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You are here:Home>>Strategic Research & Analysis>>Nigeria earns $282 million (about N42 billion) daily from oil
Saturday, 05 March 2011 16:26

Nigeria earns $282 million (about N42 billion) daily from oil

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Mrs Diezani Alison-Madueke Mrs Diezani Alison-Madueke

Minister of Oil speaks on increased production and price

Minister of Petroleum Resources, Mrs Diezani Alison-Madueke declared as a result of the increased production of crude oil that Nigeria is earning about $282 million (about N42 billion) from oil revenue daily. Her quote, ."Nigeria now earns average revenue of over 282 million dollars per day from crude oil-based on the combined daily production figure of crude and condensate which stands at 2.4 million barrels. "  She continued, “Many of you will recall that eight months ago, the nation’s crude oil production was as low as one million barrels per day. However, as I speak to you today, thanks to the vigorous implementation of the Amnesty Programme of this administration, the story is different.”  Nigerian President Goodluck Jonathan has been successfully implementing Amnesty Programme and it makes all the difference.

Mrs Diezani Alison-Madueke disclosed this at Lagos rally of the ongoing national campaign of Peoples Democratic Party Presidential PDP)

Speaking on job creation she continued, "By giving our country a Nigerian Content Act, the President has reversed the trend. This means; a retention of $10 billion out of 20 billion average annual industry expenditure, creation of over 30,000 direct employment and training opportunities, and the establishment of three to four new pipe mills to service industry demands, as well as the development of some dockyards and utilisation of existing shipyards among others."

Mrs Diezani Alison-Madueke said, "Petrochemical plants are fertilizer plants that will increase our agricultural and food production, and methanol plants that will boost industrial production with a combined initial investment of about $20 billion. This will result in the creation of over 300,000 jobs across the nation."

Oil Rig  Pic:vanguard

According to Dily Trust Newspaper, "Mrs Madueke said that plans are on to speed up the process leading to the construction of three proposed Greenfield refineries in Lagos, Kogi and Bayelsa states to totally eliminate product importation while assuring that the ministry through the NNPC has intervened to ease off the recent artificially induced gap in the supply and distribution of kerosene in some parts of the country through massive injection of extra volumes of kerosene into the market to force down the price.

It means increased average revenue for government with which this administration is now using to provide the much desired dividends of democracy to the citizenry. Whether you look into education, roads or health care, there is improvement in the provision of these services to the citizens of this nation,’’ the minister stated.

Mrs. Alison-Madueke stated that in the weeks ahead, the Federal Government through the Ministry of Petroleum Resources will execute some binding MoUs with a consortium of International Oil and Gas firms for the construction of a Petrochemical plant and some fertilizer processing plants in Lagos and some other parts of the country valued at over $20 billion."

As a result of the onging uprising and instability in Middle East and North Africa the was a continous rise in the price of oil.  Nigeria appears to be gaining from the spike of oil price but it has its downside which makes implementation of Nigerian budget arduous. Moreover, it gives Central bank of Nigeria(CBN) more work to do with sudden rush of cash into the system putting more pressure on inflation. The good thing about increase of oil price is the subsequent replenishing of the country depleting foreign reserve. In reality oil market needs stability not gyrations of price that makes demand and supply unstable and unrealistic.

Mrs Diezani Alison-Madueke is fiirst and only woman appointed  Petroleum Resources Minister in Nigeria by President Goodluck Jonathan.



Last modified on Saturday, 05 March 2011 21:59

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