Business
Nigeria, Others Cut Oil Supply By 1.6bn Barrels
Nigeria and other participating oil-producing countries across the globe reduced the global supply of crude oil by 1.6billion barrels since May this year, the Organisation of Petroleum Exporting Countries (OPEC), has said.
The OPEC’s Secretary-General, Muhammad Barkindo, disclosed this during a videoconference of the Crescent Ideas Forum with the theme, ‘The Outlook on Energy’.
In his address, which was made available to our correspondent in Abuja, yesterday, the OPEC boss said the reduction in crude oil supply was taken in the interest of consumers, investors and global economy.
He said, “Since May, the production adjustments undertaken by the participating countries have helped reduce the global supply by around 1.6billion barrels, a truly impressive feat given the economic uncertainty overshadowing the industry.
“I would like to stress that these efforts were undertaken not just for the good of the DoC (Declaration of Cooperation) participating countries, but in the wider interests of consumers, investors and the global economy in general. There can be no recovery without market stability, and no one stands to benefit from volatility.”
In April, OPEC delivered an unprecedented response to an unparalleled market shock, by adjusting output down by 9.7million barrels per day or roughly 10 per cent global demand at the time.
These efforts were spearheaded by leaders of major world oil producers and further supported by the G20, in the spirit of solidarity, at the group’s Extraordinary Energy Ministerial Meeting on April 10, 2020.
In June, the DoC re-affirmed the importance of these contributions to overall market stability and full participation in the agreed adjustments.
In addition, the participating countries agreed to a fair and effective compensation mechanism for those who were unable to achieve 100 per cent conformity in the first months of the agreement.
“These provisions stand out as a remarkable acknowledgement of both the commitment by these countries to support the market, and the scale of the challenge,” Barkindo stated.
He added, “There is no doubt in my mind that these decisive and proactive efforts helped put the oil market back on stable footing.
“In doing so, the DoC provided much-needed support to the global economy as it began to pick up steam in the third quarter of this year.”
Barkindo observed that OPEC members began this year on an optimistic note, optimistic about the global economy and healthy oil market growth.
He, however, stated that OPEC’s 2020 vision did not foresee the devastating impact of the coronavirus, the deadly toll it had taken across the world, nor the blow it had dealt to many economic sectors, especially crude oil.
He said, “In this respect, our OPEC outlook for 2020 oil demand is now slightly above 90million barrels per day.
“This represents a sharp decline of nearly 10 million barrels per day from where we started the year, and almost an 11million barrels per day contraction compared to what we forecast for the year back in January.”
Barkindo added, “In 2021, we expect growth to bounce back to 6.2million barrels per day, to just over 96million barrels per day, compared to our pre-Coronavirus expectations for demand reaching almost 102million barrels per day next year.”
He explained that the recent revisions were due to the easing pace of the economic recovery and recent Covid-19 containment measures, which were assumed to impact transportation and industrial fuel demand well into next year.
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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