Economy
Nigeria Declares Better Performance for Oil in 2020
By Adedapo Adesanya
The Minister of State for Petroleum Resources, Mr Timipre Sylva, has declared that the Nigerian oil and gas industry performed better in 2020, attributing it to collaboration among various federal government agencies in the sector.
The Minister said this in Bayelsa at a review meeting with the Permanent Secretary, Directors and chief executives of agencies in the Ministry of Petroleum Resources.
He also expressed optimism that more outstanding results would be recorded in the sector in 2021.
He listed some key achievements of the Nigeria petroleum industry to include the signing of the Final Investment Decision for Nigerian Liquefied Natural Gas, NLNG, Train 7 project, the commencement of the Ajaokuta-Kaduna-Kano, AKK, pipeline project, championed by the Nigerian National Petroleum Corporation, NNPC, and implementation of the deregulation of the downstream sector of the petroleum industry, among others.
Other notable accomplishments, the minister stated, included the completion and commissioning of the 17-storey headquarters building of the NCDMB and commissioning of the Waltersmith modular refinery, developed with 30 per cent equity from the NCDMB.
He applauded the performance of the Ministry and its agencies over the past 12 months, stating that they delivered creditably on their respective mandates, despite the challenges imposed by the COVID-19 pandemic.
Also speaking, the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Kesiye Wabote, commended Mr Sylva for instituting a review meeting for all agencies under the ministry, where they would also plan for the future of the sector.
Giving a scorecard of his agency, Mr Wabote noted that the board had delivered on several initiatives in support of the Ministry of Petroleum Resources’ priorities, one of them being the launch of the NOGTECH Hackathon and Science Technology Innovation Challenge (STIC) as a strategy of developing innovation to address pilferage, sabotage and losses of petroleum products.
Mr Wabote stated that the NCDMB was supporting the goal of the Federal Government to build partnerships on gas flare commercialization programme and Liquefied Petroleum Gas (LPG) penetration.
To this end, he noted that the NCDMB was catalysing local manufacturing of 1.2 million composite LPG cylinders per annum in Bayelsa and Lagos State.
He said: “The board is also supporting flare-out projects through Duport Midstream Company’s 300 million standard cubic feet per day (MMscfd) gas gathering hub in Edo and NEDO 110 MMscfd gas processing project in Delta State.
“The board is also supporting the establishment of LPG storage/filling plants in five states and as well as LPG distribution depots in six states.”
On the Ministry’s target to increase crude oil production to three million barrels per day, the Executive Secretary confirmed that NCDMB signed Service Level Agreements, SLA, with the Oil Producers Trade Section, Independent Petroleum Producers Group, IPPG, and Nigeria LNG as a strategy of fast-tracking projects approvals and ease of doing business.
He added that the NCDMB earlier in the year launched the $50 million Nigerian Content Research and Development Fund and Oloibiri Museum and Research Centre in support of enhanced oil recovery.
On the goal of Supporting and Enhancing Cost Reduction, Mr Wabote said: “NCDMB automated its business process and upgraded its NOGICJQS and initiated collaborative interfaces with the Nigerian Immigration Service (NIS) Customs and Department of Petroleum Resources (DPR).
“Towards increasing domestic refining capacity, NCDMB has so far enabled a combined capacity of 80,000 barrels per day (bpd) modular refining capacity through its investments in Waltermith in Imo, Azikel Refinery in Bayelsa and Duport in Edo States, with other proposals under review.
“NCDMB is also working to achieve the Ministry’s target on job creation and poverty alleviation. On that plane, the board is currently developing three oil and gas parks for manufacturing of oil and gas components, with each expected to create 2,000 jobs opportunities at full operation.
“He added that the board also increased the size of the Nigerian Content Intervention Fund (NCI Fund) from $200 million to $350 million, with additional products on Working Capital and Business Support for Women in Oil & Gas.
“Other initiatives included the Board’s Human Capacity Development programmes to increase employability and incubate entrepreneurs, interventions in vocational education, ICT laboratory among others.”
Also speaking, Group Managing Director of the NNPC, Mr Mele Kyari noted that Nigeria is currently one of the most expensive territories in the world for upstream projection, adding, however, that part of the corporation’s mandate was to reduce cost by at least five per cent.
He said: “We have reduced costs substantially and there are a number of interventions. We have set a target for the industry and our partners to bring down the cost of production to at least $10 to a barrel.”
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
