Echotitbits – Nigeria News

Tag: crude oil

  • Federal Government Sets Ambitious 2.5 Million BPD Oil Target for 2027

    Federal Government Sets Ambitious 2.5 Million BPD Oil Target for 2027

    In an update published by Vanguard, the Federal Government has called on International Oil Companies (IOCs) to take decisive action to ramp up crude oil production. Speaking at the 2026 Nigerian International Energy Summit (NIES) in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasized that the country aims to reach a production capacity of 2.5 million barrels per day (bpd) by 2027. This follows a 2025 average of 1.6 million bpd, which fell short of the 2.06 million bpd budget benchmark.

    The Minister stressed that the success of the entire petroleum value chain—from refining to distribution—is fundamentally dependent on the upstream sector’s performance. He reassured investors that the Petroleum Industry Act (PIA) provides a level playing field for both indigenous and foreign operators. The government’s renewed focus comes as the economy seeks to bolster foreign exchange earnings through increased energy exports.

    The Nation and BusinessDay are also tracking these developments from the NIES summit. The Nation noted that “the government is looking to eliminate technical hitches and oil theft that have historically hindered production.” BusinessDay highlighted the private sector’s response, quoting an industry executive who said, “the roadmap is clear, but the infrastructure for evacuation must match the production targets.”

    Echotitbits take:

    Achieving 2.5 million bpd is a tall order considering the aging infrastructure of many onshore assets. However, if the recent divestments by IOCs to local firms lead to more aggressive drilling in marginal fields, we might see a significant uptick. The government must ensure that the “enabling environment” mentioned includes physical security for pipelines to prevent the return of large-scale crude theft.

    Source: Arise – https://www.arise.tv/tinubu-reaffirms-nigerias-3-million-bpd-oil-output-target-by-2030/, February 5, 2026

    Photo credit: Arise

  • Fuel Prices Surge Toward N1,000 Milestone as Global Crude Rises

    Fuel Prices Surge Toward N1,000 Milestone as Global Crude Rises

    Figures cited by The Punch show that Nigerian fuel marketers are warning of a potential petrol price hike to ₦1,000 per litre as global crude oil prices cross the $70 per barrel mark. Marketers indicated that the current landing cost of Premium Motor Spirit (PMS) has been significantly impacted by the rising international oil prices and the continued volatility of the Naira. This development threatens to further strain the disposable income of citizens who are already grappling with high transport costs.

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is currently under pressure to review the pricing template to reflect these market realities. Industry experts suggest that without a significant appreciation of the Naira or a subsidy-like intervention, the ₦1,000 mark is nearly inevitable. This comes at a time when the federal government is shifting focus from economic stabilization to expansionary growth.

    This news was also covered by Leadership and ThisDay. Leadership reported that “marketers are calling for a transparent pricing mechanism to avoid supply disruptions,” while ThisDay noted that “the $70 crude price is a double-edged sword for Nigeria’s oil-dependent budget.”

    Echotitbits take:

    Rising fuel prices are the most potent trigger for inflation in Nigeria. If the price hits ₦1,000, we expect another wave of transport fare hikes and a possible spike in food prices. Watch for the government’s “Renewed Hope” ward development programs to be fast-tracked as a palliative measure to douse public tension.

    Source: The Punch – https://punchng.com/petrol-to-hit-n1000-litre-as-crude-crosses-70-marketers/, January 31, 2026

    Photo credit: The Punch

  • Nigeria’s Crude Oil Exports to the U.S. and India Show Significant Growth

    Nigeria’s Crude Oil Exports to the U.S. and India Show Significant Growth

    Tribune reports that Nigeria’s share of crude oil exports to the United States and India has risen, with recent surveys putting Nigeria’s share at 3.3% in those markets as other suppliers’ shares declined.

    The growth is attributed to pricing competitiveness for Nigerian sweet crude and geopolitical shifts affecting global supply chains.

    The Guardian and ThisDay also referenced the trend, including demand diversification dynamics and Nigeria’s positioning for Asian refinery demand.

    Echotitbits take: Higher export share is only a win if Nigeria can sustain volumes and reduce leakages. Oil theft, high operating costs, and downtime can erase headline gains. The strategic upside is using export momentum to stabilize FX inflows while domestic refining ramps up—if feedstock supply becomes more reliable.

    Source: The Punch –  https://punchng.com/nigeria-exports-2-57bn-crude-to-us-highest-in-africa/  2026-01-30

    Photo Credit: The Punch

  • Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    EIA logo image used by Punch
    2025-12-14

    According to The Punch, Nigeria’s imports of crude oil from the United States surged by 153% in 2025 (February–September), reflecting changing supply economics and refinery demand.

    Punch cited U.S. Energy Information Administration (EIA) trade data showing Nigeria imported 39.99 million barrels over the period, up from 15.79 million barrels in the same window of 2024, with shipments rising month by month.

    Reuters earlier reported that the U.S. became a net exporter of crude to Nigeria for the first time in February and March 2025, a shift linked to changing refinery runs and demand signals connected to the Dangote refinery’s operations.

    TheCable also referenced EIA figures, noting the scale of Nigeria’s U.S. crude inflows and how the pattern departs from Nigeria’s typical position as a crude exporter rather than an importer.

    Analysis/Echotitbits take: The bigger story is market efficiency colliding with domestic supply constraints: if local refineries keep buying competitively priced imported crude, Nigeria’s long-standing “crude exporter, product importer” paradox could morph into a new paradox: importing crude for local refining. Watch for tighter enforcement (or redesign) of domestic crude supply frameworks, and whether lower logistics/contracting frictions can make local crude more reliable for local refineries.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/us-crude-exports-to-nigeria-surge-153/)

  • NNPC Upstream Unit Hits Highest Daily Output Since 1989

    NNPC Exploration and Production Limited recorded 355,000 barrels per day on December 1, 2025, which it described as its highest daily output in 36 years. The company also reported a steady rise in average daily production since 2023.

    NNPC says improved asset management and operational discipline are driving the gains as Nigeria targets higher national output over the next few years.

    2025-12-10

    Punch Newspapers

    2025-12-10