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BREAKING: Nigeria’s Oil Output Rises to 1.401 Million bpd in October, Misses OPEC Quota for Third Straight Month

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BREAKING: Nigeria’s Oil Output Rises to 1.401 Million bpd in October, Misses OPEC Quota for Third Straight Month

Nigeria’s crude oil production rose slightly to 1.401 million barrels per day (bpd) in October 2025, up from 1.39 million bpd in September, according to the latest Monthly Oil Market Report (MOMR) released by the Organisation of Petroleum Exporting Countries (OPEC) on Wednesday.

Despite the modest uptick, the report shows that Nigeria once again failed to meet its OPEC-assigned production quota for the third consecutive month. The last time the country met its target was in July 2025.

OPEC data indicates that Nigeria averaged 1.444 million bpd in the third quarter (Q3) of 2025, down from 1.481 million bpd in the second quarter (Q2) and 1.468 million bpd in the first quarter (Q1). This decline underscores persistent challenges in maintaining consistent output despite various policy efforts and new investments aimed at reviving the oil sector.

Industry analysts attribute the shortfall to ongoing issues such as pipeline vandalism, crude theft, and delayed upstream projects, which continue to limit production capacity even as the government works to attract more investment through reforms in the petroleum industry.

Nigeria, Africa’s largest oil producer, remains under pressure to boost output to support foreign exchange earnings and fiscal stability amid fluctuating global oil prices and domestic economic headwinds.

Nord Automobiles CEO Accuses Stanbic IBTC of Unauthorised N700 Million Debit Amid Legal Dispute

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Nord Automobiles CEO Accuses Stanbic IBTC of Unauthorised N700 Million Debit Amid Legal Dispute

The Founder and Chief Executive Officer of Nigerian auto manufacturer Nord Automobiles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of unlawfully debiting N700 million from the company’s account without prior notice or a valid court order.

Ajayi, in a detailed statement shared on social media platform X, described the alleged action as “unbelievably unethical,” linking it to what he called broader institutional bias against locally manufactured vehicles in Nigeria.

According to Ajayi, the debit occurred in April 2025 amid an ongoing legal dispute between Nord Automobiles and the bank over a Letter of Credit (LC) issued in 2022.

“We didn’t borrow money from them,” Ajayi said. “They claimed that the LC we took in 2022—fully paid at the prevailing exchange rate of N430 to N480—was no longer valid, and that we now had to pay at over N1,600 for transactions that had long been closed.”

He alleged that Stanbic IBTC argued it never received the LC’s USD value from the Central Bank of Nigeria (CBN) and subsequently held Nord liable for the exchange rate difference. Despite both parties agreeing to resolve the matter in court, Ajayi claimed the bank went ahead to withdraw N700 million from Nord’s account without warning.

“While the case is ongoing, the bank illegally debited N700 million from our account without notice. The ambush was unbelievably unethical,” he added.

As of press time, Stanbic IBTC Bank has not issued an official response to the allegations. The case adds to growing public debate around how commercial banks handle foreign exchange-linked transactions amid Nigeria’s volatile currency environment.

Industry observers say the outcome of the dispute could have broader implications for corporate banking relationships and confidence in the country’s financial sector.

IEA Projects Global Oil Demand to Reach 113 Million bpd by 2050, Rules Out Imminent Peak

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IEA Projects Global Oil Demand to Reach 113 Million bpd by 2050, Rules Out Imminent Peak

Global oil demand is expected to climb steadily to 113 million barrels per day (bpd) by mid-century — about 13% higher than 2024 levels — according to the International Energy Agency’s (IEA) latest projections under its “current policies” scenario.

The forecast, released in the agency’s World Energy Outlook, suggests that despite rapid growth in renewable energy and electric mobility, the world is unlikely to see a peak in oil demand before 2050.

The IEA also anticipates a 50% increase in global liquefied natural gas (LNG) supply by 2030, driven by new production capacity in the United States, Qatar, and parts of Africa. This expansion is expected to reshape global gas trade patterns and reinforce natural gas as a key transition fuel in many developing economies.

Overall, the report highlights that global energy demand will continue to rise significantly over the coming decades, fuelled by increasing consumption in the power sector, population growth, and large-scale investments in technology and industrial development.

The agency’s outlook underscores the complex balance between advancing clean energy goals and sustaining the world’s growing appetite for reliable, affordable power sources.

NDLEA, U.S. DEA, and U.K. NCA Launch Joint Probe After 1,000kg Cocaine Seizure at Lagos Port

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NDLEA, U.S. DEA, and U.K. NCA Launch Joint Probe After 1,000kg Cocaine Seizure at Lagos Port

The National Drug Law Enforcement Agency (NDLEA) has opened a joint investigation with the United States Drug Enforcement Administration (DEA) and the United Kingdom’s National Crime Agency (NCA) following the interception of 1,000 kilograms of cocaine at the PTML Terminal, Tincan Island Port, Lagos.

In a statement released by Femi Babafemi, Director of Media and Advocacy at the NDLEA Headquarters, the agency said the massive consignment was discovered after terminal operators detected suspicious packages inside an empty container and immediately alerted port authorities.

A joint inspection involving the Nigeria Customs Service (NCS), Police Anti-Bomb Squad, Department of State Services (DSS), and other security agencies was carried out at the scene. Field testing by NDLEA operatives later confirmed the substance to be cocaine.

The coordinated effort marks one of the largest drug seizures at a Nigerian port in recent years and highlights growing international collaboration in tackling transnational narcotics trafficking.

Authorities say further investigations are ongoing to trace the origin, intended destination, and network behind the shipment.

Asake: The Blueprint for Local Talent, Global Impact. By Chioma Amaryllis Ahaghotu

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Asake: The Blueprint for Local Talent, Global Impact. By Chioma Amaryllis Ahaghotu

Asake ’s journey is one of the clearest blueprints of how Nigerian street sound can travel , untouched, unfiltered, and still dominate the global stage.

He didn’t dilute his roots to fit in; he amplified them so loud that the world had no choice but to tune in.

From the jump, Asake’s sound was unapologetically Yoruba, fújì, and street “pop” , layered with chants, log drums, and that raw Lagos energy that makes his music feel like a street carnival.

But as his reach expanded, he didn’t abandon that core. He evolved it , refining production, deepening his melodies, experimenting with amapiano, Afro-house, even jazzy instrumentals , but always keeping that Asake signature.

It’s the perfect metamorphosis: from the chaos of Mushin rhythms to the sophistication of world stages.

What Asake has done is prove that “local” isn’t a limitation , it’s the foundation.

When you build from artistic truth, the world becomes your audience.

Now look at the growth.

The man went from performing in packed Lagos clubs to selling out the O2 Arena, helicopter entrance and all.

Every project feels intentional , tightly produced, visually cohesive, and sonically consistent. He’s not just releasing music; he’s building a brand identity that’s instantly recognizable.

And that’s where the real lesson lies for Nigerian artists:

Authenticity is currency. Don’t trade your roots for relevance. Package them with pride.

Discipline in artistry. Asake’s pace is calculated, not frantic. Every rollout, every video, every performance , executed with precision.

Global doesn’t mean Western. His success didn’t come from chasing trends abroad but from making his local sound so irresistible that global ears had to adjust to listen.

Asake embodies the evolution of the Nigerian artist , the confident realization that you don’t need to cross over; you just need to rise so high the world crosses over to you.

He’s not just “Mr. Money with the Vibe.”
He’s Mr. Money with the Formula, The Winning Formula.

 

Credit: Chioma Amaryllis

Chowdeck Expands Beyond Food Delivery, Launches Bill Payments and Completes Mira POS Integration

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Chowdeck Expands Beyond Food Delivery, Launches Bill Payments and Completes Mira POS Integration

Chowdeck, Nigeria’s leading on-demand delivery platform, has launched a new bill payments feature and completed the full integration of Mira POS. The move marks Chowdeck’s strategic shift into fintech and a step toward becoming a super app in Nigeria’s digital economy.

Nigerian on-demand delivery platform Chowdeck is expanding its reach beyond food delivery, taking a bold step into the fintech space. The company has introduced a new Bills feature on its app, allowing users to buy airtime and data directly, marking its first consumer-facing financial product.

 

The announcement follows a record milestone—one million processed orders—which Chowdeck achieved just a week earlier.

 

At the same time, Chowdeck confirmed the full technical migration of Mira, a point-of-sale (POS) startup the company acquired in June 2025. In an email sent to merchants on Monday, November 10, the company revealed that Mira’s infrastructure and services are now fully integrated into Chowdeck’s system.

 

Together, these developments mark a strategic two-pronged rollout that positions Chowdeck to serve both consumers and merchants through a unified digital ecosystem.

 

 

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A Two-Pronged Growth Strategy

 

The dual rollout signals a new phase in Chowdeck’s evolution. On one side, the new Bills feature deepens its relationship with consumers by embedding financial services into daily routines. On the other, the Mira integration strengthens its value proposition to merchants through unified delivery, in-store payments, and settlement tools.

 

This approach allows Chowdeck to operate not just as a logistics service, but as a technology and payment enabler, capable of managing both consumer spending and merchant transactions on its own rails.

 

“Frequency creates habit, and habit creates opportunity,” a source close to the company noted. “Chowdeck is leveraging its existing customer engagement to introduce financial services where trust and familiarity already exist.”

 

 

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Building a Closed-Loop Financial Ecosystem

 

At the core of Chowdeck’s latest move is a push to create a closed-loop financial ecosystem. By enabling users to spend on food, bills, and digital services within the same app—and by powering merchants with integrated POS solutions—Chowdeck is building internal financial flows that remain within its platform.

 

This shift helps the company move beyond the thin margins of food delivery into higher-value financial services like digital payments, settlements, and merchant processing.

 

For users, the new feature simplifies everyday life—offering one app to order meals, shop groceries, and pay bills. For merchants, it offers operational efficiency through a single dashboard for transactions and settlements.

 

 

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Backed by Fresh Funding

 

The company’s expansion comes on the heels of its $9 million Series A funding round announced in August 2025. The investment has provided the financial muscle for Chowdeck to scale its infrastructure, expand into fintech, and compete with leading players in Nigeria’s digital payment ecosystem.

 

With major fintechs like OPay, PalmPay, and Moniepoint dominating the consumer payments space, Chowdeck’s differentiator lies in its user frequency—millions of app opens every week from meal orders and deliveries. The company is now looking to convert that engagement into financial activity.

 

 

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Challenges Ahead

 

However, Chowdeck’s new direction is not without hurdles. Expanding into payments introduces regulatory scrutiny from agencies overseeing KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance.

 

On the merchant side, success will hinge on the reliability and uptime of its POS systems, settlement speed, and reconciliation accuracy. Maintaining the seamless experience that built its delivery reputation will be crucial in retaining both users and merchants.

 

 

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The Bigger Picture: Nigeria’s Platform Wars

 

Nigeria’s technology ecosystem is entering a new phase of competition—one where every major platform is racing to become the country’s default digital lifestyle app. From payments to commerce and logistics, startups are converging on the same goal: owning the customer’s daily digital journey.

 

Chowdeck’s bet is that the road to fintech dominance begins with food. If the company can turn its delivery trust into financial confidence, it could emerge as one of Nigeria’s most influential homegrown super apps—bridging the gap between the wallet and the till.

Gold Prices Rebound Above $4,100 as Safe-Haven Demand Strengthens

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Gold Prices Rebound Above $4,100 as Safe-Haven Demand Strengthens

Gold staged a strong recovery in the global commodities market on Monday, November 10, 2025, rising sharply back above the $4,100 threshold after recent weeks of volatility. The precious metal advanced by 2.88% on the day, extending those gains into Tuesday’s early trading session, where it hovered around $4,130 per ounce ahead of the London pre-market open on November 11.

The latest upswing has pushed gold’s month-to-date performance above 3%, signaling renewed investor confidence after a late-October pullback. The metal had previously retreated from its record high of $4,355 per ounce, falling below $4,000 and nearly touching $3,900 on October 29, prompting market concerns of a potential broader correction.

Analysts now say the late-October slide represented a “healthy cooling period” following gold’s more than 50% year-to-date rally, which had pushed the commodity into what many described as overbought territory. The correction created what some investors viewed as a buying opportunity.

“After such an aggressive run, the retracement was necessary to reset positioning,” commodities analysts noted, adding that the rebound reflects renewed appetite for safe-haven assets.

Market observers attribute the renewed demand to rising global uncertainty, particularly surrounding U.S. trade tariff negotiations and concerns about slowing global economic growth. These factors have historically driven investors toward gold as a hedge against volatility.

With geopolitical risks still elevated and central banks maintaining cautious monetary stances, traders suggest gold may continue to attract inflows in the near term.

 

Global Clean Energy Funding to Developing Nations Rises to $21.57 Billion — UN Report

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Global Clean Energy Funding to Developing Nations Rises to $21.57 Billion — UN Report

Global financial flows supporting clean energy initiatives in developing countries, including Nigeria, have climbed to $21.57 billion, according to the newly released UNFCCC Yearbook of Global Climate Action 2025, titled “Marrakech Partnership for Global Climate Action.”

The report indicates a notable rise from $12.14 billion in 2015, reflecting increasing international investor confidence in renewable energy, climate-resilient development, and sustainable infrastructure projects across the Global South.

However, the United Nations Framework Convention on Climate Change (UNFCCC) cautioned that despite the growth in funding, access remains uneven, with the majority of clean energy financing concentrated in a limited number of developing economies.

In its assessment, the UNFCCC stated:

“Financial flows to developing countries for clean energy reached USD 21.57 billion, up from USD 12.14 billion in 2015, but remain concentrated in a few countries. Universal access by 2030 requires not just technology deployment but equitable distribution of capital and capacity.”

The report underscores a critical challenge facing many African and low-income nations: while global financing for clean energy is rising, barriers to access — including limited credit guarantees, weak institutional capacity, and high perceived investment risks — continue to slow adoption.

For Nigeria and other emerging markets, the findings highlight both progress and urgency. The increased funding signals growing recognition of their role in the global clean energy transition, yet the concentration of capital suggests that policy reforms, stronger public-private partnerships, and targeted financing instruments will be necessary to ensure broader and more equitable impact.

The Yearbook will serve as a reference point for ongoing climate finance negotiations ahead of key global climate forums scheduled for 2026.

Nigeria to Launch 2025 Oil Licensing Round on December 1 — NUPRC

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Nigeria to Launch 2025 Oil Licensing Round on December 1 — NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the 2025 Oil Licensing Round will officially begin on December 1, 2025, marking a renewed effort by the Federal Government to boost upstream investments and enhance national crude output.

The announcement was made by the Commission’s Chief Executive, Engr. Gbenga Komolafe, during the Project 1MMBOPD Additional Production Investment Forum held in London on Tuesday.

In a statement shared via the Commission’s official X (formerly Twitter) account, Komolafe disclosed that the approval for the licensing round aligns with the provisions of the Petroleum Industry Act (PIA).

“We are announcing that we are ready under the approval of the Minister of Petroleum Resources in line with the PIA to commence the 2025 licensing round beginning from December 1, 2025,” Komolafe said.

According to the Commission, the upcoming licensing exercise is structured to unlock undeveloped and fallow oil and gas fields, particularly gas-rich assets, which are expected to play a critical role in advancing Nigeria’s energy transition strategy.

Komolafe explained that the initiative seeks to scale up upstream production, accelerate revenue generation, and bring previously discovered but unexploited reservoirs into full commercial operation.

The licensing round is also expected to attract both domestic and international investors, signaling Nigeria’s continued commitment to strengthening its petroleum sector, supporting economic growth, and ensuring energy security.

Further details on application guidelines, bidding processes, and block availability are expected to be released in the coming weeks.

Cost of New Car Registration in Nigeria Rises to Between N115,000 and N140,000 in 2025

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Cost of New Car Registration in Nigeria Rises to Between N115,000 and N140,000 in 2025

The cost of registering a new vehicle in Nigeria has increased significantly in 2025, with fees now ranging from N115,000 to N140,000, depending on the state, registration centre, and intermediary agents involved.

This marks a notable rise from the N80,000 to N105,000 range recorded in 2024, reflecting broader inflationary pressures and adjustments in administrative charges across the nation’s automotive and transportation sectors.

Industry personnel and vehicle documentation agents who spoke with Nairametrics attributed the sharp cost increase to a combination of factors, including:

  • New regulatory and statutory fees
  • Higher production costs for number plates and vehicle documents
  • Informal and local government levies
  • Dependence on third-party registration intermediaries in some states

A senior staff member at Mutual Benefits Assurance, who confirmed the current pricing trend, noted that processing times remain relatively stable despite the cost spike.

“Registering a new car in Nigeria costs between N115,000 and N140,000 today, and it takes between three to five working days to be ready,” the official stated.

The rising cost adds to what has already been a challenging period for vehicle buyers, with car prices themselves having surged due to foreign exchange instability, import duty adjustments, and declining purchasing power.

Transport and mobility analysts say the upward trend may persist unless there is a stabilization in both administrative pricing and broader macroeconomic conditions.

Ranks Africa will continue to monitor the evolving cost structure within the automotive and transportation sectors nationwide.

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