NNPC Pledges To End Fuel Queues By Weekend

nnpcThe Nigerian National Petroleum Corporation (NNPC) has vowed to meet the June 13 deadline earlier set to end fuel queues across the country.

The Group Managing Director of NNPC, Dr Joseph Dawha, told journalists during inspection of some of its stations in Abuja that there is a stock level of 1.1 billion litres representing 27 days sufficiency, saying there should be no cause for alarm.

He underscored the need for stakeholders to join forces with it (NNPC) to rid the nation of oil pipeline vandals.

Mr Dawha announced that in the last five days, 85 trucks of petrol had been brought in daily to the nation’s capital city to address the crisis and promised to deliver more.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) had accused the NNPC of being responsible for the lingering fuel situation, especially as it concerns the inflated prices and artificial fuel scarcity but six days ago, the Ministry of Petroleum Resources (MPR) and oil marketers resolved to work together in order to ensure improved supply to retail outlets nationwide.

Many Nigerians expect a reduction of queues and most importantly a reduction of prices to the recommended 97 naira per litre.

MPR At 12% Will Make It Difficult For Nig’s Private Sector To Create Jobs

Financial analyst; Wole Oluwo, has decried the retention of the nation’s Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), at 12 percent saying that a trade off might soon occur from the failure of the regulatory authorities to balance the achievement in other economic indicators such as the exchange rate and foreign reserve with a high interest rate.

Mr Oluwo on Channels Television’s Business Morning, warned that no matter the growth rate of the country, even if Nigeria’s economy is growing at 10 percent, the ordinary man can never feel the impact of such growth except if his business is able to access money via a lower interest rate.

It will also help reduce cost, he added.

He warned of an impending trade-off that can spike the inflation rate which the CBN is closely guiding to be retained at a single digit.

Oluwo ask why the CBN would rather have an economy where inflation rate is at a single digit but the average business owner cannot get a loan at single digit.

 

Nigeria’s Economic Growth To Hit 7% in 2013

Nigeria’s economic growth is likely to rebound in 2013 to an average of 7 per cent, that’s according to the Financial Derivatives Company (FDC) monthly economic report.

The nation’s Gross Domestic Product (GDP) expanded to 6.48 per cent in the third quarter of 2012 over the previous quarter.

According to the report released on Tuesday, the anticipated growth is expected to be driven by improved power supply, new investments in the petroleum sector and increased agricultural productivity amongst other factors.

The report expects that the Central Bank of Nigeria (CBN) would consider moving to a more accommodative monetary stance, but it however warned that if the budget impasse between the President and the National Assembly over the increased benchmark of $79 per barrel is not resolved, the CBN may have no alternative but to retain its current Monthly Policy Rate (MPR) at 12 per cent between the first quarter and first half of the year.

The CBN will hold its first monetary policy meeting for the year on Monday, January 21st to Tuesday 22nd.

The FDC however called for direct government intervention in infrastructure, security, environment, public schools and hospitals as well as other areas in which there are evident cases of market failure.