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 Nigerian Civil Aviation Authority (NCAA) has certified Elin Group Limited to operate as an approved aircraft maintenance organization (AMO).
Elin Group Limited confirmed the certification in a Statement released at the Weekend.
The Executive Director, Elin Group Limited, Engr. Dr. Benedict Adeyileka, noted the significance of the certification, stating that it recognizes the company’s commitment to upholding high maintenance standards.
Adeyileka also stated that “the issuance of the AMO Certificates and OPSPEC by the NCAA is a landmark for both Elin Group and Nigeria’s aviation industry. This approval empowers us to maintain our fleet and extend services to other operators, thereby supporting the sector’s growth.
“It affirms the standards we have upheld over the years and places on us the responsibility to expand services that strengthen the aviation ecosystem. We thank the NCAA for their confidence in our capabilities.
“This recognition inspires us to keep striving for excellence and innovation in building a stronger, safer, and more sustainable aviation industry.”
The certification follows the company’s recent completion of a 7,800 landings maintenance check on its Bombardier Challenger 604 aircraft and Agusta A109E helicopter.
This type of inspection, similar to a D-check in commercial aviation, was conducted entirely in Nigeria for the first time.
With the NCAA approval, Elin Group is authorized to maintain its own fleet and provide maintenance services to other operators.
The certification is expected to contribute to the growth of local aviation maintenance capabilities.
“PenCom Raises Capital Requirement For PFAs To N20b
…Sets December 2026 Deadline
The National Pension Commission (PenCom) has announced a sweeping revision to the capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), raising the minimum threshold for PFAs tenfold, from N2 billion to N20 billion.
The move, aimed at strengthening financial stability and operational resilience, marks one of the most significant regulatory shifts in Nigeria’s pension industry in over two decades.
In a circular titled “Revised Minimum Capital Requirements for Licensed Pension Fund Administrators and Pension Fund Custodians”, PenCom stated that PFAs with Assets Under Management (AUM) of N500b and above must now maintain a capital base of N20 billion plus 1% of the excess AUM beyond N500 billion.
The revised capital requirements for both PFAs and PFCs would take effect immediately for new licenses, while existing operators have until December 31, 2026, to comply.
PenCom would monitor compliance every two years based on audited financial statements, and any shortfall must be rectified within 90 days.
PenCom emphasized that the review is anchored in Sections 60(1)(b), 62(b), and 115(1) of the Pension Reform Act (PRA) 2014. It aims to support the long-term viability of pension operators, improve service delivery, and ensure the sustainability of the Contributory Pension Scheme (CPS), which has now been in operation for 21 years.
“PFAs are therefore required to maintain adequate capital to sustain the achievements of the CPS, support ongoing pension reform initiatives, and deploy adequate resources to effectively fund operations,” PenCom stated.
PFAs with AUM below N500b are also required to meet the new N20 billion minimum. Special Purpose PFAs, such as NPF Pensions Limited, must hold N30 billion, while the Nigerian University Pension Management Company Limited is required to maintain N20 billion.
“The capital requirement was reviewed in line with global best practice, which ensures that capital is proportionate to the risk exposure of the Pension Fund Operator. The new model aligned the capital requirement with the Pension Asset Under Management (AUM) and Assets Under Custody (AUC) of the PFAs and PFCs respectively”, the circular stated.
For Pension Fund Custodians (PFCs), the minimum capital requirement has been raised from N2 billion, unchanged since 2004, to N25 billion plus 0.1% of AUC.
The Commission cited the exponential growth in assets under custody and the increasing complexity of operations, including technology deployment, cybersecurity, and staff welfare, as key drivers of the revision.
“The operating landscape of PFC business has evolved significantly over 21 years,” the circular noted. “These developments underscore the need to reassess the adequacy of the existing capital threshold to ensure continued financial stability and effective risk management”, it stated.
The announcement signaled PenCom’s commitment to aligning Nigeria’s pension industry with global standards, ensuring that operators are well-capitalized to navigate macroeconomic pressures and deliver secure retirement benefits to millions of Nigerians.
The Corporate Affairs Commission (CAC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are deepening partnership to ease business registration for small business owners in the country.
The agreement would provide the framework for free registration of 250,000 Micro Small and Medium Enterprises (MSMEs) across the country.
The Registrar-General, CAC, Hussaini Magaji, revealed this during the signing of a Memorandum of Understanding (MoU) between both organisations, in Abuja, at the Weekend.
Magaji said that the framework provided under the Renewed Hope Agenda of President Bola Tinubu’s administration would eliminate cost barriers by waiving all statutory fees.
According to him, entrepreneurs would now be able to obtain certificates seamlessly, without delays or middlemen, through the CAC portal.
He said, “Formalising a business is more than obtaining a certificate.
“It provides entrepreneurs with a legal identity, improves access to finance and markets, enhances record keeping and strengthens compliance with tax or regulatory obligations.
“For the government, it expands the tax base, improves policy design and reflects the two sides and contribution of our MSME sector.
“By formalising an additional 250,000 enterprises under this initiative, we are helping to create jobs, foster innovation and build a more inclusive economy,” he said.
The registrar-general, while commending SMEDAN on the partnership, urged the MSMEs to take advantage of this opportunity to formalise their businesses, access new opportunities and become part of Nigeria’s growth story.
Magaji also appealed to the media to Partner in amplifying this message to ensuring that every deserving entrepreneur is carried along.
On his part, the Director-General of SMEDAN, Charles Odii, hailed the initiative as a milestone for small businesses, describing it as one of the “big wins” of the current administration.
Odii explained that SMEDAN would mobilise, profile and guide eligible businesses for registration through its dedicated online portal.
He insisted that the platform would eliminate the role of middlemen, who previously inflated registration costs, sometimes charging between N30,000 and N100,000 against the official CAC rate of about N11,000.
Odii said the initiative would complement the President’s N200 billion economic assistance programme, which provides N50 billion in grants for nano businesses, N75 billion in single-digit loans for SMEs and N75 billion for manufacturers.
He said that the interventions demonstrated the resolve of government to ease the cost of doing business and expand opportunities for entrepreneurs.
The director-general said that the MoU was timely, especially as CAC prepared to review its fees by October, reiterating that the initiative ensures 250,000 businesses will benefit from free registration before the review.
According to Odii, many businesses collapse within their first five years due to a lack of structure, noting that registration was the first step to building resilience.
The SMEDAN boss assured that beyond registration, SMEDAN would continue to support entrepreneurs through business clinics, advisory services and linkages.
He said this would be done in collaboration with other agencies such as the Standards Organisation of Nigeria (SON) and the Nigerian Export Promotion Council (NEPC).
Odii also commended the President’s move to raise the tax exemption threshold for small businesses with N25 million to N50 million annual turnover, saying it will reduce the burden on enterprises and encourage compliance.
He thanked the Registrar-General of CAC, the Federal Ministry of Industry, Trade and Investment and the Chief of Staff to the President for their support in bringing the initiative to fruition.
Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Coordinating Minister of the Ministry,
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
The Permanent Secretary of the ministry, Olufemi Oloruntola, stressed that the funding gap must be closed to move from policy to practice.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
Oloruntola argued that the sector’s potential goes beyond trade, pointing to the surge of diaspora spending every festive season. With the right coastal infrastructure, he said, the marine economy could capture a slice of those inflows as foreign exchange and revenue.
The Chief Executive, Nigerian Exchange (NGX), Jude Chiemeka, said blue bonds, which are loans raised through the capital market, but tied specifically to projects that protect or develop marine projects, could unlock huge sums of much-needed capital.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Seychelles, he pointed out, raised $15 million from a blue bond to support its fisheries industry, a scale Nigeria, with over 853 km of coastline and significant freshwater bodies, could surpass.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
“We therefore call on the relevant authorities, most especially the National Assembly, to prioritise the marine and green economy sector.”
“Nigeria must match ambition with resources” and “strategy into execution”, he said
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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