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INVESTMENT
Ghana’s central bank

to sell $420mn of liquidity
to BDCs in Q4-2022

The Bank of Ghana (BoG) will sell a total of
$420mn in liquidity to Bulk Oil Distribution
Companies (BDCs) through banks in Q4-2022
in its Foreign Exchange Auctions, up from
$150mn in Q3-2022.
The provision of US dollars to BDCs is aimed
at boosting the supply of liquidity and help sta-
bilise the cedi, while also ensuring the supply of
petroleum products in Ghana.
While $60mn will be auctioned in Septem-
ber, $120mn will be sold in October, November Engineering, Fabrication, Procurement, Drilling Chris Idisi described the Board as the platform
and December 2022, respectively, in bi-monthly services, Logistics, Exploration and Seismic ser- that enables local companies to build capacities
auctions. vices, Installation and Commissioning, Inspec- in the oil and gas industry. He added that the
The cedi has been under immense pressure, tion and Testing, Project Management, Finance Nigerian Content Act has developed capac-
falling against the US dollar by over 35% this and Insurance, and many others functions to the ities to provide new and improved services
year, following the downgrade of Ghana’s credit industry. in-country.
by three ratings agencies – Fitch, Moody’s and He expressed delight that Nigerian oil and gas NCDMB, September 17 2022
S&P. service companies have shown resilience and are
bna/IntelliNews, September 21 2022 steadily making their mark in the provision of
top-notch services to diverse clientele not only in PERFORMANCE
Executive secretary of the oil and gas industry but also in the hospitality Energy-saving plan
industry.
NCDMB commissions two vice companies play very crucial roles in the pro- lets Egypt export two
“It is a fact that the Nigerian Oil and Gas Ser-
factories in Port Harcourt vision of services for the sustenance and growth
of the Nigerian oil and gas industry,” he added.
The Executive Secretary of the Nigerian Con- Wabote pointed out that Rivers State hosts additional LNG cargos
tent Development and Monitoring Board the largest concentration of oil and gas service in two months
(NCDMB), Simbi Kesiye Wabote on Friday providers in Nigeria and commended the efforts
commissioned two new facilities owned by of the state government for creating the enabling Implementation of an energy-saving plan to
Uniterm Nigeria Ltd, and Southwestern Tech- environment for businesses to grow within the reduce electricity consumption since early
nologies and Oilfield Services Ltd both in Port city rather than relocate to other states. August has enabled Egypt to export two addi-
Harcourt, Rivers State. He enjoined all stakeholders in the indus- tional cargoes of LNG, generating much-needed
In his address at the events, the NCDMB try to remain committed and participate in the foreign exchange, local media report Minister of
chieftain lauded both companies for demon- wave of opportunities to bring about credible Petroleum Tarek El-Molla as saying.
strating that Nigerian businesses have risen up institutions, competent individuals, prosperous The plan includes applying daylight-saving
to the challenge of growing their outfits and con- economy. time settings in malls, switching off lights on
tributing to the development of the Nigerian oil Making his remarks, Obioha Okoroafor, who government building facades at night and after
and gas industry. is the Managing Director of Hobark Interna- official working hours, except for in the service
While noting that both companies are con- tional Ltd and doubles as the chairman of Unit- sectors. It also includes reducing the lighting of
tributing to the goal of achieving 70% Nigerian erm Nigeria and Southwestern Technologies streets and squares, clubs, stadiums and sports
Content in the oil and gas industry by the year applauded the Board for all the giant strides it institutions, and standardising energy-saving
2027, he hinted that Nigerian oil and gas service had achieved since inception, which has helped LED lights in all stadiums and youth sports
companies are pivotal to the provision of services to grow Nigerian Content for the oil and Gas sec- clubs.
for the sustenance and growth of the Nigerian oil tor and other sectors of the economy in-country. The government’s plan seeks to save 15% of
and gas industry. Also speaking, the Managing Director/CEO, the natural gas used for electricity generation,
“I am optimistic that the addition of the new Uniterm Nigeria Ltd, Austin Omobhude reeled exporting it instead to bring in more foreign
Operational Base and office complex will further out various services provided by the company currency amid a global spike in the price of oil
enhance the operational efficiency to provide and commended the NCDMB for the unusual and basic goods. It estimates that a 10% saving
superior service delivery to all its customers,” he support for Nigerian businesses to grow and of gas used for electricity generation and redi-
said. ensure industries comply with the Local Con- recting it for export will bring in approximately
He further disclosed that about 9,000 ser- tent Law. $300mn per month, while saving 15% will bring
vice companies are currently registered in the Also, the Managing Director/CEO, South- in $450mn per month.
NOGIC-JQS offering diverse services including western Technologies and Oilfield Services Ltd, bna/IntelliNews, September 19 2022

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