NEWS
Nigeria Rakes in N41.7tn from Six-month Crude Production
Nigeria produced an estimated 295.18 million barrels of crude oil and condensate valued at about $28.08bn (approximately N41.74tn) in the first six months of 2026, reflecting a modest recovery from the second half of last year despite a slight decline compared to the corresponding period of 2025.
An analysis of production figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that average crude oil and condensate production stood at 1.63 million barrels per day between January and June 2026.
The production, valued using monthly Bonny Light crude oil prices and converted using the Central Bank of Nigeria’s (CBN) monthly average official exchange rates, highlights the enormous value of Nigeria’s hydrocarbon resources, even as the country continues to grapple with production challenges, oil theft and fluctuating international crude prices.
The analysis showed that Nigeria’s first-half production increased by 1.93 per cent compared to the estimated 289.59 million barrels produced in the second half of 2025.
However, output remained below the 298.85 million barrels recorded in the first six months of 2025, representing a 1.23 percent year-on-year decline, indicating that although production has improved in recent months, it has yet to fully recover to last year’s levels.
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The data showed that the country produced 50.45 million barrels in January, 41.55 million barrels in February, 48.49 million barrels in March, 49.90 million barrels in April, 52.72 million barrels in May, and 52.06 million barrels in June.
A month-by-month analysis showed that the year kicked off with a solid January performance, averaging 1,627,460 barrels per day over 31 days to yield a monthly total of 50,451,260 barrels.
However, February saw a sharp decline of 8.82 percent in daily output, dropping to 1,483,940 bpd. Combined with the shorter 28-day month, February’s total output dipped to 41,550,320 barrels. March initiated a recovery, with daily production climbing 5.40 percent to 1,564,100 bpd over 31 days, bringing total output to 48,487,100 barrels.
This upward momentum accelerated throughout the second quarter. Daily production in April jumped 6.35 per cent to 1,663,430 bpd over 30 days, totalling 49,902,900 barrels. May maintained the momentum, with a 2.25 per cent daily increase to 1,700,800 bpd. Across its 31 days, the month delivered the highest production volume of the half-year at 52,724,800 barrels.
June closed the second quarter on a high note, with daily output rising another 2.03 percent to 1,735,398 bpd over 30 days, contributing 52,061,940 barrels to the half-year total. The monthly shift in production volumes, coupled with global oil price volatility, heavily impacted revenue generation throughout the first half of the year.
Using the average monthly Bonny Light prices, the estimated gross value of production in dollar terms stood at $3.43bn in January before dropping 12.24 percent to $3.01bn in February. March recorded a 70.76 percent surge amid Middle East tensions to $5.14bn, a growth streak that continued into April with a 22.96 percent increase to a peak of $6.32bn.
However, revenues contracted in the final two months of the half-year, falling 6.01 percent to $5.94bn in May and declining a further 28.62 per cent to close June at $4.24bn. When converted using the Central Bank of Nigeria’s monthly average exchange rates, the local currency returns mirrored this volatile trajectory.
The estimated gross value in January stood at N5.18tn before declining 12.74 percent to N4.52tn in February. March recorded a sharp 70.58 per cent increase to N7.71tn, followed by a 21.92 percent rise in April to a half-year high of N9.40tn.
The valuation then declined in the final two months, sliding 7.02 percent to N8.74tn in May and dropping another 29.18 percent to end June at N6.19tn. Altogether, Nigeria’s crude oil and condensate production for the six-month period was worth an estimated N41.74tn.
According to The PUNCH, the figures represent the gross market value of crude oil and condensate produced and should not be mistaken for government earnings. Actual government revenue is significantly lower after accounting for production costs, royalties, taxes, profit-sharing arrangements under joint ventures and production-sharing contracts, as well as crude oil allocated to investment partners.
The gradual improvement in production aligns with the Federal Government’s intensified efforts to curb crude oil theft, secure oil infrastructure and encourage upstream investments under the Petroleum Industry Act (PIA).
The government has repeatedly stated that increasing crude oil production remains one of its key priorities for improving foreign exchange earnings, boosting government revenue, and strengthening Nigeria’s fiscal position. Nigeria has also continued to benefit from relatively strong international crude oil prices during parts of the year.
Bonny Light crude averaged $68.05 per barrel in January before rising to $72.33 in February, $106.09 in March, and peaking at $126.71 per barrel in April amid heightened geopolitical tensions and supply concerns. Prices later moderated to $112.63 in May and $81.48 in June.
Recall that on Sunday, the NUPRC announced that crude oil production had climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries (OPEC) production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.
Despite the improved production performance, the country’s average output remains below the OPEC’s production quota for most months, underscoring the need for sustained investment, improved security and higher operational efficiency across the upstream sector.
The estimated N41.74tn gross value of Nigeria’s crude oil and condensate production in the first six months of 2026 represents a significant portion of the Federal Government’s projected N60.97tn oil revenue for the full 2026 fiscal year.
Sustaining production above 1.7 million barrels per day in the second half of the year will be critical if Nigeria hopes to meet its budget assumptions, improve foreign exchange inflows and maximise the benefits of favourable crude oil prices in the international market.
NEWS
NNPC Reveals Sokoto Healthcare Intervention as September Profit Hits ₦509bn
The Nigerian National Petroleum Company (NNPC) Limited has disclosed its support for healthcare infrastructure in Sokoto State through the donation and subsequent handover of an Infectious Diseases Hospital (IDH) to the state government.
The development was contained in the company’s September 2026 Monthly Operations and Financial Report, which also highlighted its financial performance, oil and gas production, pipeline infrastructure and other operational activities.
According to the report, the Sokoto State Commissioner for Health visited the NNPC Foundation and NNPC Limited on September 1, 2026, to present a letter of appreciation to the Foundation for donating the Infectious Diseases Hospital and handing it over to the Sokoto State Government.
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The engagement provided an opportunity for the state government to formally acknowledge the Foundation’s intervention and support towards strengthening healthcare infrastructure in Sokoto State.
The report identified the engagement as part of the NNPC Foundation’s public impact initiatives.
NNPC Records ₦509bn September Profit
On its financial performance, NNPC recorded a profit after tax of ₦509 billion in September 2026, representing an 18.1 per cent increase compared with the previous month.
The company’s revenue also rose to ₦4.608 trillion from ₦3.74 trillion recorded in August, representing an increase of approximately 23.2 per cent.
Cumulative statutory payments to the Federation increased by 17.4 per cent, rising from ₦9.49 trillion between January and August to ₦11.14 trillion between January and September 2026.
Crude Oil and Gas Production
The report showed that average crude oil and condensate production stood at 1.70 million barrels per day during the period.
Natural gas production increased to 7,789 million standard cubic feet per day, while total hydrocarbon production reached 3.04 million barrels of oil equivalent per day.
The monthly operational summary also presented production and sales trends for crude oil, condensate and natural gas.
Pipeline Infrastructure Records Progress
On infrastructure development, NNPC reported 100 per cent availability of its upstream pipelines.
The company also disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 100 per cent completion, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline stood at 95 per cent completion.
According to the report, the OB3 River Niger Crossing pipeline had been commissioned and operationalised.
For the AKK pipeline, NNPC said sustained collaboration with stakeholders was helping to accelerate construction and pre-commissioning activities towards achieving early gas delivery to Abuja in 2026.
NNPC Reports 54% Retail Station Availability
The report also highlighted the availability of petrol at NNPC retail stations across the country, putting the nationwide Premium Motor Spirit (PMS) availability level at 54 per cent.
A geographical map showing retail station availability across different parts of Nigeria was included in the monthly operational summary.
NNPC Outlines Strategic Production Efforts
On efforts to sustain production growth, NNPC listed accelerated restoration of shut-in wells and facilities, production optimisation and well interventions among its priorities.
The company also highlighted efforts to strengthen facility reliability and preventive maintenance, address infrastructure and operational constraints, improve community engagement and resolve storage, tank-top and export infrastructure challenges.
These measures, according to the report, are aimed at sustaining production growth and improving operational efficiency across its oil and gas assets.
NEWS
Nigeria Must Create Jobs Before Graduates Leave School, Ex-NLC Chief Tells FG
Former General Secretary of the Nigeria Labour Congress (NLC), John Ejoha Odah, has urged the Federal Government to develop a comprehensive employment strategy that provides jobs for young Nigerians before they graduate from educational institutions.
Odah said the government must adopt proactive employment planning by projecting the number of graduates expected to enter the labour market annually and making adequate arrangements to absorb them.
He made the call during an appearance on NTA’s Good Morning Nigeria on Wednesday, where he blamed the country’s persistent unemployment challenge on the failure of successive administrations to sustain national development plans.
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According to him, Nigeria’s political leadership has abandoned young people to their fate by failing to implement deliberate policies that create employment opportunities.
“The fundamental problem that we have in this country is the fact that our ruling elite have abandoned the Nigerian youth to their fate,” Odah said.
He explained that Nigeria previously operated five-year national development plans, which enabled the government to anticipate future employment needs and make arrangements for young people expected to graduate within two to five years.
The former NLC leader traced the worsening unemployment situation to the abandonment of national development plans between the late 1970s and 1985.
He also recalled the establishment of the National Directorate of Employment (NDE), explaining that the agency was created as a stopgap measure to provide employment and self-employment opportunities for young Nigerians.
Odah, however, stressed that the NDE was never intended to serve as the country’s primary driver of employment.
“What we need is a comprehensive employment scheme based on development programmes and industries,” he said.
He further disclosed that during his time in the labour movement, efforts were made to establish a national job summit involving the Ministry of Labour, the International Labour Organisation (ILO) and other government institutions.
According to him, the initiative produced an employment plan presented to the National Executive Council, targeting the creation of at least four million jobs within four years across the federal, state and local governments.
Odah said the proposal was developed around 2005 but was abandoned after the administration under which it was initiated left office.
He expressed concern that Nigeria has yet to establish a coherent employment strategy capable of addressing the needs of young people entering the labour market.
The former labour leader warned that failure to address youth unemployment could further encourage social challenges, including irregular migration, as Nigerians continue to seek better opportunities abroad.
NEWS
Sanusi Lists Tinubu’s Economic Gains, Reveals What Could Restore Nigeria’s 2005 Living Standards
The Emir of Kano, Muhammadu Sanusi II, has highlighted improvements in Nigeria’s economic performance under President Bola Tinubu, saying the administration deserves credit for bringing the country back from the brink of economic collapse.
Sanusi made the remarks at the Oxford Global Think Tank conference, where he assessed the impact of the Tinubu administration’s economic reforms and acknowledged progress in key economic indicators.
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The former Governor of the Central Bank of Nigeria (CBN) pointed to the country’s 4.48 per cent Gross Domestic Product (GDP) growth in the second quarter of 2026, describing it as an improvement compared with the economic performance recorded during the administration of former President Muhammadu Buhari.
According to him, Nigeria’s economy grew by approximately 0.9 per cent during the Buhari years, while the latest growth figures indicate a stronger economic performance.
Sanusi also highlighted the decline in inflation, saying it had dropped from 30 per cent to 14.6 per cent, with projections indicating a possible reduction to 12.5 per cent by the end of 2026.
He further disclosed that Nigeria’s GDP per capita, measured in dollar terms, had increased by 47 per cent since 2023.
The Emir said sustaining the current growth trajectory could return the country’s GDP per capita to its 2005 level by the end of 2027.
“If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005,” he said.
On the country’s external reserves, Sanusi disclosed that they had reached $55 billion, although he cautioned that a significant portion of the inflows was driven by foreign portfolio investments, which he described as volatile.
He attributed some of the investor interest to high oil prices linked to the conflict around the Strait of Hormuz, alongside the attractive returns available in Nigeria’s financial market.
Sanusi also identified the Dangote Refinery as part of the country’s growing economic diversification, claiming that 20 per cent of Nigeria’s exports were coming from the facility.
According to him, the developments suggest that the country is laying the foundations for economic stability, although more work remains to be done.
“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink,” Sanusi stated.
He stressed that the progress recorded should be recognised as an initial step towards stability rather than an indication that Nigeria’s economic challenges have been fully resolved.





