By Adedapo Adesanya

Nigeria’s oil output decreased by 4.1 per cent to 1.40 million barrels per day in March from 1.46 million bpd in the previous month, according to the Organisation of the Petroleum Exporting Countries (OPEC).

This drop means Nigeria has now produced below its OPEC target for the second consecutive month and far below its 2.06 million targets contained in the 2025 national budget.

This decline could be attributed to attacks on pipelines in Rivers State that led to the declaration of state of emergency and the suspension of democracy in the oil-rich state by President Bola Tinubu.

Last month, Mr Tinubu announced the suspension of Governor Siminilayi Fubara and the State House of Assembly over political crisis in the state. This occurred after an oil facility in the state was attacked. He then appointed a retired military officer, Mr Ibokette Ibas as the sole administrator of Rivers State.

Despite the decline, Nigeria remains the largest oil producer in Africa, surpassing Algeria and Congo, which produce 909,000 barrels per day and 263,000 barrels per day, respectively.

However, according to data sourced from secondary sources, OPEC said Nigeria produced 1.51 million barrels per day in March as against 1.54 million barrels per day in February.

OPEC’s report also showed that crude production by the wider OPEC+ fell in March by 37,000 barrels per day to 41.02 million barrels per day due in part to reductions by Nigeria and Iraq.

“Total DoC crude oil production averaged 41.02 mb/d in March 2025, which is 37 tb/d lower, m-o-m,” OPEC said.

On April 12, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country’s oil production decreased to 1,400,783 barrels per day in March.

Although oil output dropped in March, NUPRC said the average crude oil production is 93 per cent of the 1.5 million barrels per day quota set for Nigeria by OPEC.

NUPRC adds condensates to its estimates, which are exempted by OPEC in its calculations.

On April 4, the OPEC and its allies decided to increase oil production by 411,000 barrels per day in May — amid declining oil prices.

OPEC also cut its 2025 global oil demand growth forecast on Monday for the first time since December, citing the impact of data received for the first quarter and trade tariffs announced by the United States.

OPEC forecasts that world oil demand would rise by 1.30 million barrels per day in 2025 and by 1.28 million barrels per day in 2026. Both forecasts are down 150,000 barrels per day from last month’s figures.

US President Donald Trump’s trade tariffs as well as a plan for higher output by OPEC+ have put downward pressure on oil prices this month and raised concern about economic growth.

In its monthly report report, OPEC lowered its world economic growth forecast this year to 3.0 per cent from 3.1 per cent and reduced next year’s to 3.1 per cent from 3.2 per cent.

Last month, OPEC said trade concerns would contribute to volatility but had kept forecasts steady, saying the global economy would adjust. However, that appears to have changed with recent developments.

By Adedapo Adesanya

The Minister of Solid Minerals Development, Mr Dele Alake, has called on foreign investors to consider Nigeria amid prevailing barrage of tariffs imposed by the United States, which he says may be a blessing in disguise for African countries.

Speaking during the Fireside Chat session on Foreign Direct Investment in Abu Dhabi, United Arab Emirates, the Minister called on African countries to adopt an introspective approach by looking inward and adjusting their domestic policies to focus more on intra-African trade, with less dependence on external forces.

In a statement by his Special Assistant on Media, Mr Segun Tomori, on Sunday in Abuja, it was stated that the Minister’s remarks were part of his contribution to the discourse on the impact of the tariffs on Africa’s economic climate.

“The barrage of tariffs imposed carries wide-ranging implications for the global economy, U.S. trade relationships, and developing nations, including those in Africa,” he said.

He stressed the need need for African countries to organise economic imperatives to ensure a balance of trade and strengthen intra African trade among countries.

Mr Alake highlighted the persistent challenge faced by African countries, where rare mineral resources were exported without any value addition, noting that the old ‘pit-to-port’ model, where resources are extracted and sent out of the continent can no longer be allowed to continue.

“Interested investors, who wish to come into Africa are welcome to set up their factories in the continent, add value to our mineral resources and create jobs here, rather than just shipping our wealth out of our shores”, he stated.

The minister said that his stance on protecting Africa’s mineral wealth has been adopted by many African countries, particularly mineral-producing nations, where he served as the pioneering chairman of the African Minerals Strategic Group (AMSG).

He reaffirmed that Nigeria’s policy on mineral sector development remained strictly focused on value addition and boosting the local economy through job creation.

By Adedapo Adesanya

Arnergy, a cleantech startup, has raised a $15 million Series B extension, on top of a $3 million B1 round last year, bringing its total for the round to $18 million to boost solar energy access in Nigeria.

According to TechCrunch, the new funding round was led by Nigerian private equity firm CardinalStone Capital Advisers (CCA) and saw participation from Breakthrough Energy Ventures as well as British International Investment, Norfund, EDFI MC, and All On.

Launched in 2013, Arnergy was established to provide solar systems to homes and businesses across sectors like hospitality, education, finance, agriculture, and healthcare.

The firm raised a $9 million Series A in 2019 backed by Bill Gates’s Breakthrough Energy Ventures.

The Lagos-based cleantech is in talks to raise additional local debt from banks and development financial institutions (DFIs) to support some of its projects including energy-as-a-service (EaaS) solutions for multinationals.

The cleantech is planning to install more than 12,000 systems by 2029 to help boost access to solar energy, which Nigerians have began to adopt increasingly following policy shifts, particularly the removal of fuel subsidies, that led to rise in energy costs.

Arnergy has so far deployed over 1,800 systems across 35 Nigerian states, totaling 9MWp of solar and 23MWh of battery storage.

Over the next four years, it will be targeting a 567 per cent increase to the set 12,000 systems goal.

According to the founder, Mr Femi Adeyemo, there has been increased adaptation of solar energy and this presents the perfect opportunity.

Its lease-to-own product, Z Lite, has gained more traction as customers pay fixed monthly fees over 5 to 10 years before owning the system while outright purchases comprised 60 per cent to 70 per cent of revenue in 2023, accounting for just 25 per cent of sales last year, as per TechCrunch.

“Imagine paying N200,000 (~$125) every month for power. With our product, that drops to N96,000 (~$60). Over five years, it’s a no-brainer what you’ll save,” Mr Adeyemo told the tech publication.

Recall that the federal government has also announced plans to ban importation of solar panels as part of efforts to boost local capacity. This has been projected to see a substantial increase in prices.

Speaking on this, Mr Adeyemo said, “We’re advocates for local manufacturing. But let’s build capacity before shutting the door on imports. Otherwise, we risk doing more harm than good, both to the industry and to the millions of Nigerians who now rely on solar as their primary energy source.”