Economy
NNPC E&P Hits 36-year High Record Oil Output of 355,000b/d
By Adedapo Adesanya
The flagship upstream subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, NNPC E&P Limited (NEPL), has achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989.
The 36-year high milestone, which was achieved on December 1, marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.
According to a statement signed by Mr Andy Odeh, NNPC’s chief spokesperson, the figures show genuine transformation with average daily production surging by 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.
“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management, and structured field development. NEPL’s performance demonstrates that with the right leadership, strengthened systems, and a committed workforce, Nigeria’s upstream sector can overcome years of instability,” the statement reads in part.
This comes as the country targets an ambitious production level of 2 million barrels per day by 2027 and 3 million by 2030, with the statement claiming that, “NEPL’s delivery brings them closer to reality.”
Speaking on the development, Mr Bashir Bayo Ojulari, the Group CEO of NNPC Limited pointed out that the milestone is proof that Nigeria’s energy revival is not a dream; it is already happening.
“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established. The achievement signals that the machinery of production—equipment, processes, capabilities, and partnerships—can be driven with commercial discipline to produce real and positive outcomes,” Mr Ojulari stated.
The NNPC helmsman noted that the achievement reinforces confidence nationally and across the global energy landscape, assuring partners and investors that Nigeria is committed to reaffirming its role as a dependable energy supplier.
Also speaking, Mr Udy Ntia, the Executive Vice President of upstream operations at the state oil company, observed that the milestone goes beyond the 355,000 barrels per day figure.
“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations. This ensures that scaling production does not compromise worker safety, community wellbeing, or environmental protection. It reinforces a shift away from extraction at any cost towards sustainable value creation—a core requirement for any modern energy company seeking global relevance,” he added.
Adding his input, Mr Nicolas Foucart, MD, NEPL also noted that NEPL’s record-setting performance mirrors the broader transformation unfolding across NNPC Limited.
“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress. Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today.”
“For Nigerians, this accomplishment means far more than increased barrels; it translates into greater national revenue, stronger energy security, and a more resilient economic foundation. NEPL has not only produced more hydrocarbons; it has reignited belief in what Nigeria’s energy sector can achieve with the right systems, culture, and dedication,” he added.
By Dipo Olowookere
It was bearish start of the week for the Nigerian Exchange (NGX) Limited after it printed a marginal 0.01 per cent loss on Monday due to mild profit-taking.
It was observed that the 0.47 per cent decline recorded by the consumer goods index and the 0.06 per cent shrink posted by the insurance counter crumbled the Nigerian bourse during the session, as they overpowered the gains achieved by the other key sectors of Customs Street.
The banking space grew by 0.28 per cent, and the energy industry expanded by 0.06 per cent, while the commodity and the industrial goods indices closed flat.
At the close of business, the All-Share Index (ASI) decreased by 17.00 points to 166,112.50 points from last Friday’s 166,129.50 points and the market capitalisation contracted by N11 billion to N106.343 trillion from the previous session’s N106.354 trillion.
Industrial and Medical Gases gave up 9.95 per cent to sell for N34.85, Haldane McCall lost 9.88 per cent to close at N3.83, LivingTrust Mortgage Bank depreciated by 9.57 per cent to N4.44, Ikeja Hotel slipped by 7.28 per cent to N32.50, and Union Dicon dipped by 5.26 per cent to N9.00.
Conversely, Learn Africa gained 10.00 per cent to sell for N7.15, Champion Breweries appreciated by 10.00 per cent close at N19.25, NCR Nigeria also grew by 10.00 per cent to N141.40, Trippe G jumped by 9.94 per cent to N5.86, and Neimeth soared by 9.90 per cent to N11.10.
Business Post reports that 45 stocks ended on the gainers’ log during the session and 24 stocks finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Traders bought and sold 629.6 million shares worth N14.8 billion in 57,858 deals on Monday versus the 539.9 million shares valued at N16.7 billion transacted in 48,023 deals last Friday, showing a moderation in the value of trades by 11.38 per cent, and a spike in the volume of trades and the number of deals by 16.61 per cent and 20.48 per cent apiece.
Secure Electronic Technology led the activity log with 83.3 million equities valued at N98.2 million, Access Holdings traded 52.9 million units worth N1.2 billion, Jaiz Bank exchanged 39.7 million units for N339.1 million, Tantalizers sold 34.2 million units valued at N103.1 million, and Fidelity Bank transacted 23.7 million units worth N473.5 million.
By Adedapo Adesanya
The oil market steadied on Monday as civil unrest in Iran subsided, reducing the likelihood of a US attack that could disrupt supplies.
Brent crude was up by 4 cent or 0.02 per cent to $64.14 a barrel while the US West Texas Intermediate traded at $59.44 a barrel due to a US federal holiday in honour of Martin Luther King Jr.
Pressure eased from last week’s highs over Iran tensions and its handling of the protests started to ease and US President Donald Trump appeared to back off from a strike on Iran, for now.
Officials say over 5,000 people have been killed in the protest which was sparked by economic conditions and graduated to call for a regime change in the country which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).
Meanwhile, President Trump stirred a commotion in another part of the world after saying the US would slap tariffs on its European and NATO allies Denmark, Norway, Sweden, France, Germany, the United Kingdom, The Netherlands, and Finland, for supporting Greenland’s status as an autonomous Danish territory.
The return of the US-EU tariff row, now over Trump’s obsession to take over Greenland, threatens to return the cross-Atlantic trade row as European leaders have suggested the EU could pull out of the trade deal with the US.
The European leaders will convene in Brussels, Belgium, on Thursday for an emergency summit.
Following renewed threats from the US against Greenland, gold and silver prices jumped on Monday, while European equities fell. However, as Greenland does not produce oil, market analysts noted that there is no direct connection for crude markets.
Also, the Dollar eased against the safe-haven Yen and Swiss Franc on Monday on concerns about the possible trade war between the US and Europe.
The market was also looking at the risk of damage to Russian infrastructure and distillate supplies at a time when colder weather is forecast to cross North America and Europe, adding to market unease.
By Modupe Gbadeyanka
The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Monday signed the 2026 appropriation bill of N4.45 trillion into law.
At the signing ceremony in Alausa, Ikeja in the presence of his deputy, Mr Femi Hamzat, the Governor thanked the Lagos State House of Assembly, led by the Speaker, Mr Mudashiru Obasa, for passing the 2026 budget christened Budget of Shared Prosperity.
He said though the appropriation bill was increased from N4.2 trillion to N4.45 trillion, this only showed the independence of the parliament, promising that the executive arm of government will accountably implement the bill.
“On behalf of the people and the government of Lagos State, let me thank the House of Assembly. This is a budget that you have had your full input into, you have scrutinized, you have dissected, and you have taken your time to do the very constitutional provision, which is enshrined in our constitution. I want to thank you for the work you have done.
“You will notice that there is a slight increase from what we put forward, but that goes to show that the independence that you have, and the fact that you believe that Lagosians actually also deserve more, and the fact that you believe that we also can do more. So we’re excited and we’re happy with the way that you have brought it forward here to us.
“For us in the executive, it is another opportunity for us to be able to work together. It is a budget of shared prosperity that has been properly christened, and sharing prosperity means that it’s an inclusive government, it’s a budget that must carry everybody along irrespective of what part of the state, what division in the state, what sector you are from you must feel governance, you must feel the essence of why we’re in government in one form or the other,” Mr Sanwo-Olu said.
The Speaker, represented by the Majority leader of the Lagos Assembly, Mr Noheem Adams, praised the Governor for his people-oriented policies.
Business Post recalls that on November 25, 2025, Mr Sanwo-Olu presented a proposed to spend N4.237 trillion this year, higher than the N3.366 trillion approved for 2025.
But the lawmakers increased the budget to N4.445 trillion and passed it on January 8, 2026, and transmitted to the Governor for assent.
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