Economy
Nigeria to Become Urea Exporter in 2028—NMDPRA Chief
By Adedapo Adesanya
The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Aliyu Mohammed, has declared that Nigeria would become a urea-exporting nations within the next 24 months.
Mr Mohammed made the assertion during an operational visit to key midstream and downstream facilities in Port Harcourt, including the Indorama Eleme Petrochemicals Complex, as part of an executive regulatory activity mandated by the Petroleum Industry Act (PIA), 2021.
According to him, the expansion of facilities at Indorama and other major investments, such as the Dangote Fertiliser Plant, signal a turning point for Nigeria’s oil and gas value chain.
“We have no business importing any of those things,” the NMDPRA chief said. “With the expansion of what is going on today at Indorama and many other places, including Dangote Fertilisers, I am sure that in the next 24 months Nigeria will join the league of urea-exporting countries, and that is where we should be.”
He described the midstream segment of the oil and gas industry as a critical but capital-intensive area that requires between $30 billion and $50 billion in investments to position Nigeria as a regional hub, not only for oil and gas, but also for secondary derivatives and value-added products. These, he said, include fertilisers, urea, and other products derived from hydrocarbon resources.
“What we have seen in Indorama is really a manifestation of what Nigeria needs to have. We need a lot of these in the midstream—fertiliser plants and every value-addition opportunity from our hydrocarbon sources. That is what the nation needs to propel growth.”
He acknowledged that while such ambitions had existed for years, progress had been slow due to various challenges; however, he noted that effective partnerships with the private sector were now yielding tangible results.
“Today, we have found the right footsteps in partnership with the private sector. Indorama has really shown us that growth is growth, and we can continue to grow in that same direction,” he said.
The NMDPRA boss explained that the visit to facilities in Rivers State was aimed at assessing the operational status and availability of critical midstream and downstream infrastructure, reviewing alignment between the regulator and its licensees, and engaging investors to ensure optimal regulatory support. Other objectives include improving regulatory operational excellence, promoting health and safety standards, and presenting the Nigerian public with an accurate assessment of sector operations.
He noted that Rivers State remains a strategic hub for the industry, with diverse facilities spanning gas processing, manufacturing, and refining. “There is no sample that we cannot take here,” he said.
“If we want to see gas processing, manufacturing, or refining, we can. We selected just a few facilities to have an overview of what is going on, but we cannot do that in only three days. I will be coming back because there are many industries within Rivers State that we still need to cover,” he added.
Mr Mohammed stressed that the role of the Authority is to facilitate investments by creating an enabling environment that allows operators to expand while attracting new investors.
He added that the executive regulatory exercise, which has commenced in the South-South region, will be replicated across the country under his leadership.
The CEO of Indorama, Mr Munish Jindal, described the visit by the NMDPRA leadership as timely and highly significant. He said regulatory visits help authorities gain a firsthand understanding of operations and the progress made on the ground.
“These visits are always very important,” Jindal said. “It is important for the regulator to come and see with their own eyes what is happening and understand the changes that have been brought. We are highly appreciative that since assuming office, Engr. Saidu Aliyu Mohammed has visited with his full team to see and visualise what has been delivered here in the last 20 years.”
Mr Jindal recalled that the NMDPRA chief had been involved in the sector since the early days of the Eleme Petrochemicals Company Limited (EPCL), when plans for Phase 2 and Phase 3 expansions were conceived. “Those dreams have been delivered today by Indorama,” he noted.
He also commended regulatory authorities for their improved understanding of the midstream industry over the years, describing it as critical to the sector’s growth. While expressing support for the new regulatory leadership, Jindal disclosed that Indorama had raised concerns over certain regulatory requirements which, in the company’s view, are no longer relevant to manufacturing-focused midstream operators.
“We have made a keen request to the Authority to kindly look into some issues that may not be relevant to the manufacturing industry and consider granting exemptions where necessary,” he said.
The NMDPRA said it remains committed to ensuring that the objectives of the Federal Government and the Nigerian people are fully reflected in the business outlooks of key industry stakeholders, as the country pursues its ambition of becoming both an energy hub and a centre for oil and gas derivatives in Africa.
By Adedapo Adesanya
Brent crude prices fell by $3.05 or 3.37 per cent to $87.33 per barrel on Friday, the lowest level since early March, triggered by expectations of an imminent peace agreement between the United States and Iran.
Also, the US West Texas Intermediate (WTI) crude finished at $84.88 a barrel after it gave up $2.83 or 3.23 per cent. It was its lowest level since April 17.
Reuters reported that a memorandum between the US and Iran to halt the war in the Gulf could be signed as soon as Sunday, citing sources.
The sources indicate that the US would immediately begin releasing billions of Dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.
The proposals also include discussion of possible war reparations for Iran and dropping longstanding US demands for limits on Iran’s missile program, the sources were quoted as saying.
Meanwhile, Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.
He also said that management of the Strait of Hormuz would not return to the pre-war era, that sovereignty over the strait belonged to Iran and Oman, and that Iran would secure safe passage for ships through it.
US President Donald Trump called off threatened air strikes against Iran on Thursday, while it was reported that final negotiations on the memorandum would focus on nuclear and economic issues but would exclude discussions about Iran’s missile programme.
On Thursday, Iran announced a complete closure of the Strait of Hormuz, saying it would fire on any ship trying to pass through.
Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.
The US military, however, said on social media that commercial ships continued to transit the waterway.
Goldman Sachs lowered its 2027 average Brent forecast to $80 a barrel on higher supply and lower demand, but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.
The Organisation of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day from a previous 1.17 million barrels per day, its second straight downward revision.
By Modupe Gbadeyanka
The Lagos-based Dangote Petroleum Refinery has been described by Standard Bank Group as a transformational industrial project with far-reaching implications for Nigeria and Africa.
The company, which is Africa’s largest financial institution, gave this description after a tour of the facility recently.
Standard Bank, the parent company of Stanbic IBTC Holdings, has promised to support the planned listing of the 650,000 barrels per day refinery and expressed readiness to finance future expansion projects across the continent.
The chief executive of the lender, Mr Sim Tshabalala, said, “We are here because the Dangote Group is a large and important global player and a significant force on the African continent.”
“Standard Bank is the largest financial institution in Africa, and we have partnered with Dangote on a variety of initiatives. We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions,” he added.
Mr Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering and future growth initiatives.
“As Dangote lists, there is an IPO coming up, and we are a leading player in that process,” he said, adding that, “As the group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”
He further described the refinery as “a wonder of the world,” noting that its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.
“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” he said.
The Group Vice President for Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, said the visit represented a significant milestone in a partnership that began during the refinery’s construction phase.
“The bank visited us during construction and understood the scale of what we were building,” Mr Edwin said. “Today, the refinery is fully operational, and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”
He added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.
Also speaking, the chief executive of Dangote Petroleum Refinery, Mr David Bird, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group.
“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved,” Mr Bird stated.
The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.
Mr Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.”
By Adedapo Adesanya
Nigeria produced about 1.530 million barrels of crude oil per day in May 2026, beating its Organisation of Petroleum Exporting Countries (OPEC) quota by 42,000 barrels per day. In the preceding month, the country only produced 1.489 million barrels per day.
In the latest OPEC’s Monthly Oil Market Report (MOMR), it was also revealed that Iraq in April supplied 1.494 million barrels per day while in May, it produced 1.759 million barrels per day, an increase 265,000 barrels per day; Saudi Arabia, 6.879 million barrels per day in April, 7.010 million barrels per day in May, an increase of 131,000 barrels per day; United Arab Emirate (UAE), 2.021 million barrels per day in April and in May 2.111 million barrels per day, an increase of 90,000 barrels per day while Venezuela, 1.136 million barrels per day in April and 1.179 million barrels per day in May, an increase of 43,000 barrels per day.
Using secondary sources, Nigeria’s production decreased from 1.520 million barrels per day in April to 1.519 million barrels per day; Saudi Arabia, 6.755 million barrels per day in April and 6.912 million barrels per day in May; UAE, 2.023 million barrels per day in April, 2.110 million barrels per day in May; and Venezuela, 1.036 million barrels per day in April and 1.072 million barrels per day in May.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in a statement by its Head, Media and Corporate Communications, Mr Eniola Akinkuotu, confirmed that Nigeria, in May, met 102 per cent of OPEC quota as production hit an 11-month high.
According to it, Nigeria’s oil production witnessed an upswing in May 2026, averaging 1,530,354 barrels of crude oil and 170,446 barrels of condensates per day, bringing the total combined production to 1, 700, 800 barrels per day and consolidating Nigeria’s position as Africa’s largest oil producer.
It stated that the average crude oil production recorded in May represents 102 per cent of Nigeria’s 1.5mbpd of production quota allocated by OPEC.
It explained that production performance during the review period remained robust, with combined crude oil and condensate output ranging between a low of 1.51 million barrels per day and a peak of 1.86 million barrels per day.
The organisation added that the May 2026 production figures represented the highest recorded by Nigeria since July 2025, when output surged to 1,712,282.
NUPRC said: “In strict crude oil terms (excluding condensates), the 1.53 million barrels recorded in May 2026 represents the highest Nigeria has witnessed since January 2025 when crude oil production hit 1.538 mbpd.”
“On a month-on-month basis, production rose by 2.77 per cent in May 2026 as against 1.48mbpd in April. The broader production trend over the last five months has also remained positive.
“Combined crude oil and condensate output increased from 1.48 mbpd in February to 1.54 mbpd in March, 1.66 mbpd in April, and then 1.7 mbpd in May, underscoring sustained growth in Nigeria’s hydrocarbon production levels.
“Among production streams, Bonny Terminal led the pack with a total blend of 293,870 bpd, closely followed by Forcados Terminal at 289,900 bpd. Qua Iboe ranked third with 173,360 bpd, while Escravos Oil Terminal contributed 135,470 bpd. Odudu (Amenam Blend) completed the top five production streams, accounting for 63,250 bpd during the month under review.”
The commission attributed the rise in production to a sustained positive momentum as operations remained stable throughout the reporting period with no significant pipeline or facility outages recorded.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn