The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has defended the company’s current monopoly in fuel import, arguing that oil marketers withdrew from fuel importation due to price volatility.

Addressing the Senate Committee on Finance on Wednesday at the National Assembly complex, Kyari said oil marketers could not cope with price oscillation in the downstream sector and consequently took the option to refrain from importation.

Petroleum marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, the private depot owners, otherwise called the Depot and Petroleum Marketers Association of Nigeria, and the Major Marketers Association of Nigeria, have reportedly boycotted fuel importation due to exchange rate volatility.

The GCEO, NNPCL however dismissed the concern as he assured the lawmakers that nothing was amiss in the downstream sector despite his corporation’s monopoly in fuel importation.

He said, “The oil companies withdrew because they can’t manage the oscillation and responsibility that the Petroleum Industry Act imposed on us. We have the market and I can assure you that we are managing this.

“Some marketers buy from us and sell. But there is an element that we can’t control. For instance, truck owners can adjust their prices, we have no control over that.”

Kyari further claimed that the distortion in the foreign exchange market which the marketers argued was a disincentive to their participation in the fuel importation business was nothing to worry about.

There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world.

But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period, then businesses will thrive.”

He added, “I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the importation market.”

Meanwhile, the NNPCL has said that projections on crude oil production, and price benchmark of $77.96 in the 2024 budget are realistic and realiseable.

NNPCL Group Chief Executive Officer, Mr. Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja, on Wednesday.

In a statement signed by the Chief Corporate Communications Officer of the NNPCL, Mr Olufemi O. Soneye, Kyari said it was unlikely for market prices to drop to $70 dollars per barrel in the market, adding however, that prices could oscillate.

“With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market. The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”

On the crude oil production projection, he stated, “The number we have is 1.785mbpd. This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate. I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”




https://punchng.com/kyari-defends-nnpcl-fuel-import-monopoly/?amp

Jumia will cease operations for its food delivery service, Jumia Food, in all of its operational countries, which include Nigeria, Kenya, Morocco, Ivory Coast, Tunisia, Uganda, and Algeria by the end of December 2023.

The company’s current priorities across its 11 operational nations are the Jumia Pay platform and its core physical goods business.

Even though Jumia Food accounted for 11% of Jumia’s Gross Merchandise Value in the first nine months of 2023, the company has had difficulty turning a profit since its founding. This indicates that between January and September of 2023, the total value of food sold on Jumia Food was $64 million, or 11% of $581 million. a measure of the enormous size at which Jumia Food was functioning, but it is not a measure of profits.

Jumia Food has had mixed results since its beginning, but in 2021 it showed a noteworthy 82% year-over-year growth, indicating the company’s solid position in the meal delivery market. Nonetheless, the business witnessed a significant drop in Quarterly Active Customers and Orders in 2023. a result of its change to concentrate on profitable areas and lower customer incentives to increase profitability.

Regarding Jumia Food staff, the company say that several will move to the main physical goods division, implying that some may face layoffs.

Bolt Food, a prominent player in the African food delivery industry, has announced its departure from South Africa and Nigeria in December 2023, coinciding with Jumia Food’s closure.

Despite Bolt Food’s efforts to expand into major Nigerian cities like Lagos, the company’s demise is ascribed to economic downturns, high inflation, and fierce rivalry from established rivals like Jumia Food, Gokada, and Uber Eats.



https://ambusinessng.com/jumia-food-to-exit-nigeria-by-end-of-2023/

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