Economy
Nigeria’s Gas Production Rises 2.97% to 687bn scf in Q1 2026
By Adedapo Adesanya
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that gas production increased from 667.27 billion standard cubic feet in Q1 2025 to 687.09 billion standard cubic feet in the same period of 2026, representing a year-on-year growth of about 2.97 per cent.
A breakdown of the figures indicated mixed production trends across the three-month period. January 2026 production slipped slightly to 233.96 billion scf from 236.32 billion scf recorded a year earlier.
However, output strengthened in February and March, with production rising to 212.62 billion scf and 240.51 billion scf, respectively, making March the strongest production month within the review period.
However, gas flaring declined by more than 8 per cent, underscoring gradual progress in the country’s drive to monetise gas resources and curb environmental waste.
The report also showed notable improvement in Nigeria’s gas flare management, a long-standing challenge in the oil and gas sector. Total gas flared dropped from 50.95 billion scf in Q1 2025 to 46.83 billion scf in Q1 2026, reflecting an 8.1 per cent reduction.
Average flare intensity equally improved, declining from 7.65 per cent in Q1 2025 to 6.81 per cent in Q1 2026, suggesting operators captured more gas for commercial use rather than burning it off.
Monthly flare rates also trended downward throughout the quarter, reinforcing signs of tighter compliance and improved operational efficiency.
A major shift emerged in the structure of Nigeria’s gas production during the period. Associated gas production, generated alongside crude oil extraction, weakened sharply, falling from 370.28 billion scf in Q1 2025 to 332.82 billion scf in Q1 2026. In contrast, non-associated gas production surged to 354.17 billion scf from 296.99 billion scf, highlighting stronger output from standalone gas projects and dedicated gas developments.
Nigeria’s export gas market posted one of the strongest performances in the quarter. Export gas sales climbed by over 30 per cent to 292.87 billion scf from 223.99 billion scf in Q1 2025, driven largely by improved liquefied natural gas exports and stronger global demand for Nigerian supplies.
However, domestic gas sales painted a different picture. Supplies to the local market declined by 8.5 per cent to 171.15 billion scf from 186.98 billion scf recorded in the corresponding period of 2025, raising fresh concerns about gas availability for power generation, manufacturing and industrial activities within Nigeria.
Despite the drop in domestic sales, total utilised gas remained largely stable at 639.68 billion scf, compared to 639.91 billion scf in Q1 2025, reflecting improved efficiency in gas capture and commercialisation.
With proven gas reserves estimated at over 215 trillion cubic feet, Nigeria continues to position natural gas as a critical transition fuel for electricity generation, industrial expansion, petrochemicals and export earnings.
The federal government has also intensified enforcement measures and commercial recovery initiatives under programmes such as the Nigerian Gas Flare Commercialisation Programme to reduce routine gas flaring and unlock greater value from the nation’s vast gas resources.
By Aduragbemi Omiyale
HBM Nigeria Plc, formerly Lafarge Africa Plc, recorded a 31 per cent surge in revenue in the first half of 2026 by 31 per cent as a result of an 11 per cent jump in volume growth, enhanced operational stability and improvement in distribution efficiency.
Also, in the first six months of this year, the cement maker grew its operating profit by 51 per cent to N291 billion after sustained efficiency gains across the business, while operating margin soared to 43 per cent from 37 per cent in H1 2025, with the net profit increasing by 57 per cent to N208 billion.
HBM Nigeria is a leading provider of innovative building solutions and manufacturer of a wide range of cement, ready mix, mortar and Plaster of Paris brands.
“Our H1 2026 performance demonstrates the continued strength of our business and the successful execution of our strategic priorities. These results reflect disciplined cost management, operational excellence, and prudent financial stewardship.
“We are focused on further improving supply reliability, advancing our cost leadership agenda, driving innovation, accelerating our sustainability initiatives, and maintaining the highest standards of health and safety,” the chief executive of HBM Nigeria, Mr Lolu Alade-Akinyemi, disclosed.
He assured that the cement firm would remain focused on building on a strong operational momentum by leveraging the industrial and technical expertise of Huaxin Building Materials Ltd to drive operational excellence and improve efficiency across the business.
In light of this, HBM Nigeria has commenced the engineering design for its third production line at Calabar, a state-of-the-art 3-million-ton integrated cement facility. The project is progressing through the requisite development processes, with completion expected within 12 months following commencement of construction.
On HBM Nigeria’s business outlook for the rest of the year, Mr Alade-Akinyemi said, “Nigeria’s demand outlook for cement remains positive, supported by ongoing infrastructure development, urbanisation, and resilient activity across the construction sector, despite a dynamic global operating environment.”
“As macroeconomic conditions continue to improve, we expect demand across our key market segments to remain supportive of sustainable growth.
“We plan to continue focusing on capturing volume growth opportunities while maintaining disciplined cost management and operational excellence to strengthen profitability and preserve margins.
“The company remains well positioned to create sustainable long-term value for its shareholders and all stakeholders by leveraging its resilient operating platform, a strong balance sheet, and disciplined execution of strategic priorities,” he stated.
By Aduragbemi Omiyale
The management of Africa Prudential Plc has charted five strategic priorities to drive the company’s growth through the second half of 2026.
These goals were announced by the organisation at its investor call, attended by various stakeholders in the capital market.
Addressing participants at the call on Tuesday, July 28, 2026, the chief executive of Africa Prudential, Ms Catherine Nwosu, said one of these priorities is delivering sustainable business growth through core registrar and new business lines.
She listed others as accelerating product and service innovation leveraging technology, strengthening Africa Prudential’s brand equity and market leadership, investing in talent development and organisational capability, and deepening corporate governance and institutional excellence.
At the event, a key question from investors focused on the company’s ability to sustain earnings growth in an environment where interest rates may begin to moderate.
In her response, Ms Nwosu said, “Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, KYC services, AGM technology, Probate services, and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix.”
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency, and stronger compliance standards continues to grow.
“We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
In the first half of 2026, Africa Prudential, a leading provider of share registration services and capital market solutions, reported another strong performance, demonstrating strong corporate governance and resilience, and the effectiveness of its growth strategy despite an evolving macroeconomic environment.
Its gross earnings grew by 27 per cent to N4.28 billion from N3.34 billion in the same period of the previous year, while net operating income rose by 27 per cent to N4.21 billion.
In H1 2026, profit before tax soared by 22 per cent to N2.41 billion, while the profit after tax surged by 18 per cent to N1.59 billion, with total assets expanding by 13 per cent to N46.53 billion, and shareholders’ fund also up by 13 per cent to N12.52 billion.
It was observed that the impressive results were driven by sustained growth in the company’s core registrar business, increased corporate action activities across the Nigerian capital market, stronger treasury performance supported by the prevailing interest rate environment, and increasing adoption of Africa Prudential’s technology-enabled solutions.
Beyond the numbers, management reaffirmed Africa Prudential’s strategic evolution from a traditional registrar into a diversified technology and business solutions company serving the broader capital market ecosystem.
By Aduragbemi Omiyale
The 7th Africa Emerging Markets Forum has commenced in Abuja, Nigeria, with critical stakeholders in the financial services and other industries in attendance.
The programme commenced today, Wednesday, July 29, 2026, and will end tomorrow, Thursday, July 30, 2026.
It is taking place at the headquarters of the Central Bank of Nigeria (CBN) in Abuja.
The hybrid forum is themed Building Resilience Amidst Geoeconomic Uncertainties. It brings together distinguished policymakers, economists and development leaders to explore practical solutions for strengthening Africa’s resilience in an increasingly complex global economy.
Speaking at the conference are the CBN Governor, Mr Olayemi Cardoso; the Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala; Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele; and the chief executive of Emerging Markets Forum, Mr Harinder S. Kohli.
The organisers have provided an avenue for those unable to attend the programme physically to catch up with it via their social media platforms, including on the YouTube channel of the central bank.
