Economy
Major Cause Of Oil Theft Is Unemployment – Minister of Labour and Employment
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“Now, we cannot even produce the 1.8 million barrels. We are hovering around 1.1 million barrels per day, and they told us that some people are stealing our crude oil.
“This is a very serious matter because it has made us become very mendicant. We are now a mendicant nation, resorting to begging for survival,” he said.
He added that the nation cannot continue that way because it has hampered efforts to create jobs for our teeming youthful population.
The minister further said, “Some people were analysing the situation and said that when we started the country, the white men came here and took all the jobs.
“We were seeing them with white shirts and ties and the jobs became known as white collar jobs. Later, our own people started going to university and after graduation, joined the ‘white collar jobs’.
“Our colonial masters left and bequeathed to us another group of colonial masters, which comprised the indigenous people.
“Those who took over from the colonial masters did not plan for tomorrow. Number one is that our population is growing uncontrollably.
“Our population astronomically outpaces our Gross Domestic Product. We are neither finding our youthful population white-collar jobs nor making arrangements for them to do blue-collar jobs.
“Blue-collar jobs are the ones you do with your hands, applying skills,” he said.
Ngige also noted that only a few blue-collar jobs were created in the transport sector, especially in rail and maritime, without producing indirect jobs to complement them, while the situation was made worse by foreigners.
The Federal Government of Nigeria has called on International Oil Companies (IOCs) to increase their investments in the country’s oil and gas sector, emphasizing the favorable investment climate created by the nation’s fiscal policies.....KINDLY READ THE FULL STORY HERE▶
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, made the appeal during the Cross Industry Group (CIG) meeting in Florence, Italy, organized by IOCs operating in Nigeria. The meeting aimed to address challenges, expectations, and strategies to enhance Nigeria’s contribution to regional energy needs across Sub-Saharan Africa.
In a statement released by his Special Adviser, Nneamaka Okafor, the minister highlighted that the President Bola Tinubu administration had implemented investment-friendly policies, including incentives for deep water investments. Lokpobiri stressed that while IOCs face challenges related to engineering, procurement, and construction (EPC) contractors, these obstacles can be overcome if IOCs make strong, strategic investment decisions.
“The ball is in the court of the IOCs and other operators to make the investment decisions that will drive increased production and sustainability in the sector,” the minister said, emphasizing the government’s role in creating an environment conducive to investment.
Furthermore, Lokpobiri called for support from IOCs for local refining efforts, noting the government’s push to bring more refineries online, which will require a steady supply of crude oil. He also reiterated the government’s commitment to enforcing the “drill or drop” provisions of the Petroleum Industry Act (PIA), aiming to ensure that idle assets are developed or redistributed to willing investors.
The minister’s remarks also encouraged collaborative measures such as resource sharing and farm-outs, particularly for underutilized assets, to promote production. He warned that the government would reclaim assets that remained underdeveloped for decades.
In response, Osagie Osunbor, Chairman of the Oil Producers Trade Section (OPTS), praised the minister for engaging directly with industry players and affirmed the government’s commitment to creating a favorable investment environment.
The Federal Government remains steadfast in fostering a thriving oil and gas industry and expects IOCs to match this commitment by making tangible investment decisions that will contribute to Nigeria’s energy security and economic growth.
The black market exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) for today, March 31, 2025, has been released.....KINDLY READ THE FULL STORY HERE▶
According to reliable sources at the Bureau De Change (BDC), the exchange rate at the Lagos Parallel Market, commonly referred to as the black market or Aboki FX, shows that traders are buying dollars at ₦1,560 and selling at ₦1,580 as of Sunday, March 30, 2025.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the parallel market rates. Instead, the CBN advises individuals who wish to engage in forex transactions to approach their respective commercial banks.
For comparison, the official CBN rate for the dollar today shows a highest rate of ₦1,542 and a lowest rate of ₦1,520. However, exchange rates may vary depending on the provider or location.
Foreign exchange rates in the black market often differ from the official rates set by the CBN, influenced by factors such as demand and availability. As a result, forex traders and individuals looking to convert dollars to naira are advised to verify rates before making transactions.
Stay informed with the latest updates on the dollar to naira exchange rate and other economic news.
Black Market Dollar To Naira Rate Hits New High – See Today’s Rates March 1, 2025Looking for the latest Dollar to Naira exchange rate at the black market (parallel market)? Check out the rates for March 1, 2025, below.....KINDLY READ THE FULL STORY HERE▶
As of Friday, February 28, 2025, Bureau De Change (BDC) sources confirm the following exchange rates at the Lagos Parallel Market:
- Buying Rate: ₦1,495 per $1
- Selling Rate: ₦1,505 per $1
The Central Bank of Nigeria (CBN) has set the official exchange rates as follows:
- Highest Rate: ₦1,504 per $1
- Lowest Rate: ₦1,490 per $1
⚠️ Note: The CBN does not recognize black market transactions and advises individuals to conduct foreign exchange transactions through official banking channels.
Important: Exchange rates fluctuate and may vary from what is listed in this report. Always confirm from your forex dealer before making any transactions.
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