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CBN to Support for Investment, Special Economic Zones

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By Tony Obiechina

The Central Bank of Nigeria (CBN) has said it will continue to support the Federal Government to implement an investment promotion strategy to facilitate investment flow into the economy,

The CBN Governor, Olayemi Cardoso said this at a two-day Special Economic Zones (SEZs) Annual Meeting on Wednesday in Lagos.

The theme of the meeting was: “Unlocking Opportunities: Harnessing the Power of Nigeria’s Special Economic Zones Scheme.

Cardoso said the special economic zones were significant to the actualisation of President Bola Tinubu’s economic vision of a $1 trillion economy by 2026.

He said CBN’s mission of ensuring monetary policy and financial system stability was a catalyst for inclusive growth and sustainable economic development critical in ensuring the continued success of the zones.

According to him, the recent efforts geared towards stabilising the exchange rate will assist to attract foreign direct investment necessary to enhance development of the country’s Special Economic Zones.

Cardoso, represented by Dr Kalu Oji, the Deputy Director, Trade and Exchange Department, CBN, said the bank was aware of the challenges faced by the SEZs.

He pledged to tackle the challenges in order to enable them to attract more funds and job opportunities for Nigerians.

Also, Alhaji Bamanga Jada, Managing Director, Oil and Gas Free Zones Authority, described the Economic Zones Scheme as globally recognised instruments used by policy makers to facilitate, attract and scale-up long-term domestic and cross-border investments.

Jada added that it was used to promote and enhance industrialisation, export-oriented investment, diversification, and job creation in most fast-growing economies around the world.

“There is convincing evidence in Nigeria today that the scheme has recorded remarkable progress despite the relatively negative economic climate and the enormous challenges that confront the operators and licensees.

“In specific terms, the Oil and Gas Free Zones Authority, despite the challenges mentioned, has attracted over $24 billion investment.

“The Authority has currently more than 100 efficient licensed companies in the oil and gas free zones under the Authority’s regulation,” he said.

He noted that the result was achieved through the combined efforts and collaboration of the Federal Ministry of Industry, Trade and Investment; Nigeria Custom Service (NCS); Federal Inland Revenue Service, and other stakeholders.

Also, Mr Nabil Saleh, Chairman, Nigeria Economic Zones Association, said globally, economic free trade zones have helped many countries such as Morocco, China, Singapore to boost their manufacturing firms and other sectors.

“In Nigeria, the Special Economic Zones have not done badly. It has generated many direct and indirect jobs to the country, despite the challenges we are going through.

“The Nigeria Free Trade Zones, despite their potential, are still not in the standards we expect yet,” Saleh said.

Commenting, Dr Olufemi Ogunyemi, the Chief Executive Officer, Nigeria Export Processing Zones Authority, said the meeting serves as an opportunity to gain an in-depth understanding of the challenges faced by operators in the various free zones.

Ogunyemi said the event would address the challenges and chart a way forward to ensure that the scheme continues to serve as a tool for sustainable economic growth.

“As the theme of the meeting suggests, it has become imperative that our SEZs be re-engineered, bearing in mind the unfolding of the fourth industrial revolution, the heightened focus on sustainable development, and the new wave of global value chains,” he said.

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BUSINESS

Nigeria’s Oil Production Drops 4 Per Cent in July – NUPRC

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Nigeria’s crude oil production fell by four per cent month-on-month in July, but the country still met its Organisation of Petroleum Exporting Countries quota for the third consecutive month, latest data from the Nigerian Upstream Petroleum Regulatory Commission has shown.

The commission’s latest production figures showed that Nigeria pumped an average of 1.

505 million barrels per day of crude oil in July, slightly above its OPEC quota of 1.5 million barrels per day.

When condensate production of about 170,000 barrels per day is included, the country’s total crude and condensate output stood at 1.

67 million barrels per day during the month.

The July performance, however, represented a decline from the 1.735 million barrels per day recorded in June, translating to a reduction of about 65,000 barrels per day, or 3.75 per cent.

The NUPRC disclosed the figures in a statement issued on Wednesday by its Head of Media and Corporate Communications, Eniola Akinkuotu.

The statement read, “Nigeria has for the third consecutive month met and exceeded its OPEC quota of 1.5mbpd. In the month of July 2026, Nigeria produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.

“Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.”

According to the commission, daily combined crude and condensate production fluctuated between a low of 1.57 million barrels per day and a peak of 1.78 million barrels per day in July.

“Daily average production was 1.67 million barrels per day, comprising both crude oil (1.505 million bopd) and condensate (0.17mbpd),” the commission said.

Despite the July decline, Nigeria has maintained crude production above its 1.5mbpd OPEC quota for three consecutive months.

The country’s combined crude and condensate production has increased since the beginning of the year, according to NUPRC’s month-on-month data.

Production stood at 1.459 million barrels per day in January, before rising to 1.483mbpd in February. It subsequently increased to 1.564mbpd in March, 1.663mbpd in April, 1.701mbpd in May and 1.735mbpd in June.

July therefore marked the first monthly decline after the steady increase recorded in the first half of the year.

Compared with January, however, July’s combined production of 1.67mbpd was about 211,000 barrels per day, or 14.5 per cent, higher.

The NUPRC attributed the July decline principally to operational challenges at the Erha and Akpo fields, which affected production during the month.

“These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output,” the commission said.

It added that production activities at other oil-producing assets remained relatively stable despite the disruptions.

“Despite the challenges encountered, production operations across other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints,” the regulator said.

It said routine production and crude evacuation activities were also largely sustained across the industry.

The commission added that operators and other stakeholders were working to resolve the affected production facilities and restore lost capacity.

“Industry stakeholders remain focused on addressing the identified operational issues, restoring affected production capacity and strengthening asset reliability to support improved performance in subsequent months,” it said.

The breakdown of production by terminals and streams showed that Forcados Terminal recorded an average output of 322.34kbpd in July, making it the largest producing stream listed by the commission.

It was followed by Bonny Terminal, which recorded 303.72kbpd.

Qua Iboe Terminal ranked third, with average production of 158.02kbpd of crude oil and condensates, while Escravos Oil Terminal recorded 131.41kbpd.

The Bonga stream ranked fifth among the leading producing terminals, with an average of 100.23kbpd of crude oil.

The Federal Government and NUPRC have identified increased crude oil production as important to government revenue, foreign exchange earnings and investment in the upstream sector.

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Oil & Gas

Chevron Says Competitive Local Capacity Devt to Define Nigeria’s Energy Future

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The Managing Director of Chevron Nigeria Limited, Jim Swartz, has highlighted key areas that would sustain Nigeria’s energy transition growth pathway.

Swartz, is of the opinion that strong collaboration and partnership are key to sustain the country’s energy needs.

Speaking at the just-concluded 49th Nigerian Annual International Conference and Exhibition (NAICE) in Lagos, Swartz, said no one player can deliver the scale of projects required to achieve the goals set by the country alone.

He declared that Collaboration is essential because no single company, institution, or stakeholder can address the opportunities and challenges of the intersector alone.

And technology will remain a key driver of safer operations, stronger performance, and the future that we will deliver. For Nigeria, the opportunity is significant.

The conference with the theme “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” focused on how Nigeria can compete for capital and sustain production amid global volatility.

The managing director listed four pillars he believed are essential to define a resilient energy future.

These include continued investment, enabling long-term policies, competitive local capacity development, and strong partnerships.

He continued, “Building a resilient energy future requires continued investment, enabling policies that are resilient for the long-term, local capacity development that’s competitive and durable as well, and strong partnerships across governments, regulators, industry, and the technical community,”.

He said Chevron has invested in Nigeria for more than six decades, noting the company’s role in building the foundation of the industry and in developing technical capacity.

The firm therefore called for stronger collaboration across government, regulators and industry operators as the foundation for building a resilient oil and gas sector that can deliver growth, jobs and energy security for Nigeria.

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BUSINESS

FG Expands Renewable Power with 60.82MW Mini-grid Rollout

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The Federal Government, through the Rural Electrification Agency, is set to inject a cumulative 60.82 megawatts of renewable power into the national grid following the rollout of decentralised mini-grid projects across the country.

The milestone was reached on Wednesday with the groundbreaking of a 13.

92-megawatt-peak interconnected hybrid solar project in Yobe State.
The latest project brings the total capacity of recent REA renewable energy projects launched across six states to 60.82MW.

Before the Yobe project, the agency had commenced 46.9MW of power infrastructure across five states, including a 20MW mini-grid in Egume, Kogi State; an 11.

9MWp project in Ogu-Bolo, Rivers State; and a 10MW installation in Kofare, Adamawa State, a statement by the REA said.

The earlier projects also include a 3.5MW mini-grid in Ambursa, Kebbi State, and a 1.5MW project in Pankshin, Plateau State.

The 13.92MWp Yobe project, supported by the World Bank, is equipped with 40 distribution transformers and is spread across major commercial and residential areas to improve electricity supply, stabilise power and stimulate local economic activities.

The capacity comprises a 3.20MWp installation in Nguru, another 3.20MWp plant at Yarimaram in Potiskum, a 2.98MWp system in Gashua, a 2.78MWp project at Rugan Fulani in Potiskum, and a 1.76MWp solar installation serving the Waziri Ibrahim Estate in Damaturu.

Speaking during the groundbreaking ceremony, Yobe State Governor, Mai Mala Buni, praised the REA’s commitment, noting that the project aligned with his administration’s vision for resilient infrastructure to boost local industrial capacity and agricultural productivity.

The REA Managing Director and Chief Executive Officer, Dr. Abba Abubakar Aliyu, explained that interconnected hybrid mini-grids were designed to integrate seamlessly with existing distribution networks.

“We are not merely connecting communities to electricity. We are connecting them to opportunity. We are creating an environment where businesses can grow, young people can innovate, farmers can process more of what they produce, healthcare facilities can provide better services, and local economies can flourish,” Dr. Aliyu said.

The REA boss disclosed that beyond the 60.82MW covered by the current nationwide groundbreakings, the agency had 14 additional pipeline projects underway in Yobe State alone.

He said the projects, which followed a strategic roundtable held in June 2025, would add another 15.3MWp of combined capacity when completed.

According to him, the planned projects are expected to provide electricity access to 23,870 new connections across communities, including Jawur Katamma, Federal Polytechnic Damaturu and Dibbwol.

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