General
Three Million Barrels Per Day Crude Oil Production Attainable—Tinubu
By Adedapo Adesanya
President Bola Tinubu says the country is in line to boost crude oil production to an ambitious three million barrels per day with facilities that can ensure its smooth evacuation.
He made this disclosure during the commissioning of the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State on Wednesday.
The facility is the first by any Nigerian company and the only one built in the country in over 50 years.
Speaking at the event, the President said that the project represented a new chapter in Nigeria’s oil and gas industry and aligned directly with the core priorities of his administration to ramp up crude oil production by enabling a secure, transparent, and efficient evacuation system.
Mr Tinubu stated that the Otakikpo terminal will not only serve GEIL’s production, but will also open an efficient evacuation outlet for marginal and stranded fields across the Niger Delta region, unlocking billions of barrels of reserves and creating value for the economy.
Represented by the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, he stressed that the project was also a shining example of his government’s expectation of current licensees.
He noted that having provided what he described as ‘global competitive fiscals and incentives’, his expectation and hopes were that they will put fields to work to meet set obligations.
On the Ogoni and federal government peace resolution, he stressed that only recently, the government, working with the people of the area and other stakeholders in Rivers State, reached a deal to pave the way for the resumption of oil exploration activities in Ogoni land.
Describing it as a significant breakthrough, President Tinubu stated that it reflects Nigeria’s collective commitment to dialogue, mutual respect, and sustainable development, explaining that the Otakikpo terminal is therefore not just an infrastructure project, but a signal of renewed confidence in Rivers State and the Niger Delta.
“[This] commissioning is more than just opening of a terminal, it is a testament of Nigeria’s resilience and commitment, a new era of indigenous participation, and progress in our oil and gas sector,” he added.
Speaking on financing challenges in the oil and gas sector, the President stated that that era will soon be over, assuring that the $5 billion African Energy Bank (AEB) was about to commence operations and will ease the difficulty in getting funding.
“Let me also assure Green Energy that the era of perhaps looking elsewhere for finance will soon be over. We have discovered that the biggest challenge we have in Africa is access to finance. And that was why we’ve come up with the African Energy Bank, which is ready to go.
“Nigeria as the host country has met its obligations. We have met all our obligations, whether legal or financial. We have met all our obligations. We are waiting for the bank to take off, which I think will take off any moment from now,” he stated.
According to the President, another big issue in the oil sector is evacuation of crude oil, noting that the new 750,000 barrels facility expandable to 3 million barrels, will help ameliorate such existing problems.
He also cautioned against holding on to oil licences eternally without doing any serious field work, stressing that that era was also over for good.
“There is always a minimum work obligation. The minimum work obligation must be met by all those who have marginal licenses. If you don’t have capacity to do it, you better go and look for something else to do instead of wasting your time in oil and gas,” he warned.
By Adedapo Adesanya
The Nigerian Electricity Regulatory Commission (NERC) is seeking the reallocation of the $2 billion currently domiciled with the Rural Electrification Agency (REA) beyond rural use to include industries and other large-scale needs.
The Vice Chairman of NERC, Mr Musiliu Oseni, called for a policy rethink in the management and utilisation of the REA fund, saying Nigeria must go beyond powering homes to powering industries and national prosperity.
Mr Oseni, speaking during the Technical Sessions to mark NERC’s 20th Anniversary in Abuja, said the commission’s focus has now shifted toward unlocking private capital, particularly in the transmission sub-sector, through the newly established Transmission Infrastructure Fund (TIF).
“Through effective regulation, we have saved the Federal Government several trillions of naira in subsidies, strengthened market reliability, and enhanced consumer protection,” he said.
The REA fund is part of efforts address Nigeria’s electricity access gaps. It was established for the purpose of supporting rural and underserved electrification. The fund provides capital subsidies or grants to schemes that can help achieve the electrification goal.
According to Mr Oseni, transmission remains a challenge beyond generation and distribution.
“But now we must move from subsidy savings to investment stimulation. That is why our attention is on transmission, the weakest link in the electricity value chain.“
The NERC Vice Chairman explained that the TIF will provide a financing platform to attract both local and international investors into Nigeria’s transmission grid, thereby enhancing stability and capacity for industrial growth.
On the management of the Rural Electrification Fund, Mr Oseni urged the federal government to deploy part of the $2 billion fund toward large-scale industrial and commercial power supply.
“You can power access through mini-grids, but you can’t power your economy to prosperity,” he said pointedly.
“We must ensure that access translates to productivity, and productivity translates to jobs and growth,” he added.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) has urged stronger alignment among federal, state, and global climate strategies to unlock billions of dollars in private capital for Nigeria’s growing Blue Economy.
This call was made by the Director-General of NCSP, Mr Joseph Tegbe, at the 11th Lagos International Climate Change Summit (LICCS), held from November 6–7, 2025 in Lagos.
The DG, represented by the Head of Investment Management, Mr Taiwo Ajetunmobi, commended the Lagos State government for leading subnational climate action and setting a continental benchmark for sustainable growth.
Organized by the Lagos State Ministry of the Environment and Water Resources, the summit, themed Blue Economy, Green Money; Financing Africa’s Coastal Resilience and Ocean Innovation, convened policymakers, investors, climate experts, and development partners to explore innovative financing for ocean-based and climate-resilient projects.
Highlighting Lagos’s 180-kilometre coastline and dynamic private sector, the Director-General identified the state as a natural leader in Nigeria’s Blue Economy transformation.
He cited the Lekki Deep Sea Port as a prime example of effective federal–state collaboration that attracted over $1 billion in private equity investment, reinforcing Nigeria’s position as a regional maritime hub.
“Investors look for three things policy coherence, regulatory predictability, and project bankability. When these align, private capital follows,” he stated.
“By synchronizing federal vision with subnational execution, Lagos can unlock billions in blended finance for coastal resilience and sustainable infrastructure,” he added.
He further outlined Public–Private Partnership (PPP) models such as Build–Operate–Transfer (BOT), Design–Build–Finance–Operate (DBFO), and Lease–Develop–Operate (LDO), urging reforms to standardize processes, improve transparency, and strengthen institutional capacity.
The NCSP DG also highlighted China’s growing role as a strategic partner in Nigeria’s Blue Economy, noting investor interest in waste-to-energy, solar-powered cold-chain, and water transport projects.
“China leads globally in clean energy and marine infrastructure. With transparent, commercially viable frameworks, Lagos can attract long-term equity partnerships that deliver real value to its people,” he added.
Mr Tegbe called for unified action among stakeholders: “The tide of opportunity is rising and Lagos must rise with it. By aligning state, federal, and global strategies, we can turn Nigeria’s maritime potential into real wealth and shared prosperity.”
NCSP also reaffirmed its commitment to supporting projects that strengthen Nigeria’s climate resilience and solidify Lagos’s position as Africa’s hub for sustainable Blue Economy innovation.
By Modupe Gbadeyanka
President Bola Tinubu has promised to protect the country and work very hard to ensure every form of terrorism in Nigeria is defeated.
Mr Tinubu gave this assurance during the Federal Executive Council (FEC) meeting in Abuja on Thursday.
He disclosed that Nigeria remains on a steady growth trajectory, with more promise of stability and prosperity as economic reforms continue to yield results and gain national and international acceptance.
Speaking in reaction to the threats by President Donald Trump of United States to raid terrorists’ camps in Nigeria, Mr Tinubu asked, “Do we have problems? Yes. Are we challenged by terrorism? Yes. But we will defeat terrorism. We will overcome the CPC designation.
“Nigeria is one happy family, and we shall spare no effort until we eliminate all criminals from our society. We want our friends to help us as we step up our fight against terrorism, and we will eliminate it.”
The President also disclosed that the federal government was engaging with the world diplomatically, noting, “The most important thing is the fact that despite the political headwinds and the fear of our people, we will continue to engage with partners.”
Commenting on the economy, he said, “The success of the $2.3 billion Eurobond that was oversubscribed by 400 per cent is the most assuring. So, the task ahead is immense; we are engaging the world diplomatically, and we assure all of you that we will defeat terrorism in this country.
“The task ahead is immense, but it is our resolve to move forward with unity and purpose, guided by the Renewed Hope Agenda to build a prosperous, inclusive and resilient Nigeria.”
Mr Tinubu directed the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to brief the council on the nation’s economic performance, stated that the government will continue to sustain and consolidate the gains.
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