Economy
NNPC E&P Hits 36-year High Record Oil Output of 355,000b/d
By Adedapo Adesanya
The flagship upstream subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, NNPC E&P Limited (NEPL), has achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989.
The 36-year high milestone, which was achieved on December 1, marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.
According to a statement signed by Mr Andy Odeh, NNPC’s chief spokesperson, the figures show genuine transformation with average daily production surging by 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.
“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management, and structured field development. NEPL’s performance demonstrates that with the right leadership, strengthened systems, and a committed workforce, Nigeria’s upstream sector can overcome years of instability,” the statement reads in part.
This comes as the country targets an ambitious production level of 2 million barrels per day by 2027 and 3 million by 2030, with the statement claiming that, “NEPL’s delivery brings them closer to reality.”
Speaking on the development, Mr Bashir Bayo Ojulari, the Group CEO of NNPC Limited pointed out that the milestone is proof that Nigeria’s energy revival is not a dream; it is already happening.
“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established. The achievement signals that the machinery of production—equipment, processes, capabilities, and partnerships—can be driven with commercial discipline to produce real and positive outcomes,” Mr Ojulari stated.
The NNPC helmsman noted that the achievement reinforces confidence nationally and across the global energy landscape, assuring partners and investors that Nigeria is committed to reaffirming its role as a dependable energy supplier.
Also speaking, Mr Udy Ntia, the Executive Vice President of upstream operations at the state oil company, observed that the milestone goes beyond the 355,000 barrels per day figure.
“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations. This ensures that scaling production does not compromise worker safety, community wellbeing, or environmental protection. It reinforces a shift away from extraction at any cost towards sustainable value creation—a core requirement for any modern energy company seeking global relevance,” he added.
Adding his input, Mr Nicolas Foucart, MD, NEPL also noted that NEPL’s record-setting performance mirrors the broader transformation unfolding across NNPC Limited.
“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress. Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today.”
“For Nigerians, this accomplishment means far more than increased barrels; it translates into greater national revenue, stronger energy security, and a more resilient economic foundation. NEPL has not only produced more hydrocarbons; it has reignited belief in what Nigeria’s energy sector can achieve with the right systems, culture, and dedication,” he added.
By Dipo Olowookere
Last week, on the floor of the Nigerian Exchange (NGX) Limited, investors transacted 3.860 billion stocks worth N128.581 billion in 240,463 deals versus the 3.087 billion stocks valued at N81.505 billion traded in 222,185 deals in the preceding week.
In the five-day trading week, financial equities led the activity chart with 2.188 billion units valued at N50.459 billion in 94,005 deals, contributing 56.68 per cent and 39.24 per cent to the total trading volume and value, respectively.
Services stocks followed with 466.771 million units worth N4.495 billion in 18,526 deals, and ICT shares sold 377.800 million units for N9.049 billion in 25,653 deals.
Chams, Access Holdings, and Universal Insurance were the most active in the week with 664.942 million units valued at N6.801 billion in 15,161 deals, contributing 17.23 per cent and 5.29 per cent to the total trading volume and value apiece.
Business Post reports that 71 equities appreciated during the week versus 44 equities in the previous week, as 35 stocks depreciated compared with 49 stocks a week earlier, while 42 shares closed flat versus 55 shares in the preceding week.
RT Briscoe was the biggest price gainer with a price appreciation of 60.69 per cent to close at N12.63, Zichis gained 60.38 per cent to trade at N6.72, Abbey Mortgage Bank chalked up 59.04 per cent to settle at N14.95, Union Dicon expanded by 49.14 per cent to N13.05, and Austin Laz grew by 38.46 per cent to N5.40.
Conversely, Deap Capital was the biggest price loser after giving up 27.37 per cent to quote at N6.82, Union Homes REIT lost 26.99 per cent to finish at N69.25, Red Star Express declined by 17.55 per cent to N17.15, UPDC REIT shrank by 12.29 per cent to N7.85, and Cornerstone Insurance tumbled by 12.24 per cent to N5.45.
From the above data, the week was under buying pressure, which raised the All-Share Index (ASI) and the market capitalisation by 3.84 per cent to 171,727.49 points and N110.235 trillion, respectively.
Similarly, all other indices finished higher with the exception of the insurance index, which depreciated by 2.33 per cent due to sell-offs.
By Aduragbemi Omiyale
Leading cement maker, Dangote Cement Plc, has reaffirmed its commitment to making Africa fully self‑sufficient in cement production by raising its output to 90 million metric tonnes per annum by 2030 from the current 52 million metric tonnes per annum.
The chief executive of the firm, Mr Arvind Pathak, during a strategic briefing on the company’s expansion drive, disclosed that efforts are being made to accelerate investments across African markets to close supply gaps and support the continent’s infrastructural ambitions.
According to him, the organisation is strengthening the continent’s industrial backbone and reducing reliance on imported construction materials, stressing that, “Our vision is clear — to ensure Africa produces enough cement to meet its own needs…Through continuous expansion, operational excellence, and a strong distribution network, we are positioning Dangote Cement to power growth across the continent. We are not just building a business; we are building Africa’s future.”
“Through our collective determination, we have eliminated Nigeria’s dependence on imported cement and transformed the country into a net exporter of cement to several neighbouring nations,” Mr Pathak added.
Dangote Cement currently operates in multiple African countries, with integrated plants, grinding facilities, and distribution hubs strategically located to serve diverse markets.
The company’s ongoing projects include plant upgrades, capacity expansions, and the introduction of advanced energy‑efficient technologies designed to reduce operational costs and carbon footprint.
Reinforcing the company’s long-term vision, its founder, Mr Aliko Dangote, described self-sufficiency as both an economic imperative and a continental responsibility.
“Africa has no reason to depend on cement imports. We have the raw materials, the talent, and the determination. Our goal at Dangote Cement is to unlock Africa’s potential by ensuring that every nation on this continent can access affordable, high‑quality cement produced within Africa. This is how we build prosperity, job opportunities, and sustainable development,” the businessman stated.
Mr Dangote added that the company’s investments reflect its passion for unlocking continental competitiveness and fostering industrialisation across Africa.
With major infrastructural projects rising across African cities — from highways and bridges to housing developments — the demand for cement continues to grow. Dangote Cement’s renewed push toward continental self‑sufficiency is expected to address supply challenges, stabilise prices, and enhance construction reliability in the years ahead.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.46 per cent on Friday, February 6, with the market capitalisation expanding by N10.2 billion to N2.207 trillion from the N2.197 trillion quoted in the previous session, while the NASD Unlisted Security Index (NSI) grew by 17.06 points to 3,689.72 points from the previous session’s 3,672.66 points.
The expansion was buoyed by the price appreciation recorded by two securities, which overpowered the declines recorded by four securities.
Central Securities Clearing System (CSCS) increased its value during the session by N4.83 to N53.50 per unit from N48.67 per unit, and IPWA Plc gained 19 Kobo to sell at N2.36 per share versus Thursday’s closing price of N2.17 per share.
On the flip side, Okitipupa Plc lost N10.77 to trade at N220.00 per unit compared with the previous price of N230.77 per unit, FrieslandCampina Wamco Nigeria Plc depreciated by N3.10 to N60.00 per share from N63.10 per share, Geo-Fluids Plc shed 45 Kobo to close at N4.30 per unit versus N4.75 per unit, and Industrial and General Insurance (IGI) weakened by 5 Kobo to 54 Kobo per share from 59 Kobo per share.
A look at the trading data showed that there was a 67.9 per cent drop in the volume of trades to 384,784 units from 1.2 million units, but the value of transactions went up by 33.5 per cent to N16.1 million from N12.0 million, and the number of deals increased by 4.4 per cent to 24 deals from 23 deals.
CSCS Plc ended the day as the most traded stock by value on a year-to-date basis with 16.3 million units exchanged for N667.6 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.8 million units sold for N117.9 million, and Geo-Fluids Plc with 12.4 million units worth N79.5 million.
CSCS Plc also closed the session as the most active stock by volume on a year-to-date basis with 16.3 million units valued at N667.6 million, followed by Mass Telecom Innovation Plc with 13.7 million units worth N5.5 million, and Geo-Fluids Plc with 12.3 million units traded for N79.5 million.
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