Economy
Nigeria to Raise Output by 100,000 bpd to Offset Global Supply Shortfall
By Adedapo Adesanya
The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, has said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Speaking with Reuters on the sidelines of the ongoing CERAWeek by S&P Global conference in Houston, the NNPC helmsman, when asked if Nigeria could help make up for the crude shortfall resulting from the US-Israel war on Iran, said the country was working towards it.
His comment comes as the war continued to rage on and affect crude prices as well as liquified natural gas (LNG), particularly due to the restrictions from the Strait of Hormuz.
The country averaged between 1.6 million barrels per day and 1.7 million barrels per day last year and is hoping to average 1.8 million barrels per day this year, but has faced several challenges to production, mainly underinvestment and oil theft.
“We are building that capacity,” he said, though he added, “We are not like Saudi Arabia,” referring to the top OPEC member. “But we can contribute.”
During an onstage interview at the conference, Mr Ojulari said NNPC completed a full portfolio review of its business last year and is beginning to implement changes this year.
He said a crucial focus that the state oil company is working on is to improve execution and ensure projects are delivered on budget and on time.
His comments followed the country recording a combined crude oil and condensate production shortfall of about 16.6 million barrels in January and February of 2026, according to an analysis of data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the data, Nigeria produced a total of 50.5 million barrels of crude oil and condensate in January, while output declined notably in February, with total production dropping to approximately 41.6 million barrels, bringing cumulative output for the two months to 92 million barrels.
Based on the government’s benchmark in the 2026 budget, the country was expected to produce about 57 million barrels in January and 51.5 million barrels in February, to reach about 108.6 million barrels for the period.
The daily production averages provided in the NUPRC report further illustrated the extent of the gap. In January, total liquids output, according to the data, averaged about 1.63 million barrels per day, falling short of the 1.84 million barrels per day target by roughly 210,000 barrels per day.
In the same vein, in February, the shortfall widened significantly, with production averaging about 1.48 million barrels per day, leaving a gap of around 360,000 barrels per day.
According to the report, over the course of the two months, the daily deficits accumulated into the overall shortfall of about 16.6 million barrels, reinforcing the scale of Nigeria’s underperformance relative to its fiscal assumptions.
Crude oil production remained the dominant component of Nigeria’s output in the period under review. In January, crude production averaged 1.46 million barrels per day, before declining to roughly 1.31 million barrels per day in February, dragging down overall output for the month.
On the other hand, condensate production, while significantly smaller in volume, provided some support to total output. It averaged just over 116,000 barrels per day in January and about 122,000 barrels per day in February.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
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