility may impact returns on investments denominated in foreign currencies.

General Public: Exchange rate movements can affect the prices of imported goods, thereby influencing the cost of living.

Conclusion

Staying informed about exchange rate trends is essential for effective financial planning and decision-making. As of March 11, 2025, the USD to NGN exchange rate reflects both global economic conditions and domestic factors. Individuals and businesses are advised to monitor these trends closely and consult financial experts when making currency-related decisions.

Disclaimer: Exchange rates are subject to continuous change.

Economy

See list: China, India lead as Nigeria’s major trading partners Q4, 2024

Published

14 hours ago

March 12, 2025

Admin

China and India have emerged as Nigeria’s largest sources of imports in 2024.

According to the latest trade report from the National Bureau of Statistics (NBS), China remains Nigeria’s top import partner, while India follows.

The bulk of these imports include electronics, machinery, textiles, and industrial equipment, which are crucial to Nigeria’s manufacturing and technology sectors.

India’s contributions are particularly significant in pharmaceuticals, industrial raw materials, and processed food products.

A breakdown of Q4 2024 trade data highlights China’s continued dominance in Nigeria’s import market.

The top five sources of imports for the fourth quarter were:

China – N4.61 trillion (27.80% of total imports)
India – N1.90 trillion (11.43%)
Belgium – N1.39 trillion (8.35%)
United States – N1.06 trillion (6.36%)
France – N601.28 billion (3.62%)