Business
NNPCL Reaches 1.8m Barrels Per Day Crude Oil Production

The Nigerian National Petroleum Company Limited (NNPCL) says it has reached the mark of 1.8 million barrels per day of crude oil production.
The state-owned oil company which made the announcement on Thursday, also stated that it is set to hit the two million barrels per day target set by President Bola Tinubu by December 2024.
The company also revealed that it is now producing 7.4 million standard cubic feet of gas to power the gas infrastructure especially the AKK. This is an improvement from 6.1 mmscf earlier in the year.
The NNPCL noted that the accomplishment which aligns with the government’s budget, reflects the dedication of all of its teams over the past weeks.
During an interactive session with the Senate Committee on Finance at the National Assembly in December last year, the Group Chief Executive Officer (GCEO) of the Company, Mr. Mele Kyari, had assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realizable.
Speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel, Kyari said: “With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market.
The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”
On the crude oil production projection, Kyari had stated: “The number we have is 1.785mbpd.
This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate.
“I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day.
The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”
Business
OPSN Applauds President Tinubu for FRC tax halt
The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.

The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
The Organised Private Sector Nigeria (OPSN) comprising NACCIMA, MAN, NECA, NASSI and NASME commends President Bola Ahmed Tinubu for having suspended the implementation of certain provisions of the Financial Reporting Council (FRC) Act 2023, which imposed financial caps and additional compliance dues on private companies.
Engr Jani Ibrahim, the National President of NACCIMA/Chairman OPSN, expressed gratitude on behalf of the private sector business, in a statement on Thursday.
The statement reads:” This action comes as a timely relief to the organised private sector members, including the Micro, Small and Medium Enterprises (MSMEs), many of whom had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC framework.
The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
We therefore commend the efforts of the Government for this timely decision, which is a proactive and responsive measure that supports the Federal Government’s commitment to improving the ease of doing business and sustaining investor confidence.
The suspension provides a critical window for stakeholders to revisit the framework and ensure that future implementations of financial reporting obligations are transparent, equitable, and sensitive to the realities and legitimate concerns of Nigerian businesses.
The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.
We remain committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda.”
Business
Dangote Cement Creates 50 Agric Entrepreneurs
The beneficiaries were selected from the company’s host communities of Gboko Local Government Area of Benue State.

Determined to support the government in its food security efforts, Dangote Cement Plc has launched a Farmers Empowerment Programme in Benue State.
The initiative is aimed at enabling 50 farmers to produce subsistence and cash crops in commercial quantities from Benue State, considered to be the food basket of the nation.
The programme is coming barely two months after the company empowered businesswomen in Gboko host communities of the State with cash grants, thus deepening business activities in the State.
Earlier, the company had increased bursary payments to students of host communities by more than 100 percent.
Speaking Thursday at the launch of the Farmers Empowerment Programme, General Manager Social Performance, Johnson Kor, described the programme as ‘historic and innovative.’
He said that the beneficiaries were selected from the company’s host communities of Gboko Local Government Area of Benue State.
According to him, the beneficiaries were carefully selected from the six catchment areas of the Local Government.

Mr. Kor said the projects have been earmarked for the communities as captured in the extant Community Development Agreement (CDA), adding that the contents of the CDA are progressively being executed. “Today we are witnessing an historic occasion in our journey of mutual development.
Farmers Empowerment Programme is the first programme to be launched since we signed the CDA with the immediate host communities in December 2024,” he said.
In his speech, Plant Director, Dangote Cement, Gboko Plant, Munusamy Murugan, said the company will also support farmers with fertilizers, Agro chemicals, Knapsack Sprayers and various types of seedlings. Mr. Murugan who was represented by Head of Production Department, Engr Soom Kiishi said: “This is the first batch but certainly just the beginning, and certainly not the end.
We plan it to be an annual event, but the choice of the Farmers programme may change, depending on the choice of the benefiting communities.”
He said that other economic empowerment programmes are lined up in the coming weeks.
“The Youth Empowerment Programme will soon be launched, and selected beneficiaries will receive training in Welding & Fabrication, and Solar Electrical Installation from Professional personnels,” he added.
He said the company’s scholarship scheme cuts across students from various disciplines and tertiary institutions.
In his address to the communities, a Consultant from Abbass Corporate Services, Dr. Ahemen Aondoaver Samuel, advised the beneficiaries to make use of what he described as a rare opportunity from the Dangote Cement Plc.
The Consultant said that the company’s effort will help transform beneficiaries into entrepreneurs in the agricultural sector and enable them to support the government’s food security effort.
A member of the community, Kwaghgba Isaac, described the Farmers Empowerment Programme as a historic and huge intervention from the company, noting that the effort will not only boost subsistence farming, but help feed the nation.
He urged members of the communities to sustain the peaceful coexistence currently being enjoyed with the company.
Business
Nigeria’s economy grows 3.7% in H1- Stanbic IBTC report
Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.

• President Bola Tinubu
The Nigerian economy grew by 3.7 percent in the first half of 2025, driven by improved business conditions and increased oil production.
This was revealed in the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) report compiled by S&P Global and released on Tuesday.
Earlier, the World Bank estimated that Nigeria’s economy would grow by 3.6 percent in 2025, higher than the 3.4 percent recorded in 2024, despite shifts in global trade dynamics.
This projection is lower than the Central Bank of Nigeria’s estimate of 4.17 percent and the ambitious 5.5 percent GDP growth forecasted by the Nigerian Economic Summit Group in January.
Muyiwa Oni, Head of Equity Research, West Africa at Stanbic IBTC Bank, said that the estimated 3.7 percent year-on-year GDP growth aligns with expectations for annual growth of 3.5 percent.
He said, “Insights from the monthly PMIs and crude oil production data from the Nigerian Upstream Petroleum Regulatory Commission suggest an economy that grew by an estimated 3.7 per cent y/y in H1 2025, supported by higher crude oil production and improved growth in manufacturing and services, while agriculture continues to lag its long-term average growth rate of 3.6 per cent.”
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