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Decline in electricity generation drags down industrial activities
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Industrial activities during the fourth quarter of 2007 declined relative to the preceding quarter.
But at 118.8 (1990=100), estimated index of industrial production improved by 3.5 percent over the level attained in the corresponding period of 2006, but declined by 1.7 percent below the level in the preceding quarter.
The increase reflected the rise in manufacturing output, mining production and electricity consumption. Provisional data from the National Bureau of Statistics (NBS) on the sectoral growth rate of GDP indicated that the manufacturing sub-sector grew by 10.6 percent over the level attained in the preceding quarter.
The estimated index of manufacturing production, at 90.8 (1990=100), rose by 0.7 and 4.3 percent over the levels in the preceding quarter and the corresponding period of 2006, respectively.
This development was attributed to the increased in production activities by manufacturing firms during the festive periods.
At 133.64 (1990=100), the index of mining production rose by 0.1 and 0.6 percent over the levels in the preceding quarter and the corresponding period of 2006, respectively. The increase was attributed to the rise in crude oil and gas production.
At 3,850.0 Mega Watt per hour (MW/h), estimated average electricity generation fell by 8.8 percent from the level attained in the preceding quarter. The decline reflected the drop in water levels at the reservoirs which power the hydro power stations in the country and non supply of gas to Egbin, Delta and Geregu power stations, following a fire incident that burnt the Shell Utorogu gas plant during the period.
At 1,750.0 MW/h, estimated average electricity consumption declined by 1.8 percent from the level in the preceding quarter. Of the total, residential consumption accounted for 51.3 percent, commercial and street lighting accounted for 26.7 per cent, while industrial consumption accounted for 22.0 percent.
The decline in electricity consumption relative to the preceding quarter was attributed to the low supply from the power generating stations.
On Small and Medium Enterprises Equity Investment Scheme, a cumulative sum of N37.4 billion has been realised under the SMEEIS as at the end of the fourth quarter of 2007. Out of this, the sum of N21.2 billion or 50.7 per cent of the total was set aside for investment in 302 projects. Overall, the total amount invested by banks remained the same as in the preceding quarter.
Sectoral analysis of the cumulative investment showed that the real sector (Manufacturing- 35.5 percent, Agro-allied-8.0, Construction-5.4 percent and Solid Minerals-0.3 percent) recorded investments worth =N=10.4 billion, (accounting for 49.3 percent) in 188 projects, while the service sub-sector (Tourism & Leisure-21.2 percent, Services- 20.6 percent, IT & Telecom-8.4 percent, and Educational Establishment 0.6 percent) accounted for N10.8 billion (50.7 percent) in 114 projects.
Nigeria's crude oil production, including condensates and natural gas liquids was estimated at 2.13 million barrels per day (mbd) or 195.96 million barrels in the fourth quarter of 2007, representing a decline of 2.3 per cent from the level in the preceding quarter.
Crude oil export was estimated at 1.68 mbd or 154.56 million barrels in the review quarter, compared with 1.73 mbd or 159.16 mbd in the preceding quarter. Deliveries to the refineries for domestic consumption remained at 0.45 mbd or 41.40 million barrels in the review quarter.
At an estimated average of US$91.99 per barrel, the price of Nigeria's reference crude, the Bonny Light (37º API) rose by 14.2 per cent over the level in the preceding quarter. The average prices of other competing crudes namely, the West Texas Intermediate, the U.K Brent, the Arab Light, and the Forcados also rose by 22.3, 18.9, 22.0 and 19.0 per cent to US$92.36, US$90.08, US$86.76 and US$92.07 per barrel, respectively.
The average price of OPEC's basket of eleven crude streams rose by US$16.9 per barrel to US$90.00 over the level in the preceding quarter.
The increase in price was attributed to the winter supply worries, heightened tensions between Turkey and Northern Iraq as well as sustained output disruption in Nigeria and Iran.
But at 118.8 (1990=100), estimated index of industrial production improved by 3.5 percent over the level attained in the corresponding period of 2006, but declined by 1.7 percent below the level in the preceding quarter.
The increase reflected the rise in manufacturing output, mining production and electricity consumption. Provisional data from the National Bureau of Statistics (NBS) on the sectoral growth rate of GDP indicated that the manufacturing sub-sector grew by 10.6 percent over the level attained in the preceding quarter.
The estimated index of manufacturing production, at 90.8 (1990=100), rose by 0.7 and 4.3 percent over the levels in the preceding quarter and the corresponding period of 2006, respectively.
This development was attributed to the increased in production activities by manufacturing firms during the festive periods.
At 133.64 (1990=100), the index of mining production rose by 0.1 and 0.6 percent over the levels in the preceding quarter and the corresponding period of 2006, respectively. The increase was attributed to the rise in crude oil and gas production.
At 3,850.0 Mega Watt per hour (MW/h), estimated average electricity generation fell by 8.8 percent from the level attained in the preceding quarter. The decline reflected the drop in water levels at the reservoirs which power the hydro power stations in the country and non supply of gas to Egbin, Delta and Geregu power stations, following a fire incident that burnt the Shell Utorogu gas plant during the period.
At 1,750.0 MW/h, estimated average electricity consumption declined by 1.8 percent from the level in the preceding quarter. Of the total, residential consumption accounted for 51.3 percent, commercial and street lighting accounted for 26.7 per cent, while industrial consumption accounted for 22.0 percent.
The decline in electricity consumption relative to the preceding quarter was attributed to the low supply from the power generating stations.
On Small and Medium Enterprises Equity Investment Scheme, a cumulative sum of N37.4 billion has been realised under the SMEEIS as at the end of the fourth quarter of 2007. Out of this, the sum of N21.2 billion or 50.7 per cent of the total was set aside for investment in 302 projects. Overall, the total amount invested by banks remained the same as in the preceding quarter.
Sectoral analysis of the cumulative investment showed that the real sector (Manufacturing- 35.5 percent, Agro-allied-8.0, Construction-5.4 percent and Solid Minerals-0.3 percent) recorded investments worth =N=10.4 billion, (accounting for 49.3 percent) in 188 projects, while the service sub-sector (Tourism & Leisure-21.2 percent, Services- 20.6 percent, IT & Telecom-8.4 percent, and Educational Establishment 0.6 percent) accounted for N10.8 billion (50.7 percent) in 114 projects.
Nigeria's crude oil production, including condensates and natural gas liquids was estimated at 2.13 million barrels per day (mbd) or 195.96 million barrels in the fourth quarter of 2007, representing a decline of 2.3 per cent from the level in the preceding quarter.
Crude oil export was estimated at 1.68 mbd or 154.56 million barrels in the review quarter, compared with 1.73 mbd or 159.16 mbd in the preceding quarter. Deliveries to the refineries for domestic consumption remained at 0.45 mbd or 41.40 million barrels in the review quarter.
At an estimated average of US$91.99 per barrel, the price of Nigeria's reference crude, the Bonny Light (37º API) rose by 14.2 per cent over the level in the preceding quarter. The average prices of other competing crudes namely, the West Texas Intermediate, the U.K Brent, the Arab Light, and the Forcados also rose by 22.3, 18.9, 22.0 and 19.0 per cent to US$92.36, US$90.08, US$86.76 and US$92.07 per barrel, respectively.
The average price of OPEC's basket of eleven crude streams rose by US$16.9 per barrel to US$90.00 over the level in the preceding quarter.
The increase in price was attributed to the winter supply worries, heightened tensions between Turkey and Northern Iraq as well as sustained output disruption in Nigeria and Iran.
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