Economy
Nigeria’s crude faces declining demand as OPEC market share shrinks in 2024
Angola said this month it is leaving the Organization of the Petroleum Exporting Countries (OPEC) from January 2024, following exits by Ecuador in 2020, Qatar in 2019 and Indonesia in 2016.
Angola’s departure will leave the group with 12 members and take its production to below 27 million barrels per day (bpd) – less than 27% of the total global supply of 102 million bpd.
The last time OPEC’s market share fell to 27% was during the 2020 pandemic when global demand dropped by 15-20%. Global demand has since then recovered to record levels, meaning OPEC has lost market share to rivals.
The group produced around half of global crude in the 1970s before the onset of non-OPEC supply sources such as the North Sea.
In later decades, OPEC’s share stood at between 30% and 40% but record output growth from rivals such as the United States has steadily eaten into that share in recent years.
As of November 2023, OPEC’s crude oil output accounted for 27.4% of the total market, down from 32-33% in 2017-2018, according to figures from the group’s monthly reports.
OPEC was founded in 1960 by Saudi Arabia, Kuwait, Venezuela, Iran and Iraq. Angola joined the group in 2007. Since 2017, OPEC has worked with Russia and other non-members as part of the OPEC+ group to manage the market.
Some small producers have joined OPEC in recent years, including Gabon in 2016, Equatorial Guinea in 2017 and Congo in 2018.
OPEC+ is currently cutting around 6 million bpd from its production so the group could in theory raise output to fight for market share.
But it would come with a deep drop in price if demand for crude doesn’t improve.
Some OPEC+ members including Russia have said the group could take additional measures if needed.
Figures from three closely watched oil forecasters – the International Energy Agency (IEA), the U.S. Energy Information Administration (EIA) and OPEC itself – suggest little room for an easing of the cuts in the second quarter.
The EIA sees demand for OPEC crude falling in the second quarter from the first, based on a Reuters calculation.
The IEA sees demand for OPEC crude holding steady while OPEC also sees it falling, albeit from a higher level than the other two forecasters.
OPEC sees its market share increasing in the long run as output falls elsewhere and world demand climbs further.
Its latest World Oil Outlook predicts the group’s total share of the oil market will rise to 40% in 2045 as non-OPEC output starts declining from the early 2030s.
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
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