Business
Nigeria’s Crude Oil Production Hits 236 Million Barrels in First Half of 2024
Nigeria produced 236,229,281 barrels of crude oil in the first half of 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Monthly production figures show 44.2 million barrels in January, 38.3 million in February, 38.1 million in March, 38.4 million in April, 38.8 million in May, and 38.3 million in June.
This production marks an increase from 219.5 million barrels in the same period in 2023 but is lower than the 302.42 million barrels produced in the first half of 2020.
The average daily production fluctuated from 1.43 million barrels per day (mbpd) in January to a low of 1.23mbpd in March, with slight recoveries in subsequent months.
Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited, highlighted the challenges of oil theft and vandalism, which hinder investment and production.
Despite these issues, Kyari expressed optimism that Nigeria would soon achieve a production rate of two million barrels per day.
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
- MTN Nigeria Communications Plc (MTNN) – Strong telecom growth and 5G expansion.
- Dangote Cement Plc (DANGCEM) – Leading cement maker benefiting from infrastructure demand.
- Guinness Nigeria Plc (GUINNESS) – Consumer stock with solid turnaround potential.
- Okomu Oil Palm Plc (OKOMUOIL) – Agriculture stock tied to palm oil demand.
- Seplat Energy Plc (SEPLAT) – Energy player with gas and oil sector exposure.
- Zenith Bank Plc (ZENITHBANK) – Tier-1 bank with strong financial performance.
- Guaranty Trust Holding Company Plc (GTCO) – Leading bank with diversified revenue streams.
- Presco Plc (PRESCO) – Palm oil producer with export and dividend potential.
- NASCON Allied Industries Plc (NASCON) – FMCG stock with strong fundamentals.
- Aradel Holdings Plc (ARADEL) – Growing energy sector stock with upstream exposure.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
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