Business
Angola Leads In Oil Production
Angola has overtaken Nigeria as Africa’s biggest oil producer as militant attacks have crippled production in the oil fidds of the Niger Dealt.
Nigerian output has been hit by dozens of attacks on oil production facilities, which have increased intensity this year and removed at least 300,000 barrels per day (BPD) of crude oil capacity since January.
Angola, increasingly politically stable, safer and more attractive to foreign oil companies, has slowly increased its output and has the potential for much greater production over the next few years, on dominance consolidation.
“If nothing improves in Nigeria, Angola will almost certainly overtake it Nigerian Production is going down and down and they are failing to bring their internal difficulties under control” analyst noted.
Nigerian oil output has plummeted from 2.4 million bpd just before the militant attacks started four years ago and over the last year has averaged around 1.83 million bpd, compared with a little under 1.80 million for Angola.
The gap between the two members of the organisation of petroleum exporting countries (OPEC) has narrowed this year and Angola edged ahead of its West Africa rival last month.
Last month Angola punped 1.82 million bpd of crude oil, compared to 1.73 million from Nigeria, 1.53 million from Libya and 1.24 million from Algeria, Africa’s other major producers.
Angola’s oil industry has the potential for more growth in the next year and analysts expect fierce competition for new ventures when new licensing rounds take place, likely next year.
However, the African energy analyst, at HIS Global Insight, Tom Pearmain, has noted that there will be a “huge interest when they do hold a new licensing round.”
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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