By AbdulRahman Obaje

For the first time since it was set for the 2024 period, Nigeria has met the Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd.

According to OPEC’s monthly oil market report, Nigeria’s crude oil production reached an average of 1.


js">


googlesyndication.com/pagead/js/adsbygoogle.js">

The report explained that the country’s production increased by 3.6% from December’s output of 1.48 million bpd. This development solidifies Nigeria’s position as Africa’s largest oil producer, surpassing Algeria, which produced 907,000 bpd in January.

Vangaurd reports that the quota, initially set in November 2023, was extended to 2026 due to Nigeria’s struggles to meet the target in 2024. However, the recent increase in production indicates a positive turnaround.

OPEC gathers oil production data from two sources: direct communication with Nigerian officials and secondary sources such as energy intelligence platforms. While direct figures confirm that Nigeria met its quota, secondary sources report a slight decline of 2% in January to 1.49 million bpd from 1.52 million bpd in December.

The report also highlights that Nigeria’s oil production is expected to rise further as the Dangote Refinery nears full capacity. Once fully operational, the refinery will process 650,000 barrels of crude daily, potentially stabilising petroleum supply and lowering fuel prices.

“…the oil sector remains central to the economy, and the Dangote Refinery reaching full production capacity should help stabilize the petroleum product supply and possibly lower petrol prices,” OPEC said.

On February 10, Edwin Devakumar, Vice-President of Dangote Industries Limited, stated that the refinery is expected to reach full operations within 30 days. Meanwhile, Minister of State for Petroleum Resources (Oil).

Heineken Lokpobiri reaffirmed the federal government’s plan to increase crude oil production to three million barrels per day by 2025.

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

ALSO READ  Oil Price falls in the wake of second coronavirus wave

Latest entries

• ReligiousMarch 3, 2025NGIJ Felicitates with President Tinubu, Nigerian Muslims on Ramadan
• NewsMarch 3, 2025NLM Mobilization Director charges members to take structural formation serious
• Guest WriterMarch 2, 2025Ajia Felicitates Emir of Ilorin, Kwara People and Muslims Worldwide on Ramadan
• NewsFebruary 21, 2025NLM Rejigs Leadership Structure, Says It’s time for Leadership by Productivity

By Our Reporter

The Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, February 1, 2025.








adsbygoogle || []).push({});

The Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, Mr Anthony Chiejina, said this in a statement on Saturday.

Chiejina said that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.

The News Agency of Nigeria (NAN) quoted Chiejina as saying that this latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.

Chiejina said with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide,” he said.

He said the reduction would drive down the prices of goods and services as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

The refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.

Dangote refinery reiterated its support for the economic revival spearheaded by President Bola Tinubu.
According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

ALSO READ  Oil Price falls in the wake of second coronavirus wave

Latest entries

• ReligiousMarch 3, 2025NGIJ Felicitates with President Tinubu, Nigerian Muslims on Ramadan
• NewsMarch 3, 2025NLM Mobilization Director charges members to take structural formation serious
• Guest WriterMarch 2, 2025Ajia Felicitates Emir of Ilorin, Kwara People and Muslims Worldwide on Ramadan
• NewsFebruary 21, 2025NLM Rejigs Leadership Structure, Says It’s time for Leadership by Productivity

By Abah Benjamin Eneojoh

The Executive Governor of Kogi State, Alhaji Ahmed Usman Ododo, reinforced his administration’s commitment to collaborating with the Federal Government on its policies and programs during the groundbreaking ceremony of NNPC’s 5 Mini LNG plants in Ajaokuta on Thursday, January 30, 2025.





adsbygoogle || []).push({});

This groundbreaking ceremony held in Ajaokuta, Kogi State, the Nigerian National Petroleum Company (NNPC) officially launched its ambitious project to establish 5 mini Liquefied Natural Gas (LNG) plants.
The project is expected to transform Nigeria’s energy landscape

Governor Ododo expressed his profound gratitude to President Bola Tinubu for the numerous benefits accruing to Kogi State through the Federal Government’s initiatives. He acknowledged the president’s commitment to transforming Nigeria and appreciated the various initiatives that have positively impacted Kogi State.

Gov Ododo in his words, ” the economic and social benefits of this project cannot be overstated. The establishment of these energy plants will create significant job opportunities, stimulate Local businesses and improve critical infrastructure in our communities” he said.

Governor Ododo’s administration has consistently demonstrated its commitment to collaborating with the Federal Government. For instance, the state government has been working closely with the Federal Ministry of Aviation and Aerospace Development to establish an international airport in Zariagi, which will serve as a hub for economic activities in the region.

Also speaking, the Minister of Steel Development, Hon Shuaibu Abubakar Audu during his presentation, commended His Excellency president Bola Ahmed Tinubu for establishing the 5 mini NNPC Liquefied Natural Gas (LNG) in Ajakuta, Kogi State.

He noted that if the project is completed, it would massively lead to the creation of jobs which will contribute to the GDP of Kogi State.

He called for collaboration and peaceful coexistence with the host communities for enhanced productivity.
The 5 mini Gas Plants include: PRIME LNG, INGML/GASNEXUS LNG, LNG ARETE, HIGHLAND LNG and BUA LNG

As Governor Ododo continues to champion the cause of collaboration and development in Kogi State, the people of the state can expect to see more initiatives and projects that will drive economic growth, improve living standards, and position the state as a key player in the national development agenda.

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

ALSO READ  NCDMB, ITF train 255 youths in vocational skills

Latest entries

• ReligiousMarch 3, 2025NGIJ Felicitates with President Tinubu, Nigerian Muslims on Ramadan
• NewsMarch 3, 2025NLM Mobilization Director charges members to take structural formation serious
• Guest WriterMarch 2, 2025Ajia Felicitates Emir of Ilorin, Kwara People and Muslims Worldwide on Ramadan
• NewsFebruary 21, 2025NLM Rejigs Leadership Structure, Says It’s time for Leadership by Productivity