Business
Nigeria’s Oil Rigs To Increase In Two Years

The Federal Government says the number of upstream oil rigs will increase in Nigeria from 5 to 21 within two years even as it expressed optimism that crude oil would remain useful for a long period of time despite the use and introduction of electric cars in some parts of the country.
The Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachukwu, who stated this at the opening of the 2018 Nigerian Oil and Gas Summit in Abuja, said the oil sector is at the critical stage of its life.
Kachukwu urged Nigerians to dismiss rumours that oil is about to go out of stock, assuring that oil demand will continue to increase.
According to him, the reality is that, more oil is found on daily bases and there is more to believe that and feel that oil will be here for a long time.
He however expressed worries that performance within the oil sector will differ because the prices will fustrate.
The minister said it was time for Nigeria to sustain and firm up regional adherence to it’s kind of crude considering the rise in the sale of oil in the United States of America, adding that this has heightened crude oil competition to the international market.
Kachukwu informed that Nigeria had been increasing its crude barrels, adding that the country had 36.18 billion barrels of proven reserves of crude oil and condensate as at the first quarter of 2018
“The current production level is between 2 million and 2.15 million barrels per day and this means we have relatively established a production baseline that is stable.
The stability in the Niger Delta region has helped the region to continue to pose as a potential danger area to production, adding that the country has about 46 exploration and production (E&P) companies producing from over 180fields as at last year and 55.6 per cent of the production comes from joint venture portfolio.
According to him, ‘about 35 percent comes from production sharing contracts while six per cent from sole risks and 3 per cent from marginal fields..
In his address at the event, the Group Managing Director of the Nigeria National Petroleum Company, (NNPC),Maikanta Baru, said there was plan to increase investment in the oil sector, adding that NNPC is seeking more funds to develop oil projects in the country.
Baru said, to spur the much needed investment, the government has issued an updated oil and gas policy and initiated the process for enacting a new Petroleum Industry Governance Bill that provides clarity to government institutions and their industries.
According to him, we are planning to be in the capital market to raise more funds for new oil and gas projects.
He disclosed that the firm had signed financing agreement of about $2.5billion for different projects, stressing that NNPC outlook is to grow the country’s crude production to 3 million barrels per day.
Ike Wigodo back from Abuja
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
·
· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
·
· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
·
· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
-
News5 days ago
May Day: Labour Seeks Inclusiveness In Policy-making
-
Niger Delta5 days ago
Rivers Begins, Supplemental Polio Vaccination, Morrow
-
Featured5 days ago
RSG Commits To Workers’ Welfare …. Calls For Sustained Govt, Labour Partnership
-
Rivers5 days ago
Book Title “Managing Projects Successfully” Launch In Port Harcourt
-
Nation5 days ago
HYPREP Inducts 100 Ogoni Youths For Creative Arts Training
-
Rivers5 days ago
Citizenship Participation Key to Achieving True Democratic Government
-
Rivers5 days ago
Obi Donates 80 Desks To Schools In Etche
-
Featured5 days ago
Labour Unions In Rivers Call For Improved Standard Living For Workers