Business
U.S Gifts Nigeria $2 Million Broadband Study Grant
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.
The United States and Nigeria have signed a new $2,095,000 grant to assess the viability of the deployment of at least 90,000 km of new fiber optic backbone infrastructure across Nigeria.
The grant was signed during the U.S- Nigeria Technology Dialogue hosted by the Department of State in Washington, D.C.on January 10.
In a statement, the Office of the Spokesperson said that the project, funded by the U.S. Trade and Development Agency, supports Nigeria’s National Broadband Plan 2020-2025 to increase the country’s broadband penetration rate from 42.27 percent to 70 percent and ensure that at least 90 percent of Nigeria’s population has access to affordable and reliable broadband coverage.
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.
The parties discussed enhancing the resilience and security of essential services and facilities; promoting digital trade, e-commerce, and innovation-driven economic growth; developing a skilled workforce to meet the demands of the digital age; expanding our artificial intelligence partnership related to capacity building, infrastructure, and rights-respecting approaches to governance; and promoting information integrity.
Following the formal Technology Dialogue, the delegations joined a roundtable discussion with industry representatives hosted by the U.S. Chamber of Commerce.
Industry participants included representatives from over 25 U.S. and Nigerian companies active in technology sectors, including artificial intelligence, telecommunications, digital infrastructure, satellites, aerospace, fintech, and cybersecurity.
The program featured a panel discussion on Advancing Public-Private Sector Investment in Innovation and Digital Talent Development.
This panel highlighted opportunities for public-private partnership and investment solutions to spur innovation and promote digital talent development through the U.S.-Nigeria commercial partnership.
A second panel discussion on the role of critical infrastructure in advancing the use of AI examined the interplay between the infrastructure that is essential to the development of AI and the governance frameworks that can help spur deployment of emerging technologies to support inclusive growth.
In line with the Technology Dialogue, the United States and Nigeria agreed to hold a virtual expert exchange on AI-enabled biotechnology.
This discussion will explore how the convergence of AI and biotechnology can spur progress in addressing global health, food security, and science – with a focus on sub-Saharan Africa.
Business
IEA ratifies Nigeria as an Association Country
In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;
Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA
The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.
“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.
Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.
“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said
In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;
“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”
The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.
In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.
As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.
Business
Naira Exchange Rates Monday, July 13
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Business
BREAKING: Nigeria Surpasses OPEC Quota at 104%, Hits 74-Month Crude Oil Production High
Nigeria has recorded a significant milestone in its oil sector, surpassing its OPEC production quota by 4% and achieving its highest crude oil output in nearly six years, according to recent industry data.
The country’s average crude oil production reached approximately 1.53 million barrels per day (bpd) in the latest reported period, exceeding the Organisation of the Petroleum Exporting Countries (OPEC) allocated quota of 1.5 million bpd. This performance marks a strong recovery driven by improved pipeline security, reduced vandalism, and enhanced operational stability across key facilities in the Niger Delta.
Combined with condensates, total output climbed to around 1.7 million bpd, representing the highest level in months and underscoring Nigeria’s position as Africa’s leading oil producer. Industry reports highlight peak daily production hitting as high as 1.86 million bpd during the period, reflecting robust performance with minimal major disruptions.
This achievement ends a prolonged period of underperformance relative to the quota and signals positive momentum in the sector. Month-on-month, production increased by roughly 2.7–2.8%, building on steady gains over recent months. In crude-only terms, the figures represent one of the strongest showings since early 2025.
Stakeholders, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and operators like Pipeline Infrastructure Nigeria Limited (PINL), attribute the gains to better collaboration with host communities, enhanced surveillance of critical infrastructure such as the Trans Niger Pipeline, and government reforms aimed at curbing oil theft.
Experts view the development as a boost for government revenues, foreign exchange earnings, and broader economic stability amid ongoing efforts to attract investment and ramp up capacity toward higher targets. Nigeria has historically produced well above 2 million bpd, and officials remain optimistic about further growth.
The news comes as OPEC+ continues phased adjustments to production levels, with Nigeria demonstrating resilience and compliance-plus performance even as the cartel manages global supply dynamics.
Analysts caution that sustaining this trajectory will require continued investment in infrastructure, security, and upstream activities to fully realize the sector’s potential.
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