Nigeria secured N1.257 trillion from the export of natural gas and other gas products in the fourth quarter of 2023, according to data released by the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Report for the Fourth Quarter of 2023, stated that the amount earned from gas export in the period under review was 78.88 per cent higher than the N704.878 billion recorded from gas exports in the same period in 2022.

According to the NBS, gas exports accounted for 9.9 percent of total exports in the fourth quarter of 2023, compared with 11.08 per cent in the same period in 2022.

Giving a breakdown of gas exports in 2023, the NBS reported that natural gas export stood at N1.02 trillion, other petroleum gases export stood at N150.662 billion, while the country earned N90.705 billion from liquefied petroleum gas export, accounting for eight per cent, 1.19 per cent and 0.71 per cent of total exports, respectively.

Specifically, natural gas, other petroleum gas and liquefied petroleum gas exports ranked second, fourth and seventh most exported commodities in the period under review.

In comparison, in the fourth quarter of 2022, the country only exported natural gas, valued at N704.878 billion, ranking the second most exported commodity and accounting for 11.08 per cent of total export in the fourth quarter of 2022.

In its analysis of exports in the fourth quarter of 2024, the NBS said, “Further analysis on fourth-quarter trade by partners shows that the top five export destinations were the Netherlands with N1.910 trillion or 15.05 percent, India with N1.101 trillion or 8.68 per cent, Spain with N1.030 trillion or 8.11 percent, Canada with N907.64 billion or 7.15 percent, France with N799.77 billion or 6.30 percent of total exports.

“Altogether, exports to the top five countries amounted to 45.29 percent of the total value of exports. The largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10.311 trillion representing 81.23 percent, this was followed by ‘Natural gas,’ with N1,015.84 billion accounting for 8.0 percent and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 per cent of total exports.”

In general, the NBS said, “In the fourth quarter of 2023, Nigeria’s total trade stood at N26.802 trillion. Exports were valued at N12.694 trillion while imports amounted to N14.108 trillion. On an annual basis, total trade was N71.880 trillion, of which imports amounted to N35.918 trillion, and exports were recorded at N35.962 trillion.

The Nigerian Electricity Regulatory Commission (NERC) has approved a downward review of electricity tariff for Band ‘A’ customers from N225/kWh to N206.80/kwh.

Under the approved review, Band ‘A’ customers who were previously charged N225/Kwh are now to pay N206.80/kwh.

The band’s customers are those who enjoy a daily supply of a minimum of 20 hours.

The review of the tariff was announced in Abuja on Monday by a notice issued by the management of Abuja Electricity Distribution Company (AEDC).

The notice read, ’’ We are pleased to share with you the revised tariff for our Band ‘A’ feeders,  which will decrease from N225/kwh  to N206.80 effective May 6.

“We assure customers on our Band ‘A’ feeders of continued availability of electricity supply for 20-24 hours daily.

“Please note that the tariffs for Band B, C D and E remain unaffected. ‘’

Some power experts have commended the Federal Government’s decision to unbundle the Transmission Company of Nigeria (TCN), saying this will improve access to electricity.

They spoke in separate interviews with journalists on Sunday in Lagos.

Recall that the Nigerian Electricity Regulatory Commission (NERC), on May 3, unbundled the TCN into two separate entities, raising hopes for a more efficient and reliable national grid, potentially leading to increased access to electricity.

NERC, acting under the provisions of the Nigeria Electricity Act, ordered the establishment of an Independent System Operator (ISO) to take over the market and system operations functions of TCN.

According to the order, TCN will retain its transmission service provider licence and continue to maintain power transmission infrastructure across the country.

Chairman, Customer Consultative Forum of Festac/Satellite Town, Dr Akinrolabu Olukayode, described the unbundling as a welcome development to further improve the power sector.

According to Olukayode, the attempt is striving at ensuring a balanced system where the monopoly enjoyed over these few years by TCN is dissolved to allow for new hands who will inject fresh ideas, devoid of monotonous inclined perennial failure as witnessed in recent times.

“The effectiveness of power transmission will largely be determined by the quantum of synergy between power generating channels and structure for maintenance of the grid.

“The generating plants should be energised to full capacity scale,” he said.

The expert urged the government to set 60 percent capital funding to subsidise expenditure on procurement from the budgetary allocation and offer shares for public subscription to keep the sector lubricated.

He said that TCN was partially progressive but undue government influences created rooms for bureaucracy which made its operations ladened with hiccups.

Olukayode said that there was a need for the government to declare a state of emergency in power that will usher in fresh hands to rid the system of saboteurs.

Also, National Coordinator, All Electricity Consumers Protection Forum, Mr Samuel Ilori, described the unbundling of TCN as good and welcoming, while advising the government to do due diligence and avoid the replica of what happened in distribution companies.

Ilori said that the unbundling is expected to improve service delivery and effectiveness, adding that many of the equipment and substations in the sector are moribund and obsolete.

He said that injection of money and expertise to the area of transmission might help stem the tide of incessant collapse of grids and allow what was being generated to be distributed.

“My advice is to scrap the privatisation of the distribution companies in 2013 by President Jonathan administration.

“If proper foundation was laid then and things were done according to the laid down rules of the Bureau of Public Enterprise (BPE) then as headed by Mrs Bolanle Onagoruwa, we will not be having this mess.

“The Siemens contract as of today remains elusive as we do not know what is going on.

“Government needs to declare a state of emergency in the sector to be able to set it on a recovery path,” he added.

A power expert, Mr Toluwalase Godwin, said the new operator would manage electricity demand and supply, ensuring the delivery of electricity where and when needed, without bias, at the lowest cost possible, while ensuring reliability and avoiding grid instability and collapse in the process.

“This means that NISO will be responsible for dispatch management, international transmission, capacity management, and wholesale market in the near future.

“Potentially signalling the near end of life for Nigerian Bulk Electricity Trading Plc, which currently oversees some of NISO’s functions,” he said.

He noted that this development is moving to a more liberalised market where NISO would be increasingly responsible for capacity auction, real-time energy market, ancillary services procurement, day-ahead market, spot market, reserve management, pricing and settlement.

“The separation of responsibilities between entities allows for a concentrated focus, with transmission services management predominantly revolving around technological aspects, while system operations are entrenched in energy economics.”