Economy
Nigeria to Ask OPEC for 25% Hike in Crude Oil Production Quota
By Adedapo Adesanya
Nigeria is hoping to approach the Organisation of Petroleum Exporting Countries (OPEC) to raise the country’s crude oil production quota by 25 per cent.
Nigeria, an OPEC laggard, has not been able to hike output in recent years and has been limited to a quota of 1.5 million barrels per day.
However, the Nigerian National Petroleum Company (NNPC) Limited has said that this may soon changed on the back of expectations that output will be raised soon.
The national oil company is also targeting 2 million barrels per day from 2027, with plans to be included in the upcoming talks over updated country capacities, the chief executive of NNPC, Mr Bashir Bayo Ojulari, said in a report by Argus Media.
Nigeria’s current crude quota is 1.5 million barrels per day, but Mr Ojulari said current production is slightly below that at around 1.4 million barrels per day.
He noted that including around 250,000 barrels per day of condensate, that takes current oil output to around 1.65 million barrels per day, just shy of the country’s oil production capacity. OPEC calculations exempt condensates.
Argus estimated Nigeria’s crude output at just shy of 1.6 million bpd in May, the latest month for which estimates are available, although that figure includes production of Nigerian light sweet Agbami, which Nigeria itself classifies as condensate, the report said.
By 2027, NNPC is targeting a capacity of around 2.4 million barrels per day, and production of 2 million barrels per day, Mr Ojulari said. Of this production, around 1.7 million barrels per day will be crude and the 300,000 barrels per day balance, condensate, Argus reported.
And within three years, the company is aiming for production of 3 million barrels per day, comprising crude output of 2.5 million barrels per day and condensate production of 500,000 barrels per day. Capacity will be around 3.5 million barrels per day, it added.
Nigeria’s plans come as the OPEC+ group embarks on a new campaign to update and refresh each member country’s maximum sustainable production capacity, which would then be used to determine new production baselines, or quotas, for members from which output targets for 2027 will be calculated.
“We believe that with the increased demand being created in-country, we are now in a better position to also seek from OPEC to increase our production quota,” Mr Ojulari said.
He also said Nigeria recently commissioned the 650,000 barrels per day Dangote refinery while 500,000 barrels per day of modular refining capacity are at “different stages of progress.”
“So, you can imagine, over the next two years, we will be talking of (additional) refining capacity of around 1 million bpd of just Nigerian local consumption,” Argus quoted Mr Ojulari as saying.
Mr Ojulari said he will be lobbying for a 25 per cent increase in the production quota by 2027, and remains hopeful that this time Nigeria’s request will be granted.
“What I want to have by 2027 is 2 million barrels per day; that is what we will be asking,” he said. “What the outcome of that conversation will be will depend on how successful we are in our discussions and interactions. But that is what we are gunning for,” he said.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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