Economy
Nigeria’s oil reserves dropped by 543 million barrels – OPEC

The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries (OPEC) released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world oil reserves by country as contained in the bulletin indicated that Nigeria’s oil reserves dropped from 37.45 billion barrels in 2016 to 36,91 billion barrels in 2020. The Federal Government had repeatedly stated that it was making efforts to grow the country’s oil reserves with a medium-term target of 50 billion, in a bid to increase Nigeria’s revenue from crude sales. Further analysis of the bulletin showed that the country’s oil reserves stayed at 37.45 billion barrels in 2017, before dropping to 36.97 billion barrels in 2018 and 36.89 billion barrels in 2019. OPEC, an organisation that has Nigeria as a long-standing member, also stated that the country’s active oil rigs during the five years increased from nine in 2016 to 49 in 2020. It further stated that Nigeria’s active crude oil rigs in 2017, 2018, and 2019 were 13, 32, and 17 respectively. According to the cartel, the number of oil wells that were completed in Nigeria moved up from 76 in 2016 to 81 in 2020. Nigeria also completed 76, 81, and 100 oil wells in 2017, 2018, and 2019 respectively. The report showed that the country’s average crude oil production was 1.43 million barrels per day in 2016, it then moved up to 1.54mbpd in 2017, 1.6mbpd in 2018, 1.74mbpd in 2019. Nigeria’s average daily oil production, however, dropped to 1.49mbpd in 2020, according to statistics released by OPEC. In June this year, the Federal Government said moves to produce four million barrels of crude oil per day would be achieved through marginal oilfields. |
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.
Economy
News Alert! Tinubu sacks Wale Edun as Finance Minister in cabinet reshuffle, appoints Taiwo Oyedele as replacement

Secretary to the Government of the Federation, George Akume.According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.
The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.
Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.
“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.
He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).
The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.
The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.
Economy
Tinubu assents to 2026 Appropriation bill , extends 2025 budget implementation

Headlines3 months agoSallah celebration: Osun govt offers free train ride to indigenes as NRC increases Lagos–Ibadan Train Trips for Sallah
Customs2 months agoRetirement gale sweeps through Customs as Olomu,Bomodi,Oladeji,Adeola,Adebakin, Niagwan among 1,516 officers set to exit service
Analyses3 months agoTHE IBOM DEEP SEAPORT: Nigeria’s ultimate counterweight in West African maritime race
Customs2 weeks agoCustoms releases final recruitment list for ASC II, ends nearly one-year wait for applicants
Headlines3 months agoNRC suspends Warri- Itakpe train service over operational concerns
Headlines3 months agoFG grants approval for more deep seaports to boost Nigeria’ s competitive edge in C/W African region







