- Nigeria’s crude oil production in October rises by 35,000 barrels – OPEC
The Nigeria Customs Service has announced that it collected N5.7 trillion in revenue as of Tuesday, November 12, 2024.
The Comptroller General of Customs, Adewale Adeniyi, disclosed this on Wednesday at the ongoing 2024 Comptroller-General of Customs Conference in Abuja.
Adeniyi expressed optimism about the service’s capacity to achieve more for the economy.
“Our strategic engagements and collaborative approaches have yielded remarkable results across our core statutory responsibilities. I am pleased to announce that, as of 12 November 2024 at exactly 13:10 Hrs, the NCS hit its 2024 revenue target of NGN 5.07trn, collecting NGN5.079trn with more than a month remaining in the fiscal year,” Adeniyi said.
Discussing the service’s strides in trade facilitation, Adeniyi noted that six beneficiaries of the Authorised Economic Operators programme have been carefully selected.
He added that 21 requests have been processed under an advance ruling programme aimed at fostering quicker customs decision-making on import and export cargoes prior to their arrival at the ports.
The Comptroller General also highlighted that the service’s time release study has advanced the drive towards 24-hour cargo clearance and reduced dwell time at the ports.
Adeniyi praised Operation Whirlwind, a joint initiative guided by the Office of the National Security Adviser and supported by the Nigerian Midstream and Downstream Petroleum Regulatory Agency, aimed at curbing fuel smuggling.
Nigeria’s crude oil production in October rises by 35,000 barrels- OPEC
Nigeria, the largest producer of crude oil in Africa, has recorded an average 35,000 barrels increase in crude output in October, rising to 1.434 million barrels per day.
The Organization of Petroleum Exporting Countries’ latest oil market report revealed that Nigeria’s crude oil production rose from 1.399 million bpd in September, according to secondary data from Nigerian authorities.
Direct communication showed that Nigeria’s average crude oil production for October was 1.333 million bpd, an increase of 9,000 barrels compared to 1.324 million bpd in the previous month.
On Monday, the Nigerian Upstream Petroleum Regulatory Commission stated that the country’s crude oil production, including condensates, rose by 16.56 percent in October 2024, reaching 1.8 million barrels per day, up from 1.54 million bpd in September.
This achievement was shared by Gbenga Komolafe, Commission Chief Executive of the NUPRC, at the 42nd Annual International Conference & Exhibition of the Nigerian Association of Petroleum Explorationists in Lagos.
Komolafe noted that this boost allows Nigeria to surpass the OPEC quota of 1.5 million bpd.
Represented by Enorense Amadasu, NUPRC’s Executive Commissioner for Development and Production, Komolafe revealed that plans are in place to further increase production to two million bpd by December 2024.
According to OPEC, the current output figure represents a 0.68 percent rise from the 1.32 million bpd recorded in September.
As a result, the current production figure indicates that Nigeria retained its position as the biggest oil producer in Africa, surpassing Algeria, which produced 909,000 bpd in October, according to the oil alliance.
OPEC said Congo produced 265,000 bpd in October, making the country the third-largest oil producer in Africa.
However, the oil cartel said secondary sources reported that Nigeria’s crude production increased by 2.88 percent to 1.43 million bpd in October — up from 1.39 million bpd in September.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.53 mb/d in October 2024, which is 466 tb/d higher, m-o-m. Crude oil output increased mainly in Libya, Nigeria and Congo, while production in IR Iran, Iraq, and Kuwait decreased,” the oil cartel said.
