Business
Nigeria Wants Higher Quota From OPEC
As Nigeria’s crude output recovers from years of decline, the country is set to persuade the Organisation of Petroleum Exporting Counries (OPEC) to increase its oil production quota.
The Chief Executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, who disclosed this, said the country is focused on ramping up production to meet budgetary targets before formally engaging OPEC for a quota review.
“Nigeria is occupied with increasing production first to meet its budget aspiration and will then engage with OPEC to raise the nation’s quota”, Komolafe stated.
Nigeria’s crude oil production rose to 1.48 million barrels per day (bpd) in December 2024, just below its OPEC quota of 1.5 million bpd.
This marks a sharp recovery from a low of 1.1 million bpd in 2022 when widespread theft and vandalism crippled the country’s oil infrastructure.
Efforts to strengthen security and attract investments have been pivotal in reversing the decline, with the government projecting production to reach two million bpd, the highest in a decade.
In 2022, theft and sabotage plagued key infrastructure such as the Trans-Niger Pipeline, which was illegally tapped in over 150 locations. Producers received only a fraction of the oil transported through the system.
The Nigerian National Petroleum Company (NNPC) has since implemented measures to address these challenges, including establishing a real-time production monitoring command centre and engaging local communities to protect pipelines.
According to Ifeanyi Onyegiri, a senior analyst at Welligence, “These measures are starting to bear fruit, though at significant cost”.
Analysts believe that if Nigeria can sustain these improvements, it may successfully negotiate a higher quota with OPEC.
Despite the progress, experts still warn that maintaining security across the vast Niger Delta pipeline network remains a major challenge.
“The main bottleneck is whether the vandalism issue can be fixed in a sustained way”, Pranav Joshi, an analyst at Rystad Energy, said.
Domestic oil companies have also played a key role in the recovery.
Nigerian-owned firms such as Seplat Energy and Oando have increased investments, with Seplat aiming to more than double its production to 120,000 bpd following the acquisition of ExxonMobil’s onshore assets. Similarly, Oando plans to boost its output to 100,000 bpd in the coming years.
Komolafe noted that drilling activity has tripled in the past four years, reflecting renewed confidence in the sector. However, Nigeria’s ambitious plans to surpass 2 million bpd may put it on a collision course with OPEC, which has sought to enforce production limits to stabilise global oil prices.
Recent developments within OPEC suggest a mixed precedent. While Angola left the cartel in 2023 after rejecting tighter output restrictions, the United Arab Emirates successfully negotiated a higher quota in 2024, citing increased production capacity.
Given Nigeria’s fiscal constraints and the urgent need for revenue, analysts suggest the country may prioritise increased production over strict adherence to OPEC quotas.
An energy analyst at Renaissance Capital Africa, Dipo Ogunbiyi, said, “Nigeria’s current fiscal situation provides strong incentives to exceed its OPEC limit, as incremental revenue directly impacts the budget deficit”.
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The trapatriate Unions conprising the National Union of Air Transport Employees (NUATE), and the Air Transport Service Senior Staff Association of Nigeria, (ATSSSAN), has given 72 hours Ultimatum to Federal Airport Authority of Nigeria FAAN, Omagwa Airport, Portharcourt to revise its recent decision on the concession of Tollgates and Parks to private hands.
The chairman of the Trapatriate Union, Comrade Felix Ohwoefe gave the Ultimatum yesterday immediately after the joint Unions meeting held at the Airport office of the union, Omagwa, Portharcourt.
Comrade Ohwoefe who double as the chairman of the National Union of NUATE said the two Unions have agreed to take drastic actions if the Authority of the Airport declined to step down it’s decision of concessioning the major revenue points to private hands.
According to the Union chairman, the two union was not aware of the concession plans, and that there were no due process to the procedures.
Comrade Ohwoefe said any attempt for the Airport Management to decline it’s demands towards the concession will result to barricading all entrance and access points of the Airport.
Expressing the the challenges associated to the concession, the Union Chairman said the gesture might resulted to massive sack of workers in the Airport.
The chairman also expressed foul play on the part of either individuals or government in the terms and conditions so given to the concessionaires, demanding the reasons of contracting the automated points to private hands for only 14 millions, when the FAAN is presently generating over 28 million naira monthly, even when the tariff was not reviewed upwards.
He describes the process to the procedures as fraud with intention to increase unemployment in the state.
“We are not against the concession of the Automated points, but due process must be followed. If government is concessioning the place, we are asking what will happen to our workers in the existing units.
“Secondly, if the concessionaires is taken over, they must pay higher than what the FAAN is generating presently, we are generating to the Management over 28 Millions monthly, but we had that the private company is required to pay only 14 Millions monthly, which is far below 5 percents of what we are generating presently, even when the tariff is increased, which means there is a foul play.
“The process is fraud either on the part of individual in the Government, or Government itself.
” The unions is saying no to the Concession until we come to a terms of understanding ourselves., we are afraid of loosing workers, we don’t want to loose any workers if due process is not followed in this hard of economy, we even demanding for employment of more workers in FAAN.” Comrade Ohwoefe said.
The Union used the opportunity to called on the minister of aviation, and the President of the Country, Bola Tinubu to intervene.
When contacting the Management of the Airport Authority through the head of Corporate Affairs, Dr Ngozi V. Onyeanwuna-Nwosu, she said the management has not given her the approval to say something.
The Federal Airports Authority of Nigeria (FAAN) has announced designated pick-up points for individuals wishing to obtain their Go-Cashless cards ahead of the March 1, 2026 deadline.
This was announced in a statement signed by the Director Public Affairs and Consumer protection, Henry Agbebire and made available to the Tide last Friday in Portharcourt.
According to the statement, Go-Cashless cards is at all FAAN commercial offices and access gates of Airports in the country .
The release further stated that cards will also be available at designated branches of Fidelity Bank Plc from March 16, 2026.
FAAN in the statement said the cashless policy followed the Federal Government directive mandating all Ministries, Departments and Agencies (MDAs) to transition to a cashless system to enhance transparency and reduce revenue leakages as well improve transaction traceability in the Aviation sector.
FAAN reiterated its commitment to full compliance with the directive, appealing to the public for their understanding and cooperation during the transition period.
FAAN also inform that the Go-Cashless cards can still be obtained at the designated points after the March 1, deadline.
The Authority assures airport users that the initiative will promote faster, safer, and more convenient transactions across its airports nationwide.
By: Enoch Epelle
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/
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
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