Tuesday, March 29, 2011

Nigeria’s oil production hits 2 million barrels per day in 2010 – CBN


The Central Bank of Nigeria (CBN) says that Nigeria’s oil production reached 2.1 million barrels per day in 2010.

CBN finance director, Alex Gaura, said this at the inaugural Regional Conference of the Institute of Chartered Accountants of Nigeria (ICAN) UK District, held in London.

“By the end of 2010, the country’s production level was 2.13 million barrels per day,” Gaura was quoted as saying.

He said, however, that in spite of this rise more was still needed to let the sector make more impact on the nation’s economy and the majority of the populace.

He also said the capacity utilisation of the four refineries in the country was still estimated at just 24 percent in 2010. Earlier, ICAN UK chair, Ronke Adeagbo, said the sustainability of the country’s economy “is a must do” for all, irrespective of individual’s field of endeavour.

“Our living environment is now under threat and at best, in a flux, requiring multi-disciplinary lenses to perceive and understand. “Any proposed solutions must definitely be integrating in nature,” she said.

Also, ICAN president, Maj. Gen. Sebastian Achulike said economic sustainability had become an issue of global concern. He stressed that sustainability was about ensuring that organisations developed and implement environmental, social and economic strategies that would lead to business success without negative impact on the environment.

“In this respect, professional accountants must encourage their organisations to accept responsibility for their negative economic externalities,’’ he said.

Achulike added that accountants must also measure and strategically align their operations to meet the expectations of their customers, suppliers and other stakeholders including the environment in which they are domiciled.

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