Connect with us

Business

Nigeria exceeds OPEC crude oil quota in may 2026

Published

on

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

Nigeria’s crude oil production climbed to 1.53 million barrels per day (mb/d) in May 2026, surpassing its production quota under the Organisation of the Petroleum Exporting Countries (OPEC) for the first time this year, signalling renewed momentum in the country’s oil sector amid sustained efforts to boost output and strengthen government revenues.
The increase represents a significant milestone for Africa’s largest oil producer, which has struggled in recent years with crude theft, pipeline vandalism, operational disruptions and underinvestment that consistently kept production below its OPEC allocation.
Industry analysts said the latest production figures reflect improvements in security across key oil-producing regions, the gradual restoration of previously shut-in production, and stronger operational performance by both international and indigenous oil companies.
Nigeria’s OPEC production target has served as a benchmark for the country’s output, but actual production has remained below the quota for much of the past two years. Exceeding the allocation in May demonstrates the effectiveness of ongoing government initiatives aimed at combating oil theft, protecting critical infrastructure and encouraging increased investment in upstream operations.
The Federal Government has intensified surveillance of oil facilities through enhanced collaboration between security agencies, private pipeline surveillance contractors and host communities. These measures have contributed to a decline in crude oil losses, enabling operators to restore production from several oil fields.
The rebound in production is expected to provide a significant boost to government finances. Higher crude output translates into increased oil export earnings, stronger foreign exchange inflows and improved revenue available for budget implementation at a time when authorities are pursuing ambitious fiscal reforms and infrastructure development.
Oil remains Nigeria’s largest source of export earnings and a major contributor to public revenue despite ongoing efforts to diversify the economy. Improved production performance is therefore expected to strengthen external reserves, support the naira and improve investor confidence in the country’s petroleum industry.
Analysts, however, cautioned that sustaining production above the OPEC quota will require continued investments in field development, timely completion of key oil projects and uninterrupted operations across production facilities. They also noted that maintaining security in the Niger Delta remains critical to preserving recent gains.
The development comes as Nigeria continues to implement reforms under the Petroleum Industry Act (PIA), aimed at creating a more competitive investment environment and attracting fresh capital into exploration and production activities. Several upstream projects are expected to come on stream over the next few years, potentially raising the country’s production capacity further.
Market observers also noted that while exceeding the quota is a positive development, Nigeria will need to balance higher production ambitions with OPEC’s collective supply management strategy, which seeks to stabilise global oil prices through coordinated production levels among member countries.
Economic experts believe that if current production levels are sustained alongside relatively stable international crude oil prices, Nigeria could record stronger fiscal performance in the second half of 2026, easing pressure on public finances and supporting broader economic growth.
The May production figures underscore renewed optimism in Nigeria’s oil sector, with stakeholders expressing confidence that continued reforms, improved security and increased investment could enable the country to sustain higher output and reclaim its position as Africa’s leading crude oil producer.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

North African Airline incurs Nigeria’s wrath

Published

on

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

Continue Reading

Business

₦10m monthly made from akara and bread business -Umo Eno

Published

on

Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

Continue Reading

Business

All share index gains about 0.81% as NGX rebounds

Published

on

 

 

The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.