Business
Global oil reserves: Nigeria down to 11th position in latest rankings
According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.
Stagnation in Nigeria’s crude oil reserve for decades has placed the country to 11th position on the global rankings of oil producing countries.
The United States occupy the 10th position with 45 billion barrels of proven oil reserve.
Crude oil reserve data computed from OPEC’s Annual Statistical Bulletin 2025, reveals that Nigeria sits as the 11th country with 37.28 billion barrels proven oil reserve in the world.
Likewise, official figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) places it at 37.28 billion barrels as of January 2025.
In a report published recently by Visual Capitalist.com, Venezuela holds the world’s largest proven oil reserves, accounting for an estimated 303 billion barrels of proven oil reserves, the largest of any country.
These reserves account for roughly 17% of the global total, well ahead of Saudi Arabia 267 billion barrels ; Iran 209 billion barrels, Canada 163 billion barrels , and Iraq 113 billion barrels.
Chart credit: Visual capitalist.com
According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.
Oil theft, vandalism, and insecurity hinder efforts to reach full production potential.
Nevertheless, the NUPRC aims to boost reserves and production, with plans to attract investment for new exploration and development.
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Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,580 Sell ₦1,605
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,357. 61
Great British Pound (GBP) ₦1,840.10
EURO (EUR) ₦1,571.70
Swiss Franc (CHF) ₦1,673.58
Chinese Yuan (CNY) ₦201.37
West African CFA (XOF) ₦2. 39
West African Unit Account (WAUA) ₦1,853.65
Saudi Riyal (SAR) ₦361. 59
South African Rand (ZAR) ₦83.85
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN Exchange Rates
US DOLLAR (USD) ₦1,357. 65
GREAT BRITISH POUND (GBP) ₦1,834.04
EURO (EUR) ₦1,567.00
SWISS FRANC (CHF) ₦1,671. 98
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦201. 34
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02
SAUDI RIYAL (SAR) ₦361.62
SOUTH AFRICAN RAND (ZAR) ₦84.23
Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
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