Business
Joints Reps C”ttee Task Minister Of Blue Economy on Utilization of $1.8t

From Lateef Taiwo
Senators and members of the House of Representatives yesterday tasked the Minister of Blue Economy, Chief Adegboyega Oyetola on the need for Nigeria to tap into the $1.8 trillion Blue Economy potentials in order to improve the revenue generation through the Maritime industry.
The lawmakers under the Joint senate and house of representatives
joint Committees on Ports & Harbours and other Standing Committees,
gave the charge during the 2024 budget defence held at the National Assembly Complex, in Abuja.
Meanwhile lawmakers jave also expressed regrets over the report on the loss of over N1 trillion revenue due to poor infrastructure in the maritime industry in the country.
They equally expressed concerns over the activities of shippers/importers who abandoned Nigerian Ports to berth at the ports owned by neighbouring countries, as well as roadmap towards addressing myriad of challenges facing the industry.
During the scrutiny of the 2024 budget proposal, the lawmakers also demanded for breakdown of the lump sum of N1 billion proposed for procurement of official vehicles for the Minister, permanent secretary (2 Toyota Landcruisers), 7 Innoson Pickups for Project vehicles and 7 units of 28 seater CNG buses for the new ministry.
The lawmakers also queried the Ministry over the underutilization of N130 million released for rehabilitation, utilisation and patronage of eastern ports (N10 million); monitoring for navigational channels Calabar River Port (N15 million); Women empowerment on maritime related activities, world seafarers day and world women in maritime international day (N25 million); Coordination of process of establishing/designating a National Career (Shipping) – N20 million; International seabed Authority (ISA)/United Nations Convention on law of the sea (UNCLOS) and Development of Inland Dry Ports including Ministerial Standing Committee on delivery of Inland Dry Ports (N10 million), respectively.
Speaking earlier, Minister of Blue Economy, Chief Adegboyega Oyetola explained that the total capital appropriated for Marine related programmes in 2023 was N777 million, out of which N448,027,468 has been utilised as at the end of November, 2023.
According to him, from the sum of N382,185,472 was appropriated for overhead expenditure, out of which N254,790,314.70 was released as at 29th November, 2023.
In the proposed 2024 budget proposal, the Ministry proposed N10,781,130,916 as total capital budget while the sum of N191,086,917 as overhead expenditure.
He observed that three of the agencies under the ministry, namely NPA, NIMASA and NSC are fully self-funding and make reasonable remittances to the Consolidated Revenue Fund (CRF/TSA) while National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, Oron and Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) derive their funding from both the Federal Government Budget and Internally generated revenue.
While responding to various questions from the lawmakers, the Minister disclosed the Ministry’s plans to dredge some of the existing ports while efforts are being intensified to build new ports in various locations across the country, including Badagry in Lagos State and Ondo State.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
Business
US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

By: Fabian Apechihin
The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.
Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.
According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.
Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.
“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.
He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.
“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.
Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?
Business
NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment
• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta
The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.
In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.
“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”
According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.
The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.
NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.
In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.
The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.
“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”
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