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September 29, 2024 NNPCL Says Increasing Crude Oil Production from 1.7mbpd to 3mbpd is Possible
IFMUYONEWS

NNPCL Says Increasing Crude Oil Production from 1.7mbpd to 3mbpd is Possible

The Nigerian National Petroleum Company Limited has stated that increasing crude oil production from the current 1.7 million barrels per day to 3 million barrels is achievable.

The Chief Corporate Communications Officer of NNPCL, Mr. OLUFEMI SONEYE, announced this during a Stakeholders Engagement Session with journalists covering the National Assembly on Saturday.

He attributed the potential for increased production to the political will demonstrated by President BOLA TINUBU, who has issued directives to relevant security agencies to combat oil theft and pipeline vandalism.

He added that with a collaborative effort against oil theft and pipeline vandalism, an enabling environment could be created to support optimal oil production levels of 2.5 to 3 million barrels per day.

September 26, 2024 SME’s Frown at New Central Bank Interest Rates
IFMUYONEWS

SME’s Frown at New Central Bank Interest Rates

Small business owners have described the new Central Bank of Nigeria, CBN, Monetary Policy Rate, MPR, as unfortunate, and have said that it is capable of further contracting businesses.

They added that as businesses contract, firms will downsize, leading to loss of jobs.

Recall that yesterday the CBN raised the MPR by 50 basis points from 26.75% to 27.25%. The CBN governor, Mr OLAYEMI CARDOSO, disclosed this at the end of the 154th Monetary Policy Committee, MPC, meeting in Abuja on Tuesday.

The small business owners noted that the Nigerian Bureau of Statistics, NBS announced that Nigeria’s unemployment rate grew by 1.2 percentage points to 5.3 per cent year-on-year, hence, the need to raise an alarm about the days ahead.

September 26, 2024 Petroleum Unions Lift Ban on Sales of Products in Akwa Ibom
IFMUYONEWS

Petroleum Unions Lift Ban on Sales of Products in Akwa Ibom

The Governor of Akwa Ibom State, Pastor Umo Eno, met today with leaders of key unions in the petroleum sector to address the issues that led to the recent ban on the sale of petroleum products in the state.
During the meeting, the Governor was informed that two petroleum trucks were confiscated in Mbo Local Government Area by federal agencies and have been detained since May 2024. While acknowledging that the matter falls outside his jurisdiction, the Governor has directed the Commissioner for Internal Security and Waterways to liaise with the relevant authorities to ascertain the facts of the case. Additionally, he expressed his commitment to exploring the establishment of a petroleum depot in Akwa Ibom State.
In response, the union leaders thanked the Governor for his proactive engagement and pledged to lift the ban immediately, ensuring that petroleum products will be made available to the public.
Those in attendance included Sir Michael Udofia and Joseph Otu of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Comrade Francis Udoyen and Joseph Okafor of the Petrol Tanker Drivers Association (PTD), as well as Comrade Godwin Okono and Comrade Raphael Chukwuwu from the National Union of Petroleum and Natural Gas Workers (NUPENG).
September 23, 2024 Governor Umo Eno Reinstates Commitment to Realizing Ibom Deep Seaport
IFMUYONEWS

Governor Umo Eno Reinstates Commitment to Realizing Ibom Deep Seaport

Governor UMO ENO has disclosed that his administration is working assiduously to woo investors to partner towards the actualization of the Ibom Deep Seaport project.

The governor stated this during his state broadcast to mark the 37th anniversary of the creation of Akwa Ibom State.

The Ibom Deep Sea Port project is a development within a designated free trade zone that is integrated with an industrial city development (Ibom Industrial City). It aims to become the Eastern Gateway of Nigeria, providing vital port capacity for the country.

Lagos, the existing gateway, is situated at the western part of the country and is severely congested from the sea and land sides, leading to delays for ships entering the port and within the port due to capacity constraints on the terminals.

While highlighting the efforts of the actualization of the project, Governor UMO ENO in the anniversary broadcast noted that the state government is constructing access roads such as OrukimUyeghe Road and other facilities to make the environment conducive for investors.

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