Economy
Nigeria’s Oil Production Falls 2.34% to 1.25mb/d in May 2024
By Adedapo Adesanya
Nigeria’s crude oil production recorded another decline to 1.25 million barrels per day in May 2024, according to the latest data from the Organisation of Petroleum Exporting Countries (OPEC).
This indicates a 2.34 per cent fall from 1.28 million barrels per day recorded in April, raising worries about the nation’s ability to boost its oil earnings amid a worsening economy.
Oil accounts for around 60 per cent of Nigeria’s foreign earnings, which is consolidated by earnings from remittances and exports.
The OPEC monthly oil market report for June explained that production data was based on direct communication with Nigerian authorities. OPEC receives data on crude oil production from two sources: direct communication — which is from member countries; as well as secondary communication, such as energy intelligence platforms.
Further analysis of the report, showed that production was at 1.3 million barrels per day as of the fourth quarter of 2023 and the first quarter of this year.
The production decline comes despite reported improvement in the fight against crude oil theft and pipeline vandalism by the Nigerian National Petroleum Company (NNPC) Limited.
Despite the decline, OPEC said the country retained its status as the largest oil producer in Africa, followed by Libya, which produced 901,000 barrels per day in the month under review.
OPEC said Algeria was the third-largest oil producer with 264,00 barrels per day in May.
On the flip, the OPEC report noted that secondary sources reported Nigeria’s crude production to have increased by five per cent to 1.41 million barrels per day from 1.35 million barrels per day reported in April.
Both figures fell below Nigeria’s 2024 OPEC production quota of 1.5 million barrels per day and further below the 1.78 million barrels expected to fund the 2024 budget.
The OPEC report stated: “According to secondary sources, total OPEC-12 crude oil production averaged 26.63 mb/d in May 2024, 29 mb/d higher Month-on-Month.
“Crude oil output increased mainly in Nigeria, Gabon and Equatorial Guinea, while production in Saudi Arabia, Kuwait, Libya and Congo decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.29 mb/d in May 2024, 152 tb/d lower, m-o-m
“Crude oil output increased mainly in Mexico, while production in Russia and Kazakhstan decreased.”
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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