Economy
Nigeria’s Crude Output Now 1.6mbpd—Kyari

By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has announced that Nigeria’s oil output is increasing and, as of Thursday, stood at 1.6 million barrels per day.
The group chief executive of the Nigerian state oil company, Mr Mele Kyari, said on Friday, noting that this is an improvement after the country lost its Africa’s largest crude producer status after oil theft saw the country pump less than 1 million barrels per day.
In the last six months, the country has moved to increase its production from less than 1 million barrels per day in July last year.
“We are growing production. In July 2022, we were at less than 1 million barrels per day. As at yesterday, we were at 1.6 million barrels and hopefully, we will meet the OPEC quota of 1.8 million,” Mr Kyari told reporters at NNPC’s offices.
This comes as the Organisation of the Petroleum Exporting Countries (OPEC) said that in January, Nigeria’s crude oil production climbed to 1,336 million barrels per day from 1,271 million barrels per day in December 2022.
However, Angola’s output – which holds the top spot on the continent – rose to 1.155 million barrels a day, an OPEC survey, which cites secondary data sources, said.
However, according to the oil cartel’s direct communication data, Nigeria’s crude oil production climbed to 1,258 million barrels per day from 1,235 million in December 2022.
OPEC indicated it gets its crude oil production figures mainly from two sources, either as direct communication by member countries or by information released by secondary energy intelligence platforms.
OPEC averaged 28.88 million barrels per day in January 2023, lower by 49 thousand barrels per day on a month-on-month, OPEC said in its Monthly Oil Market Report (MOMR) released Tuesday.
Economy
Unlisted Securities Exchange Suffers 0.20% Loss at Midweek

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.20 per cent decline on Wednesday, February 5, with the market capitalisation going down by N3.50 billion to N1.779 trillion from the N1.782 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) losing 6.19 points to settle at 3,140.55 points, in contrast to the previous day’s 3,146.74 points.
The loss suffered by the unlisted securities exchange was caused by a fall in the price of Central Securities Clearing System (CSCS) by N1.83 as its value ended at N22.00 per share versus Tuesday’s closing price of N23.83 per share.
It upturned the gains recorded by four other stocks on the trading platform.
Business Post reports that Food Concepts Plc appreciated by 14 Kobo to N1.56 per unit from N1.42 per unit, Industrial and General Insurance (IGI) Plc gained 2 Kobo to quote at 40 Kobo per share versus 38 Kobo per share, Mixta Real Estate Plc improved by 13 Kobo to N2.96 per unit from N2.83 per unit, and Afriland Properties Plc rose by 27 Kobo to N16.52 per share from N16.25 per share.
Yesterday, the volume of transactions went up by 19.3 per cent to 10.1 million units from 8.5 million units, the value of trades depreciated by 0.6 per cent to N13.5 million from N13.6 million, and the number of deals decreased by 41.4 per cent to 17 deals from 29 deals.
At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, FrieslandCampina Wamco Nigeria Plc was in the second position with 6.2 million units valued at N245.0 million, and Geo-Fluids Plc was in third with 9.3 million units sold for N44.8 million.
Similarly, Impresit Bakolori Plc was also the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, trailed by IGI Plc with 42.4 million units sold for N12.9 million, and Geo-Fluids Plc with 9.3 million units valued at N44.8 million.
Economy
Naira Trades N1,499/$1 at Official Market, N1,590/$1 at Black Market

By Adedapo Adesanya
The value of the Naira continued to tumble against against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) amid the decision of the Central Bank of Nigeria (CBN) to extend the window of allowing Bureau De Change (BDC) operators to buy FX from the official market until the end of May.
This policy allows BDCs to purchase $25,000 worth of forex per week and should not resell to their customers at a profit margin above one per cent.
The intention of this scheme is to quell huge forex demand in the black amrket, speculative activity, and ensure proper oversight.
At the spot market on Wednesday, February 5, the Nigerian currency weakened against the greenback by 0.05 per cent or 81 Kobo to N1,499.76/$1 compared with the preceding day’s N1,498.95/$1.
It was the third time the local currency was depreciating in value this week.
In the same official market, the domestic currency traded flat against the British Pound Sterling and the Euro at N1,868.17/£1 and N1,553.41/€1, respectively.
In the black market, the Nigerian Naira, however, appreciated against the US Dollar at midweek by N15 to sell for N1,590/$1, in contrast to Tuesday’s exchange rate of N1,605/$1.
Meanwhile, the cryptocurrency market was bullish yesterday after Mr Eric Trump, son of US President Donald Trump, encouraged the family backed crypto platform to invest in Bitcoin (BTC).
Early this week, President Trump’s AI and crypto czar, Mr David Sacks, said the Trump administration is evaluating the feasibility of a strategic bitcoin reserve, disappointing crypto investors anticipating a swift action on the issue.
Litecoin (LTC) gained 6.3 per cent to sell at $108.22, Ethereum (ETH) appreciated by 3.7 per cent to $2,844.58, Cardano (ADA) jumped by 2.6 per cent to $0.7632, Binance Coin (BNB) went up by 1.2 per cent to $581.16, BTC rose by 0.6 per cent to $98,325.95, and Dogecoin (DOGE) increased by 0.2 per cent to $0.2651.
On the flip side, Ripple (XRP) dropped 1.6 per cent to close at $2.46, and Solana (SOL) recorded a 0.8 per cent depreciation to settle at $203.60, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
Economy
Brent Crude Slides Below $75 Per Barrel as US Stockpiles Rise

By Adedapo Adesanya
Brent crude fell below $75 per barrel on Wednesday, shedding $1.59 or 2.09 per cent to trade at $74.61 per barrel as a large build in US crude stockpiles signalled weaker demand.
Also, the US West Texas Intermediate (WTI) crude was down $1.67 or 2.3 per cent to quote at $71.03 per barrel as the US Energy Information Administration said yesterday that crude oil inventories rose sharply last week in the world’s largest producer as refiners facing soft gasoline (petrol) demand did maintenance work.
Inventories in the US saw a colossal build of 8.7 million barrels during the week ending January 31 after the American Petroleum Industry (API) issued its latest estimates on crude oil and crude oil products inventories showing that crude oil inventories had risen by a whopping 5.025 million barrels for the week on Tuesday.
For total motor gasoline (petrol), the EIA estimated that inventories rose by 2.2 million barrels for the week to January 31, with production averaging 9.2 million barrels daily. This compares with an inventory rise of 3.0 million barrels for the previous week and an average daily production of 9.2 million barrels daily.
For middle distillates, the EIA estimated an inventory fall of 5.5 million barrels for last week, with production averaging 4.6 million barrels daily. This compares to an inventory loss of 5 million barrels for the week prior when production stood at an average of 4.7 million barrels daily.
Meanwhile, worries about a new China-US trade war fueled fears of softer economic growth.
On Tuesday, China announced tariffs on imports of U.S. oil, liquefied natural gas and coal in retaliation for US levies on Chinese exports.
Market analysts noted that China putting a tariff on US imports will reduce the demand for those commodities, which need to be redirected into another market.
Iran has also urged its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to unite against possible US sanctions after President Trump said he would restore the maximum pressure campaign on Iran that he enacted in his first term.
If this happens, the resulting supply squeeze could sustain the upward momentum in oil prices, particularly amid slower than expected supply adjustments from OPEC+ producers.
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