Daily Watch – Nigeria reaches 1.7mbpd, Ghana’s economy grows 7.2% in Q3

12th December 2024

Nigeria’s oil production has rebounded, reaching 1.69 million barrels per day (bpd) in November, data sourced from the National Liquid Hydrocarbon Production reports by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed. On average, crude oil production for the month was 1.48 million bpd. While blended and unblended condensate were 46,483 and 158,345 bpd respectively. Meanwhile, Dangote Refinery said on Wednesday it has made its first export of petrol to Cameroon, a milestone that could pave the way for regional energy integration and help stabilise fuel prices across the region. The company did not provide details of how much was exported. Cameroon’s energy firm Neptune Oil said that both companies were exploring new initiatives to establish a reliable supply chain that will help stabilise fuel prices and opportunities across the region. Neptune Oil said the petrol supply transaction was executed without intermediaries.

Economic activities in Nigeria recorded a second consecutive month of contraction, as shown in the November 2024 Purchasing Managers Index (PMI) released by the Central Bank of Nigeria, with the composite PMI for the month at 48.9 index points. All components of the composite PMI recorded declines, signalling a broad-based slowdown. Of the 36 sub-sectors assessed in the industry, services, and agriculture sectors, only 14 subsectors reported growth, while 22 subsectors registered a decline. Key metrics such as output, new orders, employment, and stock of raw materials recorded index points of 49.6, 48.1, 49.0, and 48.8, respectively. Additionally, the suppliers’ delivery time index declined to 49.1 points, indicating slower delivery times. Nigerians yet again were thrown into darkness due to a ‘system outage’ from the national grid on Wednesday afternoon. Electricity distribution companies announced a system outage around 1:32 p.m. on Wednesday.

Ghana’s economy grew by 7.2% in the third quarter of 2024, provisional figures released by the Ghana Statistical Service have revealed, compared to the second quarter growth of 6.9%. The Industry sector recorded the highest real GDP growth of 10.4% year-on-year followed by the Services sector at 6.4%. The Agriculture sector recorded a growth rate of 3.2%. Under Agriculture, the sub-sector, which expanded the most was crops and the sub-sector which contracted the most was fishing. Crops expanded by 5.9% year-on-year and 1.3% quarter-on-quarter. Meanwhile, the fishing sub-sector contracted by -21.7% year-on-year and 6.5% quarter-on-quarter. Meanwhile, Information and Communication expanded the most within the services sector with other personal services activities contracted in the third quarter of the year.

Clashes erupted on Wednesday between forces from Somalia’s federal government and the semi-autonomous Jubbaland region. “This morning, federal forces from Mogadishu in Ras Kamboni, using drones, attacked Jubbaland forces,” Adan Ahmed Haji, assistant security minister of Jubbaland, told a press conference in the regional capital Kismayu. Later in the day, he said hundreds of federal forces had surrendered and fled to the Kenyan border, while Jubbaland fighters had captured Ras Kamboni. Somali Defence Minister Abdulkadir Mohamed Nur said the Jubbaland forces initiated the clashes. “Early this morning Jubbaland forces attacked the Somali federal military troops that were deployed in Lower Jubba to take bases withdrawn from by ATMIS,” he said in a statement, referring to the African Union Transition Mission in Somalia. Major Abdirahman Osman, a Jubbaland soldier, told Reuters 10 people had been killed in the fighting.