Economy
PIA: Reps to Continue Legislative Attention Despite Implementation Progress
By Adedapo Adesanya
The House of Representatives says there will be continued legislative attention to address the lingering challenges of the Petroleum Industry Act (PIA 2021) despite the recently announced $16 billion investment commitments and significant improvements in oil production.
This was disclosed by the Deputy Speaker of the House of Representative, Mr Benjamin Kalu, at the 2025 General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Nigeria in Abuja.
“The statistical evidence overwhelmingly supports the PIA’s success: from a truly astounding 28,991 per cent increase in investment to achieving 1.69 million barrels per day in oil production and generating N50.88 trillion in revenue.
“These figures are not just encouraging; they are a clear validation of the PIA’s effectiveness. However, we must not rest on our laurels. Continued legislative attention is absolutely required to address the lingering implementation challenges,” he said.
He said this was necessitated by the persistent and economically crippling issue of oil theft, which continues to cost Nigeria approximately $79.4 million dollars daily.
“This is a battle we must win,” he disclosed..
The forum, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was themed ‘Advancing a Collaborative Compliance Culture in Nigeria’s Midstream and Downstream Petroleum Sectors.
Mr Kalu represented by the Chairman of the House Committee on Petroleum Resources, Downstream, Mr Ugochinyere Ikenga, said based on available data, Nigeria earned N50.88 trillion in revenue from crude oil and gas exports in 2024 and projected to earn more at the end of 2025.
He said in just two years of post-enactment, the impact of the PIA 2021 was undeniable.
He highlighted the National Assembly’s role in further strengthening the PIA, noting that, “The National Assembly’s pivotal role in enacting and tirelessly overseeing this transformative legislation has yielded remarkable results: more than $16 billion Post-PIA investment commitments, significant improvements in oil production, robust revenue generation, and improved regulatory compliance landscape.”
The lawmaker said the path forward demanded sustained engagement from the National Assembly, which meant enhanced oversight, carefully targeted legislation to address the security challenges, and unwavering support for regulatory agencies.
He said by diligently building on the robust foundation laid by the PIA, Nigeria could not only achieve its goal of becoming a leading global petroleum producer but also ensure sustainable development for the host communities and the broader Nigerian economy.
“Before the PIA, we operated under a fragmented regulatory structure, a table of overlapping mandates that hindered efficiency and accountability.
“The PIA swept this away, creating two distinct, powerful regulatory bodies: the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the NMDPRA. This clear delineation of roles has been a game-changer.
“According to NEITI audits, our baseline compliance rate in 2015 stood at 94 per cent. While seemingly high, it masked underlying inefficiencies and vulnerabilities.
“Post-PIA implementation, we have seen a tangible enhancement in regulatory effectiveness. The NUPRC alone generated an astounding N4.344 trillion in revenue during 2023, representing a 14.89 per cent increase compared to 2022 figures.
“This is not just about collection; it’s about a more efficient and transparent system at work,’’ he said.
He also noted that the impact of the PIA on sector growth was vividly evident in Nigeria’s oil production recovery and its subsequent contribution to our national economy.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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