Economy
Nigeria Creates 37 Crude Evacuation Routes to Curb Oil Theft
By Adedapo Adesanya
Nigeria has created 37 new evacuation routes for crude oil to tackle incessant theft and spur production, according to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.
Speaking at the ongoing 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja, said the protection of assets was also paramount.
“With 37 new evacuation routes approved and working closely with security agencies, we are curbing theft and boosting accountability.
“Meanwhile, our drive on Domestic Crude Supply Obligation is guaranteeing feedstock for local refineries, strengthening domestic supply chains and economic resilience.
“On the social front, our HostComply platform has brought transparency, real and measurable benefits to oil-producing communities, fostering peace and social license to operate.
“At the same time, our full-scale digitisation efforts are transforming regulatory oversight, delivering speed, efficiency and clarity to investors,” Mr Komolafe disclosed.
The NUPRC boss said under the decisive leadership of President Bola Tinubu, Nigeria has been undergoing a historic energy sector transformation, with over 16 billion dollars investment commitments secured in two years.
“The Petroleum Industry Act (PIA) of 2021 laid the foundation for this reform. The 2024 Executive Orders: 40 on fiscal incentives, 41 on local content, and 42 on cost efficiency and contract timelines, have catalysed massive investment inflows.
“Over $16 billion has been committed in just two years,” Mr Komolafe said.
He explained that the influx of capital was a direct result of far-reaching reforms and bold policy moves designed to reposition the sector for energy security, sustainability, and economic resilience.
He added that oil and gas had continued to supply more than 50 per cent of global energy needs, a figure expected to hold through 2050.
He said sustaining the demand would require 640 billion dollars in annual upstream investment through 2030, over four trillion dollars cumulatively.
“Failure to meet this demand will threaten global stability. Let it be said: the global demand remains strong. Nigeria and Africa cannot afford to ignore this,” he said.
Through the project one million barrels initiative, he said the NUPRC was scaling up Nigeria’s production through reawakening of dormant fields, acceleration of approvals, enhancement of upstream efficiencies.
He said the initiative which was inaugurated in 2024 targeted an increase from 1.46 million to 2.5 million barrels per day by 2026.
“With 1.7 million barrels per day already achieved, the strategy is yielding results.”
He said while oil and gas remained Nigeria’s economic mainstay, contributing nearly 90 per cent of forex earnings and 70 per cent of national revenue, the NUPRC was determined to entrench climate responsibility at the core of its operations.
According to him, while Nigeria has pledged to achieve net-zero emissions by 2060, it should be known that the NUPRC is turning that ambition into reality.
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.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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