Business
Nigeria’s Oil Reserve Grows By 1.4% To 37.5bll Natural Gas By 0.5%

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said Nigeria’s oil and gas reserves grew marginally in 2023 by 1.4 percent and 0.5 percent respectively.
NUPRC, in its annual national petroleum reserves position report, disclosed that as at January 1, 2024, revealed that oil reserves stood at 37.50 billion barrels compared to 36.966 recorded on January 1, 2023.
The reserve is made up of crude oil at 31.56 billion barrels and condensate oil at 5.94 billion barrels.
For natural gas, the Commission said reserves stood at 209 trillion cubic feet as at January 1, 2024, compared to 208.83TCF recorded over the corresponding period last year.
The gas reserve is made up of 102.59TCF of associated gas and 106.67TCF of non-associated gas.
At a press briefing in Abuja, the Chief Executive, NUPRC, Engr. Gbenga Komolafe, explained the growth of oil and gas reserves came from the contributions from the development of brown fields which were given out through the marginal field awards.
On the move to ensure that domestic refineries have enough crude oil for refining, Komolafe said a new template for domestic crude oil supply obligations has been released and has also become effective.
He stressed that with domestic crude oil supply obligations in place, he expects Nigeria to become self-sufficient in the supply of petroleum products when the Dangote and NNPC refineries come on stream fully in the second of the year.
“The strategic initiative aligns with the policy of the current administration and the declaration of President Bola Ahmed Tinubu that Nigeria is ready for business. Mr. President, as part of his fiscal policy, vacated barriers to investment in the oil and gas sector.
“Furthermore, this aligns with Nigeria’s commitment to bolstering domestic refining capacity and ensuring the sustainability of its oil industry.
“The template provides a transparent framework aimed at fostering collaboration among stakeholders for a thriving energy sector”, he said.
He disclosed that the template resolved about ten issues affecting crude supply to local refineries including load allocation and currency of payments.
Komolafe explained that the currency of payment will be mixed, adding “(a) the payment shall be in either United States Dollar or Naira or both, (b) where the payment is in both currencies, the payment split shall be as agreed in the SPA (Sales and Purchase Agreement) between the Producer and the Refiner”.
Business
USTR Criticises Nigeria’s Import Ban On Agriculture, Others
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
Business
Expert Seeks Cooperative-Driven Investments In Agriculture
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
Business
NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
King Onunwor
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