Economy
Nigeria’s Total Oil Production Falls 2.4% to 1.61mb/d in September 2025
By Adedapo Adesanya
Nigeria’s total oil production fell by 2.42 per cent to 1.61 million barrels per day of crude and condensate production in September, from 1.65 million barrels per day recorded in August.
This was disclosed by the Nigerian National Petroleum Company (NNPC) Limited in its Monthly Financial and Operations Report for September 2025, released on Tuesday, where it noted that output had fluctuated between 1.57 million barrels per day and 1.70 million barrels per day from January to September, reflecting the lingering impact of pipeline disruptions, crude theft, and deferred production linked to scheduled and unscheduled maintenance.
There was a 9.6 per cent slide in natural gas production as it recorded 6,284 million standard cubic feet per day in September, against 6,949 million standard cubic feet per day recorded in August.
The report also revealed that the national oil company recorded N4.3 trillion revenue, declared N216 billion Profit After Tax (PAT) and remitted N10.073 trillion from January to August to the federation account.
On strategic efforts, the company said it had sustained industry wide collaboration and driven production recovery initiatives.
It said production levels during the period were temporarily moderated due to planned maintenance activities including those at the Nigeria Liquefied Natural Gas (NLNG).
This, it said, was alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72.
The state oil company put the completion rate of the AKK stood at 88 per cent with sustained focus being directed towardscompletion of the mainline works with substantial progress being recorded.
For the Obiafu-Obrikom-Oben (OB3) gas pipeline, this stood at 96 per cent in the review month with implementation of revised execution strategy underway to ensure delivery within target timelines. Already, 113km portion of OB3 Gas Pipeline has been commissioned and flowing circa 300 million standard cubic feet per day of gas from the following gas producers: AHL with 250 million standard cubic feet per day and Platform, Chorus & Xenergi – 50 million standard cubic feet per day.
By Adedapo Adesanya
After recent gains, the Naira recorded its first loss against the US Dollar in 2026 on Thursday, January 8, in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Yesterday, at the official market, the Nigerian currency tumbled against the greenback by N1.46 or 0.11 per cent to sell for N1,419.72/$1, in contrast to Wednesday’s closing price of N1,418.26/$1.
However, the local currency further appreciated against the Pound Sterling in the same market segment by N5.28 to close at N1,908.38/£1 versus the preceding session’s N1,913.66/£1, but lost 14 Kobo against the Euro to finish at N1,657.66/€1 compared with the midweek session’s closing price of N1,657.52/€1.
In the same vein, the Naira weakened against its American counterpart in the parallel market by N15 during the session to quote at N1,485/$1 compared with the previous day’s N1,470/$1 and declined by N3 at the GTBank forex desk to trade at N1,428/$1 versus the previous value of N1,425/$1.
The domestic currency has remained relatively stable in the spot market in tandem with projections by analysts, including PwC, which expects the Naira to remain broadly stable through 2026, underpinned by ongoing reforms by the Central Bank of Nigeria (CBN) and improved portfolio inflows
However, policymakers have been told to wary of weak oil prices or production disruptions reducing FX inflows, deepening FX liquidity crisis, and forced currency devaluation, which could return prices to weaker levels.
According to CardinalStone, pre-election worries, an unanticipated slump in exports, especially non-oil, and the ongoing global trend of tightening border controls may reduce Nigerian exports, and have a ripple effect on the Naira’s strength.
As for the cryptocurrency market, it was bullish as traders await the US Supreme Court ruling on President Donald Trump’s tariffs.
The market is pricing in to see if the US Supreme Court explicitly upholds Trump’s use of emergency powers under the International Emergency Economic Powers Act to impose tariffs. Depending on the outcome, this could potentially push long-term US yields higher and tighten global liquidity, a mix that has historically pressured crypto, which is sensitive to quick changes in both.
Solana (SOL) appreciated by 4.2 per cent to $140.49, Binance Coin (BNB) gained 1.8 per cent to sell for $895.46, Cardano (ADA) increased by 1.8 per cent to $0.3989, and Ripple (XRP) soared by 1.6 per cent to $2.14.
Further, Bitcoin (BTC) and Litecoin (LTC) appreciated by 1.3 per cent each to $91,017.24 and $81.73 apiece, Ethereum (ETH) grew by 0.4 per cent to $3,119.22, and Dogecoin (DOGE) expanded by 0.2 per cent to $0.1429, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) finished flat at $1.00 each.
By Dipo Olowookere
It was another trading session for the Nigerian Exchange (NGX) Limited in the green territory as it further improved by 0.13 per cent at the close of business.
The bourse managed to stay up despite profit-taking in the financial services and the energy sectors yesterday.
According to data, the insurance counter depreciated by 3.07 per cent, the banking industry went down by 0.40 per cent, and the energy space shrank by 0.11 per cent.
However, the commodity index increased by 0.65 per cent, the consumer goods landscape went up by 0.55 per cent, and the industrial goods sector closed higher by 0.11 per cent.
Consequently, the All-Share Index (ASI) soared by 214.80 points to 160,806.56 points from 160,591.76 points and the market capitalisation advanced by N137 billion to N102.822 trillion from N102.685 trillion.
Investor sentiment was weak on Thursday as Customs Street ended with 32 price gainers and 41 price losers, indicating a negative market breadth index.
Neimeth chalked up 10.00 per cent to trade at N7.70, May and Baker increased by 9.85 per cent to N26.20, eTranzact gained 9.64 per cent to finish at N13.65, Multiverse jumped by 9.51 per cent to N21.30, and Mecure Industries grew by 9.42 per cent to N74.95.
On the flip side, International Energy Insurance decreased by 9.90 per cent to N2.73, ABC Transport tumbled by 9.88 per cent to N4.47, Austin Laz crashed by 9.84 per cent to N4.58, Conoil stumbled by 9.72 per cent to N169.00, and Veritas Kapital dropped 9.69 per cent to N1.77.
The busiest stock was Chams with 60.5 million units worth N236.8 million, Linkage Assurance traded 54.1 million units valued at N97.6 million, Tantalizers transacted 45.0 million units for N129.7 million, Access Holdings sold 35.5 million units worth N815.4 million, and Champion Breweries exchanged 31.2 million units valued at N519.1 million.
When the closing gong was struck, market participants traded 645.1 million units for N16.5 billion in 44,410 deals compared with the 1.4 billion units valued at N20.7 billion transacted in 49,286 deals a day earlier, showing a fall in the trading volume, value, and number of deals by 53.92 per cent, 20.29 per cent, and 9.89 per cent apiece.
By Adedapo Adesanya
Crude oil went up by over 3 per cent on Thursday as investors assessed developments in Venezuela and worried about supplies from Russia, Iraq and Iran.
Brent futures rose by $2.03 or 3.4 per cent to $61.99 per barrel, and the United States West Texas Intermediate (WTI) futures gained $1.77 or 3.2 per cent to trade at $57.76 per barrel.
The market is bracing for outcome of visits to Venezuela next week that will include representatives of the US and European oil companies, following the announcement of a $2 billion oil deal and the supply of goods to the South American country by the United States.
America seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, with one sailing under Russia’s flag, as part of President Donald Trump’s aggressive push to dictate oil flows in the Americas.
After capturing Venezuelan President Nicolas Maduro in a military raid a few days ago, the US has been escalating its blockade of vessels that are under sanctions and traveling to and from the South American country, a member of the Organization of the Petroleum Exporting Countries (OPEC).
Meanwhile, the risk of a major supply shock related to Iran, another OPEC member, is climbing as protests swept the country, leading to a nationwide internet blackout.
President Trump’s earlier threat to come to the rescue of any peaceful protesters killed by the Iranian regime adds to concerns in oil markets that these protests could result in direct action by the US in Iran.
Iran’s President Masoud Pezeshkian warned domestic suppliers against hoarding or overpricing goods, as the country rolled out high-stakes subsidy reforms during nationwide protests against economic hardship.
Developments in Iraq, a member of OPEC, added to the broader geopolitical support for crude, as the cabinet approved plans to nationalize operations at the giant West Qurna 2 oilfield to avert potential disruptions linked to U.S. sanctions on Russian stakeholder Lukoil.
Iraq and Iran are among the biggest oil producers in OPEC behind Saudi Arabia.
A Russia-bound oil tanker was attacked by a drone in the Black Sea, prompting a request for Turkish Coast Guard assistance and a course diversion. While no party has claimed responsibility for the attack, it does highlight further instability in the region and a broader threat to oil flows.
Ukrainian President Volodymyr Zelenskiy said on Thursday the text of a bilateral security guarantee between Ukraine and the US was ready to be finalised with Mr Trump.
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