Economy
Nigeria’s Gas Production Increases 4.8% in One Month
By Adedapo Adesanya
Nigeria’s national gas production in January 2021 increased by 4.8 per cent to 223.6 billion cubic feet compared with the output in December 2020.
This was contained in the latest monthly data report by the Nigerian National Petroleum Corporation (NNPC), which indicated that the country maxed an average daily production of 7.2 billion cubic feet per day.
For the period January 2020 to January 2021, a total of 2,973.01BCF of gas was produced, representing an average daily production of 7,585.78 million cubic standard feet (mmscf) during the period.
Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 65.2 per cent, 20 per cent and 14.8 per cent respectively to the total national gas production.
Out of the 222.2 BCF of gas supplied in January 2021, a total of 149.2 BCF of gas was commercialised; consisting of 44.4 BCF and 104.9 BCF for the domestic and export market respectively. This translates to a total supply of 1,428.7 mmscfd of gas to the domestic market and 3,385.6 mmscfd of gas supplied to the export market for the month.
This implies that 67.2 per cent of the average daily gas produced was commercialized while the balance of 32.6 per cent was re-injected, used as upstream fuel gas or flared.
The gas flare rate was 7.7 per cent for the month under review i.e. 554.01 mmscfd compared with an average gas flare rate of 7.2 i.e. 539.7 mmscfd for the period January 2020 to January 2021.
Total gas supply for the period January 2020 to January 2021 stood at 3,189.64BCF out of which 526.67BCF and 1,468.21BCF were commercialized for the domestic and export market respectively.
The amount of gas re-injected, fuel gas and gas flared stood at 1,194.76 BCF.
Out of the 1,428.65 mmscfd of gas supplied to the domestic market in January 2021, about 835.88mmscfd of gas, representing 58.5 per cent, was supplied to gas-fired power plants while the balance of 592.77 mmscfd or 41.5 per cent was supplied to other industries.
Similarly, for the period of January 2020 to January 2021, an average of 1,244.41 mmscfd of gas was supplied to the domestic market, comprising an average of 732.58 mmscfd equivalent to 58.9 per cent as gas supply to the power plants and 511.83mmscfd or (41.1 per cent) as gas supply to industries.
About 2,933.08 mmscfd or 86.6 per cent of the export gas was sent to Nigeria LNG Limited in Bonny for January 2021 compared to the period, January 2020 to January 2021 average of 3,033.15 mmscfd or 87.9 per cent of the export gas.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further depreciated by 0.84 per cent on Monday as a result of sell-offs in PZ Cussons, BUA Cement and others.
During the session, apart from the consumer goods index, which closed higher by 0.59 per cent, every other index closed lower, with the industrial goods sector the heaviest loser after shedding 3.28 per cent. The insurance space declined by 2.18 per cent, the banking sector depleted by 1.44 per cent, and the energy segment shrank by 0.09 per cent.
Consequently, the All-Share Index (ASI) retreated by 2,049.65 points to 241,749.11 points from 243,798.76 points, and the market capitalisation contracted by 1.315 trillion to N155.130 trillion from N156.445 trillion.
The market was under selling pressure yesterday, as reflected in the market breadth index, which was negative after closing with 48 price losers and 22 price gainers, indicating weak investor sentiment.
PZ Cussons was the worst-performing stock after shedding 10.00 per cent to finish at N81.00, BUA Cement lost 9.99 per cent to settle at N306.20, Red Star Express declined by 9.98 per cent to N22.10, RT Briscoe depreciated by 9.70 per cent to N12.10, and C&I Leasing dropped 9.38 per cent to trade at N28.12.
The best-performing equity for the day was International Breweries, which chalked up 9.77 per cent to quote at N14.60, NAHCO improved by 8.36 per cent to N177.00, UAC Nigeria expanded by 8.11 per cent to N199.95, DAAR Communication grew by 6.67 per cent to N1.76, and Vitafoam Nigeria gained 5.87 per cent to close at N194.80.
During the session, investors bought and sold 523.5 million shares worth N22.3 billion in 59,945 deals compared with the 441.3 million shares valued at N19.4 billion traded in 44,938 deals last Friday, indicating an increase in the trading volume, value, and number of deals by 18.63 per cent, 14.95 per cent, and 33.40 per cent, respectively.
FCMB closed the day as the most traded stock, with 102.2 million units valued at N1.0 billion. International Breweries sold 26.8 million units worth N387.2 million, Access Holdings exchanged 24.8 million units for N618.2 million, McNichols traded 20.3 million units worth N95.0 million, and Stanbic IBTC transacted 18.4 million units valued at N2.9 billion.
By Adedapo Adesanya
Nigeria met its production quota set by the Organisation of Petroleum Exporting Countries (OPEC) as crude oil and condensate production soared to an average of 1,735,398 barrels per day in June 2026, representing positive growth for a fourth consecutive month.
This is according to a statement released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and signed by its Head of Media and Corporate Communications, Mr Eniola Akinkuotu, on Sunday.
The regulator noted that in June, crude oil production hit 1.56 million barrels per day while 0.18 million barrels per day of condensates were produced. The commission revealed that Nigeria met 104 per cent of the 1.5 million barrels per day crude oil production quota set by OPEC.
Business Post reports that OPEC quota doesn’t account for condensates in its count.
In strict crude oil terms (excluding condensates), the 1.56 million daily average production Nigeria witnessed in June is the highest that Africa’s biggest oil producer has recorded since April 2020, thus representing a 74-month high.
In June, NUPRC noted that the peak combined crude oil and condensate production was 1.89 million barrels per day, reflecting Nigeria’s potential to reach 2 million barrels per day in the near term. However, the lowest production was 1.57 million barrels per day for the period in review.
According to the upstream regulator, the improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.
This enhanced operational stability supported improved production uptime and crude evacuation efficiency.
Nigeria, which is Africa’s biggest oil producer, has not been able to top its record-high production of 2.5 million barrels per day recorded in 2025 due to challenges ranging from underinvestment to oil theft.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
