Economy
Nigeria to Reduce Oil Production Cost to $27.55 Per Barrel
By Adedapo Adesanya
Nigeria is considering cutting the cost of producing a barrel of oil by at least five percent, the Minister of State for Petroleum Resources, Mr Timipre Sylva, has said.
The country has one of the highest costs of producing oil in the world at $28.99 per barrel compared with Saudi Arabia, which has the lowest cost at $8.98 per barrel while Iran and Iraq have their costs at $9.09 and $10.57 respectively.
Business Post reports that if this goal is achieved, the cost of production would be reduced by $1.45 per barrel to $27.55 per barrel.
Mr Sylva, speaking at the 9th edition of the Annual Practical Nigerian Content (PNC) Forum in Yenagoa, Bayelsa State, said that reduction in the cost of oil production was high in his priority for the industry.
Using the Nigerian content framework, the Minister said that he would enlist the support of local vendors to achieve this
He stated that while the government supports and encourages the patronage of local contractors, it would insist that the local vendors have an obligation to deliver premium services and support its strategy of using local content to drive down the cost of crude oil production, increase the contribution of the oil sector to the country’s Gross Domestic Product (GDP) and guarantee the security of oil production.
“In order words, we must not allow local content to become an excuse for cost overruns, slippages in project delivery schedule or shoddy jobs.
“As key stakeholders in the oil and gas industry, we must be aware that the entire country is looking up to our sector for increased revenue earnings to fund annual budgets and develop critical infrastructure,” he stated.
The Minister also explained that in addition to the industry being genuinely concerned that cost of production was the highest among OPEC countries, it must equally realise that high cost of production often affects the net revenue available to Nigeria from crude oil sales for development.
“We must, therefore, take practical steps to ensure that we curtail the various elements that contribute to the high cost of production,” he said at the event attended by stakeholders.
Mr Sylva said that with the achievements of the country in its local content policy, other African countries such as Kenya, Congo Brazzaville, Uganda, Gabon and Angola, who asked for the country’s template on local content practice and implementation, may adopt it.
He also said the government has broadened the implementation of the local content framework to other sectors of the country’s economy through the Presidential Executive Orders 03, 05 among others.
“We are also aware of the recent pledges by the local content committees of the Senate and House of Representatives to extend the Nigerian Content Act to other key sectors of the economy.
“This is because we can all see the benefits so far realised from the implementation of Nigerian Content requirements in the oil and gas industry,” he stated.
Sharing some other key priorities for the minister under him, Mr Sylva said they will be working towards the eradication of smuggling of PMS (petrol) across Nigerian borders; the completion of gas flare commercialisation programme; and the increase of crude oil production to three million barrels per day.
Other priorities include the passage of the Petroleum Industry Bill; increase of domestic refining capacity and implementation of the amended Deep Offshore and Inland Basin Production Sharing Contract Act.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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