Business
Nigeria’s Oil Production Hits 1.7mbpd – FG
Nigeria’s Federal Government has declared that the country’s’s oil production, including condensates, increased by 9.9 per cent to 1.69 million barrels per day in November 2024, up from 1.538mbpd recorded in October 2024.
This is according to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), an agency of the Federal Government.
The agency said liquid crude oil production rose by 11.42 per cent, reaching 1.48mbpd in November compared to 1.33mbpd in October.
This figure, however, remains below the production quota allocated to Nigeria by the Organisation of Petroleum Exporting Countries.
Conversely, condensate oil production — exempt from OPEC’s quotas —declined slightly by 0.01 per cent in November, dropping to 204,828 barrels per day from 204,806 barrels per day in October.
Despite these improvements, oil production continues to fall short of the 2024 budget benchmark of 1.78mbpd. This discrepancy persists despite claims by the Nigerian National Petroleum Company Limited that oil production has risen to 1.8mbpd.
The data highlights the ongoing challenges in meeting national production targets while underscoring recent efforts to boost output in the upstream sector.
Commenting on Nigeria’s quota, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the resolution of OPEC to extend Nigeria’s oil production quota to 1.5 million bpd is in line with the country’s output target.
Lokpobiri said the quota complements Nigeria’s 2025 oil output benchmark of 2.06 million bpd.
“For Nigeria, these resolutions align with our 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the draft 2025 Appropriation Bill”, he said.
On November 26, the Port Harcourt refinery, with a capacity of 60,000 barrels per day, officially commenced crude oil processing.
Meanwhile, the Organisation of the Petroleum Exporting Countries says Nigeria has retained its position as the largest oil producer in Africa.
In its latest monthly report on Wednesday, OPEC said Nigeria’s oil output increased in November to 1.48 million barrels per day from 1.33 million bpd in the previous month.
The oil alliance said the production figure was Africa’s largest in October, even as Nigeria continued to hold the top spot on the continent in the subsequent month.
In November, OPEC said Nigeria surpassed Algeria, which produced 908,000 bpd, followed by Congo, which had an output of 268,000 bpd.
OPEC said its data was based on direct communication, noting that its secondary sources reported that Nigeria’s crude production increased to 1.417 million bpd in November — up from 1.4 million bpd in October.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.66 mb/d in November 2024, which is 104 tb/d higher, m-o-m.
“Crude oil output increased mainly in Libya, IR Iran and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia”, OPEX said.
On Wednesday, the Nigerian Upstream Petroleum Regulatory Commission said Nigeria’s crude oil production increased to 1.69 million bpd in November — from 1.53 million bpd in October.
This is according to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), an agency of the Federal Government.
The agency said liquid crude oil production rose by 11.42 per cent, reaching 1.48mbpd in November compared to 1.33mbpd in October.
This figure, however, remains below the production quota allocated to Nigeria by the Organisation of Petroleum Exporting Countries.
Conversely, condensate oil production — exempt from OPEC’s quotas —declined slightly by 0.01 per cent in November, dropping to 204,828 barrels per day from 204,806 barrels per day in October.
Despite these improvements, oil production continues to fall short of the 2024 budget benchmark of 1.78mbpd. This discrepancy persists despite claims by the Nigerian National Petroleum Company Limited that oil production has risen to 1.8mbpd.
The data highlights the ongoing challenges in meeting national production targets while underscoring recent efforts to boost output in the upstream sector.
Commenting on Nigeria’s quota, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the resolution of OPEC to extend Nigeria’s oil production quota to 1.5 million bpd is in line with the country’s output target.
Lokpobiri said the quota complements Nigeria’s 2025 oil output benchmark of 2.06 million bpd.
“For Nigeria, these resolutions align with our 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the draft 2025 Appropriation Bill”, he said.
On November 26, the Port Harcourt refinery, with a capacity of 60,000 barrels per day, officially commenced crude oil processing.
Meanwhile, the Organisation of the Petroleum Exporting Countries says Nigeria has retained its position as the largest oil producer in Africa.
In its latest monthly report on Wednesday, OPEC said Nigeria’s oil output increased in November to 1.48 million barrels per day from 1.33 million bpd in the previous month.
The oil alliance said the production figure was Africa’s largest in October, even as Nigeria continued to hold the top spot on the continent in the subsequent month.
In November, OPEC said Nigeria surpassed Algeria, which produced 908,000 bpd, followed by Congo, which had an output of 268,000 bpd.
OPEC said its data was based on direct communication, noting that its secondary sources reported that Nigeria’s crude production increased to 1.417 million bpd in November — up from 1.4 million bpd in October.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.66 mb/d in November 2024, which is 104 tb/d higher, m-o-m.
“Crude oil output increased mainly in Libya, IR Iran and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia”, OPEX said.
On Wednesday, the Nigerian Upstream Petroleum Regulatory Commission said Nigeria’s crude oil production increased to 1.69 million bpd in November — from 1.53 million bpd in October.
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The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.
Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.
Rather, he said they were mere opportunities for education, correction and continuous improvement.
The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.
He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.
“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .
According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.
He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.
The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.
“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.
The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.
In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.
Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.
Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.
By: King Onunwor
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.
The policy compelled many customers to regularise their biometric records to retain access to banking services.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.
The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.
The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.
In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.
He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.
Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.
According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.
He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.
The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.
He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.
He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.
Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.
He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.
Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.
As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.
Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.
Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.
He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.
Lady Usendi
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