Headlines
Nigeria and Iraq fight back Against an Increase in OPEC output, As oil prices rise toward $100

By Derrick Bangura.
Nigeria and Iraq have claimed that the Organization of Petroleum Exporting Countries (OPEC) and its partners, OPEC+, plan of gradually increasing oil output is sufficient to bring the market back into equilibrium.
Despite crude oil rising to around $100 a barrel this year, both countries insisted that OPEC should not be more aggressive.
The 23-nation alliance, led by Saudi Arabia and Russia, will meet on March 2 to decide on the next course of action on the amount of oil that members are anticipated to pump in April.
Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, was quoted by Bloomberg as saying that the international cartel would not need to bring any unexpected barrels to the market and that the current plan properly satisfies the market as it is.
“We won’t do anything remarkable at this time since we are anticipating a lot of output from outside of OPEC+,” Sylva told reporters at an event in Doha, Qatar, according to Bloomberg.
He added, “There’s no need at all to bring on more barrels than the current plan. We are expecting more production if a nuclear deal with Iran works out (since) there will be production from them.”
Several of OPEC+’s biggest producers want to continue to add 400,000 barrels a day of crude to the market each month, Bloomberg reported.
In addition, Iraq’s Ihsan Jabbar said OPEC and its partners would make their decision for April at the March meeting, after reviewing fresh data on supply and demand.
The comments came even as Brent crude rose 2.3 per cent to $97.60 a barrel, extending this year’s jump to 26 per cent.
Tuesday’s gain occurred after Russian President Vladimir Putin announced he was recognising two self-proclaimed separatist republics in Ukraine.
Iraq’s energy minister, Jabbar, said OPEC was factoring in growth in output from non-OPEC+ members, such as Brazil and Canada, and did not want to see any increase in commercially-stored oil around the world.
“The market will have more and more oil so we think there’s no need” to deviate from today’s strategy, Jabbar said in an interview in Qatar, where he was attending a natural gas conference, together with Sylva and others.
“We will not create any growth to the commercial storage. We will secure all the demand by making the required supply,” he added.
Russia, a major oil and gas producer, plans to send “peacekeeping forces” to the Ukrainian region in a dramatic escalation of the on-going conflict. Moscow has consistently denied having plans to invade Ukraine.
Some major oil importers have called on OPEC+ to pump faster and put pressure on the likes of Saudi Arabia to use up some of their spare capacity.
Jabbar said it would be “unfair” for any OPEC+ state to raise output beyond its quota, despite many members struggling to reach theirs.
Nigeria has been struggling to meet its OPEC allocation for months and has as much as 300,000 barrels per day deficit, mainly due to ageing upstream infrastructure and sabotage as well as technical reasons.
Despite the over 1.7 million barrels’ output allowed by the organisation, the country has managed to increase production to about 1.4 million, going by the latest OPEC review.
Although there are issues surrounding the sustainability of the current upward trend of the country’s supply to the global market, it is seen as a good sign for the nation’s oil and gas industry.
Last week, the International Agency Energy Agency (IEA), which advises rich countries, said OPEC+ was pumping almost one million barrels a day below its target.
“We have come from the recovery from COVID,” the Iraqi minister said.
“It is not fair that you will give the increase just for some countries,” he added.
Iraq undershot its output target last month because of bad weather at ports, Jabbar said. The country should meet its quota for February of around 4.3 million barrels a day, he noted.
Meanwhile, the Chief Executive of Vitol, one of the world’s biggest oil traders, expects oil prices to climb to $100 and remain at that level for an extended period of time.
This bullish prediction, he said, was driven by a belief that global demand would surge in the second half of the year and could surpass 100 million barrels per day.
On the supply side, he said it was the fear of shrinking spare production capacity and restraint from US shale that was driving oil prices higher. Oil prices will go higher, and they would stay there for an extended period of time, said the chief executive of Vitol, Russell Hardy.
“The 100 million-barrel number is probably going to be exceeded this year,” Hardy told Bloomberg, adding, “Demand is going to surge in the second half.”
According to him, demand for crude this year could surpass 100 million barrels daily.
Vitol’s CEO, like many others, highlighted that the global oil market imbalance was fueling inflation and threatening to stymie the world economy’s recovery from the pandemic’s aftermath.
More oil, on the other hand, does not appear to be on the way, as US and European supermajors focus on shareholder returns rather than production expansion, while OPEC+ countries’ national oil corporations stick to their original target of adding 400,000 bpd to total production every month.
“At some point, we’ll run out of spare capacity.” That’s what the market is attempting to figure out, according to Hardy.
Goldman Sachs, Bank of America, JP Morgan, and Morgan Stanley, among others, have recently predicted that oil prices will approach $100 per barrel.
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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