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Oil Sector Attracts $460,000 in Three Months – NBS

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Nigeria’s oil and gas sector recorded a 283.3 per cent increase in foreign capital inflows in the first quarter of 2026, but the industry continued to attract only a negligible share of total investments entering the country, official data have shown.

Figures obtained from the latest Capital Importation Report released by the National Bureau of Statistics and analysed by our correspondent on Friday showed that the oil and gas sector attracted just $0.46m in foreign capital during the review period, compared to $0.12m recorded in the corresponding period of 2025.

Although the year-on-year growth represents a significant percentage increase, the actual value of investments flowing into the industry remained extremely low when compared to the overall capital imported into the Nigerian economy.

The NBS report indicated that total capital importation into Nigeria rose to $10.37bn in the first quarter of 2026 from $5.64bn recorded in the same period of 2025, representing an increase of 83.83 per cent.

The oil and gas sector’s inflow of $460,000 accounted for virtually zero per cent of the total capital imported during the quarter, highlighting persistent investor caution towards an industry that remains the backbone of Nigeria’s economy and the country’s largest source of export earnings.

Further analysis of the data showed that the sector’s performance improved from the $120,000 recorded in the first quarter of 2025 but remained significantly below the levels required to support large-scale upstream, midstream and downstream investments.

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The industry attracted $9.50m in the second quarter of 2025 before inflows declined to $4.60m in the third quarter and $3.76m in the fourth quarter. Cumulatively, the sector received $17.98m throughout 2025.

The latest figures suggest that despite ongoing reforms aimed at reviving investor confidence, foreign capital inflows into the oil and gas industry remain weak relative to the size and strategic importance of the sector.

In contrast, the financial services industry emerged as the biggest beneficiary of foreign investments during the period.

According to the report, the banking sector attracted $7.55bn, representing 72.79 per cent of total capital imported into Nigeria in the first quarter. This was followed by the financing sector, which received $2.43bn, or 23.42 per cent of total inflows.

The production and manufacturing sector attracted $152.27m, accounting for 1.47 per cent of total capital imported into the country.

The report also revealed that portfolio investments continued to dominate foreign capital inflows, accounting for $9.86bn, or 95.09 per cent of total investments recorded during the quarter.

Other investments contributed $374.48m, representing 3.61 per cent, while foreign direct investment, often regarded as the most stable form of capital, stood at just $135.08m, accounting for 1.30 per cent of total inflows.

The report read, “In Q1 2026, total capital importation into Nigeria stood at US$10,371.90 million, higher than US$5,642.07 million recorded in Q1 2025, indicating an increase of 83.83 per cent. In comparison to the preceding quarter, capital importation increased by 60.97 per cent from US$6,443.48 million in Q4 2025.

“Portfolio Investment ranked top with US$9,862.34 million, accounting for 95.09 per cent, followed by Other Investment with US$374.48 million, accounting for 3.61 per cent. Foreign Direct Investment recorded the least with US$135.08 million, representing 1.30 per cent of total capital importation in Q1 2026.”

A breakdown by source country showed that the United Kingdom retained its position as Nigeria’s largest capital importation partner, accounting for $5.08bn, or 49.01 per cent of total inflows.

The United States followed with $3.18bn, representing 30.69 per cent, while South Africa contributed $983.83m, or 9.49 per cent of the total capital imported during the quarter.

The report further showed that Standard Chartered Bank Nigeria Limited handled the largest share of capital inflows into the country, receiving $4.41bn, or 42.56 per cent of total imported capital.

Stanbic IBTC Bank Plc followed with $2.78bn, accounting for 26.79 per cent, while Rand Merchant Bank received $930.82m, representing 8.97 per cent of the total.

The latest capital importation data come despite repeated assurances by government officials that Nigeria’s oil and gas sector is witnessing a major investment rebound driven by reforms under the Petroleum Industry Act and efforts to attract fresh investments into the petroleum sector through the award of new oil and gas assets.

Speaking at the 2026 Nigeria International Energy Summit in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that Nigeria secured 28 new Field Development Plans valued at $18.2bn in 2025, with the projects expected to unlock about 1.4 billion barrels of crude oil reserves. The minister said the approvals signalled renewed investor confidence in Nigeria’s upstream sector after years of declining investments and production.

Lokpobiri also noted that four of the seven major Final Investment Decisions announced across Africa between 2024 and 2025 were recorded in Nigeria, which he attributed to policy clarity, improved governance and reforms aimed at making the country’s petroleum industry more competitive.

According to him, the approvals represented evidence that Nigeria had once again become a preferred destination for oil and gas investments on the continent.

The minister further argued that the implementation of the Petroleum Industry Act, fiscal incentives for upstream operators and the resolution of long-delayed International Oil Company divestments had helped restore investor confidence and attract fresh capital into the sector.

Similarly, the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, recently said reforms championed by the Nigerian Upstream Petroleum Regulatory Commission had unlocked more than $24bn in investments across the upstream oil and gas industry, with an additional $10bn investment pipeline under consideration.

Ojulari stated that the investments were the result of targeted interventions to resolve legacy disputes, unlock stalled Final Investment Decisions and improve the operating environment for investors.

He expressed confidence that the inflows would support Nigeria’s ambition of raising crude oil production to three million barrels per day over the medium term.

However, the National Bureau of Statistics data paint a different picture regarding actual foreign capital imported into the sector during the first quarter of 2026.

Despite the government’s announcement of multi-billion-dollar commitments and project approvals, the oil and gas industry attracted only $460,000 in capital importation during the period, accounting for virtually zero per cent of the $10.37bn that entered the Nigerian economy.

This suggests that while investment commitments and project approvals may be rising, many of the anticipated inflows have yet to fully translate into recorded foreign capital entering the sector.

The sharp contrast between the sector’s strategic importance and its share of foreign capital inflows is likely to intensify concerns about the pace of investment recovery in an industry that generates the bulk of Nigeria’s foreign exchange earnings and government revenues.
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Insecurity: Radda Seeks Traditional Rulers’ Partnership to Protect Farmers, Communities

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Katsina State Governor, Dikko Umaru Radda, has called on traditional rulers to strengthen their collaboration with the government and security agencies to tackle insecurity and protect farmers, traders and other residents across the state.

Radda made the appeal during a meeting with the District Head of Bakori, Alhaji Garba Tukur Idris, Makaman Katsina, and other traditional leaders in Bakori Local Government Area.

The engagement, which formed part of activities of the Tinubu–Dikko 2027 Campaign Council, was disclosed in a statement issued on November 1, 2026, by the governor’s Chief Press Secretary, Ibrahim Kaula Mohammed.

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The governor said traditional institutions remained essential to efforts to achieve lasting security and development, particularly because of their influence and close relationship with local communities.

“Government cannot achieve sustainable security and grassroots development without the active cooperation of traditional rulers, community elders and other local stakeholders,” Radda said.

He urged traditional leaders to work more closely with security agencies and other community stakeholders to address security threats and strengthen peace across their respective communities.

“Your role in maintaining peace and order in our communities is very important. We need your cooperation to address security challenges and advance development at the grassroots,” he added.

Radda also reaffirmed his administration’s commitment to protecting lives and property, strengthening security operations and ensuring farmers could access their farmlands while traders conducted their businesses without fear.

He called for a coordinated approach involving traditional rulers, security agencies, political leaders, youths and women, stressing the importance of collective action in tackling insecurity and creating economic opportunities.

In his response, the District Head of Bakori, Garba Tukur Idris, welcomed the governor and his delegation, commending the engagement and the relationship between the government and traditional institutions.

Idris identified agriculture, trading and commerce as the major economic activities in Bakori, while highlighting the area’s skilled and unskilled labour force, dams and boreholes as resources that could support increased agricultural productivity and attract investment.

He also commended the cooperation among traditional institutions, local government authorities, security agencies and residents in maintaining peace, urging stakeholders to sustain the collaboration to protect their communities.

The Chairman of Bakori Local Government Area, Musa Abubakar Barde, said the delegation was also in the area to seek the blessings and support of traditional rulers and community stakeholders for the Tinubu–Dikko 2027 campaign.

The delegation included Deputy Governor Faruk Lawal; Campaign Director-General, Ahmed Musa Dangiwa; Campaign Council Co-Chairman, Mustapha Muhammad Inuwa; Deputy Director-General, Abdulkadir Mamman Nasir; and Secretary-General, Abdullahi Aliyu Turaji, among others.

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APC Defends Tinubu Over Electricity Promise, Says President Is Tackling Sector’s Challenges

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Vehicle Kills Kwara APC woman Leader's Sister At Tinubu/Shettima Campaign Flag-off In Ilorin

The All Progressives Congress (APC) Presidential Campaign Council has defended President Bola Tinubu’s 2023 campaign promise to ensure stable electricity supply and end estimated billing, saying his administration is taking steps to address longstanding challenges in the power sector.

In a press statement, the council urged Nigerians to consider the full context of Tinubu’s campaign remarks, arguing that some recent public commentary had reproduced his electricity pledge without including his concluding qualification.

Tinubu had made the promise during a meeting with members of the Organised Private Sector (OPS) in Lagos ahead of the 2023 general elections.

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At the meeting, he assured Nigerians that his administration would tackle the country’s electricity challenges and end estimated billing.

“Whichever way, by all means necessary, you will have electricity, and you will not pay for estimated bills anymore. A promise made will be a promise kept,” Tinubu said.

He also stated that if he failed to fulfil the promise before seeking a second term, Nigerians should not vote for him unless he provided adequate reasons for his inability to deliver.

The council said the President’s pledge should be assessed alongside the administration’s record since 2023, particularly its interventions in electricity generation, metering, infrastructure and market stability.

It acknowledged that resolving Nigeria’s power sector crisis remained unfinished but maintained that Tinubu’s commitment to addressing the challenges had not diminished.

Highlighting the administration’s reforms, the council said Tinubu signed the Electricity Act, 2023, on June 9, less than two weeks after assuming office.

According to the statement, the legislation liberalised the electricity sector, allowing state governments to participate in electricity generation, transmission and distribution.

It listed Lagos, Enugu, Abia, Ekiti, Oyo, Kaduna and Niger among states that had established their electricity regulatory agencies to take advantage of the new framework and attract private investment.

The council also said the administration had taken on more than ₦6 trillion in accumulated legacy debts in the power sector between 2015 and 2025.

It added that the government introduced the Presidential Metering Initiative to address a metering gap of more than seven million customers.

According to the statement, more than 1.5 million electricity customers have been metered under the initiative in the last three years.

The council further highlighted the administration’s electricity tariff adjustments, describing them as necessary to restore liquidity to the electricity market, while noting that measures had been introduced to protect low-income households.

On rural electrification, it said the Rural Electrification Agency had connected universities, hospitals and rural communities to solar power.

The government has also unveiled plans to modernise the Osogbo Grid Control Centre, which was built more than 60 years ago, and construct an East-West super grid to strengthen transmission infrastructure.

The statement further disclosed that the administration established a ₦4 trillion bond programme to settle verified legacy debts owed to 21 electricity generation companies (Gencos) and gas companies (Gascos).

It said the first and second tranches of the programme had raised more than ₦1.2 trillion towards settling part of the verified debts.

The council maintained that the intervention had helped reposition the electricity market and reduce investment risks, pointing to recent investment plans by Geregu Power Plc.

It cited the company’s announcement of investments in new power transformers to improve operations at the Geregu 1 Power Plant, adding that other firms were also making similar investments.

The APC Presidential Campaign Council insisted that the administration was working to address the country’s electricity challenges, while maintaining that Tinubu’s campaign promise should be judged in the context of both his full remarks and the reforms undertaken since assuming office.

 

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Ekiti Attack: Sowore Tracks Stolen Phones Near Governor’s Office, Demands CCTV Footage

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The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has disclosed that two mobile phones allegedly stolen from members of his team during Friday’s attack in Ado-Ekiti have been traced to locations near the Ekiti State Governor’s Office and Fajuyi Park.

Sowore made the disclosure in a post on X on Sunday, November 1, 2026, while renewing his demand for the release of CCTV footage from Tawakalitu Restaurant, where he and members of his team were attacked on October 30.

According to him, one of the stolen devices was traced to a location directly opposite the office of Governor Biodun Oyebanji, while another was located opposite Fajuyi Park in Ado-Ekiti.

RELATED NEWS: Ekiti Attack: Sowore Demands CCTV Release, Questions Gov’t Ties to Gang Leader

Describing the discoveries as disturbing, Sowore questioned why the Nigeria Police Force and the Department of State Services (DSS) had yet to release the CCTV footage allegedly seized from the restaurant.

“This morning, we tracked two of the devices violently robbed from members of our team during the brutal attack in Ado-Ekiti on Friday, October 30, 2026, and the locations are deeply disturbing,” he wrote.

“One phone was traced to a location directly opposite the office of the Executive Governor of Ekiti State, while our other devices were located opposite Fajuyi Park in Ado-Ekiti,” he added.

The activist subsequently renewed his demand for the release of the surveillance footage, insisting that the recordings from the restaurant should be made public.

“Meanwhile, the Nigeria Police Force and the DSS have yet to release the CCTV footage seized from Tawakalitu Restaurant, where we were attacked.

“RELEASE THE CCTV FOOTAGE NOW!” he demanded.

The latest disclosure follows an attack on Sowore and members of his entourage at Tawakalitu Restaurant in Ado-Ekiti on Friday, shortly after the activist participated in a radio interview in the state.

Sowore had alleged that armed men attacked his team, assaulted some members and dispossessed them of their personal belongings, including mobile phones.

The incident generated controversy after the Ekiti State Police Command initially described it as an altercation involving Sowore and some individuals, while the activist maintained that his team was violently attacked.

The police subsequently announced the arrest of 11 suspects in connection with the incident.

According to the police, operatives of the Rapid Response Squad arrested the suspects at their hideouts in the Atikankan area of Ado-Ekiti at about 10 p.m. on October 30.

Items reportedly recovered during the operation included 13 mobile phones, two walkie-talkies, seven ATM cards, eight international passports, vehicle keys and other belongings.

The police said investigations were ongoing to establish the roles of the suspects and determine their possible involvement in the incident.

Sowore’s latest disclosure has renewed calls for the release of the restaurant’s CCTV footage, which he believes could provide further evidence about the circumstances surrounding the attack.

 

 

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