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Nigeria’s Crude Production To Increase By 30,000bpd

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Nigeria’s Crude Production To Increase By 30,000bpd

*** As VP Shettima launches Oriental Energy’s FPSO facility in Dubai, says it’s symbol of national ambition

*** Vessel heads for Nigeria as firm launches $315m offshore asset

By: Our Reporter

In a major gain for President Bola Ahmed Tinubu’s oil sector reforms, Nigeria’s Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage and Offloading (FPSO) vessel to boost Nigeria’s oil production capacity.

The FPSO vessel, with a storage capacity of one million barrels, which will kick off with an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 bpd is expected to depart for Nigeria in Q1 2025 and commence production at the Okwok Oil Field in the first half of 2025.

Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the commissioning and naming ceremony of the vessel, described the facility as more than just a maritime infrastructure project, saying it is a pointer to the success of President Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.

Speaking on Saturday while commissioning the oil facility at the Drydocks World Dubai Shipyard in Dubai, the United Arab Emirates, VP Shettima pointed out that what sets Nigerians apart is not merely the audacity of their ambition, but their unique understanding of where the world is headed.

“This FPSO vessel is more than just a technological achievement; it is a symbol of Nigeria’s ambition and our readiness to meet global energy demands. Under President Tinubu’s leadership, we are witnessing the transformation of the oil and gas sector, which is central to our economic revitalisation efforts,” the Vice President said.

According to him, the vessel is a critical link in Nigeria’s ambition to optimise productivity, enabling the country to become a central hub for hydrocarbon demand, both domestically and globally.

The Vice President lauded Alhaji Muhammadu Indimi, the Executive Chairman of Oriental Energy Resources Limited, for his remarkable contributions to the industry.

He stated: “Over the decades, Alhaji Muhammadu Indimi has stood as a model businessman and symbol of excellence in the oil and gas industry. So, it’s not surprising that his vision has transformed Oriental Energy Resources Limited into a global phenomenon.

“This outcome testifies to what is possible when ambition is matched with perseverance and expertise. His journey reminds us that Nigeria is a land of opportunity, and with dedication, there is no limit to what we can achieve.”

VP Shettima further explained that as Nigeria’s home-based refineries come alive, vessels like this will be instrumental in maximising the nation’s production capacity and driving economic growth.

“Just about two weeks ago, His Excellency, President Bola Ahmed Tinubu, was in Paris, where he oversaw the expansion of one of Nigeria’s indigenous banks into that sphere of the European financial market. That historic moment reflected our collective aspiration as a nation,” he noted.

Senator Shettima further pointed out that the UAE demonstrates what can be achieved when natural resources are leveraged effectively, just as he reaffirmed the Nigerian government’s support for transformative initiatives “which align with Nigeria’s vision for expanding hydrocarbon exploration, storage, and refining.

“This FPSO vessel symbolises a future where Nigerian ingenuity meets global standards, and we will be here every step of the way to ensure its utility and success,” he added.

Expressing delight in the project, Borno State Governor, Prof. Babagana Umara Zulum, commended the vision and tenacity of the Chairman of Oriental Energy Nigeria, saying his investment will stimulate economic growth and create job opportunities for many Nigerians, as well as ensure steady growth and development of the nation’s economy.

Governor Zulum said, “Today is one of my happiest moments to stand before this gathering. I make my brief remark because Alhaji Ndimi is from Borno State, and I’m happy to note that the production of this vessel was born 100 percent by his own company, which has never happened in Nigeria. This goes to show how committed Alhaji Mohammed Ndimi is to the growth and development of not only Borno State but the entire country.”

Also, Nasarawa State Governor, Engr. Abdullahi Sule, applauded the Chairman of Oriental Energy, Alhaji Indimi, and his technical partners, noting that to truly appreciate the oil mogul, it would be best to know that he wasn’t the only person that was allocated an oil block in the 90s.

“There were so many of them. But from what we are witnessing today, he will go down as one who believes in Nigeria, who believes in investing in Nigeria, who believes in the government of Nigeria, who appreciates Nigeria. And that is the reason why he is investing in this baby here that is going to store one million barrels of crude oil,” he noted.

Earlier, while welcoming the Vice President and his entourage at the event, Chairman/CEO of Oriental Energy Resources Ltd, Alhaji Indimi, revealed that the facility is the first FPSO to be fully funded by a Nigerian indigenous company.

The vessel named ENEM FPSO, the chairman added, has heralded an effort for an indigenous Nigerian oil and gas company to independently develop a marginal field, stressing that it is an important milestone for Nigeria and its indigenous oil and gas sector.

He continued: “When operating at full capacity we expect the Okwok Oil Field to produce up to 30,000 barrels of oil a day, significantly enhancing Nigeria’s oil production and contributing to the government’s ambition to increase oil revenue to fund Nigeria’s development.

“The Okwok field is just one step towards our long term ambition to deliver 100,000 barrels of oil per day of production in Nigeria. We have a strong set of proven assets, and a development pipeline that can deliver it.

“I want to take this opportunity to thank the Nigerian government; His Excellency, President Bola Ahmed Tinubu; His Excellency Vice President Kashim Shettima, and the dedicated officials and civil servants in the Ministry of Petroleum Resources, NURPC and the other agencies that have provided the enabling environment for this investment”.

In his own remarks, the Chief Executive Officer of Drydocks Dubai, Capt. Dr. Antolovic Rado, assured that the vessel, when fully operational, will contribute significantly to the sustainable development of the Okwok oil field region and would support economic growth and energy security.

He noted that the success achieved by Oriental Energy’s huge investment in the oil sector, has set a benchmark for operational excellence and safety to Oriental Energy Resources Limited and other partners.

On his part, representative of partners, HBA & World Carriers Corporation, Mr Hassan Basma, said the vessel, EMEM, with many features is significant in many ways, especially being the first of its kind (indigenous-owned project) in Nigeria, financed wholly in Nigeria and predominantly done by a Nigerian workforce.

He added that the partners aimed to develop the vessel to become the centre of excellence, not only for Nigeria, but for the entire coast of Africa.

According to him, the completion of the project satisfied not only the NCD requirements, but aligned with the company’s ESG in line with the spirit of Nigeria.

Nigeria’s Crude Production To Increase By 30,000bpd

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ECOWAS Moves to Solidify Movement Across West African Countries, Inaugurates EU-funded Programme on Migration

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ECOWAS Moves to Solidify Movement Across West African Countries, Inaugurates EU-funded Programme on Migration

By: Michael Mike

The Economic Community of West African States (ECOWAS) Commission is consolidating movement of citizens of West Africa by inaugurating the second phase of the European Union (EU) funded project “Support to Free Movement of Persons and Migration in West Africa (FMM II)” to advance economic growth.

Vice-President of the ECOWAS Commission, Mrs Damtien Tchintchibidja reiterated the commitment of economic blog to ensure free movement and encourage commerce and economic development in the sub region at the inauguration of the FMM II in Abuja on Thursday.

The event was organised by the International Organisation for Migration (IOM), in partnership with the International Labour Organisation (ILO), International Centre for Migration Policy Development (ICMPD) and the ECOWAS Commission.

The vice-president explained that the FMM is designed to promote the free protocol and movement of persons, goods and services, as vision of ECOWAS for regional integration.

According to her, the initiative would demonstrate renewed commitment to ensure migration governance and regional mobility serve as pillars of development within the sub-region.

Tchintchibidja added that: “During the first phase of the project, we made significant progress in enhancing migration governance, strengthening boarder management and operational license to drive the free protocols.

“We reinforced migration governance, harmonised policies, strengthened border management systems, facilitation of labour mobility and supporting member states in aligning national policies with ECOWAS migration instruments.

“These achievements played key roles in enhancing regional security and economic mobility within our region, however, our work is far from over, benefits of migration must be fully harnessed.

“This requires structured, coordinated approach both at national and regional levels; we are optimistic FMM II will serve as vehicle towards addressing new-migration challenges, while capitalising on emerging opportunities.

“The FMM II will enhance mobility across borders in safe and orderly manner, through specific efforts to ascertain migration governance framework, enhance coordination mechanism, data driven policy making and integrated approaches.”

She stressed the need for collaborative efforts to ensure that migration contribute positively to economic growth, stability and social-coercion in the ECOWAS region.

Speaking at the event, the Head of Cooperation of the European Union (EU), Mr Massimo De Luka, said the five-year project aims to maximise development potential of free movement of persons and migration in West Africa.

He noted that the project would be achieved through support of the effective implementation of the ECOWAS Free Movement of Persons Protocol and the ECOWAS Common Approach to Migration.

He said: “The basis for cooperation and coordination on improving free movement of persons and migration in West Africa has been established.

“The second phase will deepen the cooperation in enhancing migration governance and at the same time commit to regional integration.”

Meanwhile, the Commissioner for Economic Affairs and Agriculture, Massandjé Toure-Litse commended the milestones achieved during the first phase to be in line with ECOWAS mission.

Toure-Litse was represented by Mr Albert Siaw-Boateng, Director, Free Movement of Persons of ECOWAS Commission/Project Coordinator, West Africa Unique Identification for Regional Integration and Inclusion (WURI).

Toure-Litse said, “This milestone reaffirms our collective commitment to regional integration, migration governance and sustainable development, which are core principles that underscores the ECOWAS mission.”

ECOWAS Moves to Solidify Movement Across West African Countries, Inaugurates EU-funded Programme on Migration

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FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

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FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

** We’ll be more deliberate in supporting small business owners to grow – VP Shettima

By: Our Reporter

The Vice President, Senator Kashim Shettima, has said that the federal government, working in collaboration with other stakeholders, will be more deliberate in ensuring growth in the Micro, Small and Medium Enterprises (MSMEs) space in Nigeria.

To this end, the National Council on Micro, Small and Medium Enterprises (MSMEs) has set up a committee to interface with the Central Bank of Nigeria to enhance the financing of small businesses in the country.

This was part of decisions taken on Tuesday at the first meeting of the National Council on MSMEs for 2025 held at the Presidential Villa, Abuja.

Speaking after deliberations by members, Vice President Shettima said the federal government, through its agencies and partners, has the moral burden of supporting growth in the MSME space and facilitating job creation across different sectors for Nigerians.

Reeling out the mandate of the committee, the Vice President said the efforts of the administration of President Bola Ahmed Tinubu in supporting small businesses, evident in important policies and programmes, need to be complemented by stakeholders, especially the private sector.

The committee headed by the Minister of State for Industry, Trade and Investment, Sen. John Enoh, has Ministers of Science and Technology; Women Affairs; Minister of State for Agriculture and Food Security and the Senior Special Assistant to the President on MSMEs as members.

Others include the CEOs of Bank of Industry, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Agriculture (BOI), Nigeria Export-Import Bank (NEXIM Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), and the representative of NACCIMA and the organized private sector.

In the same vein, Council also approved a loan scheme for MSMEs known as the syndicated de-risked loans for small businesses.

The scheme will be a partnership between state governments and financial institutions aimed at enhancing access to finance for MSMEs at single-digit rates across the country.

Vice President Shettima advised state governments to set up vehicles that are devoid of political interests to drive the implementation of the syndicated de-risked loans for the MSMEs scheme.

“Some of these initiatives are laudable and will need to outlive the present administrations in the States. Regardless of political affiliations, Nigerians must be seen to be the ultimate beneficiaries of these schemes that we are trying to put in place,” the VP stated.

Earlier, the Senior Special Assistant to the President on MSMEs, Mr Temitola Adekunle-Johnson, presented the ‘syndicated de-risked loans’ scheme for small businesses, seeking the cooperation of members and describing it as a game-changing programme to provide affordable and available loans for businesses.

He said the initiative is in acknowledgement of the President’s passion and commitment to the development of small businesses and aimed at providing more jobs for Nigerians.

In his presentation on the state of MSMEs in Nigeria, the DG SMEDAN, Mr Charles Odii, said the agency was proposing an initiative which was born from a 3-day MSME conference held in 2024.

He said the initiative known as the GROW Nigeria strategy is to provide guidance, resources, opportunities, and the workforce to support the about 40 million small businesses across 8 distinct sectors.

Present at the meeting were the Deputy Governor of Enugu State, Mr Ifeanyi Ossai; the representatives of the Governors of Benue and Katsina States; the Minister of State for Industry, Trade and Investment, Sen. John Enoh; Ministers of Science and Technology, Mr Uche Nnaji; Women Affairs, Hajiya Imaan Sulaiman-Ibrahim; Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi; representative of the Governor of Central Bank of Nigeria.

Others are the CEOs of Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Export-Import Bank (NEXIM Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), NAFDAC, Standards Organisation of Nigeria (SON); National Bureau of Statistics (NBS); the Presidents of NACCIMA and National Association of Small and Medium Enterprises (NASME).

FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

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Akume Insists Tinubu Means Well for the Nation

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Akume Insists Tinubu Means Well for the Nation

By: Michael Mike

Secretary to the Government of the Federation, Sen.George Akume has said President Bola Tinubu means well for the nation, pledging to continue to work hard to support the Nigerian leader to achieve his many laudable programmes and vision for the country.

Akume made the promise at the weekend when he was decorated as “Star Associate of President Tinubu,” and Grand Patron of the Nationwide Tinubu Connect Associates (NTCA),

The Secretary to the Government of the Federation, made the declaration while he was decorated as “Star Associate of President Tinubu” by the National Co-ordinator/President of the Nationwide Tinubu Connect Associates (NTCA), Hon. Henry Nwabueze, who led a delegation of leaders of the Movement to the SGF ‘s office at the weekend in Abuja.

Akume pledged to continue to support the policies of President Bola Tinubu in his quest to make Nigeria safe and economically viable again.

He also pledged to continue to work hard to support the Nigerian leader to achieve his many laudable programmes and vision for the country.

Nwabueze, on his part said Sen. Akume has given so much in service to Nigeria and in support for the Tinubu Administration that he became the best choice for the position of the Movement’s Grand Patron and the first to receive the award of “Star Associate of President Tinubu,” an award intended for those in diverse fields of endeavour whose very efforts are promoting the vision of Mr. President for a better Nigeria.

According to Nwabueze, a former President of the National Youth Council of Nigeria (NYCN) and distinguished Delegate at the 2014 Justice Kutigi Nigerian National Conference initiated by the Jonathan Administration, Sen. Akume represents the Tinubu Administration’s efforts aimed at injecting competence, maturity as well as discipline and hard work in public governance, and thanked the SGF for accepting the two honours, revealing that in the weeks ahead Nigerians would see the advocacy campaigns of the Movement in support of President Tinubu’s efforts at repositioning the country.

He reiterated the advice to Nigerian politicians that anyone who is wishing to contest for the Office of President in 2027 should have a rethink, stressing that there will be no vacancy in Aso Rock Villa in that year.

Nwabueze added that: “The occasion today is a very short one and, therefore, does not require long speeches.

“Let me start by conveying the appreciation of the entire membership of the Nationwide Tinubu Connect Associates (NTCA), both at home and in the Diaspora, all who have unanimously agreed that the man that has been chosen as our Grand Patron more than fits the bill.

“For several years, even before some of us were born,His Excellency, Distinguished Senator (Dr.) George Akume,CFR,has continued to serve this nation in diverse capacities.

“Whether as Permanent Secretary or Governor in his native State of Benue, Sen.(Dr.) Akume has for over fifty odd years held the flag of service and servant-leadership that has produced men and women of consummate repute and honour.

“Whether as Senator, Minister or even Secretary to the Government of the Federation,Sen.(Dr.) Akume’s place in the annals of history of our great nation remains one of honour well-deserved and laurels perpetually treasured.

“So, as we stand here today to decorate him as our Grand Patron and Star Associate of President Tinubu,the first in our list for such Honours,we are merely giving expression to what those who came before us saw to enlist him in the Benue Plateau Civil Service of his day,to make him Permanent Secretary in the Benue State Civil Service many years later,to make him Governor,to make him Senator, Minister and, today, Secretary to the Government of the Federation (SGF).

“On behalf of the National Executive Council and, indeed,the General Congress of the Nationwide Tinubu Connect Associates at home and abroad, I, Uche Henry Nwabueze, with the powers tacitly conferred on me by the Constitution of our Organisation, and in the name of the Most High God… Decorate you as Grand Patron of NTCA and as a Star Associate of President Bola Ahmed Tinubu.

“Your Excellency, the SGF is by this decoration welcomed to function in this capacity with all the rights and privileges attached thereto.

“Accept our humble congratulations,Your Excellency, our Grand Patron,”

The Nationwide Tinubu Connect Associates( aka: No Vacancy in Aso Rock 2027) is a registered group of like-minded Nigerians at home and in the Diaspora,who are committed to the promotion of the laudable efforts and programmes of the Tinubu Administration to repositioning Nigeria for greatness

The Movement has membership in all the States of the Federation and the 774 Local Government Councils.

Akume Insists Tinubu Means Well for the Nation

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