BREAKING: ‘Wanted Kidnapper’ Caught At Abuja Airport While Preparing For Hajj Pilgrimage

Zango, who resides in the Paikon-Kore area of Gwagwalada Area Council in the Federal Capital Territory (FCT), had reportedly been declared wanted by security agencies over his alleged involvement in multiple kidnapping incidents.  ArticlesRead More 

  • Related Posts

    NUPRC Releases 4-year Scorecard, Nigeria’s Rig Count Jumps 762% to 69

    NUPRC Releases 4-year Scorecard, Nigeria’s Rig Count Jumps 762% to 69

    *Says 400 dormant oil fields identified, quick actions to follow

    *N358.6bn remitted to host oil communities
    *Sahara Group targets 350,000 barrels per day oil production, acquires seven rigs

    Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday published a list of 16 high impact achievements four years after its establishment, listing as one of its highpoints, the geometric rise in Nigeria’s rig count from a low of eight in 2021 to 69 as of October 2, 2025.
    Rig count is a key indicator for assessing the health and future production potential of the industry, investor confidence, and the demand for oilfield services. A higher rig count generally signals increased oil and gas production activity. The NUPRC had in July announced that Nigeria’s rig count rose to 46.
    In a statement issued yesterday by the commission’s spokesman, Eniola Akinkuotu, the  NUPRC stated that it was a testament to the renewed vigour in Nigeria’s upstream oil and gas sector.

    It said the latest rig count of 69 which comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years.
    The Gbenga Komolafe-led commission noted that the number was expected to increase even further in the coming months, saying that this shows a renewed investor confidence in Nigeria.
    The regulator stated that the success aligns with the charge of President Bola Tinubu that Nigeria was ready for business and that the right investment climate prevails now in Nigeria upstream as daily actioned by the NUPRC.

    As part of its high impact achievements, the NUPRC said in 2022, 2023 and 2024, the commission surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent,  respectively, despite fluctuations in oil production and prices, thus contributing significantly to the nation’s economic growth.
    It also cited potential investment of $39.98 billion from Field Development Plans (FDPs), noting that between 2024 and 2025 it has approved 79 FDPs, including 41 in 2024 and 38 year-to-date (YTD) 2025.  This, it explained, comprises $20.55 billion in 2024 and $19.43 billion in YTD 2025.

    It also mentioned increased crude oil production as part of the achievements in the last four years.
    It added that since the inception of commission, crude oil production has increased with current average daily production of 1.65 million barrels of oil per day (Mbopd), and expected to increase further with the Project 1 Mbopd initiative which is aimed at achieving 2.5 Mbopd in 2027 compared to NUPRC commencement.

    The commission equally mentioned its conduct of transparent bid rounds, saying “prior to the establishment of the commission, the licensing rounds were opaque and beclouded by political influence which made the process lack credibility. However, the NUPRC said with the support of President Bola Tinubu, it transformed the process to be fully digital thereby enhancing transparency and credibility.

    “It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices which was even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).”
    In line with the PIA 2021 and with the support of Tinubu, NUPRC said it was implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.

    This is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves.  The Commission said this policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.
    The commission also counted billions of dollars recorded in divestments by the international oil companies (IOCs) in 2024.
    “From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy. The divestment is about investor portfolio re-ordering to focus on deep-offshore development”, NUPRC said.

    It also mentioned the regulations it developed in line with the PIA.
    “To give meaning to the intent of the PIA, 2021, the commission in consultation with stakeholders has developed 24 forward-thinking regulations. So far 19 have been gazetted while five await gazetting. These forward-thinking regulations serve as tools for transparency and creation of enabling investment climate and benchmark best practices”, NUPRC stated.

    The NUPRC said it completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP), adding that the programme was aimed at eliminating gas flaring and attracting at least $2.5 billion in investments.
    Also, the NUPRC noted that the Host Community Development Trusts (HCDTs) have remitted N122.34 billion in naira, while dollar contributions stand at over $168.91 million as of October 2025. It said this translates to a combined remittance of over N358.67 billion based on the prevalent exchange rate in enthroning a conducive host community environment in Nigeria.

    Still on host communities, the NUPRC said it was overseeing at least 536 projects at various stages of completion including schools, health centres, roads and vocational centres. It explained that these were being funded by the trust fund, adding that the achievement has tremendously curbed crude oil theft.
    As part of its mandate to develop the country’s hydrocarbon, the commission said it has recorded 306 development wells drilled and completed between 2022 to date. The NUPRC said it issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data.

    Furthermore, the commission stated that it has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometres of 3D seismic data, producing sharper, higher-resolution images of our petroleum systems and reducing the uncertainties that once hindered exploration decisions.
    On crude oil theft, it noted that in 2021 the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year.
    “However, due to combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as collaborative effort of the commission this has reduced by 90 per cent to specifically 9,600bpd in September 2025.

    “Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting”, the NUPRC stated.
    Even outside the shores of Nigeria, Komolafe-led NUPRC said it has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF).

    According to the statement, the last event of the AFRIPERF at the Africa Oil Week (AOW) was attended by 16 African countries namely: Nigeria, Ghana, Somalia, Gambia Madagascar, Sudan, Guinea, Togo, Angola, South Africa, Mozambique, Benin Republic, Kenya, Namibia, Morocco and Mauritania.
    The commission explained that AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals and present a strong voice for Africa in hydrocarbon advocacy globally.

    ​  

    *Says 400 dormant oil fields identified, quick actions to follow *N358.6bn remitted to host oil communities*Sahara Group targets 350,000 barrels per day oil production, acquires seven rigs Emmanuel Addeh in

    Uncertainty as US Delays on AGOA Renewal, UN Expresses Worry

    Uncertainty as US Delays on AGOA Renewal, UN Expresses Worry

    Emmanuel Addeh in Abuja

    There’s mounting uncertainty over the delayed renewal of the African Growth and Opportunity Act (AGOA) by the Donald Trump-led US government, triggering concern from some quarters, especially the United Nations Conference on Trade and Development (UNCTAD).
    The UN body has therefore warned that prolonged inaction by Washington could undermine trade stability, investment confidence, and job creation across African countries, including Nigeria, Kenya, South Africa, among others.

    THISDAY’s checks showed that AGOA was signed into law by the then US President, Bill Clinton, on May 18, 2000, as part of the Trade and Development Act of 2000. It was designed to deepen trade and investment ties between the United States and sub-Saharan African countries, granting eligible nations duty-free access to the US market for over 6,000 products, including agricultural goods, textiles and manufactured items.

    Since its enactment, AGOA has been renewed several times notably in 2004, 2008, and 2015, each time extending its duration and expanding its scope. The most recent renewal, signed by President Barack Obama in 2015, extended the programme for 10 years, setting its expiry date at September 30, 2025.
    But hope has been dashed as the future of the Act hinged on congressional action to renew or amend it before that deadline did not happen before its expiry. This development is coming amid growing debate in Washington over its effectiveness and the changing global trade environment.

    But in a document assessing the implications of the stalled decision, the UN said the absence of clarity on AGOA’s future was already discouraging long-term business commitments and exposing vulnerable economies to renewed shocks.
    The body urged the US Congress to expedite the renewal process, noting that further delays could erode the progress made under the two-decade-old trade pact that has served as a cornerstone of Africa–US economic relations.

    Besides, African governments, businesses, among others, warned that the prolonged US inaction could disrupt trade flows, weaken investor confidence, and stall regional growth.
    “Unless the African Growth and Opportunity Act (AGOA) is renewed, African exporters of agricultural products and light manufactures could face shrinking market access to the United States, undermining prospects for diversification,” the UN organisation said in the document seen by THISDAY.

    A chart showing how the development would impact African nations indicated that before January 2025, Nigeria paid no tariffs (0 per cent) on AGOA-eligible exports to the US. In the same vein, it stated that under the Act, about 35.9 per cent of Nigeria’s total exports to the US benefit from AGOA.
    The chart also broke down which sectors would be most affected now that AGOA has ended, including: Minerals and chemicals (71 per cent) —including crude oil and related products, Nigeria’s main export under AGOA.

    Also included are: Metals, machinery, and transportation (21 per cent), which is an umbrella for items like manufactured metal goods and vehicles; agriculture and food (7 per cent) — plus crops and processed foods while, while textiles and apparel, including clothing and fabrics have 1 per cent of the total trade.
    According to the UNCTAD report, since its launch in May 2000, AGOA has supported sub-Saharan African exports to the US through preferential access. However, the recent expiry of the scheme, it said, would threaten export diversification and industrialisation across the continent.

    “African and non-African exporters are already facing increased trade barriers in the US market.  Country- and sector-specific tariffs that have been introduced by the US since April 2025 have increased tariffs for the average AGOA country from below 0.5 per cent to 10 per cent. For key exports, such as agriculture and food products, metals, machinery and transportation, textiles and apparel, they have already triggered a double-digit increase in duties.

    “The expiry of AGOA would disproportionately affect Africa’s light-manufacturing exports to the US, namely apparel and agro-food products, such as fish and dried fruits. Without AGOA’s preferential treatment, the 32 countries that received preferences until September 2025  would face a second wave of tariff increases as country-specific and sectoral tariffs would be added on top of most-favoured nation (MFN) rates, instead of the current preferential treatment under AGOA.

    “Due to varying tariff rates and exceptions for sensitive raw materials, African exports of agricultural goods and manufactured products would be subject to tariffs that are 2-to-3 times higher than those applied on fuels and minerals,” the UN organisation stated.
    According to the report, exporters of mined commodities are the least affected by the US tariff changes on African goods.

    Countries like the Democratic Republic of Congo, Nigeria or Angola—whose exports are primarily fuels and minerals, the report said, face minimal tariff increases, as their main exports,  already benefit from low MFN tariffs, or exemptions from additional duties.

    More diversified economies, such as South Africa, are less exposed to AGOA’s expiry but have already experienced significant tariff increases this year due to country-specific and sectoral tariffs, the UN added.
    “AGOA’s expiry could further hinder Africa’s industrialisation and export diversification. Since most US imports from AGOA-eligible countries already consist of fuels, metals, and agricultural raw materials, the end of the trade pact could further exacerbate commodity dependence.
    “Labor-intensive sectors, like apparel and agriculture, could be disproportionately affected, with negative repercussions not only on export diversification, but also on poverty reduction and women’s employment,” it stressed.

    If AGOA is not renewed, nine African countries will face an average US tariff of 15 per cent or more—up from just 3 per cent today, the report emphasised.
    “Small exporters specialising in apparel and agricultural products, such as Lesotho, Kenya, Cabo Verde, Madagascar and the United Republic of Tanzania, would be among the most affected, with average trade-weighted tariffs doubling to 20 per cent or higher.

    “This would imply that African exports to the US could face higher tariffs than those from many developed countries. As such, it would be at odds with the commitment to support developing countries’ integration into the global market,” UNCTAD said.
    According to the UN body, AGOA exports refers to the share of exports to the US eligible under AGOA and not total exports.

    Although through AGOA, Congress seeks to increase US trade and investment ties with the region, promote economic growth through trade, and encourage the rule of law and market-oriented reforms, the latest efforts to renew it have not been successful. There are currently 32 AGOA-eligible SSA countries, of 49 potential programme country beneficiaries.

    A US Congress document seen by THISDAY showed that in 2024, US AGOA imports totaled $8.0 billion, down 13 per cent from $9.3 billion in 2023. AGOA imports remain concentrated in a few countries and industries, but diversification has grown since the 2000s.

    Crude oil imports stood at $2.0 billion in 2024, and comprised 25 per cent of AGOA imports. Such imports peaked in 2011 with a value of $48 billion, but have fallen partially due to expanded US production. Nigeria was the top AGOA supplier of crude oil to the United States in 2024 ($1.6 billion).
    Non-energy imports in 2024 were valued at $6.0 billion. Top non-energy import categories include: Passenger vehicles ($2.4 billion), apparel ($1.2 billion), agricultural and food products ($949 million), base metals ($711 million), and chemicals ($251 million).

    In October 2024, the Nigerian government called for an extension of the AGOA beyond its 2025 deadline. Speaker, House of Representatives, Tajudeen Abbas, made the call while speaking during the AGOA training workshop organised by USAID and Prosper Africa for stakeholders in Nigeria’s Textile and Apparel industry.
    Abbas said AGOA has been crucial in fostering trade and economic development between Africa and the United States by providing African countries access to US markets and allowing them to diversify their economies beyond raw materials.

    He, however, noted that even though Nigeria is a beneficiary of the policy and has great potential to capitalise on the opportunities, many Nigerian businesses remain unaware of the programme, thus limiting their chances of benefitting from it.

    Elsewhere, Kenyan President William Ruto said during the recently ended UN General Assembly: “I will be asking (Trump) for the US to consider seriously renewing and extending AGOA for at least a minimum of five years.” “It is a platform that connects Africa and the U.S. in a very fundamental way,” he added.
    AGOA-dependent industries likely employ some 1.3 million people whose jobs are now at risk — in countries where many people have few if any other options in the case of sudden unemployment.

    In Kenya, more than 66,000 people, many of them women, were employed through now-vulnerable textile and apparel exporters to the US. In the garment districts of Kenya’s bustling capital, job cuts and fears over livelihoods have already begun, it was learnt.

    ​  

    Emmanuel Addeh in Abuja There’s mounting uncertainty over the delayed renewal of the African Growth and Opportunity Act (AGOA) by the Donald Trump-led US government, triggering concern from some quarters,

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Business & Economy

    DataPro Marks 30th Anniversary with Finance Webinar

    Adedeji: New Tax Regime Will Usher Unprecedented Opportunities for Economy

    Polaris Bank, NCF Expand Tree Planting Drive to Lagos, Others

    ipNX Calls for Reliable Backbone Infrastructure to Drive AI Adoption 

    Segilola: Nigeria’s Solid Minerals Sector is Investable, Profitable

    Panasonic, Proxynet Communications to Deliver Advanced Broadcast Solutions 

    Terra Creates Unforgettable Moments in the BBN House

    STEM Africa Fest: Boosting Human Capital Development

    OPEC+ approves modest oil output increase for November 

    NAICOM says over 1.47 million farmers covered under agricultural insurance  

    AI strategy: NITDA says Nigeria co-creating framework with innovators, startups 

    Nigerians need ‘37.6 days’ income to afford a plane ticket – Report  

    Best performing Nigerian stocks for the week ended October 3, 2025 

    Bitcoin price surges to all-time high above $125,000

    New tax laws provide clarity, not higher burden on crypto traders – Taiwo Oyedele 

    Bitcoin surges to all-time high, crosses $125K 

    Meet 10 Diasporan Nigerians who have built multimillion dollar businesses 

    Lagos shuts Itedo Market in Lekki over environmental violations

    AMCON: A Lifeline Lender or Permanent Burden?

    Chinese firm CteeC, Ogun State partner to build 3MW power plant, industrial park

    Mayor of Atlanta applauds Fidelity FNITCC Conference 

    Chapel Hill Denham dominates NGX brokerage charts of top 10 firms in weekly trading 

    ‘Winning with Strategic Communications’ set to bridge the gap between theory, practice

    Zedcrest Wealth launches the “Make Accounts Great Again” campaign to redefine wealth management 

    Electricity Act: FOCPEN refutes claim 24 states backtracked on reforms

    Traffic index 2025 shows Nigeria tops global congestion ranking 

    NEXIM Bank travel expenses surge 4,500% to N3.9bn in 2024 

    Nollywood’s $6.4 billion industry at risk without stronger IP laws – EbonyLife lawyer 

    FCCPC approves the sale of Chivita|Hollandia to UAC of Nigeria PLC 

    Infinix bags double awards at Marketing Edge 2025 Awards 

    How to move to Canada as a tech worker in 2025

    AI startups dominate global VC funding in 2025 with $192.7 billion  

    Top 10 Nigerian stocks with the biggest investor returns in Q3 2025

    Nigeria’s business confidence rises to 107.9 points in September  

    10 Lagos markets to buy wholesale clothing for your business 

    FG Seeks Patronage for Local Auto Manufacturers, Endorses Nord Motors