Business

Nigeria Loses N1.22trn To Deficit Oil Production

Published

4 years ago

May 11, 2022

Nigeria was unable to produce about 22.658 million barrels of crude oil valued at N1.22trillion in the first quarter of this year due to its persistent inability to meet the crude oil production quota approved for the country by the Organisation of Petroleum Exporting Countries (OPEC).
Data contained in various OPEC reports released in different months this year showed that Nigeria failed to meet its oil production quotas in January, February and March 2022.
Figures obtained from OPEC showed that the crude oil production quota approved by OPEC for Nigeria in January this year was 1.683 million barrels per day.
OPEC also approved 1.701mb/d and 1.718mb/d for Nigeria in the months of February and March 2022 respectively, according to data contained in its different reports on oil production approvals for its members.
In the highlights of OPEC’s latest Monthly Oil Market Report for April 2022, it was observed that Nigeria’s crude oil production from secondary sources in January 2022 was 1.413mb/d.
This dropped to 1.378mb/d in February and plunged further to 1.354mb/d in March this year.
The figures indicates that Nigeria’s crude oil production fell short of the OPEC approved quota in January by 270,000 barrels daily, which implies that the country was unable to produce 8.370 million barrels to meet its approved target for that month.
In February, the daily production loss, when compared to what OPEC approved for Nigeria, was 323,000 barrels, translating to 9.044 million barrels in the review month.
In March, the country’s daily oil production was 364,000 barrels lesser than the OPEC approved target, meaning that Nigeria’s production in March was 11.284 million barrels lower than what was expected from it.
The implication is that in the first quarter of this year, Nigeria failed to produce 28.658 million barrels of crude oil to meet its production quota as approved by OPEC.
On the revenue side, oil sector data from the global statistical firm, Statistica, indicated that in January 2022 the average price of Brent crude, the international benchmark for oil, was $86.51/barrel.
Therefore by not being able to produce 8.370 million barrels of crude in January, Nigeria lost $724.1million that month, or N301.22billion (at the official exchange rate of N416/$).
For the month of February, the average price of Brent crude was $97.13/barrel and Nigeria failed to produce 9.044 million barrels of oil to meet the quota approved for it by OPEC in the review month.
This implies that the country lost $878.44million or N365.43billion due to its inability to meet the oil production quota approved for it by OPEC in February.
The highest loss was recorded in March, as the average price of Brent was put at N117.25/barrel, while the country failed to produce 11.284 million barrels of crude in the same month.
This implies that Nigeria failed to earn the sum of $1.323billion translating to N550.388billion in March due to its failure to meet the oil production quota approved for the country by OPEC.
Cumulatively for the three-month period, the country lost about N1.22trillion due to its inability to meet the crude oil production approved for Nigeria by OPEC in the first quota of 2022.

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

3 days ago

February 27, 2026

The Tide

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).

According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.

Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.

During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.

He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.

Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.

Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.

These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.

Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.

This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.

It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.

It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

By: Nkpemenyie mcdominic, Lagos

Business

President Tinubu Approves Extension Ban On Raw Shea Nut Export

Published

3 days ago

February 27, 2026

The Tide

President Bola Ahmed Tinubu has approved the extension of the ban on the export of raw shea nuts for a further one year, from February 26, 2026, to February 25, 2027.

Bayo Onanuga, Special Adviser to the President on (Information and Strategy) who disclosed this on Wednesday, February 25, 2026 stressed the Federal Government remains committed to policies that promote inclusive growth, local manufacturing, and position Nigeria as a competitive participant in global agricultural value chains.

The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

By: Nkpemenyie Mcdominic, Lagos

Business

Crisis Response: EU-project Delivers New Vet. Clinic To Katsina Govt.

Published

3 days ago

February 27, 2026

The Tide

A Non – Governmental Organisation (NGO), Mercy Corps, has handed over a newly constructed Veterinary Clinic and a rehabilitated structure in Danmusa Local Government Area (LGA), to the Katsina State Government.

The project, which included a 20,000-litre capacity upgraded solar-powered borehole, was executed under the European Union-funded Conflict Prevention, Crisis Response and Resilience (CPCRR) project.

The initiative is being implemented in collaboration with the International Organisation for Migration (IOM), and the Centre for Democracy and Development (CDD).

Speaking during the handover ceremony, Wednesday, the Commissioner for Livestock and Animal Husbandry in Kastina State, Prof Ahmed Bakori, commended Mercy Corps and its partners on such commitment to support peace and development in the state.

While praising the state government for restoring peace and stability, the said project would improve livestock services and the welfare of farmers who depend on animal health services for livelihood.

Bakori buttressed that improved security in the state had enabled development partners to implement meaningful interventions in communities affected earlier.

He said, “Recently, Gov. Dikko Radda was in South Africa to explore strategies for boosting livestock production and strengthening the livestock value chain in line with the government’s economic development agenda.”

In his remarks, Mercy Corps Senior Programme Manager, Mr Philip Ikita, expressed satisfaction on the timely and successful implementation of the project in Danmusa.

He stated that although Mercy Corps began its operations in the state in 2023, security challenges, had initially prevented the organisation from accessing some areas, including Danmusa.

Ikita said that the project would improve access to essential services, strengthen livelihoods and contribute to sustaining peace in the community.

“The project involves the upgrade of a veterinary clinic from a two room structure into a fully functional six office facility, embarked on to strengthen livestock healthcare services in the area.

“The programme builds on the success of the Conflict Mitigation and Community Reconciliation (CMCR) project and seeks to promote long-term peace and stability in Northwest Nigeria.

“It works across 48 communities in Zamfara and Katsina States, addressing the root causes of conflict, enhancing community resilience, and strengthening socio-economic recovery,” he said.

Also, the District Head of Danmusa, Ahmadu Abubakar, expressed appreciation to Mercy Corps and its partners for the intervention, describing the projects as timely and beneficial.

Earlier, the Chairman of Danmusa LGA, Ibrahim Na-Mama, represented by his Deputy, Musa Muhammad, expressed appreciation for the projects, assuring that the council would support efforts to safeguard them.