NIGERIA EARNED $54.5 BILLION FROM CRUDE OIL, SPENT $54.6 BILLION TO IMPORT PETROLEUM PRODUCTS IN 2018
Nigeria’s value of petroleum products imports was more than its exports in 2018, according to data released by the Organization of the Petroleum Exporting Countries (OPEC).
The report, Annual Statistics Bulletin (ASB) 2019, stated that the value of exports of petroleum products by the country in 2018 amounted to $54.513 billion while import was $54.645 billion.
While exports grew by $16.53 billion in 2018 from $37.983 billion in 2017, no gain was made as the value of imports already override its exports.
The Nigerian National Petroleum Corporation (NNPC) said recently that the country recorded a total export sale of crude oil and gas of $490.03million in February 2019 alone, which is 32.45 percent higher than the previous month’s sale.
According to the Monthly Financial and Operations Report (MFOR) released in Abuja, crude oil export sales contributed $350.29 million (71.48 percent) of the dollar transactions compared with $240.23 million contribution in the previous month.
The report, the 43rd edition of the NNPC MFOR, explained that the export gas sales amounted to $139.74 million in the month under review, stating that the February 2018 to February 2019 crude oil and gas transactions indicated that crude oil and gas worth of $5.94 billion was exported.
However, the country does not refine its crude oil, rather spends huge money on importation of petroleum products for its over 200 million inhabitants. The country’s population grew 5.3 million within the space of one year alone, 2017-2018, according to OPEC’s ASB 2019.
Nigeria spent N2.582 trillion on fuel importation in nine months, from January to September 2018, rising by 12.9 percent from N2.289 trillion recorded in the first three quarters of 2017.
According to data obtained from the National Bureau of Statistics (NBS) Foreign Trade Statistics for the Third Quarter of 2018, Nigeria’s fuel import stood at N845.12 billion, N720.4 billion for the first and second quarters of 2018 respectively.
Other figures in the ASB 2019 showed that Nigeria made more money from exports of petroleum products within the space of five years in 2014, which amounted to $75.196 billion.
During the crude oil price crash, which started in 2015, the country’s value of exports dropped to $41.168 billion, and got worse in 2016 as the country made a meager $27.295 billion.
However, the country did not gain as such, as its value of imports last year, which amounted to $54.645 billion, was higher than its value of export of $54.513 billion same year.
On the other hand, the country’s value of import in 2014 was $70.778 billion, dropped to $52.525 billion in 2015; $46.552 billion in 2016; $49.508 billion in 2017, and shooting upwards to $56.645 billion in 2018.
ZENITH BANK CHAIRMAN, JIM OVIA LOSES $64 MILLION
Nigerian businessman, Jim Ovia has lost close to $64 million in paper net worth. This has occurred steadily over the last 6 months. The stock price of Zenith Bank, where he is the largest shareholder, shed 33% in value within that period.
On February 8, 2019, Zenith Bank was trading at a share price of N24.4 ($0.06).
However, at the close of trading on Thursday, August 8, its share price had dropped to N16.35. The daily losses have consistently recurred over the past few weeks.
Ovia has seen the value of his 2.94 billion shares drop from $200 million to $136 million.
The last few months have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange.
The stocks of several blue-chip stocks such as Zenith Bank, Dangote Cement, Transcorp and United Bank of Africa among several others have hit one-year-lows.
This is due to foreign portfolio investors who dominate the equities market; they pull out funds from the Nigerian capital markets while waiting for policy signals that could lift growth in the economy several weeks after President Muhammadu Buhari won re-election.
“Foreign investors are not exactly complicated. All they are looking for is a broader catalyst; like government policy or macro announcement that suggest growth for the economy is becoming better.
“Buhari’s government has been slow in providing a coherent economic policy that will give foreign investors some sort of comfort; so they are taking to the hills,” says Ademola Adeleke, an Abuja-based stockbroker.
Jim Ovia, 65, is the founder of Zenith Bank, one of the largest and most profitable commercial banks in Nigeria. He is the chairman and largest individual shareholder.
Apart from his shareholding in Zenith Bank, Ovia is one of Nigeria’s largest property owners.
In 2015 he featured in FORBES’ ranking of Africa’s 50 Richest with a fortune that was estimated at $550 million at the time.
HUAWEI LAUNCHES NEW DISTRIBUTED OPERATING SYSTEM,HARMONYOS
Huawei Developer Conference today, Huawei launched HarmonyOS – a new microkernel-based, distributed operating system designed to deliver a cohesive user experience across all devices and scenarios.
Richard Yu, CEO of Huawei’s Consumer Business Group, explained the company’s thoughts behind developing this new OS. “We’re entering a day and age where people expect a holistic intelligent experience across all devices and scenarios. To support this, we felt it was important to have an operating system with improved cross-platform capabilities.
We needed an OS that supports all scenarios, that can be used across a broad range of devices and platforms, and that can meet consumer demand for low latency and strong security. These were our goals with HarmonyOS,” he continued.
HarmonyOS is completely different from Android and iOS. It is a microkernel-based, distributed OS that delivers a smooth experience across all scenarios. It has trustworthy and secure architecture, and it supports seamless collaboration across devices. You can develop your apps once, then flexibly deploy them across a range of different devices,” he added.
Traditionally, new operating systems are released alongside new types of devices. As early as 10 years ago, Huawei envisioned a future where intelligence would seamlessly integrate with all aspects of our lives, and it began exploring how it might deliver this experience – one that would transcend the boundaries of physical space and span different hardware and platforms.
HarmonyOS is a lightweight, compact operating system with powerful functionality, and it will first be used for smart devices like smart watches, smart screens, in-vehicle systems, and smart speakers. Through this implementation Huawei aims to establish an integrated and shared ecosystem across devices, create a secure and reliable runtime environment, and deliver a holistic intelligent experience across every interaction with every device.
An all-scenario, intelligent experience sets a high bar for connectivity, so HarmonyOS was designed with four distinct technical features to deliver on its promise to consumers.
By adopting distributed architecture and distributed virtual bus technology, HarmonyOS offers a shared communications platform, distributed data management, distributed task scheduling, and virtual peripherals. With HarmonyOS, app developers won’t have to deal with the underlying technology for distributed apps, allowing them to focus on their own individual service logic. Developing distributed apps will be easier than ever before. Apps built on HarmonyOS can run on different devices while delivering a seamless, collaborative experience across all scenarios.
HarmonyOS will address underperformance challenges with a Deterministic Latency Engine and high-performance Inter Process Communication (IPC). The Deterministic Latency Engine sets task execution priorities and time limits for scheduling in advance. Resources will gravitate toward tasks with higher priorities, reducing the response latency of apps by 25.7%. The microkernel can make IPC performance up to five times more efficient than existing systems.
HarmonyOS uses a brand-new microkernel design that features enhanced security and low latency. This microkernel was designed to simplify kernel functions, implement as many system services as possible in user mode outside the kernel, and add mutual security protection. The microkernel itself provides only the most basic services like thread scheduling and IPC.
Harmony OS’s microkernel design uses formal verification methods to reshape security and trustworthiness from the ground up in a Trusted Execution Environment (TEE). Formal verification methods are an effective mathematical approach to validate system correctness from the source, while traditional verification methods, such as functional verification and attack simulation, are confined to limited scenarios. Formal methods, by contrast, can use data models to verify all software running paths.
HarmonyOS is the first OS to use formal verification in device TEE, significantly improving security. In addition, because the HarmonyOS microkernel has much less code (roughly one-thousandth the amount of the Linux kernel), the probability of attack is greatly reduced.
Powered by a multi-device IDE, multi-language unified compilation, and a distributed architecture kit, HarmonyOS can automatically adapt to different screen layout controls and interactions, and support both drag-and-drop control and preview-oriented visual programming. This allows developers to more efficiently build apps that run on multiple devices. With a multi-device IDE, developers can code their apps once and deploy them across multiple devices, creating a tightly integrated ecosystem across all user devices.
PENSION FUND SWELLS TO N9.12 TRILLION
Pension contributors injected N21 billion into the pension fund assets in the second quarter of current year 2019, Inspenonline can report.
The National Pension Commission (PenCom) revealed this in its monthly report on summary of pension fund assets and Retirement Saving Account (RSA) registration published on its website.
According to the pension industry regulators, the pension fund assets stood at N9.12 trillion in the month of April and moved to N9.33 trillion in June 2019, showing an inflow of N21 billion.
PenCom also posited that there was an increase of N18 billion in total RSA fund as it moved from N6.94 in April to N7.12 in June, whilst investment in federal government securities fell by N6 billion, falling from N6.55 trillion in April to N6.49 in June and RSA Fund 11, which has continued to attract more invested moved from N4.02 trillion to N4.10 trillion, increasing by N8 billion.
PenCom’s Acting Director-General, Mrs. Aisha Dahir-Umar, had attributed the accumulation of over N9 trillion and other successes achieved since inception of implementation of the CPS to esteemed contributors.
She called on contributors to continue to contribute positively towards the success of the pension reform programme.
“The achievements recorded by the Commission in the last fifteen years would not have been possible without the support and understanding of all stakeholders, especially you, our esteemed contributors who are about to retiree.
“I therefore urge you to contribute positively towards the success of the Pension Reform Programme,” she said
BONNY LIGHT PRICE LEAPS TO $59.55
THE price of Nigeria’s Bonny Light has risen marginally from the $57.00, recorded last week to $59.55 per barrel, yesterday, as the Organisation of Petroleum Exporting Countries, OPEC, intensifies efforts to achieve stability in the volatile market.
Despite the leap, the current price still indicates $0.45 below the $60.00 benchmark of 2019 budget of N8.91 trillion.
Many close watchers of the market believe that it would be impossible for oil price to hit its peak this year because of many factors, including excess supply from some nations. In its latest report,Global Energy Survey, the Oil and Gas Council, identified North America’s continued high levels of supply, global economic slowdown and Organisation of Petroleum Exporting Countries, OPEC, behaviour as the major factors that would hold down price in 2019.
It stated: “Last year’s optimism around growth has been tempered in 2019’s results, showing only 27percent of respondents expecting slow steady growth versus 50 per cent the previous year.
This is perhaps unsurprising, following the year’s continued oil price fluctuations. “However, it is still encouraging to see only a small percentage of respondents who believe we will see progressive weakening in the oil markets. “The question of pricing led us on to ask what would be the biggest driver of price rises over the next three years. The runaway answer here was the threat of political instability and on-going supply. “Many respondents commented on the importance of geo-political factors including volatility in the Middle East and Africa.
The second highest answer was around the lack of investment creating a bottleneck on core projects coming to meet demand.”