Connect with us

Business

Tinubu approves commercial oil drilling in Ogun

Published

on

President Bola Tinubu has approved the commencement of commercial oil drilling at Tongeji Island in Ipokia Local Government Area of Ogun State.

Governor Dapo Abiodun disclosed this on Thursday while receiving the Flag Officer Commanding, Western Naval Command, Rear Admiral Abubakar Abdullahi Mustapha, alongside senior officers of the command, during a courtesy visit to his office in Oke-Mosan, Abeokuta.

The governor also revealed that the President had approved the immediate take-off of the Olokola Deep Seaport project located in Ogun Waterside Local Government Area, describing the decision as a major breakthrough after years of anticipation surrounding the multibillion-dollar port project.

Abiodun said both projects were of special interest to President Tinubu, noting that while the Olokola Deep Seaport would significantly decongest the Lagos ports, commercial oil drilling at Tongeji Island would promote inclusion and economic empowerment for residents of coastal communities.

“Let me share with you that Mr President has approved the commencement of commercial oil drilling operations at Tongeji Island, and going forward, you will begin to see a lot of activities there.

“Our proposed Olokola Port, which has been on the drawing board for several years, is now back on the table. I want to sincerely thank Mr President because this is solely his initiative. In the last two weeks alone, we have held several meetings on Olokola, and Mr President has clearly expressed his desire to see the port become a reality”, the governor said.

Abiodun added that the President had specifically directed that construction of the port should be far advanced between now and next year, stressing that the project presents a strong opportunity to decongest the Lagos ports, especially with the coastal road providing an alternative logistics corridor.

See also  Tinubu Orders Probe Of Recurring Kano Market Fires

He further disclosed that the new seaport would be known as the Blue Marine Economic Zone, reflecting its strategic coastal location and vast economic potential.

The governor commended the Nigerian Navy for establishing a Forward Operations Base at Tongeji Island, noting that the naval presence would help prevent infiltration from the neighbouring Republic of Benin and discourage any attempts to undermine Nigeria’s territorial integrity.

He also said his administration was working to provide basic amenities for residents of the island as part of efforts to improve living conditions and support emerging economic activities.

Abiodun appreciated the Nigerian Navy for its contribution to the state’s security architecture, noting that collaboration among security agencies had helped sustain the relative peace currently enjoyed in Ogun State.

Describing Rear Admiral Mustapha as a seasoned and accomplished officer, the governor expressed confidence that Ogun State would experience enhanced security and progress under his leadership.

“We are happy that someone with your antecedents, background, training, and experience is occupying this position at this time. You are a round peg in a round hole,” the governor said.

Earlier, Rear Admiral Mustapha described Ogun State as critical and strategic to Nigeria’s national security, disclosing that the naval outpost at Tongeji Island would be upgraded to a Forward Operations Base due to the area’s oil potential.

He explained that the visit was aimed at strengthening synergy between the Nigerian Navy and the Ogun State Government, adding that part of his responsibility was to safeguard Nigeria’s border with the Republic of Benin and prevent criminal elements from gaining a foothold in the state.

See also  OPay named The Sun’s first-ever Fintech/Digital Bank of the Year 2025

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Kwara strengthens partnership to boost mechanised farming

Published

on

The Kwara State Government has strengthened its partnership with the All Farmers Association of Nigeria and other agricultural stakeholders to advance mechanised farming, environmental sustainability and women inclusion across the state.

The renewed commitment was reaffirmed during a courtesy visit by the leadership of the Kwara State chapter of AFAN to the Kwara State Agro-Climatic Resilience in Semi-Arid Landscapes in Ilorin.

This was contained in a statement issued on Tuesday by the Communication Officer of KWACReSAL, Okanlawon Taiwo, a copy of which was made available to The PUNCH in Ilorin.

Speaking during the meeting, the State Project Coordinator of KWACReSAL, Shamsideen Aregbe, assured farmers of the state government’s continued support toward improving food production, mechanised agriculture and climate resilience.

He said, “Tractorisation remains a critical component of modern agriculture. Access to farming equipment is essential for increasing productivity and addressing food security challenges across the state.”

He explained that the tractor support initiative introduced last year followed a World Bank-backed intervention and presidential directive aimed at supporting farmers with mechanised farming equipment.

Aregbe acknowledged concerns raised about operational challenges affecting some tractors, assuring stakeholders that efforts were ongoing to determine the condition and operational status of the equipment to enable effective utilisation by farmers.

“We must sustain engagement with farming communities, particularly in addressing challenges relating to flooding, agricultural logistics and food security,” he added.

The project coordinator also stressed the need for gender equality and inclusion in agricultural interventions across the state.

“The inclusion of women is not negotiable. We must continue to encourage and support women to actively participate in agricultural programmes and leadership processes,” he stated.

See also  Access Holdings appoints Innocent Ike new GMD/CEO

Earlier, the Chairman of AFAN in Kwara State, Shuaib Ajibola, commended KWACReSAL for its interventions in the agricultural sector, reaffirming the association’s readiness to collaborate on programmes aimed at improving farmers’ welfare and environmental sustainability.

Ajibola disclosed that the association planned to commence an agricultural expo and stakeholder engagement programme across the state following its recent inauguration activities to reconnect with farmers and strengthen agricultural outreach.

“Previous editions of the interventions covered the 16 local government areas of the state and involved stakeholders from different agricultural sectors,” he said.

The AFAN chairman also raised concerns over land use disputes and other agrarian issues affecting farmlands, noting that the development had created anxiety among some farming communities regarding land ownership and rights.

“There is a need for sustained stakeholder dialogue and engagement to resolve disputes and ensure peaceful farming activities across communities,” Ajibola added.

Also speaking, the Project Coordinator of AFAM, AbdulRahman Babatunde, applauded KWACReSAL for its support to farmers, especially in the area of agricultural inputs and mechanised farming.

“ACReSAL provided 100 per cent agricultural inputs to participating farmers last year, and beneficiaries across communities can testify to the positive impact of the intervention,” Babatunde said.

He disclosed that farming activities for the current planting season had already commenced, with farmers actively registering, hiring tractors and preparing their farmlands.

In her remarks, the AFAM Women Leader, Sherifat Ibrahim, advocated increased empowerment and technical training for women in rural communities to enable them to actively participate in mechanised farming.

“There is a need for gender-friendly operational systems and practical training that will make tractor handling easier and more accessible for women and young learners involved in agricultural programmes,” she said.

See also  Shell’s $5bn Bonga S’West project gets presidential support

Meanwhile, the Environmental Safeguards Officer of KWACReSAL, Mr Abubakar Mohammed, reaffirmed the project’s commitment to gender equality, women’s inclusion and effective grievance management across all project activities.

The renewed collaboration comes amid growing efforts by the Kwara state government to improve food production and strengthen climate-smart agriculture through partnerships with farmer associations, development agencies and international organisations.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

See Full List of Top 10 World’s Largest Economies in 2026

Published

on

The United States is projected to remain the world’s largest economy in 2026 with a gross domestic product estimated at $32.1 trillion, according to new global economic forecasts obtained from Focus Economics on Wednesday.

The U.S. continues to lead global output through dominance in technology, finance, healthcare, and advanced manufacturing. Growth in artificial intelligence, healthcare innovation, and high-value industries has further widened its lead over other major economies in recent years.

The top 10 world economies ranked in numbers

1. United States — $32.1 trillion
The United States remains the world’s largest economy, accounting for over a quarter of global output in nominal terms. Its economy is highly diversified, with Silicon Valley driving global leadership in AI, biotech, and software, while Wall Street anchors the financial sector.

2. China — $20.2 trillion
China is the world’s second-largest economy, driven by manufacturing, exports, and large-scale industrial production. It remains the leading global producer of electronics, machinery, and textiles, though it faces structural challenges, including a shrinking population and high debt levels.

3. Germany — $5.4 trillion
Germany remains Europe’s largest economy, supported by a strong industrial base and the Mittelstand network of medium-sized manufacturing firms that form the backbone of its export strength.

4. India — $4.5 trillion
India continues its rapid economic rise, driven largely by services and information technology. Its economy has more than doubled over the past decade, supported by a young population and expanding domestic demand.

5. Japan — $4.4 trillion
Japan remains a global manufacturing powerhouse in robotics, automobiles, and electronics, although long-term growth is constrained by an aging population and structural economic stagnation.

See also  Bulk fuel buyers dump middlemen for direct Dangote supply

6. United Kingdom — $4.2 trillion
The United Kingdom is a major service-based economy, with strengths in finance, insurance, and real estate, anchored by the City of London.

7. France — $3.6 trillion
France has a diversified economy led by luxury goods, aerospace, agriculture, and manufacturing, with global brands such as Airbus and LVMH playing major roles.

8. Italy — $2.7 trillion
Italy combines a strong services sector with manufacturing strengths in fashion, machinery, and automobiles, driven largely by its industrial northern regions.

9. Russia — $2.5 trillion
Russia remains heavily dependent on oil and gas exports, with energy revenues playing a central role in its economy despite ongoing sanctions and geopolitical pressures.

10. Canada — $2.4 trillion
Canada rounds out the top 10, supported by natural resources such as oil, forestry, and mining, alongside a strong services and financial sector.

Economists say the global economy is increasingly being shaped by technology, demographics, energy transitions, and geopolitical tensions, all of which will influence how these rankings evolve in the coming years.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Nigeria misses OPEC oil production quota again

Published

on

Again, Nigeria has missed its crude oil production quota set by the Organisation of the Petroleum Exporting Countries after averaging 1.49 million barrels per day in April, below the 1.5 mbpd benchmark.

Figures from the Nigerian Upstream Petroleum Regulatory Commission showed that the country produced an average of 1,488,540 barrels of crude daily in April, representing about 99 per cent of the OPEC quota. When condensates were added, total daily production rose to 1.66mbpd

Last month, the NUPRC said oil production now averaged 1.8mbpd. However, data released on Tuesday was at variance with the report. The latest data mean Nigeria remained below its OPEC allocation for the ninth straight month since July 2025.

The NUPRC document showed that combined crude oil and condensate production peaked at 1.85 mbpd during the month, while the lowest output stood at 1.46 mbpd. The PUNCH reports that the April figures are an appreciable improvement compared to March, when oil output was 1.55mbpd.

Nigeria’s oil production has struggled for years due to crude theft, pipeline vandalism, ageing infrastructure, and underinvestment in the upstream sector. Although output improved marginally in April compared to March, it was still insufficient to meet the country’s OPEC target, underscoring persistent challenges in ramping up production despite government efforts to boost volumes.

The PUNCH reports that Nigeria’s crude production in March was 1.38 mbpd. While there was a 69,000 bpd increase from the 1.31 mbpd recorded in February, the figure is still 117,000 bpd below the OPEC quota.

The figures for February indicated a month-on-month decline of 146,000 barrels per day, widening the country’s shortfall from its OPEC production allocation. This is the eighth consecutive month the country has failed to meet the OPEC quota since July 2025.

See also  Akwa Ibom to drive large-scale farming with equipment leasing firm

Recall that although Nigeria recorded a marginal improvement in January, when production rose from 1.422 mbpd in December 2025 to 1.46 mbpd, the rebound was short-lived as output fell significantly in February 2026.

Earlier data from NUPRC had also shown that crude oil production weakened at the end of 2025. Production declined from 1.436 mbpd in November 2025 to 1.422 mbpd in December, before recovering slightly in January.

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months of the year, meeting or slightly exceeding the target only in January, June, and July.

Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation. However, production slipped below the quota in February at 1.47 mbpd and weakened further in March to 1.40 mbpd, marking one of the widest shortfalls during the year.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending