The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, on Friday, January 31, 2025, received a delegation from the Samsung Heavy Industries Nigeria (SHIN), led by their new Managing Director, Mr. Jin Lee.
Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, officials of NCDMB, with the new Managing Director of Samsung Heavy Industries Nigeria (SHIN), Mr. Jin Lee, and his colleagues
The meeting was held at the Board’s Lagos liaison office and discussions focused on the firm’s in-country capacities, which include heavy fabrication and FPSO integration quayside at the SHI MCI free zone, Takwa Bay Lagos.
The company sought the Board’s assistance to attract new projects to the facility, highlighting their experience to execute major oil and gas projects and pledging support to the Federal Government’s mantra of fast-tracking crude oil production and creating employment opportunities for Nigerians.
The SHIN team reminded the Executive Secretary that their facility executed key scopes in-country aspects of Total Energies’ Egina deepwater project, including the partial integration of the Egina FPSO in 2017 and 2018. The project remains a reference point for local content accomplishment in the Nigerian oil and gas industry till date.
Lee regretted that the facility had not carried out major projects since the onset of COVID-19 pandemic in 2020, when oil industry operations were significantly impacted.
SHIN officials also requested the Board to introduce their company to the African Petroleum Producers Organisation (APPO) and other international clientele. The introduction would enable them to market their capabilities, attract international businesses, thereby establishing Nigeria as a hub for export such services in Africa, the MD said.
The company also announced plans to diversify into the renewable energy space, and contribute towards providing solutions to Nigeria’s energy challenges. The company intends to manufacture floating foundations and associated assets for wind farms, and other renewable projects.
In his comments, the Executive Secretary welcomed the new Managing Director to Nigeria, and assured him of the Board’s support, in line with its mandate to encourage domiciliation of critical oil and gas industry’s operations and patronage of established capacities.
He charged SHIN to work with indigenous service companies, build their capacities and maximise job creation in the economy.
Speaking further, Ogbe promised to recommend SHIN to APPO and other international groups, in furtherance of the Nigerian Content 10-year strategic roadmap’s Sectorial and Regional Linkage enabler, which places emphasis on the creation of international opportunities for Nigerian companies that have built outstanding capacities.
He also promised that the Board would visit SHIN’s facilities, in company with representatives of international and indigenous operating oil and gas companies, with a view to accessing their capacities and mobilizing patronage.
Over 1.1 million Africans are estimated to have died in 2019 as a result of air pollution caused by the transportation sector. In this piece, Etta Michael Bisong discusses the Green Waka New Mobility Africa Campaign’s (GW NMAC) impact on sustainable transport, with a focus on the Lopifit electric walking bike, and how stakeholders can collaborate to implement it as a solution to reduce carbon emissions and boost long-term climate action across the continent
Participants at the 2025 Business Day Ambassador Conference
Introduction
The United Nations Framework Convention on Climate Change (UNFCCC) acknowledges the significance of active travel and mobility in reducing greenhouse gas emissions and human reliance on fossil fuels, as well as mitigating climate change. Active travel and mobility offer numerous benefits for individuals, communities, and the environment.
For instance, engaging in regular physical activity can help avoid obesity, diabetes, and heart disease. Active walking and cycling also contribute to better mental health by lowering depression, anxiety, and stress. It also helps to build muscle and enhance flexibility, which boosts strength.
Despite their various gains, it is unfortunate that a study performed by the Partnership for Active Travel and Health (PATH) revealed that walking and cycling have not received sufficient attention as key components of the climate emergency response. The report discovered that only a quarter of Nationally Determined Contributions (NDCs) include active travel, despite the fact that 56% of countries have a walking policy and 22% have a cycling policy.
These gaps inspired the Green Waka New Mobility Africa Campaign (GW-NMAC), which aimed to encourage countries to prioritise walking and cycling in their NDCs and national policies. The programme focused on championing infrastructural development, active travel campaigns, land use planning, integration with public transport, and capacity building. It also seeks to highlight the significance of safe and accessible walking and cycling infrastructure, particularly in urban areas.
Green Waka New Mobility Africa Campaign
According to Rob van Ooijen, co-founder of Walkingbike/BV, the GW NMAC is a game changer for sustainable transportation in Africa, with Lopifit, the first-ever manufactured electric walking bike, at the forefront of this transformation.
Ooijen, who made the statement on Thursday, January 30, 2025, at this year’s Business Day Ambassador Conference held in the Netherlands, hailed the Lopifit walking e-bike as a practicable alternative to traditional fossil fuel-powered vehicles. With its innovative design and eco-friendly features, he added that the e-bike is an ideal solution for Africa’s metropolitan mobility challenges.
“The Lopifit is a unique means of transport. You are able to get around like you never did before! An easy stroll and still reaching speeds of up to 25 km per hour. A true revolution,” he stated.
Some of the ambassadors he met and spoke with during the conference, including those from Nigeria, Ghana, Ivory Coast, and Benin, commended the project’s benefits in terms of health, safety, and environmental protection.
L–R: Michel Deelen, Consul General of the Kingdom of the Netherlands in Nigeria, and Rob van Ooijen, co-founder of Walkingbike/BV, during the GW NMAC project brief presentation
During a sideline engagement meeting and presentation of the project’s brief to Michel Deelen, Consul General of the Kingdom of the Netherlands in Nigeria, he stated that the initiative would require collaboration from governments, development organisations, and the private sector.
Other diplomats, including Joris Jurriëns, who is in charge of Benin, Cameroon, Gabon, and Equatorial Guinea; Jeroen Verheul, who oversees Ghana; and Jeroen Kelderhuis, who is in control of Ivory Coast, urged that the campaign concentrates on image building because of cultural barriers, especially in Ghana, where cycling is seen as a low-income and impoverished activity. They also suggest that the campaign should focus on ways to facilitate the development of policies and infrastructure in order to achieve its ultimate goal of accelerating climate action.
Speaking on the project implementation plan, Green Waka’s co-founder and leader, Michael Mbaike, stated that his organisation is committed to cooperating with any interested body to make walking and cycling in African countries safer, healthier, and more comfortable.
Mbaike commended the various regional and international initiatives and historic accomplishments of groups like the Partnership for Active Travel and Health (PATH), the Transformative Urban Mobility Initiative (TUMI), and the Pan African Action Plan for Active Mobility (PAAPAM) for promoting active travel, walking, and cycling as essential elements of climate solutions and making sure that countries include them in their Nationally Determined Contributions (NDCs).
“Our primary goal is to promote sustainable and active transport, which prioritises active mobility (walking and cycling) to account for over 50 percent of the mobility mix, enabling an environmentally friendly, socially just, and economically viable life for all,” he said.
He guaranteed that his establishment, a communication-oriented platform that advocates, educates, and protects environmental rights, will offer its expertise to help make sure the GW NMAC plan is carried out successfully.
“We will offer our best-designed campaign for the course and goal,” Mbaike assured.
In the same vein, Chris Bruntlett, International Relations Manager at the Dutch Cycling Embassy (DCE), one of the partnering organistions to the GW NMAC, praised Green Waka for initiating the project, describing it as extremely strategic, given that a United Nations Environment Programme (UNEP) policy report revealed that over one billion people in Africa Walk and cycle every day.
Like the previous speakers, he voiced his frustration over the absence of clear policies to promote active mobility habits, which still plague the sector’s need for funding to support infrastructure development.
“This project will activate the invisible and silent majority, as well as empower them to demand change from their elected officials and policymakers,” Bruntlett said, during a discussion on the campaign execution.
Conclusion
To be honest, in order for Africa to have a sustainable transport future, governments, businesses, and civil society organisations must work together to promote the use of non-motorised modes of transportation and other eco-friendly mobility options, such as the Lopifit e-bike.
Stakeholders must also explore new funding sources to support the construction of sustainable transport infrastructure and promote cross-border collaboration to exchange best practices, knowledge, and skills for boosting green mobility.
With a well-thought-out collaborative strategy, Africa can create a more sustainable, efficient, and environmentally responsible transportation infrastructure for future generations.
Nasarawa State Government has secured a $160,000 grant from the African Climate Foundation to develop a Climate Investment Platform (CIP) aimed at boosting clean energy solution to the effect of climate change.
Governor Abdullahi Sule of Nasarawa State
Mr. Ibrahim Abdullahi, Managing Director, Nasarawa State Investment Development Agency (NASIDA), stated this at a stakeholders’ engagement on the CIP project on Monday, February 3, 2025, in Lafia, the state capital.
Abdullah said that the climate investment platform would serve as a hub to pull together projects that would key into the state’s ambition of transitioning to cleaner energy solutions.
He said the CIP project being implemented by Murty International would enhance climate-smart agriculture, constructions and other climate-smart initiatives.
He explained that the project involved development of strategic policy documents and actions plans for emission reduction, capacity building for businesses to support climate-smart investments and guide climate action in Nasarawa State.
According to Abdullahi, Nasarawa is the first state in Nigeria to develop the CIP.
“The CIP is a key component of a broader strategy to position Nasarawa State as a leading destination for climate-smart investment,” he said.
Mr. Sesan Adedapo, from Murty International, the implementing firm, said the project involves creating a science-based climate policy and action plan for Nasarawa State.
He said the platform would also provide a climate financing strategy to attract local and international investors to the state, and as well provide technical assistance, and capacity building for local businesses to adopt and implement energy efficient technologies.
Also speaking, Dr. Adnan Aminu, the Project Consultant, said the stakeholders’ engagement was meant to gather their insight on climate investment needs, priorities and challenges across key sectors – Agriculture, Transportation, Energy, Waste management, Commerce and Industry.
Aminu also pointed out the engagement was to get stakeholders’ support and commitment and as well as identifying local barriers to climate financing and opportunities for policy or regulatory improvement.
The executive board meeting of the World Health Organisation (WHO) on Monday, February 3, 2025, was set to take on an atmosphere of crisis as it grappled with the consequences of the looming withdrawal of the U.S.
Dr. Tedros Adhanom Ghebreyesus, Director-General, World Health Organisation (WHO)
Since President Donald Trump ordered the U.S. to exit the WHO on his first day back in office, there has been an atmosphere of alarm at the UN agency’s headquarters in Geneva.
The U.S. is by far the largest contributor to the WHO.
In 2024, its share of the budget was 18per cent.
It now appears inevitable that jobs and health programmes will have to be cut in order to cover the funding gap.
The U.S. itself was represented on the executive board, which has 34 members and the highest decision-making body of the WHO between annual general meetings.
The U.S. withdrawal was due to take effect on Jan. 22, 2026, but the new administration in Washington has instructed its officials to cease cooperation with the WHO with immediate effect.
The WHO hoped that other countries would consider increasing their contributions.
The mandatory contribution of all 194 WHO member states was based on a country’s economic strength.
When Trump withheld funds for the WHO during his first term in office, Germany stepped in and was the largest contributor in the 2020 to 2021 budget period.
The Federal Government of Nigeria has reiterated its commitment to scale up rural access and agricultural marketing through the Rural Access and Agricultural Marketing Project (RAAMP).
Sen. Aliyu Abdullahi, Minister of State for Agriculture and Food Security
Sen. Aliyu Abdullahi, Minister of State, Federal Ministry of Agriculture and Rural Development, stated this at the 8th Joint World Bank and French Development Agency Implementation Support Mission on Monday, January 3, 2025, in Abuja.
He said that the agricultural sector was a foundation of Nigeria’s economic growth and the sustenance of the country’s communities.
“It (Agriculture) is not merely a means of livelihood for millions of our citizens; it is a catalyst for job creation, food security, and sustainable development.
“Our commitment to transforming this sector is unwavering, particularly in fostering initiatives that enhance rural access and marketing.
“Not only agricultural commodities but moving people closer to life’s necessities such as education, health and other social amenities within our communities,” he said.
Abdullahi said that the project was already playing a critical role in addressing two of the priority areas identified by President Bola Tinubu’s administration.
He said these areas included boosting agriculture to achieve food security, and enhancing infrastructure and transportation as enablers of growth.
“In order to boost agriculture for food security, RAAMP addresses the critical need for improved agricultural practices and market access.
“By enhancing rural infrastructure, including roads, mini-storage facilities, and marketplaces, the project directly impacts the ability of farmers to reach broader markets,” he said.
The minister said that RAAMP was pivotal in developing rural road networks essential for facilitating the transportation of goods and services.
He said that poor road conditions often hindered farmers’ ability to transport their products to market, resulting in decreased income and economic instability.
“By focusing on road construction and rehabilitation, RAAMP aims to enhance connectivity among rural communities and urban markets, lowering transportation costs and facilitating the flow of agricultural goods.
“This means more efficient supply chains and the ability for farmers to engage in larger and competitive markets,” he said.
Abdullahi said that RAAMP is championing an innovative policy reform initiative that proposes the establishment by law, two critical agencies, Rural Access Road Authority (RARA) and the State Road Fund (SRF).
He said that the proposed RAAMP Scale-up project initiative is focused on the construction of climate-resilient infrastructure.
“One of these is the high cost of the rural road assets. This project is open to all 36 States and the FCT.
“By expanding our reach to cover the 36 states and FCT, we aim to create a more inclusive and prosperous agricultural sector that leaves no community behind,” Abdullahi said.
“It is also with the ambitious target of improving the livelihoods of millions of Nigerians through the construction of 10,075 kilometres of roads, 1,040 meters of cross-drainage structures.
“To date, 2,743km of rural roads have been awarded by the states and are currently under different phases of implementation,” he said.
“We remain committed to working alongside all stakeholders to develop policies and programmes that enable the participation of smallholder farmers in the agricultural marketplace,” Abdullahi said.
In a remark, Rakeesh, Tripathi, Task Team Lead (TTL), World Bank, expressed the organisation’s readiness to continue to support the project as well as mobilise expertise.
“We will continue putting our efforts and continue to try to see how we can have an added value, especially in agricultural markets,” he said.
Tripathi was represented by Sali Ibrahim, Project Manager, French Development Agency.
Mr Bukar Musa, Director, Project Coordination Unit, Ministry of Agriculture and Food Security, said the meeting aimed to brainstorm and proffer solutions to challenges.
He said that the cost of transportation was a major challenge to access markets in the country.
“We want to have a perfect road for our farmers to convey their farm produce.
“We want to make the markets available and conducive, so that farmers would find it easier to convey their farm produce from their various farms,” he said.
He expressed optimism that this would manifest in the drastic reduction of food prices in the country.
TheHuman and Environmental Development Agenda (HEDA Resource Centre) is set to participate in the unveiling of the 2025 Seasonal Climate Prediction (SCP) by the Nigerian Meteorological Agency (NiMet) on Tuesday, February 4, 2025. The event, themed “The Role of Early Warnings towards a Climate Resilient Aviation Industry for Sustainable Socio-Economic Development”, is expected to deliver critical insights into Nigeria’s climatic future.
NiMet Director-General, Prof. Charles Anosike
Whereas the NiMet’s SCP is critical for the smooth running of the aviation sector, it is important to note that it is even more critical for other sectors such as agriculture, health, environment, construction, transportation, and maritime, etc. Moreover, due to the climate-dependent nature of agriculture in Nigeria and Africa, timely and reliable climate forecasts are essential for food production and hunger eradication.
For years, HEDA Resource Centre has leveraged NiMet’s annual SCP to conduct downscale training for farmers across Nigeria. These trainings equip farmers with essential information on how and when to plant their crops to avoid losses due to adverse weather conditions, droughts, and floods. The SCP provides vital forecasts, including the onset and cessation dates of the rainy season, expected rainfall volume, and temperature patterns, which are crucial for guiding agricultural practices and ensuring food security.
NiMet’s SCP is a comprehensive climate prediction document that not only benefits agriculture but also impacts various sectors such as aviation, disaster risk management, health, and water resources management. The socioeconomic implications of these forecasts highlight the importance of early warnings in adapting to climate change and building resilience.
HEDA commends the Director General/Chief |Executive Officer of NiMet, Prof. Charles Anosike, and his entire team for the annual and timely release of climate data that are critical for food production, public health management and economic diversification.
It has become necessary to clarify media reports suggesting an imminent 65 percent increase in electricity tariffs.
Olu Arowolo Verheijen, Special Adviser to the President on Energy
This is a misrepresentation of what I actually said in a recent press interview. I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 percent of the actual cost of supplying electricity, with the Federal government continuing to subsidise the difference.
Also, while the government is indeed committed to ensuring fairer pricing over the long term, the immediate focus is on taking decisive action to deliver more electricity to Nigerians, ensure fewer outages, and guarantee the protection of the poorest and most vulnerable Nigerians.
In line with these, the Federal Government’s power sector priorities include:
Presidential Metering Initiative (PMI)
One of the most significant steps in this reform is the Presidential Metering Initiative, which is accelerating the nationwide rollout of 7 million prepaid meters, starting this year.
This will finally put an end to the practice of estimated billing, giving consumers confidence in what they are paying for and ensuring transparency in electricity charges.
Metering will also improve revenue collection across the sector and will attract the investments needed to strengthen Nigeria’s power infrastructure.
Targeted Electricity Subsidies
Today, the Federal Government spends over ₦200 billion per month on electricity subsidies, but much of this support benefits the wealthiest 25 percent of Nigerians rather than those who truly need assistance.
To address this, the Federal Government is working towards a targeted subsidy system to ensure that low-income households receive the most support. This approach will make electricity more affordable and accessible for millions of hardworking families.
Settlement of Legacy Power Debt
Furthermore, the Federal Government is addressing one of the major roadblocks to improved service, the mounting debts owed to power generation companies.
For years, these debts have prevented investments in new infrastructure and hampered efforts to improve electricity supply.
By clearing these outstanding obligations, the government is ensuring that power companies can reinvest in better service delivery, stronger infrastructure, and a more stable electricity supply for all Nigerians.
Reducing Costs for Alternative Power Generation
Through a range of fiscal incentives, including VAT and Customs Duty Waivers, the Federal Government is working to lower the cost of alternative power sources such as Compressed Natural Gas and Liquified Petroleum Gas.
The government fully understands the economic realities facing citizens and is committed to ensuring that reforms in the power sector lead to tangible improvements in people’s daily lives.
Every policy is designed with the Nigerian people in mind – eliminating unfair estimated billing, ensuring that subsidies benefit the right people, and creating the conditions for stable, affordable electricity.
These reforms are laying the foundation for better service delivery, expanded access to electricity for homes and businesses, and unlocking prosperity for all Nigerians.
By Olu Arowolo Verheijen @OluVerheijen, Special Adviser to the President on Energy
Two Nigerian Professors – Ibidun Adelekan and Aliyu Barau – are among the 97 experts from 56 countries selected by the Intergovernmental Panel on Climate Change (IPCC) to participate in preparing the Special Report on Climate Change and Cities as Coordinating Lead Authors, Lead Authors and Review Editors. Both Nigerians are Lead Authors.
Jim Skea, IPCC Chair
An Associate Professor of Geography at the University of Ibadan, Ibadan, Oyo State, Adelekan’s areas of research interests are human dimensions of global environmental change (including climate change), climate and society, disaster risk reduction, vulnerability and resilience. She is assigned to Chapter 2 of the Report.
A Professor of Urban and Regional Planning at the Bayero University, Kano in Kano State, Barau is the Dean of the Faculty of Earth and Environmental Sciences, and the West Africa Hub Director of the Urban Climate Change Research Network (UCCRN), affiliated with the Earth Institute, Columbia University. He is assigned to Chapter 5 of the Report.
The IPCC initiative marks the beginning of the drafting process for this Special Report, which will be the first report delivered by the IPCC in the seventh assessment cycle. Its release is scheduled for March 2027. Selected authors and review editors will work on developing the report based on the outline agreed by the Panel during its 61st Session held in Sofia, Bulgaria from July 27 to August 2, 2024.
The Special Report on Climate Change and Cities will provide a timely assessment of the latest science related to climate change and cities, including climate impacts and risks, as well as adaptation and mitigation solutions that can be taken to minimise them. Today, more than half of the world’s population is already living in urban areas, a proportion that is expected to further increase by 2050.
“The IPCC Special Report on Climate Change and Cities is a call to action for all of us to harness the full potential of our cities in tackling climate change, ensuring that they are resilient, inclusive and sustainable for generations to come. We look forward to the insights that our chosen experts will bring to develop a robust and actionable report,” said Winston Chow, Co-Chair of Working Group II.
The Bureau Members of all three IPCC Working Groups carefully considered all nominations and developed the final list of authors and review editors. The selection was undertaken according to the Principles Governing IPCC Work, which has considered the required scientific, technical and socio-economic expertise, geographical and gender balance, and the inclusion of experts with and without previous IPCC experience.
“The selection of the authors for this Special Report is an important step in its production, a leap from the Panel’s decision nine years ago to include it in the IPCC’s seventh assessment cycle.
“We are inspired by the strong support from the scientific community worldwide wanting to contribute to this IPCC Special Report, as evidenced by the large number of nominations for Lead Authors and Review Editors, and also by the growing body of scientific literature and interest surrounding climate change and cities,” said Joy Pereira, Co-Chair of Working Group III.
The 97 experts that will undertake the assessment were selected from 1,201 nominations submitted by IPCC’s national focal points and observer organisations. Of the selected experts, 53 per cent are women and 54.6 per cent come from developing countries and economies in transition. Nearly a third are new to the IPCC process.
The overall number of nominations confirms a robust and growing interest of the global scientific community in support for the IPCC and its work. Interested experts can contribute as an Expert Reviewer during the review of this Special Report. Another call will be launched for experts to register for the Expert Review of the First Order Draft of the Special Report on Climate Change and Cities that will take place in the second half of 2025.
We gather today to consider the state of our ocean – not as a commodity to be exploited, but as a common good that sustains life, livelihoods, our culture and spirituality. Our oceans are under siege, and the communities that depend on them bear the brunt of pollution, displacement, and human rights abuses.
Nnimmo Bassey
Across the coastline of Nigeria, community folks are being forced from their territories, deprived of their resources and left to grapple with the consequences of laxly regulated natural resource exploitation.
The economic forces driving this destruction prioritise profit over people, extracting resources beyond the ocean’s capacity, and leave behind a trail of ecological devastation. The infrastructure of Nigeria’s economy begins at our shorelines and extend to the deep waters where resources are extracted – and coastal communities who bear the pressures from the land and the sea remain trapped in poverty.
We cannot ignore the countless oil well blowouts that have polluted our waters: Akaso Well 4, Atanba, Bonny Terminal, Buguma Wellhead 008, Santa Barbara, and the ongoing inferno at Ororo Oil Well 1 at Awoye, Ondo State, which has been raging for close to five years now, among others. These disasters are ecological crimes that contribute to climate instability, and a worsening scarcity of land and water, placing entire communities and livelihoods at risk.
We live with the struggles of fishermen and women who set out each day with their nets and baskets, only to find empty waters – enclosed and sacrificed for industrial dredging, multinational oil companies and corporate fishing. A Community like Aiyetoro with its history of well organised governance and industrial strides is now a ghost of its former self, bashed and washed by unrelenting waves and left to grapple with unrelenting impacts of global warming and possibly heading for complete displacement unless we act.
We acknowledge the plight of Makoko’s communities, whose rights to housing, food, and health have been trampled by forces that would be happy to have the people displaced so the waterfront can be grabbed by speculators. Overall, the destruction of marine biodiversity disproportionately affects fishing communities, making them the most vulnerable to environmental degradation.
Our fight to defend the ocean is inseparable from the fight for human rights and justice. We must resist the unchecked advances of transnational polluters in our ocean and demand accountability. We must protect our biodiversity, our land, and our water from the destructive forces of exploitative capitalism seeking to privatise the commons. It is time to rethink our relationship with nature – to take only what can be replenished and respect the delicate balance that sustains us all.
Governments must act – not as enablers of destruction, but as stewards of the environment, ensuring that decisions about natural resources are made with the full participation of the communities who rely on them. Nigeria has signed so many conventions and treaties regarding the wellbeingof marine ecosystems. We even have designated Marine Protected Areas whose protection is disputable. Our constitution may be said to have a tilt towards ensuring the right to life, but there can be no right to life without the right to a safe environment.
This workshop is more than a gathering – it is a platform for us all as oceanographers, marine scientists, government agencies, civil society organisations, and community leaders to reflect, strategise, and commit to the urgent task of defending our ocean. Coming on the heels of the International Wetlands Day, we use this opportunity to take a stand against so-called land reclamation which should rightly be named aquatic ecosystems conversion and grabbing. We have seen wetlands and dependent economies destroyed by urbanisation and diverse speculators.
We are also seeing swaths of the ocean and public beaches being converted into fenced housing estates or so-called superhighways. These disregard the fact that the state of the ocean directly affects the climate, reflects on the quality of our lives and the capacity of the Earth to maintain her cycles and support all beings.
Let us seize this moment to build a future where our ocean is protected, our rights are upheld, and our communities thrive.
Nnimmo Bassey’s Opening Comments at the State of the Ocean Workshop held at the NIOMR on Monday, February 3, 2025
Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Grpup (NGX) and Johannesburg Stock Exchange (JSE), announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 trillion compared to N2.9 trillion in FY 2023 results.
Group Chief Executive, Oando PLC, Wale Tinubu
The company’s 2024 performance showcases a consistent upward trajectory following its announcement of N65.5 billion in profit after tax.
Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, commented, “2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.
“Despite a challenging operating environment, we achieved a 45% increase in revenue to ₦4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to ₦65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.”
Oando’s production for the 12 months ended December 31, 2024, averaged 23,911 barrels of oil equivalent per day (boe/d), an increase from the 23,258 boe/d achieved in 2023. This growth was primarily driven by the acquisition of an additional 20% stake in the NAOC JV in Q4, partially offset by production disruptions due to shut-in wells resulting from sabotage activities.
Additionally, the Group incurred $18.1 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3 million in the twelve months to December 31, 2023.
Looking ahead to 2025, Tinubu stated, “In 2025, our priority shall be to drive cost optimization, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.
“Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.
“As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”
As the company prepares for its 2025 targets, it is bolstered by optimistic oil demand predictions. The U.S. Energy Information Administration’s (EIA) global oil demand predictions forecast global demand to grow by 1.3 million barrels per day (bpd) in 2025, a significant increase from the estimated growth of 0.9 million b/d in 2024. This projected growth surpasses the pre-pandemic 10-year average (2010-2019) of 1.5 million bpd, indicating a positive trajectory for the global oil market.
With this announcement, Oando enters 2025 on a strong foundation. The announcement brings the company up to date on its financial reporting, successfully meeting all regulatory requirements. Notwithstanding the operational realities, Oando is positioned to build on the momentum of a successful 2024 committed to its strategic vision of becoming Africa’s first international oil company (IOC) by leveraging its strong operational capabilities and strategic partnerships to deliver value to its stakeholders.
