CBN MOVES TO END BLACK MARKET IN FOREIGN EXCHANGE MARKET

The search for oil in the north east has yielded result - The Ministry of Oil Resources confirmed the discovery in Borno - The country is targeting zero militancy in 2017 The search for oil in the north east has yielded result as the federal government confirmed the discovery of crude oil in Borno which is north east Nigeria. This was disclosed by Dr. Jamila Shua’ra who is the permanent secretary of the Ministry Petroleum Resources at the presentation of the 2016 petroleum sector scorecard held at the auditorium of the Petroleum Technology Development Fund (PDF) in Abuja on Thursday, December 15. She noted that the discovery was one of the successes of the ministry in 2016. “Our doggedness culminated in the discovery of oil in new frontiers – Lagos and Borno.” She said: “Today, as a team, we have recorded commendable achievements in our sector: the introduction of the PMS Price Modulation Matrix; the availability of PMS in all outlets; eradication of payment on fuel subsidies; located foreign direct investment to finance midstream oil and gas infrastructure; adopted exit strategies on Joint Venture Cash Call; robust engagement of host communities to reduce agitations; creation of more stable industrial relations.” Professor Yemi Osinbajo who is the vice president also confirmed the discovery and added that the deregulation of the downstream sector save Nigeria N15.4 billion monthly. Alhaji Abubakar Malami who represented the vice president noted that the sector contributed to 90 per cent of the country’s earning. Dr. Ibe Kachikwu who is the minister of state for petroleum resources noted that the downside of the subsidy removal was the fall in the country’s consumption from 50 million litre per day (mlpd) previously to the current figure 28mlpd. He said the government was focused on achieving zero militancy in 2017 and that Nigeria’s oil production has risen to close to 1.8 million barrels per day