The Nigerian National Petroleum Company Limited and Chevron Nigeria Limited are planning to increase oil production at their joint venture to 146,000 barrels per day, aiming to boost government revenue.

This was as the NNPC congratulated Chevron, operator of the NNPC Ltd/CNL Joint Venture, on the successful completion of the Awodi-07 appraisal and exploration well located in the shallow offshore western Niger Delta.

According to a statement by the NNPC spokesman, Andy Odeh, the Awodi-07 well was drilled as part of the joint venture’s ongoing efforts to delineate further and unlock hydrocarbon potential within its asset portfolio.

“Drilling operations commenced in late November 2025 and were concluded in mid-December 2025, with all activities executed safely, efficiently, and in strict compliance with approved operational and regulatory standards.

“Following the completion of comprehensive testing, logging, and data acquisition, the well was safely secured, bringing the programme to a successful close. Results from the well are highly encouraging, confirming a significant presence of hydrocarbons across multiple reservoir zones,” Odeh said.

According to him, the outcome represents a notable milestone for the NNPC Ltd/CNL Joint Venture, strengthening confidence in the underlying asset and reinforcing the prospectivity of the area.

The success of Awodi-07, he said, further highlights the effectiveness of disciplined exploration, sound technical evaluation, and the strong operational collaboration between NNPC Ltd and its joint venture partner.

Commenting on the achievement, the Group Chief Executive Officer of NNPC, Bayo Ojulari, commended Chevron for its operational excellence, technical competence, and consistent delivery of value.

Ojulari stated, “The success of the Awodi-07 well further reinforces the strength of the NNPC Ltd/CNL Joint Venture and our shared commitment to responsibly growing Nigeria’s hydrocarbon reserves. This achievement aligns squarely with our strategic priorities of increasing production, enhancing national energy security, and delivering sustainable value for the Nigerian people.”

Also speaking on the milestone, the Executive Vice President, Upstream, NNPC Ltd, Mr Udy Ntia, described the Awodi-07 results as a clear demonstration of the value of sustained collaboration, technical rigour, and a stable, enabling operating environment.

According to him, the discovery underscores the importance of disciplined exploration programmes, strong partnerships, and the positive impact of the reforms introduced under the Petroleum Industry Act.

“We look forward to working closely with Chevron Nigeria Limited to mature this opportunity and progress it towards timely development and monetisation,” Ntia said.

Odeh added that NNPC and Chevron work together under a joint venture agreement to operate several oil and gas fields in Nigeria’s Niger Delta.

“In this partnership, Chevron owns 40 per cent of the assets, while NNPC Limited holds the remaining share. The arrangement allows both companies to combine resources, expertise, and investment to develop Nigeria’s oil and gas resources more effectively.

“Through this collaboration, the partners aim to increase oil production to about 146,000 barrels per day, which would support government revenue, create jobs, and contribute to the country’s energy supply,” he stated.

Analysts have highlighted stalled budgetary progress and pre-election politicking as some of the top risks to the upward review in the growth projections for Nigeria in 2026, as done by the International Monetary Fund in the past week.

The PUNCH reported that the International Monetary Fund projected that Nigeria’s economy will grow by 4.4 per cent in 2026 in the January 2026 edition of its biannual World Economic Outlook. According to its latest report, the IMF hinged growth across sub-Saharan Africa on Nigeria, as the sub-region is expected to strengthen to 4.6 per cent in 2026 and 2027.

“Growth is also expected to accelerate in sub-Saharan Africa, from 4.4 per cent in 2025 to 4.6 per cent in 2026 and 2027, supported by macroeconomic stabilisation and reform efforts in key economies,” the report partly read.

The IMF’s 2026 revised growth projection for Nigeria of 4.4 per cent broadly aligns with Afrinvest’s estimate of 4.3 per cent as captured in its 2026 Macroeconomic Outlook Report.

The projections by Afrinvest were predicated on what it considered to be ongoing strategic private-sector investments in telecommunications (5G network investments by MTN Nigeria and Airtel Africa), oil & gas (Dangote refinery expansion and Tony Elumelu’s acquisition of a majority stake in SEPLAT), agriculture (KONIG Agriculture Ltd’s $42.0m mid-term investment in Ondo State), and finance & insurance (sector-wide recapitalisation) alongside carry-trade inflow prospects (with Nigeria’s elevated yields expected to attract high-yield-seeking foreign portfolio investors from Advanced Economies), which will be pivotal to Nigeria’s economic narrative in 2026.

EnterpriseNGR, a member-led professional policy and advocacy group, also projected a 4.49 per cent growth, which it said reflects a broad-based expansion across services, agriculture, trade, and telecommunications.

Highlighting the risks to the upward review, Afrinvest, in its weekly market research, said, “We are concerned that poor management of global geopolitical alignments, heightened pre-election politicking, and stalled budgetary progress (with the proposed N58.2tn 2026 budget yet to be ratified and passed) could materially undermine the growth outlook, given other subsisting structural constraints such as insecurity and weak infrastructure.

“The projected subdued global trade outlook for 2026 (with volume growth weakening to 2.6 per cent from 4.1 per cent in 2025) could further hurt Nigeria’s macroeconomic prospects, given that net receipts from crude oil, which account for about 85.0 per cent of total exports, are expected to contribute roughly 35.6 per cent of the FG’s targeted N34.3tn in budgeted revenue.

“Overall, we emphasise that effective fiscal management, de-escalation of the domestic political environment, and the rollout of people-centric policies with the potential to drive sustainable and inclusive growth will be paramount for Nigeria to navigate evolving global and domestic risks in the immediate and near term.”

The PUNCH reports that President Bola Tinubu presented a 2026 Appropriation Bill of N58.18tn to the National Assembly, and the budget has yet to be passed into law. Expected revenue stood at N34.33tn, capital expenditure is estimated at N26.08tn, while recurrent non-debt expenditure stands at N15.25tn. Debt servicing is projected at N15.52tn, with a budget deficit of N23.85tn.

EnterpriseNGR also holds a positive view of the oil & gas sector, saying, “The oil sector is also anticipated to make modest gains with improved security and operational stability. This assumes continuity of recent reforms in fiscal management, foreign exchange liberalisation, and infrastructure investment. Nigeria’s crude oil production is expected to average 1.5 million barrels per day in 2026. Brent crude prices are projected to remain in the $61 per barrel range, with Nigerian Bonny Light crude typically trading at a slight premium due to its high quality. This balances production capacity, security considerations, and global market trends, while also factoring in the impact of domestic refining and planned production expansion.

“Nigeria’s oil sector is set for steadier performance in 2026, aided by domestic refining expansion and stable prices.”

The Nigeria Customs Service recorded one of its strongest performances in recent history in 2025, generating N7.281tn in revenue, surpassing its annual target and intensifying enforcement against illicit trade, even as the agency warned that Nigeria loses about N3tn annually to port inefficiencies and prolonged cargo dwell times.

The Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed this on Monday in Abuja while delivering an address at the 2026 International Customs Day celebration, themed “Customs Protecting Society Through Vigilance and Commitment,” alongside the official launch of the Time Release Study.

Adeniyi said the revenue outturn exceeded the Service’s approved target of N6.584 trillion by N697bn, representing a positive variance of over 10 per cent, and a 19 per cent year-on-year growth compared to the N6.1tn collected in 2024.

He attributed the result to tighter controls and new digital systems deployed at the country’s bor

“Ladies and gentlemen, even as we protect society and reform procedures, we must also sustain the financial health of the state,” he said. “I am pleased to report that in 2025, the Nigeria Customs Service collected a total of N7.281tn, exceeding our target with a positive variance of N697bn, representing a growth of over 10 per cent against target. When compared to our 2024 collections, total revenue rose from N6.1tn to N7.28tn, an increase of approximately N1.18tn, or about 19 per cent year-on-year.”

Beyond revenue, Adeniyi said the Service intensified its protective role, recording over 2,500 seizures nationwide with an aggregate value exceeding N59bn, covering narcotics, counterfeit pharmaceuticals, wildlife products, arms and ammunition, petroleum products, vehicles and substandard consumer goods.

“True protection is broader and far more complex. It involves intercepting narcotics that would devastate young lives; blocking counterfeit medicines that would harm patients; seizing hazardous environmental materials; preventing arms from reaching criminal networks; and ensuring that the products entering our country are safe for consumption. In many of these cases, the public may never see the intervention, but they would certainly have felt the consequences had we failed to act,” he said.

The Customs boss cited major interceptions across ports, airports and land borders, including the discovery of 16 containers of prohibited goods worth over N10bn at Apapa Port and the seizure of over 1,600 trafficked exotic birds at Nigerian airports.

He noted that despite these successes, inefficiencies at the ports continue to cost the nation dearly. “The Time Release Study shows clearly that our challenge is not that we cannot move goods fast; it is that goods are not allowed to move fast,” he said. “We recorded cases where just eight declarations accounted for delays ranging between 46 and 84 days, and one clearance process stretched to an idle time of 118 days. This is not acceptable.”

The TRS, conducted at Tincan Island Port, covered over 600 declarations and represents the most comprehensive measurement of Nigeria’s cargo clearance process in recent history. Adeniyi stressed that Customs alone cannot fix the system. “Effective trade facilitation requires terminal operators, shipping lines, partner government agencies, truckers, brokers, banks and port authorities to work in a synchronised ecosystem rather than parallel silos,” he said.

He also highlighted the Service’s forward strategy to deepen intelligence-led, technology-driven enforcement, institutionalise procedural reforms to reduce clearance times, and strengthen collaboration with stakeholders and international partners.

Also speaking at the event, the Chairman of the House of Representatives Committee on Customs and Excise, Leke Abejide, called for the full integration of the Nigeria Customs Service into the nation’s security architecture. He lamented that, despite Customs’ strategic frontline role at the borders, the agency is often excluded from high-level security deliberations.

“When I saw this program, what came to my mind was what was read by the Secretary General of the World Customs Organisation. As he said, even with our prominent position at the border, the indispensable contribution customs make to the security and welfare of societies worldwide is not commonly understood. So customs need to be part of the security architecture,” Abejide said.

He added that security efforts should be preventive rather than reactive, emphasising that excluding Customs weakens the country’s ability to stop threats before they enter Nigeria.

Abejide also criticised bureaucratic delays affecting critical imports such as pharmaceuticals and agricultural machinery, saying that inefficiencies in ministries and agencies now take longer than the actual shipping time from Asia to Nigeria.

“The great losers are the stakeholders, licensed customs agents, the importers, and the Federal Government of Nigeria,” he said. He added that the House Committee on Customs and Excise plans to engage key ministers to address the bottlenecks, which could significantly boost government revenue.

“The time it takes to get a support letter from the ministry, the time it takes the IDEC office to process the document, and the time it takes the Ministry of Foreign Affairs to communicate with the Ministry of Finance, when you add everything together, it is double the time it takes cargo to come from China to Nigeria,” Abejide explained.

“So when we resume, we will invite the Minister of Finance and the Minister of Trade and Investment, so that we can look at how to fast-track this process. This trillion you are talking about is child’s play. If we can control this, we can bring more money into the Federal Government’s account.”

He reaffirmed the National Assembly’s support for the Nigeria Customs Service, noting that improved welfare and operational efficiency would translate into better performance.

“Everybody knows that I am part of Customs. Anything Customs wants that will improve their welfare and their operations, I am always in support. For them to organise this programme means they want to perform better, and as lawmakers, we should do everything possible to support them to succeed.”

The International Customs Day, marked annually on January 26, recognises the role of customs administrations worldwide in border security, trade facilitation, and the protection of society from illicit and harmful goods.