Economy
Nigeria to grow oil reserve to 40bn barrels —-targets four million barrel production capacity per day
Nigeria has resolved to grow the country’s oil reserve to 40 billion barrels of crude oil while hoping to scale up its daily production capacity to four million barrels.
Buhari, represented by Minister of State for Petroleum Resources, Chief Timipre Sylva, said the FG intends to achieve the crude oil reserve growth through the marginal oilfields commissioned by the NNPC.
The President said the buildup would be achieved notwithstanding that Nigeria now produces 1.7million barrels per day in compliance with the Organisation of the Petroleum Exporting Countries (OPEC) Plus production quota.
“My administration has demonstrated commitment to overhaul the oil and gas industry.
“The ambitious goal of ramping up crude oil production to at least 4.0 million barrels per day and building a reserve of 40 billion barrels remains sacrosanct and guiding principle to our overall outlook for the industry.
“Creating a conducive business environment for hydrocarbon industry to thrive is no longer a choice; it is a necessity.”
According to him, the theme of the summit “From Crisis To Opportunities – New Approaches to the Future of Hydrocarbon”, reflects the need to adopt new approaches to the future of hydrocarbons by redefining objectives and providing the pathway for rediscovery.
He said governments across the world were now more focused on managing the COVID-19 pandemic and its impact on economies than the quest for the energy transition.
The President said: “However, energy transition is real, renewable technologies are getting cheaper and investors are increasingly conscious of environmental issues, and are beginning to turn their back on hydrocarbon investments.
“Experts have projected that about 80 percent of the world’s energy mix in 2040 would still come from hydrocarbons.”
The President further noted that Nigeria must address short-term opportunities, using existing technology that can extend the life of mature fields.
President of the Senate, Ahmad Lawan, who was also in attendance said that the National Assembly would pass the much-awaited Petroleum Industry Bill (PIB) before the end of June.
He noted that the ninth National Assembly legislative agenda for 2019-2023 was for it to support the effort of the executive to deliver a PIB that would provide a win-win scenario for Nigeria and investors.
Speaker of the House of Representatives, Femi Gbajiabiamila, OPEC Secretary-General, Dr Mohammed Sanusi Barkindo, the Secretary-General of the Gas Exporting Countries Forum (GECF), His Excellency, Yury Sentyurin, as well as Dr Omar Farouk Ibrahim, Secretary-General of the African Petroleum Producers Organization (APPO), also spoke at the event.
Still on NIPS, the NNPC has disclosed plans to diversify its investment portfolio in a bid to transform into an international Energy Corporation away from a traditional oil and gas company.
The Group Managing Director of the NNPC said that the Corporation was considering a name-change to reflect its plan to diversify into renewables energy and non-oil and gas assets such as healthcare, research, technology, innovation, telecommunication and real estate.
Kyari also said the Corporation was working to maximize the exploration and exploitation of the massive hydrocarbon resources in the country before oil and gas lapse into economic irrelevance like coal.
The GMD asserted that the Nigerian Government was determined to create the right legislations and policies to support investment and growth through the passage of the PIB, stressing that there was a need for urgent exploration campaign as oil production in Sub-Saharan Africa would almost deplete significantly by 2050.
According to Kyari, Nigeria holds about 36.9billion barrels of oil and 203trillion cubic feet of gas reserves, which he said translates to 60 per cent and 78 per cent of the oil and gas reserves respectively in sub-Sahara Africa.
He said Nigeria remains focused on increasing domestic gas supply and utilization to fuel power generation and industries as parts of the Federal Government ‘Decade of Gas’ aspirations.
On emerging opportunities in Africa, Kyari said those relatively less explored countries in West and East Africa present opportunities as the next frontiers of exploration, stressing that new transform margin provinces include Sierra Leone, Ghana, Uganda, Kenya and Mozambique.
He hinted that NNPC would declare dividends for her shareholders when the 2020 Audited Financial Statement is released.
He said the Corporation’s commitment to transparency and accountability has paid off as it has opened doors of financing where others find it difficult to raise loans.
Also in the week, the Nigerian Senate commended the NNPC for its efforts towards entrenching transparency and stamping out corruption from its system.
The commendation was by the Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, Sen. Suleiman Kwari, at a hearing in Abuja to assess the level of implementation of the National Anti-Corruption Strategy by government agencies and parastatals.
Kwari said it was heartwarming that the NNPC was making great strides towards profitability and urged the Corporation to sustain the gains recorded so far for the good of the country.
The NNPC GMD, during his presentation, said the Corporation, as part of its commitment to the war against corruption, has set up processes and structures that would ensure transparency and accountability.
He said the Corporation, in collaboration with security agencies, had reduced the incidences of pipeline vandalism to four percent across the country.
He, however, decried the rise in smuggling of petroleum products, which he said had become a national challenge that must be addressed urgently to stem the huge loss to the nation.
Still in the week under review, the NNPC recorded over 1million euros through the monetisation of its carbon credit in the operation of its Joint Venture partnership with TotalEnergies.
The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr Bala Wunti, who disclosed this on the sidelines of the recently concluded NIPS in Abuja, spoke on the benefits of a Carbon credit.
Wunti described Carbon credit as a permit that allows a country or organization to produce a certain amount of carbon emissions which can be traded off or converted to cash if the full allowance is not used.
He stated that the positive carbon credit which was converted to more than 1 million euros is an additional revenue inflow that could be replicated in the emerging energy transition scenario.
Wunti explained that the transition to renewables has led to a lack of investments in hydrocarbons by the IOCs which could lead to a shortage of supply in the future if not properly managed.
He also identified the delay in the passage of the Petroleum Industry Bill (PIB), security and high cost of operation as impediments to the competitiveness of Nigeria’s oil and gas industry.
He said the passage of the PIB, improved collaboration among stakeholders in the industry to curb insecurity as well as the reduction of cost of crude oil production to 10 dollars per barrel would make Nigeria a top investment destination.
Also in the week, the NNPC called on the international oil companies operating in Nigeria to invest in the Downstream Sector to boost product availability and sustainable growth in the oil and gas industry.
The Group General Manager, Crude Oil Marketing Division, Billy Okoye, who also spoke on the sidelines of NIPS in Abuja, commended private companies that were currently investing in refineries in the country.
He said the cost optimization programme was central to a successful energy transition as funds would be freed to invest in renewables and gas optimization projects.
On a concluding note, NNPC congratulated the President of the Nigerian Guild of Editors (NGE)), Mr Mustapha Isa, on his re-election as the president of the Guild.
Kyari, in a congratulatory letter, stated that Isa’s re-election did not come to him as a surprise.
He stated that his re-election was a reaffirmation of his integrity, dedication, work ethics and outstanding contributions to the Guild, urging him to take the guild to greater heights in his second tenure.
It will be recalled that Isa was re-elected at the 2021 Biennial Convention of the Guild which held recently in Kano.
At the global market, oil prices rose for a second session on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the United States of America secretary of state said sanctions against Tehran were unlikely to be lifted.
Brent crude futures were up 32 cents, or 0.4 percent at 72.54 dollars per barrel, having earlier touched 72.83 dollars, the highest since May 20, 2019, while the United States of America West Texas Intermediate (WTI) crude futures climbed 31 cents, or 0.4 percent to 70.36 dollars per barrel, after rising to as high as 70.62 dollars, highest since Oct. 17, 2018.
Meanwhile, the Market Intelligence Department of NNPC’s London Office reported that global inventories have continued to draw in spite of recent demand setbacks, notably in India, the world’s third-largest oil importer.
The Organisation of the Petroleum Exporting Countries (OPEC) plus has shown that it remains in control and will return inventories to their pre-COVID-19 baseline.
This maintains the backwardation of the price curve, which is clearly the bloc’s preferred price structure.
Yet some analysts note that stockpiles are still sizable and that speculative pressure in the paper markets has waxed bullish on oil prices, somehow deepening backwardation in spite of evidence of a large and resilient supply surplus.
Once the current round of tapering finishes in late July, producers will still be keeping about 5.8 million barrels per day of production offline, according to Energy Intelligence balances.
Economy
NSW onboards over 12,000 users, processes 156,026 trade permits in six months as Phase 2 commmences
Funso OLOJO, Editor
The National Single Window (NSW) platform has processed 156,026 trade-related licences, permits and certificates since its launch on March 27, 2026, marking a significant milestone in Nigeria’s drive to digitise trade procedures and streamline cross-border cargo movement.
The platform has also attracted more than 12,000 importers, customs agents, shipping lines, airlines and freight forwarders, while recording an impressive 99.98 per cent uptime since the commencement of operations.
These figures were disclosed by the NSW project team led by Tola Fakolade during a stakeholder engagement with members of the press in Abuja on Tuesday October 13th, 2026 where it provided updates on the implementation of Phase 1 and preparations for the rollout of Phase 2.
The initiative is designed to establish a centralised digital platform through which traders can access trade-related regulatory services, reducing administrative bottlenecks, improving transparency and enhancing the efficiency of import and export procedures.
According to the project team, five government agencies have been fully onboarded on the platform, while more than 8,000 users have received training since operations commenced.
A breakdown of the licences and permits processed showed that the Standards Organisation of Nigeria (SON) accounted for 104,956 transactions, while the National Agency for Food and Drug Administration and Control (NAFDAC) processed 50,622.
The platform has also recorded significant progress in cargo manifest transmission, processing 3,964 air and sea cargo manifests since its launch.
Of this figure, 3,596 were air cargo manifests transmitted by 27 airlines, while 368 were sea cargo manifests transmitted by 56 shipping lines.
The team disclosed that all airlines and air cargo companies had been onboarded for the platform’s operations.
For sea cargo, however, 56 of the 88 shipping lines had so far been onboarded for manifest transmission.
The reported 99.98 per cent platform uptime, the team said, reflected the system’s operational stability and the growing adoption of the digital trade facilitation initiative.
Regulatory Processes Go Digital.
The project team further disclosed that the submission, processing and approval of import licences, permits and certificates for four key regulatory agencies had been fully implemented on the platform.
The agencies are NAFDAC, SON, the Nigeria Agricultural Quarantine Service (NAQS) and the National Environmental Standards and Regulations Enforcement Agency (NESREA).
Payments associated with the relevant import licences, permits and certificates are also being processed through the platform, further integrating regulatory approvals and payment procedures into a single digital environment.
The development is expected to simplify interactions between traders and regulatory agencies by reducing the need to navigate multiple administrative channels for trade documentation.
On the harmonisation of Harmonised System (HS) Codes, the team said rationalisation workshops had been conducted with relevant regulatory agencies, including the Nigeria Customs Service (NCS).
The harmonised codes are expected to be updated on both the NSW platform and the Customs Service’s B’Odogwu system by November 2026.
The harmonisation exercise is intended to promote consistency in the classification of goods, improve coordination between trade-related government agencies and minimise discrepancies in the processing of import and export transactions.
Meanwhile, the onboarding of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) for Ships Entry Notice (SEN) submission is ongoing.
The service is scheduled to go live on November 16, 2026, marking another step towards integrating maritime regulatory processes into the national digital trade facilitation framework.
Phase 2 Targets Export Processes, Wider Agency Integration
Beyond the progress recorded under Phase 1, the NSW project team confirmed that implementation of Phase 2 had commenced, with delivery scheduled in stages between the fourth quarter of 2026 and the first quarter of 2027.
The second phase is expected to expand the platform’s scope beyond existing import-related processes to cover critical export documentation, additional regulatory approvals and a broader range of trade transactions.
Key components include export-related licences, permits and certificates; Forms NXP and NCX; export cargo manifests; Import Duty Exemption Certificates (IDEC); import and export permits for Free Trade Zones; and payments for export licences, permits and certificates.
The planned expansion is expected to deepen the digitalisation of Nigeria’s trade processes by bringing additional agencies and documentation requirements into a coordinated electronic system.
Under the rollout schedule, the first batch of agencies and services is expected to go live in the fourth quarter of 2026.
The batch comprises the Nigerian Export Promotion Council (NEPC); the Federal Produce Inspection Service (FPIS) and Registered Exporter System (REX) under the Federal Ministry of Industry, Trade and Investment; SON; NAFDAC; and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).
The second batch, scheduled for implementation in the first quarter of 2027, will involve the Central Bank of Nigeria (CBN), Nigeria Customs Service, NAQS, Federal Ministry of Livestock Development, Federal Ministry of Marine and Blue Economy, Nigeria Export Processing Zones Authority (NEPZA) and Federal Ministry of Finance.
The inclusion of these institutions is expected to extend the platform’s reach across key areas of export promotion, customs administration, agricultural inspection, financial regulation, marine and blue economy-related trade, and the management of export processing zones.
Testing and Training Ahead of Full Deployment
The project team said preparations for Phase 2 had progressed through several implementation stages, including current-state assessment, technology readiness assessment, future-state design and system customisation.
The remaining implementation activities include user acceptance testing, pilot testing and end-user training ahead of the scheduled go-live dates.
These processes are intended to ensure that the platform’s new functionalities meet operational requirements and that participating agencies and users are adequately prepared before deployment.
The phased implementation approach is expected to allow the project team to address technical and operational issues progressively while expanding the range of services available to stakeholders.
Phase 3 Projected for Late 2027
Looking beyond Phase 2, the team disclosed that Phase 3 of the NSW rollout was projected for implementation between the third and fourth quarters of 2027.
The third phase is expected to introduce additional trade and customs functionalities, including Customs Declaration submission, Form M application and approval, oil and gas-related processes, Advanced Risk Analytics and a Trade Visualisation System.
These proposed features are expected to broaden the platform’s operational coverage and strengthen the digital infrastructure supporting trade documentation, customs processes, risk assessment and trade data analysis.
The planned introduction of Advanced Risk Analytics and the Trade Visualisation System also points to a wider ambition to improve the use of data in trade monitoring and regulatory decision-making.
The stakeholder engagement in Abuja provided an opportunity for journalists to examine the project’s progress, obtain updates on implementation timelines and engage members of the project team on the platform’s operational performance and future expansion.
The NSW team encouraged stakeholders to continue using the platform and provided help desk contacts for users requiring technical support and assistance.
With Phase 1 recording substantial transaction volumes and preparations for the next stages underway, the project’s success will increasingly depend on the effective integration of participating agencies, the smooth onboarding of remaining stakeholders and the reliable delivery of planned digital services.
Economy
FOU A seizes N3.95bn worth of Illicit drugs, mercury, hands over to NDLEA, NESREA
Funso OLOJO, Editor
The Federal Operations Unit (FOU), Zone A of the Nigeria Customs Service (NCS), has intercepted illicit drugs and other prohibited substances with a combined duty-paid value of N3.951 billion along trans-border routes within its area of operations.
The seizures, which included thousands of parcels of cannabis, tramadol tablets, codeine syrup and crystal methamphetamine, were handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.
The Unit also seized four cylinders of high-grade mercury, weighing 34.5kg each, allegedly intended for use in illegal gold mining.
The mercury was subsequently handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA).
Addressing journalists at the Unit’s headquarters in Lagos on Thursday, September 3rd, 2026, the Controller of FOU Zone A, Comptroller Gambo Aliu, said the seizures were the outcome of intelligence-driven operations and sustained surveillance along the nation’s trans-border routes.
Among the narcotics seized were 5,669 parcels and 19 sacks of synthetic cannabis sativa weighing 3,116.9kg; three-and-a-half packs of ground cannabis (Skunk) weighing 3.45kg; two packs of granulated cannabis (Skunk) weighing 1kg; and 11 small packs of granulated cannabis weighing 0.35kg.
Others were 24 packets of Backwoods Russian Cream cigars weighing 0.5kg; 49 wraps of cannabis (Skunk) weighing 26.1kg; and one wrap of crystal methamphetamine weighing 0.35kg.
The Unit also intercepted 1,754 packs and 6,948 sachets of tramadol tablets in 225mg and 100mg variants, 1,200 Hypnox tablets of 1mg each, and 97 bottles of codeine syrup.
Comptroller Aliu said the latest enforcement operation was deliberately targeted at drug-trafficking syndicates operating within the Unit’s jurisdiction, stressing that the illicit movement of narcotics and other dangerous substances posed grave threats to public health, national security and the future of Nigerian youths.
He described the handover of the seized items to the relevant agencies as evidence of the growing operational synergy among government agencies in the fight against trans-border crime.
“Today’s event is a practical demonstration of the commitment of the Nigeria Customs Service to national security, public health, environmental safety and the economic well-being of Nigerians.
“It also reflects the importance of strategic partnership in the fight against smuggling and other forms of trans-border crime,” Aliu said.
According to him, the Customs Service would continue to strengthen the integrity of the nation’s supply chain while supporting the NDLEA in disrupting the movement of narcotics and other illicit goods across Nigeria’s borders.
“We are equally committed to providing relevant information and supporting further investigation whenever necessary,” he added.
Aliu explained that the formal transfer of the narcotics to the NDLEA would enable the agency to undertake the necessary forensic, investigative and prosecutorial processes in accordance with the law.
He added that the procedure would also ensure that the seized drugs were handled, stored and disposed of securely and professionally.
On the mercury seizure, the FOU Controller said its transfer to NESREA would enable the agency to take appropriate regulatory and environmental action, particularly given the use of mercury in illegal mining activities.
While assuring Nigerians that the crackdown on illicit traders and trans-border criminal networks would continue, Aliu said the Unit would simultaneously facilitate legitimate trade and sustain collaboration with sister agencies.
“I wish to commend the leadership and personnel of the NDLEA and NESREA for their cooperation and professionalism.
“I also appreciate the support of all sister security and regulatory agencies whose contributions continue to strengthen our collective efforts,” he said.
Aliu warned smugglers and criminal networks that the FOU Zone A would not relent in its enforcement responsibilities.
“Let me reiterate that the Federal Operations Unit will not relent in its responsibilities. We will continue to deploy intelligence-driven strategies, enhanced surveillance, effective patrols and robust enforcement operations to disrupt the activities of smugglers and criminal networks,” he declared.
Economy
Oyebamiji, ex- NIWA boss, promises economic boom for Osun residents as he targets Dagbolu Dry Port, Free Trade Zone to boost investment, jobs,SMEs
Funso Olojo Editor
The All Progressives Congress (APC) governorship candidate for Osun State, Asiwaju Munirudeen Bola Oyebamiji, has pledged to revive key economic assets, including the Dagbolu Dry Port, Osun Free Trade Zone, Ido-Osun Airport, Osun-Osogbo Grove and Oba Hills National Park, as part of a comprehensive strategy to reposition the state as a leading investment, industrial and tourism destination.
Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), made the pledge on Saturday, August 1st, 2026 while receiving members of the Coalition of Maritime Journalists of Nigeria during a courtesy visit to his campaign office in Osogbo.
The visit was facilitated by the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) in recognition of Oyebamiji’s contributions to the development of Nigeria’s inland waterways sector during his tenure at NIWA.
Addressing the journalists, the APC standard-bearer in the August 15th governorship election in Osun state,unveiled his Osun Prosperity Agenda, themed “A Pact for Growth, Inclusion and Lasting Development,” describing it as a practical blueprint for accelerating economic transformation, promoting inclusive governance and delivering sustainable development across the state.
He said unlocking the economic potential of strategic assets such as the Dagbolu Dry Port, Osun Free Trade Zone, Osun-Osogbo Grove, Oba Hills National Park and the Ido-Osun Airport would stimulate commerce, expand tourism, attract domestic and foreign investments, strengthen entrepreneurship and create sustainable employment opportunities for the people of Osun.
According to him, reviving the Dagbolu Dry Port and the Osun Free Trade Zone would improve trade facilitation, enhance logistics services and position Osun as a competitive industrial and export hub within Nigeria.
“We will resuscitate strategic economic assets that have the capacity to transform Osun’s economy, stimulate private sector investment and create wealth for our people,” Oyebamiji said.
On poverty reduction and workers’ welfare, the APC candidate promised targeted social intervention programmes for vulnerable citizens while ensuring prompt payment of salaries, improved working conditions and the restoration of dignity within the public service.
He also pledged to tackle unemployment through public works programmes, enterprise support initiatives and strategic investments capable of generating sustainable jobs, particularly for young people.
To attract more investments, Oyebamiji said his administration would strengthen the Osun State Investment Promotion Agency, develop industrial parks with modern infrastructure, improve the ease of doing business and position Osun among Nigeria’s most attractive investment destinations.
He further assured micro, small and medium enterprises (MSMEs) of improved access to microcredit, grants and business development services, while expanding entrepreneurship and empowerment programmes for youths and women.
On education and healthcare, Oyebamiji promised to modernise educational infrastructure, recruit and train teachers, strengthen technical and vocational education, expand apprenticeship programmes and upgrade healthcare facilities across the state.
He added that strategic partnerships would be leveraged to advance universal health coverage and improve access to quality healthcare for all residents.
Reaffirming his commitment, Oyebamiji said the Prosperity Agenda represents a covenant with the people of Osun to deliver economic growth, social inclusion and lasting development through prudent leadership, strategic investments and private sector-driven development.
Speaking earlier, President of WABOTAN, Comrade Tope Fajemirokun, described Oyebamiji as a tested and result-oriented administrator whose achievements at NIWA demonstrated his capacity for effective governance.
Fajemirokun expressed confidence that, under Oyebamiji’s leadership, Osun State could emerge as a major player in Nigeria’s marine and blue economy by harnessing its tourism assets, including the Osun-Osogbo Grove and Erin-Ijesha Waterfalls, to drive maritime tourism, investment and economic growth.
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