Economy
Oil Demand Growth to Lower Nigeria’s Crude Sales by 43.2%–OPEC
By Adedapo Adesanya
Nigeria will experience a 43.2 percent drop in crude sales as oil demand is expected to shift from highly industrialized economies to India and China leading to the growth in oil consumption till 2040.
To avoid this, Nigeria may need to retain India, its largest destination, as one of its clienteles if it is to remain fiscally viable and grow its economy in the short-term.
The world’s second most populous nation became Nigeria’s biggest exporter replacing the United States in 2013 after high crude demand saw it turn its attention to shale production.
This development followed the release of its 2019 World Oil Outlook (WOO), Organisation of the Petroleum Exporting Countries (OPEC) revealed this in its annual report released on Tuesday in Vienna, Austria.
The oil producers’ cartel said that the last 12 months had been challenging for energy markets as global tension from the US-China trade war, rising supply, and dwindling demand for oil.
The report stated that developing and emerging economies would play a huge role in the oil market outlook, with that India through its growing middle-class consumers will need an additional 5.4 million barrels per day to its current usage while China will increase its current quota by 4.4 million barrels.
“India is projected to be the country with the fastest oil demand growth and the largest additional demand,’’ the report stated.
Further, North America, Western Europe, Japan, South Korea and Oceania will consume 9.6 million barrels per day less according to the long term forecast.
Secretary-General of OPEC, Mr Mohammad Barkindo, said its own production of crude oil and other liquids is expected to decline over the next five years, falling to 32.8 million barrels in 2024 from 35 million barrels per day on record in 2019.
The 14 nations group also hopes that the its members will experience a declining demand for their crude oil products until around 2025 when US crude oil output is envisioned to start falling.
“We have already started seeing a deceleration of growth in the United States. The shale patch in the U.S. is facing a tremendous amount of headwinds as a result of the unprecedented growth that we have seen in the last couple of years,” Mr Barkindo said.
OPEC expects supply from non-OPEC producers to hit a high of 72.6 million barrels per day in 2026 and fall to 66.4 million barrels per day by 2040.
“In the long term, it is OPEC that will be expected to meet the majority of oil demand requirements,” Mr Barkindo said.
As at the time of this report, Brent crude was trading 19 cents down at $62.77 per barrel and the West Texas Intermediate (WTI) was trading up by 8 cents at $57.31 after recording earlier drops on Wednesday morning.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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