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Category: Economy

  • Smart Agriculture: NNPC foundation trains 15,000 farmers

    Smart Agriculture: NNPC foundation trains 15,000 farmers

    Describes programme as a national journey toward resilience, food security and economic empowerment

    No fewer than 15,000 farmers have benefitted from the Smart Agriculture Initiative of the NNPC Foundation.

    The beneficiaries received intensive training under the NNPC Ltd/Gte Vulnerable Farmers Training designed to encourage agricultural productivity in Nigeria.

    Mrs Emanuella Arukwe, Managing Director, NNPC Foundation, said this during the closing of the training exercise on Saturday at Kaktungo in Kaltungo Local Government Area of Gombe State.

    She described the programme as a national journey toward resilience, food security and economic empowerment.

    Climate-Smart Agriculture

    Represented by Bala T. David, Executive Director, Programme Development, NNPC Foundation, Arukwe said the initiative exposed over 2,000 beneficiaries to climate-smart agriculture under the Gombe Cluster comprising Gombe, Adamawa and Taraba.

    Arukwe said the exercise targeted about 4,000 farmers in the North-East, and 15,000 across the country.

    “What began as a bold intervention to strengthen rural livelihoods has evolved into a nationwide movement that embodies hope, resilience and sustainability,” she said.

    READ ALSO: Nigeria Aims to Refine More Oil Locally – Lokpobiri

    According to Arukwe, the programme is designed not just for short-term relief but for long-term transformation, equipping farmers with practical knowledge in climate-smart agriculture, market access, post-harvest handling and agribusiness competitiveness.

    “We are proud of the lives transformed and the future we are cultivating. The real heroes are our farmers, their enthusiasm and discipline reaffirm our faith in Nigeria’s agricultural future,”  Arukwe said.

    While highlighting the inclusive nature of the training to ensufing over 35 per cent participation by women and youth, Arukwe said it also focused on improving farmer access to market, packaging and climate adaptation strategies.

    Arukwe said the programme has been yielding visible results through increased cooperative formations, improved farming practices, and better market access in participating communities.

    “Let us see today not as the end of a programme but the beginning of a new agricultural awakening across Nigeria,” she said.

    Please Read: PENCOM Inaugurate Leadership Council to Shore Up Coverage Gaps

    “In terms of health, safety and security, we are proud to report zero Lost-Time Injuries (LTI) across all phases and zero security incidents during implementation.

    “This was made possible through close collaboration with key stakeholders including traditional leaders, local authorities and security agencies. Ensuring safety and peace remained our highest priority at each training centre,” she said.

    Transformation in Gombe State

    Dr Barnabas Malle, Commissioner for Agriculture, Animal Husbandry and Cooperatives, lauded the gesture, adding Gombe state witnessed major transformation under the leadership of Gov. Inuwa Yahaya.

    According to Malle, the ministry is collaborating development partners to train over 5,000 women and youths in modern agricultural practices for sustainable development in the sector.

    The Paramount Ruler of Kaltungo, Alhaji Saleh Mohammed, appreciated the foundation and encouraged beneficiaries to take farming seriously.

    The royal father was represented by Habila Garba, District Head of Ture,

    He commended the Federal Government for maintaining peace across the region and praised the Gombe State Government for its efforts in addressing farmer-herder conflicts and creating an enabling environment for agricultural growth.

    Some of the beneficiaries, Habila Bitrus and Serah Yakubu, commended the gesture.

    They said the beneficiaries had acquired valuable skills to practice climate-smart agriculture in response to impact of global warming.

  • Nigeria aims to refine more oil locally – Lokpobiri

    Nigeria aims to refine more oil locally – Lokpobiri

    Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says the Federal Government is determined to ensure that every barrel of crude produced in Nigeria adds real value at home and abroad.

    He said this while speaking at the 2025 COREN Summit in Lagos on Tuesday.

    Lokpobiri, who was represented by his technical adviser, Ndah Adaba, said improving local refining capacity and energy security remains central to Nigeria’s development goals.

    The theme of the summit is “Refinery – Key to Energy Security in Africa”.

    It brought together engineers, policymakers, and energy professionals from across the continent.

    According to the minister, as part of a deliberate policy and broader strategy, the ‘Naira for Crude’ sales agreement will continue to play a vital role in reducing the cost of fuel production.

    He added that it also help in mitigatinh exchange rate volatility, and supporting indigenous refining capacity.

    Lokpobiri stated that through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the government had streamlined the licensing process, from the Licence to Establish, to Construct, and Operate.

    This, he added, helps in ensuring that credible investors are supported rather than hindered by bureaucratic bottlenecks.

    The minister noted “Beyond licensing, the government is also facilitating crude oil supply to domestic refiners through the effective implementation of the Domestic Crude Oil Supply Obligation (DSCO).

    “No nation can claim energy independence without the ability to refine its own crude.

    He noted that the timing of the summit is critical, as Nigeria, and Africa at large, faces a pivotal moment requiring bold action to ensure energy security, promote indigenous refining, and position the continent as a net exporter of petroleum products.

    He said that under the Renewed Hope Agenda of President Bola Tinubu, indigenous refining had been identified as a key driver of energy independence, job creation, and industrial revitalisation.

    “Today, we have seen indigenous success stories such as Dangote Refinery & Petrochemical, Waltersmith Petroman Refinery, and Aradel Holdings, among others.

    “These demonstrate that Nigerians possess both the capacity and the will to refine Nigeria’s crude oil locally.

    “These projects are more than just facilities; they symbolize confidence in our policy direction. We are committed to replicating such success across all oil-producing states,”Lokpobiri said.

    In a move to expand Nigeria’s refining influence beyond its borderthehe added  that the government had  launched the West African Fuel Reference Market, aimed at positioning Nigeria as a regional hub for refining and petroleum product supply within the West African subregion.

    “With increased domestic refining capacity, Nigeria will not only meet its internal demands but also become a reliable supplier to neighboring countries, reducing dependence on distant refineries and costly maritime imports.

    “This aligns with the African Union’s vision for energy integration and intra-African trade under the African Continental Free Trade Area (AfCFTA),” he noted.

    Looking ahead, Lokpobiri said the government would  ensure feedstock security for all licensed refiners and deepen fiscal incentives to attract further investments.

    He also highlighted ongoing efforts to enhance collaboration among the Ministry of Petroleum Resources, NMDPRA, NUPRC, and security agencies to combat crude theft, pipeline vandalism, and improve relationships with host communities.

    The minister further stressed the need for African nations to collaborate on product exchange, logistics, and shared energy infrastructure.

    “The path to Africa’s energy security runs through the gates of our refineries and the institutions that support them.

    “The Federal Government remains fully committed to supporting indigenous refiners, strengthening regulatory institutions, and creating an enabling environment for sustainable growth in the downstream sector.

    “Let this COREN Summit 2025 serve as a renewed call to industry players, regulators, investors, and policymakers—to unite in building an Africa that refines what it produces and powers its future through its own resources,” he said.

  • NNPCL Responds to Senate Querries on Unaccounted N210Trn

    NNPCL Responds to Senate Querries on Unaccounted N210Trn

    Senate Committee Promises to Critically Examine Responses

    The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has responded to all 19 audit queries raised against it over the alleged unaccounted ₦210 trillion.

    The queries were contained in the Auditor-General’s reports covering 2017 to 2023.

    Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), disclosed this on Tuesday while addressing journalists shortly after plenary at the National Assembly in Abuja.

    He explained that while the NNPCL management had earlier requested additional time to compile and submit comprehensive responses, the committee has now received all the required documents and explanations from the company.

    “While we were on recess, the management of NNPCL wrote to the committee requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised and we granted that request,” Wadada said.

    “They have since responded, and we now have answers to all 19 questions we sent to them.

    Please Read: National Oil Assets: Are the Buccaneers Coming?

    However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

    But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” he added.

    The Senate Committee had, on July 29, given the NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, a three-week deadline to respond to the 19 audit queries relating to the alleged unaccounted funds in the company’s books.

    Senator Wadada further revealed that beyond the audit queries, the committee will also scrutinize other emerging issues involving NNPCL operations, including the cost structure and revenue sharing formula in production sharing contracts (PSCs) between Nigeria, the national oil company, and international oil companies (IOCs).

    “The first of such issues is production sharing contracts, specifically, the production cost to Nigeria, which must be clearly defined.

    The public deserves to know what portion goes to NNPC, what goes to the IOCs, and what accrues to the government under these arrangements,” he said.

    He also expressed concern over reports that NNPC Retail, one of the corporation’s subsidiaries, has declared a loss, describing the situation as “difficult to understand.”

    “This development is of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” the senator noted.

    Sen. Wadada assured Nigerians that the Senate Committee on Public Accounts will conduct a thorough and transparent review of the NNPCL’s submissions and make its findings public in due course.

    “As far as the audited financial statements are concerned which cover the period between 2017 and 2023 NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.

    Out of those answers, the ones that make sense and those that do not will be evident to the public,” he stated.

    The Senate’s probe into NNPCL’s accounts is part of a broader effort to enhance fiscal accountability, transparency, and oversight of public corporations handling Nigeria’s strategic economic assets.

  • Proposed PIA amendment: a bad workman blaming the tools – Expert

    Proposed PIA amendment: a bad workman blaming the tools – Expert

    Mr Ben Ekori, an industry expert cautions the sponsors of the proposed amendment of the Petroleum Industry Act (PIA), saying the proposal would reintroduce uncertainty, counter production and present grave legal implications for Nigeria.

    Media reports indicate that Nigerians are raising concerns over the alleged ongoing moves to amend the PIA, passed in 2021 after decades of debate.

    Ekori, a public affairs analyst, while reacting to the development said such a move would erode Investors’ confidence and occasion grave unintended consequences to the country and its citizens.

    “That the news of the proposed PIA amendment has been in the public space for a week without denial could only mean that there could be some substance in it.

    “While we await the confirmation of the news and its ultimate metamorphosis into a policy, it is pertinent to x-ray some provisions the proposed amendment appears to have been designed to bring about and their implications for Nigeria and its citizens.

    “The proposed amendment which is alleged to be sponsored by the Ministry of Finance is designed with the objective of addressing the escalating fiscal leakages and revenue loss confronting the Federation.

    “The reports also indicate that areas targeted for amendment include section eight which establishes the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as the body charged with the regulation of upstream operations.

    “The amendment, according to the reports, will see the NUPRC replacing the NNPC Ltd. as the representative of the government in all model contracts attached to licenses and leases provided for in section 85,” he said.

    READ ALSO: National oil assets: are the buccaneers coming?

    He said that section 53 of the PIA was also slated for amendment to make the Ministry of Finance Incorporated (MOFI) the sole owner of the NNPC Ltd.’s shares as against the extant situation where the company’s shares are split 50:50 between MOFI and the Ministry of Petroleum Incorporated.

    The expert, however, warned that the proposed amendment to make the NUPRC the concessionaire in place of the NNPC Ltd. would reintroduce uncertainty into the system, with NUPRC serving as a regulator and an operator at the same time.

    “This would definitely lead to erosion of Investors’ confidence as it would be an over-stretch of the imagination to expect PSC partners to believe that they could get justice if a dispute broke out between them and the concessionaire (NUPRC) which is also the regulator.

    “The sponsors of the amendment need to carefully consider the impact that this proposed provision will have on investors’ confidence and grave legal implications it will present.

    “It will be counter-productive to introduce an amendment into a law that could totally negate what the law is fundamentally designed to achieve.

    “With NNPC Ltd. serving as the concessionaire, the Federation is insulated from legal hazards, and there will be limits to liabilities from legal infractions.”

    He further said the other proposed amendment that could have grave implications for the nation in general, and the national oil company in particular, was the provision that sought to transfer all the shares of the NNPC Ltd. to the MOFI.

    According to him, the PIA provides for the NNPC Ltd. to commence a process of listing on the capital market as part of deepening its commercial focus.

    He said transferring all the shares to one government entity at a time when activities should be in high gear for the company’s Initial Public Offering could create the impression that the government does not want to let the company go.

    “The move has the potential of reversing the modest gain of having the company operate as a true limited liability company without direct government control or interference,” he added.

    He said in trying to analyse the implications of the above proposed amendments to the PIA, it would be nice to understand what the situation was, prior to the passage of the PIA.

    PLEASE READ: National oil assets: are buccaneers coming? [2]

    Ekori recalled that the President Olusegun Obasanjo’s administration set up the Oil and Gas Sector Reform Committee (OGSRC) in 2000 to look at why the industry was consistently not meeting revenue targets and recommend solutions.

    He said amongst numerous observations of the committee were that some of the laws that governed the industry were not only obsolete but created uncertainty which made prospective investors wary of committing capital to further asset development projects.

    The expert further said the work of the OGSRC laid the foundation for the Petroleum Industry Bill which took almost 20 years to pass, due to politics.

    “For the whole of the period that the PIB lagged, Nigeria regressed as a prime investment destination, as most of the IOCs refrained from investments that could boost production because there was no clarity around the fiscal terms which investment decisions could be taken.

    “Another critical area that bred uncertainty, apart from the fiscal terms, was the lack of clear delineation of roles amongst agencies in the sector.

    “Of particular notoriety was the dual role of the then Nigerian National Petroleum Corporation as an operator and regulator, a situation that made the old NNPC to be like a judge in its own court when in dispute with Joint Venture and PSC partners.

    “The enactment of the PIA in 2021 successfully put paid to issues of uncertainty in the system and has gradually begun to restore investors’ confidence.

    “Investors may not have started falling over themselves over opportunities in the Nigerian Oil and gas sector yet, but the reports show that things are not the same as they were in the pre-PIA era,” he said.

  • Petroleum Upstream sector reform delivers 28 FDPs worth $18bn 

    Petroleum Upstream sector reform delivers 28 FDPs worth $18bn 

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s competitive reform agenda has delivered 28 Field Development Plans (FDPs) worth 18.2 billion dollars in investment commitments.

    The Commission Chief Executive, Mr Gbenga Komolafe disclosed these on Tuesday at the Africa Oil Week, held in Accra, Ghana.

    In a statement, Eniola Akinkuotu, Head, Media and Strategic Communications, NUPRC, attributed these feats to President Bola Tinubu’s renewed hope vision.

    Komolafe said that the achievement underscored the attractiveness of the upstream sector.

    He said the Commission had approved 28 new FDPs this year, while unlocking 1.4 billion barrels of oil and 5.4 Trillion Cubic Feet (TCF) of gas, and adding an expected 591,000 barrels of oil per day and 2.1 Billion Standard Cubic Feet per Day (BSCFD) of gas.

    Komolafe made these disclosures in a paper titled ‘Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas.’

    READ ALSO: National oil assets: are the buccaneers coming?

    He reiterated the importance of energy security as the cornerstone of economic growth and shared prosperity in Africa, as he also stated that Nigeria’s new energy regime ushered in a new era of governance, fiscal reform, and institutional realignment.

    The CCE said the NUPRC, which is birthed under the new regime, had shown itself as a dedicated and forward-thinking regulator.

    Komolafe said that in nearly four years, the NUPRC had rolled out 24 transformative regulations, 19 of which were gazetted to operationalise key provisions of the PIA.

    According to him, the NUPRC has unveiled a comprehensive Regulatory Action Plan (RAP), aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.

    He said the transformative initiatives of the Commission had delivered results, including raising rig counts from eight in 2021 to 43 as of September 2025.

    “These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s transformation into one of the most dynamic and attractive upstream investment frontiers in the world.

    “Other results include the five billion FID for the Bonga North deep offshore development and the 500 million dollars Ubeta Gas Project which signaled renewed long-term commitments.

    “There are additional FIDs expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.

    “Since taking office, President Bola Ahmed Tinubu, has also approved five major acquisition deals worth over five billion dollars, unlocking opportunities for ambitious indigenous players,” he said.

    READ ALSO: NASS Clerk clarifies role in Sen Natasha Akpoti-Uduaghan suspension, resumption bid

    He said that recent bid rounds and concession awards, such as 57 PPL awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.

    He said optimising signature bonus requirements and removal of barriers to entry ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up.

    “This affirms that Nigeria today stands at the dawn of a new era which is defined by clarity, competitiveness, and confidence. 

  • Civil society groups back Ojulari, slams attacks as baseless

    By Daniel Michael

    A coalition of civil society organisations has endorsed Engr. Bayo Ojulari, the Group Managing Director of Nigeria National Petroleum Corporation Limited NNPCL).

    The coalition hinged their endorsement on what they called “achievement of significant milestones under his leadership.”

    Engr. Bayo Ojulari marks four months since taking over as Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL).

    Briefing the media on behalf of the Coalition on Friday, in Abuja, Dr. Gabriel Nwambu commended Ojulari for implementing bold reforms across operational transparency, fiscal discipline and global competitiveness.

    He said: “It is safe to say that the man has proven himself not only as a capable administrator but also a rare breed of technocrat.”

    “Today, through effective and innovative contract reengineering and industry collaboration, the 614km Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project has crossed the River Niger, marking a major step towards delivering the project that would turn around the industrial fortunes of Nigeria.

    “His leadership acumen has also ensured significant increase in Nigeria’s crude oil production, generating more revenue for the country in the process.

    “Under Ojulari’s watch, for the first time in a long while, the nation enjoyed 100% crude oil pipelines availability throughout June 2025. The feat which was possible through the industry-wide security interventions led by the NNPC.

    “Ojulari’s tireless efforts led to the prompt payment of cash call obligations by the NNPC. Unlike in the past were NNPC’s Joint Venture partners complain of non-payment by their senior partner, today, the IOCs can close their eyes knowing that in NNPC, they have a reliable partner that will keep its own side of the contract.

    “It is also not a secret today that the Ojulari-led management has revamped governance and procurement processes at the NNPC, saving the company billions of naira in potential losses.

    “He has aso instituted a data-driven framework for contract awards and auditing, effectively blocking several channels previously exploited for financial recklessness.”

    Nwambu, the Director-General of the Centre for Credible Leadership and Citizens’ Awareness (CCLCA), lamented what he described as the unrelenting attacks and surge in negative media coverage against NNPC Ltd and its senior management.

    He said the attacks, carefully orchestrated and coordinated by faceless groups and individuals with nefarious intentions, were, to say the least, most unfortunate.

    He said: “The frightening part of this dangerous development is that these negative campaigns do not look like they will stop anytime soon.

    Today, it is Bayo Ojulari, the Group CEO, tomorrow, it is Dapo Segun, the Chief Financial Officer (CFO), and the next day, it is Udy Ntia, the Executive Vice President (EVP} Upstream.

    “The evil forces appeared to be unrelenting in their quest to bring the company and its management to their knees.

    “The NNPC Limited and its Management have seen enough: from sponsored media attacks to frivolous lawsuits, even staged protests from rented crowd based on nothing but the imaginations of the purveyors of fake news, the critics keep coming in droves.

    “Apparently, some folks, both within and without are not happy with the direction the NNPC is going and would stop at nothing to derail the process of making NNPC work for all.

    “To think that some Nigerians are behind these mischievous allegations in the media, is just serendipitous.

    The purveyors of these acts are probably oblivious of the immense damage they are doing to a company which should be our collective national treasure.

    “This is a company that could best be described as the goose that lays the golden egg. This is a company that is about to be listed on the stock exchange!.”

    He also said: “But one might ask: what do they stand to gain by making these potentially damaging allegations towards one of Nigeria’s major brands and institutions?

    What is their benefit if the National Oil Company goes down as a result of their cynical opinions which seem to keep discerning investors away? Where is their patriotism? Where is the national pride and where lies their conscience?

    “Instead of resorting to media trial of the NNPC and its Management, why won’t these individuals and groups utilise legal option to prove their cases?

    These traducers, in their myopic view, always think NNPC, led by Bashir Bayo Ojulari is the problem of Nigeria.

    “Again, these critics, in their warped thinking and imagination, believe they or their paymasters can do better, in case they are asked to steer the ship of a Company that is gradually fighting its age-long demons and gradually coming back to life.

    “The NNPC Management, especially under Ojulari’s stewardship, has never shied away from its many challenges.

    If anything, it has always been seen to face the challenges headlong. And the result of that confrontation has seen the company’s fortunes, growing in leaps and bounds.

    “A saying goes that “critics are like eunuchs in a harem, they have seen it done times without number, but they can never do it themselves.”

    The NNPC critics fall in this category, because they have, many at times, been witnesses to how the Company, turbo-charged by the new legislative chest of the Petroleum industry Act (PIA) is gradually transforming into a world-class commercial entity of choice. Sadly, like the eunuchs, these onwatching cynics can never do it themselves.

    “Fact is whether they like it or not, the NNPC reforms are like a moving train that can never be stopped. Mr. President did not make a mistake by nominating the current NNPC Management.

    And from their performance so far, it is evident before everyone’s eyes that this is indeed a team driven by technical acumen, eagle-eyed attention to details, and unrelenting desire to rewrite the oil and gas playbook in Nigeria.

    “As partners in the Nigerian Project, our coalition therefore calls on these detractors to support the Bayo Ojulari led management team for the good work it is doing at the NNPC.

    The group admonished those they called “traducers” to allow the new Management at the NNPC turn around the fortunes of the company for the better and set Nigeria on the enviable path of greatness.”

  • Navy battles illegal refiners, deactivates 71 sites, recovers 411,000 litres of crude

    In a hide-and-seek effort that is yet to tackle the menace, the Nigerian Navy says its Special Forces deactivated no fewer than 70 illegal refinery sites and confiscated over 400,000 litres of stolen crude oil.

    The Navy said the exercise took place across the Niger Delta in July 2025 alone.

    This is contained in a monthly operational update issued on Friday by Commodore Ayiwuyor Adams-Aliu, the Director of Naval Information, in Abuja.

    Adams-Aliu said the intensified operations under the ongoing Operation Delta Sanity, were part of its effort to curb crude oil theft and other forms of economic sabotage within Nigeria’s maritime domain.

    According to him, the crackdown led to the discovery and destruction of 120 dugout pits, illegal storage facilities, and various equipment used in crude oil theft and illegal refining across Rivers, Delta, Bayelsa, and Akwa Ibom States.

    He said the Navy denied oil thieves access to about 411,400 litres of crude oil, 87,825 litres of illegally-refined Automotive Gas Oil (AGO), 72,000 litres of Dual Purpose Kerosene (DPK), and 21,900 litres of Premium Motor Spirit (PMS).

    Providing key highlights of the operation, Naval spokesman said the troops had in July 4, discovered and deactivated illegal refining sites with over 66,000 litres of suspected crude and 40,000 litres of refined AGO at Ogba, Egbema, and Ndoni in Rivers.

    He added that the operations conducted on July 14 led to multiple arrests and seizures in Akwa Ibom and Delta States, involving smuggling attempts to Cameroon and the uncovering of underground reservoirs containing thousands of litres of stolen crude oil.

    According to him, two large-scale illegal operations were dismantled on July 22 and 23, in Biseni Community, Bayelsa, with over 450,000 litres of crude oil recovered.

    Adams-Aliu noted that its personnel also intercepted several wooden boats used for smuggling PMS and other petroleum products, and arrested six suspected smugglers.

    He reaffirmed the navy’s resolve under the leadership of the Chief of Naval Staff, Vice Adm. Emmanuel Ikechukwu Ogalla, to stamp out oil theft and boost national oil production.

    According to him, navy’s operations have contributed to the recent milestone announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirming that Nigeria’s oil production has now exceeded 1.8 million barrels per day.

    “The Nigerian Navy remains resolute in its mission to ensure maritime safety, deter illicit activities, and uphold national security within the nation’s maritime domain,” he said.

    NAN reports that in a recent report released by the Nigerian Extractive Industries Transparency Initiative (NEITI), Nigeria lost a whopping 619.7 million barrels of oil valued at N16.25 trillion to theft between 2009 and 2020.

    NEITI, however highlighted a reduction from 36.69 million barrels lost in 2022 to 7.68 million barrels in 2023.

    This decrease, it said, is attributed to improved resource management and enhanced security measures

  • NPA, Dangote to deepen maritime sector, expand export operations

    NPA, Dangote to deepen maritime sector, expand export operations

    Nigerian Ports Authority (NPA) and Dangote Industries Ltd. (DIL) have collaborated on developing the Marine and Blue Economy sector, with a focus on expanding the nation’s export operations.

    General Manager, Communication and Strategy, NPA, Okechukwu Onyemekara, disclose this after a courtesy visit by DIL President, Alhaji Aliko Dangote, to NPA Headquarters, in Lagos on Monday.

    Mr. Onyemakara said in a statement that Dangote elaborated on efforts to expand export products outside Nigeria.

    He said that the company would soon expand its export operations, adding that its cement factory at Itori had already started cement exportation.

    Dangote said that the Itori cement factory had six million tons of cement designated for export.

    “In the next couple of weeks, we will start exporting coal out of Nigeria. Our fertilizer export will almost be like eight cargos.

    “The refinery operations will not export less than 25 million tons of various products.

    “We will also be exporting almost about 600,000 to 700,000 metric tons of polypropylene. So when you are talking about export, we are going to be very big.

    “In the next two years, we will be exporting about 16,000 tons of fertilizer. 16,000 tons of fertilizer, it’s actually about $6.5 million to $7 million revenue that will be coming into the country on a daily basis,” Dangote said.

    He said that as part of its export program, DIL will be the major supplier of foreign exchange earnings in Nigeria, and that the operations of Nigerian ports would double in the next two years.

    Dangote promised to frequently highlight the port situation to enable the Federal Government to consider NPA for necessary support.

    He commended NPA for encouraging export at the various ports across the country.

    “The interaction between NPA and DIL is very important for the growth of the industry and to deepen the Marine and Blue Economy, and we have agreed to collaborate for the benefit of Nigeria.

    “The size of our own operation at Lekki alone is going to be almost 240 ships of crude, with each ship carrying one million crude each. And then we’ll have products that will amount to over 600 ships in a year.

    “Then we also have our fertilizer operation, which will be loading almost eight ships. This is an operation that has never, ever been seen in the country,” Dangote said.

    He explained operational challenges with export, adding that he hoped they would be resolved and that they would be able to deliver with the present leadership of NPA.

    Dangote said that their operation could falter if the company was not given the necessary requirements needed for their operations.

    He acknowledged the need for the Federal Government to support NPA with more equipment such as tugboats, among others.

    In his remark, the Managing Director of NPA, Dr Abubakar Dantsoho, thanked Dangote for commending the authority for the benefits of the Naira for Crude sale policy of the Federal Government.

    Dantsoho also praised Dangote for appreciating the establishment of the One Stop Shop policy on the Naira for Crude deal, being coordinated by the Nigerian Port Authority.

    “Dangote appreciated the fact that the government initiative has contributed immensely to achieving more efficiency in the area of transactions and operations among Nigerian government agencies.

    “This is something that started on the 1st of October 2024, and so far, we have treated or operated over 57 vessels every month.

    The projected volume that Dangote is looking at per annum is 600 vessels.

    “If you do 56, 57 vessels into 12 months, you will see that we are already doing bigger than the projection. We will continue to do our best with support from government,” Dantsoho said.

    “The last time government built a new port in Nigeria was 1977, which was Tin-Can Island Port. There is already an approval for the port modernisation of both Tin-Can and Apapa ports.

    “We are looking at maybe the third quarter of this year to commence construction, which is on the brownfield development.

    “On the greenfield part, we have deep seaport development projects that have already been approved by the Federal Executive Council. We have Ibom Port, Bakasi Port, Olokola, Ondo Port, and Badagry in Lagos.

    “These are new ports that the government is concerned about. Very soon, we’ll begin to see that these ports will become reality,” Dantsoho said.

    NPA boss said that 95 per cent of cargoes approved through the National Single Window established by the government were ready for the Port Community System.

    He urged other government agencies to collaborate to enhance port efficiency, adding that other sectors of the economy would witness progress as well. 

  • Food insecurity: Cardoso urges Edun to reconstitute ACGSF Board

    Food insecurity: Cardoso urges Edun to reconstitute ACGSF Board

    The Central Bank of Nigeria (CBN) has urged the Minister of Finance and Coordinating Minister of the Economy, Yomi Edun to urgently reconstitute the board of the Agricultural Credit Guaranty Scheme Fund (ACGSF).

    The CBN governor issued the communication in a letter dated March 6, 2025 with reference no. CSD/DIR/CON/DCS/023/021.

    In the letter, the CBN governor also urged the minister to take necessary steps required to retool the Fund in order to intervene in the agricultural value chain.

    “The absence of a Board has led to delays in policy formulation, approval of key strategic initiatives and the general oversight required it operates optimally in supporting agricultural financing in Nigeria,” the governor stressed.

    To fill this void, the the apex bank encouraged the ministry to pay up the balance of N28,199,196,000 being its equity stake in the recapitalised share base of N50billion.

    The Fund is owned 60 percent by the Federal Ministry of Finance (FMF) and 40 percent by the CBN.

    Out of its allotted share of N30billion, the FMF has paid up N1,800,804,000, leaving a balance of N28,199,196,000.

    Second, the apex bank also urged the Minister of Finance to expedite the process by appointing individuals to fill up vacancies in the board of the Fund.

    By provisions of the ACGSF (amended) Act 2019, the FMF is to appoint four directors to the board of the Fund.

    The Ministry of Finance is to appoint the Chairman of the Fund. The ministry is also to appoint the representative of the Nigerian farmers.

    Others are the Representative of the Ministry of Finance and representative of the Federal Ministry of Agriculture.

    The CBN governor explained in the letter that the ACGSF was established via Decree No. 20 of 1977 (now an Act), with the sole mandate to provide guarantee to agricultural loans.

    The Fund has been without a board since the dissolution of Boards of Agencies of government at the inception of the Tinubu Presidency in May 2023.

    The CBN regretted that the absence of a board has resulted in “delays in policy formulation, approval of key strategic initiatives and the general oversight required it operates optimally in supporting agricultural financing in Nigeria.”

  • Reduce cost of agriculture inputs to tackle food importation-IAR

    Reduce cost of agriculture inputs to tackle food importation-IAR

    Following recent declaration of a state of emergency in food security by President Tinubu, a university don, Prof Ado Yusuf has urged the government to subsidise the cost of agricultural inputs.

    Professor Yusuf is the Executive Director of the Institute for Agricultural Research (IAR) Ahmadu Bello University (ABU) Zaria.

    He said the proper implementation such subsidy would help to reduce the cost of farm inputs, especially for local farmers.

    Prof. Ado Yusuf made the appeal during the 2025 Annual Review and Planning Meeting in Zaria on Thursday.

    Prof Ado Yusuf

    Yusuf said that such action would help local farmers upscale their productivity and reduce food importation.

    He noted that Nigeria local farmers were thriving in spite of the influx of imported food products in the country.

    He added that Nigeria was a net importer of food which means that the country’s food production was less than its need.

    ”But the food importation must be regulated by the government; for instance, we know our demands so if we know our demand then we should have a targeted supply so that we don’t have excess,’’ he said.

    The executive director noted that the prices of agricultural products have dropped compared to what was obtained in 2024.

    ”That is not to say however that farmers are not making profit,” he said.

    He added that he was an advocate of farmers making profit from agriculture, explaining that such profit should not be excessive such that the common man could not afford foods on their table.

    Yusuf advised peasant and small scale farmers not to exercise fears over importation of farm produce into Nigeria, as what the nation was producing was not only for the country.

    According to him, Nigeria exports farm produce to the neighboring countries therefore there is market for the produce.

    He re-echoed the urgent need for deliberate interventions on inputs.

    According to him if the costs of inputs are so high many farmers will not be able to afford it and they will be out of business and cannot produce and this may lead to hunger.

    He disclosed that the institute since its establishment in 1922 had grown into one of Nigeria’s foremost national research institutes with mandate on Sorghum, maize, cowpea groundnut, cotton castor, jatropa, sunflower and artemisia.

    According to him, as at 2025 the institute was undertaking over 180 research projects and introduced 32 prioritised activities towards improving the livelihood of Nigerian farmers.

    Earlier, Prof. Kabiru Bala, Vice-Chancellor of ABU and Chairman on the occasion, said the theme of the event “Advancing agricultural Innovation for food security and Economic Prosperity: Aligning research with new hope agenda’’ was apt.

    He also appealed to key stakeholders in the sector for improved funding of research activities in order for improvement in food production, job creation and national security.