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Nigeria Boosts OPEC Oil Production With 120,000bdp …As Production Hits 1.4mbdp

Nigeria accounted for two-thirds of the increase of the Organisation of Petroleum Exporting Countries (OPEC), which boosted supplies by 120,000 barrels per day to 29.24million barrels per day (MMbpd), as its output reached a one-year high, according to a Bloomberg survey.
Nigeria had revived production from record lows this year after the government reached a deal with security companies linked to Government Ekpemupolo, a onetime warlord in the oil-producing Niger River delta region.
It pumped 1.44MMbpd in February, the survey showed.
The survey also stated that other OPEC members largely held output steady, as the group adhered to quotas fixed late last year to keep global crude markets in balance amid a fragile recovery in demand.
Group leader Saudi Arabia has pledged that the targets will remain in place until the end of 2023.
Oil consumption is projected to climb and boost prices later this year as China’s economic reopening from anti-Covid lockdowns gathers pace.
Yet concern over tightening U.S. monetary policy and the threat of recession is weighing on the market for the time being, instilling a sense of caution in Riyadh and its partners.
At the same time, OPEC nations are said to be watching developments in Russia part of a wider coalition known as OPEC+ which has threatened to cut production in March in retaliation for western sanctions over the war in Ukraine.
Russian output has so far held steady in the first months of 2023 despite widespread condemnation over the conflict.
Bloomberg’s survey is based on ship-tracking data, information from officials and estimates from consultants including Kpler Ltd., Rapidan Energy Group, and Rystad Energy.
The OPEC+ coalition is next due to hold an online monitoring session to review market conditions early next month, and to have a full in-person meeting at its Vienna headquarters in June.
It would be recalled that Nigeria’s oil production had risen month-on-month, MoM, by 1.9per cent to 1.258million barrels per day, mb/d, in January 2023, from 1.235mb/d recorded in December 2022.
The figures excluded Condensate.
The Organisation of Petroleum Exporting Countries, OPEC, in its February 2023 Monthly Oil Market Report (MOMR), however, indicated that on a year-on-year (YoY), basis, the January output was a massive 10percent drop from the 1.399mb/d in January 2022.
The report also showed that Nigeria, beat Angola that produced 1.050 mb/d to become Africa’s leading producer while Equatorial Guinea came last with 55,000 barrels per day during the period.
Nigeria’s oil output in January 2023 remained significantly short of the 1.8million barrels per day allocated to the country by OPEC.
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RSG Commits To Workers’ Welfare …. Calls For Sustained Govt, Labour Partnership

The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ekwe Ibas, has assured the commitment of Rivers State government to workers’s welfare and industrial harmony in Rivers State.
The Sole Administrator gave the assurance after meeting with leadership of organized labour unions at the Government House, Port Harcourt on Wednesday.
Ibas reaffirmed government’s policy of prompt payment of salaries and pensions to workers and retirees, stating that all local government employees are not receiving the approved minimum wage.
He disclosed that approval has been given for payment of newly employed staff at Rivers State University Teaching Hospital and the Judiciary, while medical workers in Local Government Areas will now receive correct wages.
Ibas explained that, Government is reviewing implementation challenges of the Contributory Pension Scheme ahead of the July 2025 deadline, adding that Intervention buses have been reintroduced to ease workers’ transportation ,with plans to expand the fleet.
He said specialized leadership training for top civil servants will commence within two weeks, while due consideration is being given to implementing the N32,000 consequential adjustment for pensioners and clearing outstanding gratuities.
Ibas commended Rivers State workers for their dedication to service and called for sustained partnership with labour unions to maintain industrial peace.
“This administration recognizes workers as critical partners in development. We remain committed to addressing your legitimate concerns within available resources,” he stated.
The State NLC Chairman, Comrade Alex Agwanwor, thanked the Administrator for the steps taken so far with regard to workers welfare while appreciating his disposition towards alleviating the transportation problem faced by workers.
He also expressed appreciation for the government’s openness to dialogue and pledged continued cooperation towards achieving mutual goals.
The Rivers State Government assured all workers of its unwavering commitment to their welfare and called for continued dedication to service delivery for the collective progress of our dear State.
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Labour Unions In Rivers Call For Improved Standard Living For Workers

The Nigeria Labour Congress (NLC), Rivers Council, has called for policies that will improve the economic situation of the country in order to ensure enhanced living standard for workers.
The State Chairman, Mr Alex Agwanwor, made the remark on behalf of the unions affiliated to Labour Congress during the 2025 workers day celebration in Port Harcourt, yesterday.
Agwanwor highlighted the demands of the Unions which included the immediate payment of pension arrears, implementation of the N32,000 minimum wage for pensioners, and payment of gratuities and death benefits without further delay.
“We are calling for the regulation and protection of e-hailing drivers, implementation of increments and promotions, and resolution of long-standing issues in the polytechnic sector,” he said.
Agwanwor on behalf of the unions appealed to President Bola Tinubu to reinstate the democratically elected Governor, Deputy Governor, and members of the Rivers State House of Assembly.
He stressed the importance of democratic governance and good working relationship with elected representatives.
According to him, the unions expressed disappointment over the imposition of taxes, increase in electricity tariff, and high cost of goods and services, which have further worsened the plight of workers.
“We urge the federal government to take measures to alleviate the suffering of citizens,” he said.
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Tinubu committed to unlocking Nigeria’s potential – Shettima

Vice-President Kashim Shettima says President Bola Tinubu is committed to unlocking Nigeria’s full potential and position the country as a leading force on the African continent.
Shettima stated this when he hosted a delegation from the Hertie School of Governance, Berlin, led by its Senior Fellow, Dr Rolf Alter, at the Presidential Villa in Abuja last Wednesday.
He said Nigeria was actively seeking expertise from the global best institutions to enhance policy formulation and implementation, particularly in human capital development.
The Vice-President noted that President Tinubu was determined to elevate Nigeria to its rightful position as a leading force in Africa.
“The current crop of leadership in Nigeria under President Bola Ahmed Tinubu is ready and willing to unleash the full potential of the Nigerian nation on the African continent.
” We are laying the groundwork through strategic reforms, and at the heart of it, is human capital development.”
He described the Hertie School as a valuable partner in the journey.
According to him, Hertie School of Governance, Berlin, has track record and institutional knowledge to add value to our policy formulation and delivery, especially in this disruptive age.
Shettima reiterated the government’s priority on upskilling Nigerians, saying ” skills are very important, and with our Human Capital Development (HCD) 2.0 programme.
“We are in a position to unleash the full potential of the Nigerian people by enhancing their capital skills.”
The Vice-President acknowledged the vital support of international development partners in that effort.
” I want to thank the World Bank, the European Union, the Bill and Melinda Gates Foundation, and all our partners in that drive to add value to the Nigerian nation,” he maintained.
The Vice-President said human capital development was both an economic imperative and a social necessity.
Shettima assured the delegation of the government’s readiness to deepen cooperation.
” We need the skills and the capacity from your school. The world is now knowledge-driven.
“I wish to implore you to have a very warm and robust partnership with the government and people of Nigeria.”
Shettima further explained recent economic decisions of the government, including fuel subsidy removal and foreign exchange reforms.
“The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.
“President Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” he added.
Earlier, Alter, congratulated the Tinubu administration for the successful launch and implementation of the Human Capital Development (HCD) strategy.
The group leader described the development as ambitious and targeted towards the improvement of the lives of the citizens.
He expressed satisfaction with the outcome of his engagements since arriving in the country.
He applauded the zeal, commitment, energy and goodwill observed among stakeholders in the implementation of Nigeria’s HCD programme.
Alter said the Hertie School of Governance would work closely with authorities in Nigeria across different levels to deliver programmes specifically designed to address the unique needs of the country.
He, however, stressed the need for government officials at different levels to be agile and amenable to the dynamics of the evolving world, particularly as Nigeria attempted to successfully accelerate its human capital development aspirations.
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