<< Back             Poser >> Nigeria misses OPEC quota, produces 1.38m bpd in March By Udeme Akpan, Energy Editor The Organization of the Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s crude oil output, excluding condensate, rose to 1.38 million barrels per day (bpd) in March 2026, up from 1.31 million bpd recorded in February. In its March 2026 Monthly Oil Market Report (MOMR), OPEC stated that the figures were based on data obtained through direct communication with Nigerian authorities. However, data from secondary sources showed that Nigeria’s production stood at 1.46 million bpd in March, compared to 1.44 million bpd in February. Despite the marginal increase, Nigeria fell short of both its OPEC production quota of 1.5 million bpd and its 2026 budget benchmark of 1.84 million bpd, which includes condensate. Nonetheless, Nigeria retained its position as Africa’s leading oil producer, ahead of Libya, which recorded output of 1.30 million bpd during the period. Meanwhile, industry regulators and operators have outlined a coordinated roadmap to boost Nigeria’s crude oil production to three million bpd, emphasising the need for sustained regulatory reforms, increased investment, digitalisation, and critical infrastructure development. Speaking at the 26th Oloibiri Lecture Series and Energy Forum in Abuja, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, said the 3mbpd target by 2030 is achievable under the current policy direction. She noted that the goal builds on a near-term target of two million bpd by 2027 and would depend on frameworks that attract capital, encourage innovation, and enable digital oilfield operations. Eyesan added that the Petroleum Industry Act (PIA) 2021 has repositioned the upstream sector through a regulatory framework anchored on certainty, transparency, and performance, helping to restore investor confidence. According to her, recent projects such as Bonga North, Ubeta, and HI developments—collectively unlocking over $10 billion in investments—demonstrate the impact of clear policies and streamlined approvals. She further stressed that digital transformation, including real-time data systems, predictive maintenance, and advanced analytics, would play a critical role in reducing costs, minimising downtime, and boosting output. Eyesan also highlighted improved oil recovery as a key driver of production growth, noting that new performance-based frameworks now compel operators to maximise reservoir value. Vanguard Business News	BoG to launch continental fintech sandbox, innovation hub …Plans separate fintech law as Africa digital finance drive gains momentum By Joshua Worlasi AMLANU The Bank of Ghana plans to establish a continental fintech sandbox, launch a national innovation hub and introduce a separate legal framework for fintech regulation, as the central bank steps up efforts to position Ghana as a regional digital finance […] Price of 50kg local rice rises 20.5% to N112,000 —NBS By Elizabeth Adegbesan THE National Bureau of Statistics, NBS, said the average price of 50kg local rice (short grains) rose by 20.5 percent in March 2026 to N112,000 from N92,946 in February 2026. NBS disclosed this yesterday in its Selected Food Price watch report for March 2026. However, recent findings by Vanguard showed that the price […] FG moves to clear Apapa, Tin Can Port corridors The Presidential Enabling Business Environment Council, PEBEC, has announced plans to commence a two-day clean-up and enforcement exercise along the Lagos port corridors as part of efforts to improve trade facilitation and enhance efficiency at the nation’s seaports. The operation, scheduled for May 14 and 15, 2026, will be carried out through PEBEC’s Ports and Customs […] 3 IPOs in 6 months add GH¢11bn to GSE market cap … as listing revival gathers pace By Ebenezer Chike Adjei NJOKU The Ghana Stock Exchange (GSE) is on course to record its most active period of primary equity issuance in nearly a decade, with three initial public offerings in the space of six months set to add around GH¢10.88 billion to the exchange’s total market […] NPA cargo throughput hits 32.38m tons, vessel tonnage up 19.5% Nigeria’s maritime sector recorded strong growth in the first quarter of 2026, as the Nigerian Ports Authority, NPA, posted a 19.5 per cent increase in vessel tonnage to 46.75 million Gross Registered Tonnage, GRT, while cargo throughput rose to 32.38 million metric tons. ECG commissions 37 new transformers in Ashanti Region The Electricity Company of Ghana (ECG) says it has commissioned 37 new transformers in parts of the Ashanti Region to enhance electricity supply and tackle persistent low-voltage challenges.