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Nigeria May Lose $24bn Oil, Gas Investments In Six Years, AEC Alerts

Nigeria will lose $24billion in investments in the oil and gas sector between 2020 and 2025, due to effects of the Covid-19 pandemic on the global petroleum industry, according to a report published by the African Energy Chamber (AEC).
The AEC, in its African Energy Outlook 2021, obtained weekend, disclosed that with the $24billion loss of investments in the oil and gas sector, Nigeria would account for 30 per cent of the total of $80billion loss of investments that would be recorded in the petroleum industry across Africa.
The AEC said: “The detrimental impact of Covid-19 on global energy markets is also expected to have an impact on African activity. Compared to pre-Covid-19 expectation, about $80billion less investments are expected in Africa towards 2025, with the years 2020 to 2022 carrying the brunt of the difference.
“Out of these $80billions, Nigeria is by far the most adverse impacted country with about $24billion moving out of the 2020-2025 window.”
The AEC further projected a delay in the Nigerian Liquefied Natural Gas (NLNG) Train 7 project, as well as other gas projects in the country, occasioned by the pandemic, which had also negatively impacted the price and demand of crude oil in the international market.
According to the chamber, upcoming gas projects would take a hit and run a risk of delays, while it noted that some oil majors operating in the country had already started shifting the timelines for their gas projects.
It said: “The majority of the projects in Africa that were up for sanctioning were planned assuming an oil price of between $55 and $60 per barrel, bbl. The oil price currently hovering around $40/bbl therefore spells bad news, especially as the top upcoming Final Investment Decisions, FID, in Africa have a breakeven crude price of over $45/bbl, with some even close to $60/bbl.
“ENI and ExxonMobil have both stated that they will focus on developing projects with a breakeven crude price of less than $35/bbl.
“In its latest announcement, Shell distanced itself from deep-water mega-projects off the coast of Nigeria, placing the Bonga Southwest-Aparo, a 150,000 barrels of oil per day, bpd, Floating, Production, Storage and Offloading (FPSO) development that was soon coming up for FID, on the backburner for now.
“Upcoming gas projects will also take a hit and run a risk of delays. Although Nigeria approved the development of NLNG train 7 last year, the upstream gas developments that were planned to supply feedgas to this development might now take a back seat.”
However, the AEC projected that at a higher crude oil price of $50 per barrel, and additional investments of up to $10billion, Nigeria would be able to produce a total of two billion barrels of crude oil between 2020 and 2030.
The chamber said: “With an additional capital expenditure of $10billion in investment over the 2020-2030 period, the additional capital expenditure is estimated at $49billion at the $35/bbl threshold increasing towards $100billion as the $50/bbl threshold is approached.
“Breaking down the uplift in additional resources produced and the additional capital expenditure unlocked reveals Nigeria as the country with most potential. Nigeria will effectively be able to produce about 2 billion barrels more than otherwise while justifying $10billion more investments.”
However, the AEC stated that: “From a spend perspective, that is, all money spent on investments and operations, we can expect a more stable outlook for Africa’s share. While Africa is projected to consistently represent about 8-9 per cent of the global spend between 2012 and 2025, its share of global production is also expected to decline over the same period.
“Unfortunately, the only conclusion to be drawn from such facts is once again that of a deteriorating competitive position for African petroleum resources. With the exception of a few jurisdictions, producing a barrel of oil from African soil remains less competitive than producing the same barrel elsewhere.”
News
FG Ends Passport Production At Multiple Centres After 62 Years

The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.
News
FAAC Disburses N2.225trn For August, Highest In Nigeria

The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.
This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.
The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.
Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.
The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.
From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.
From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.
Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.
From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.
News
KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus
The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.
The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.
The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the Polytechnic, recently.
Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.
He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.
This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly, Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.
The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.
Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.
He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.
The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.
Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.
Chinedu Wosu
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