By Ambrose Nnaji

The Society of Petroleum Engineers Nigeria Council has announced that the 2026 edition of the Oloibiri Lecture Series and Energy Forum (OLEF) will on April 9, at the Petroleum Technology Development Fund (PTDF) Tower in Abuja.

The forum will convene regulators, operators, policymakers, investors, and energy professionals to develop practical strategies for boosting Nigeria’s oil production and strengthening the broader energy value chain.

Addressing journalists in Lagos, Chairman of the SPE Nigeria Council, Engr. Francis Nwaochei, emphasised that achieving and sustaining production above three million barrels per day would require a decisive shift from legacy production models to technology-driven operations backed by disciplined capital investment and stable policy frameworks.

According to him, while Nigeria possesses the resource base to surpass the 3 million barrels per day threshold, the industry must adapt to a new operating environment defined by tighter margins, aging assets, and heightened global competition.

“The era of easy oil is over. Sustainable growth will depend on innovation, digitalization, efficient capital allocation, and a regulatory climate that enables intelligent operations and asset optimization”, Nwaochei stated.

Themed “Beyond the Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimization,” OLEF 2026 will explore how to align technology adoption, financing models, and regulatory reforms to unlock Nigeria’s full production capacity.

Although output has improved in recent months, Nigeria’s crude production remains below installed capacity, constraining government revenue, foreign exchange inflows, and investor confidence. Nwaochei stressed that stronger output levels are essential to fiscal stability, domestic refining expansion, gas commercialization for power and industry, and Nigeria’s standing as a dependable global supplier.

The forum will also examine strategies for maximising existing assets through enhanced reservoir management, reactivation of shut-in wells, brownfield optimization, and selective new field development. Particular attention will be placed on strengthening indigenous operators through improved access to financing, digital tools, and technical partnerships.

Established to commemorate Nigeria’s first commercial oil discovery in Oloibiri, Bayelsa State, OLEF remains one of the country’s foremost platforms for policy dialogue and industry thought leadership.

The 2026 edition is positioned as a solutions-driven forum aimed at generating actionable recommendations to guide regulatory reforms, investment planning, and long-term national energy strategy.

By Editor

President of the Dangote Group, Aliko Dangote, has unveiled plans to enter steel manufacturing, electricity generation and port development, marking what could become the conglomerate’s most consequential diversification since the launch of its $20 billion refinery complex.

Dangote said the expansion forms part of a long-term strategy to accelerate Africa’s industrialisation, deepen manufacturing capacity and reduce structural dependence on imports.

The group, which already operates across cement, sugar, salt, fertiliser and petrochemicals, recently commenced full operations at the Dangote Petroleum Refinery & Petrochemicals, now producing approximately 650,000 barrels of refined products per day. According to Dangote, output is expected to scale up further over the next three years as optimisation and expansion plans progress.

But refining, he noted in a recent interview with The New York Times, represents only one layer of a broader industrial blueprint.

“We have to industrialise Africa,” Dangote said, outlining steel production, expanded power generation and new port infrastructure as the next strategic pillars.

Industry analysts say the proposed entry into steel manufacturing could significantly alter Nigeria’s industrial ecosystem. Steel remains foundational to construction, transport infrastructure, housing and heavy manufacturing — sectors critical to economic diversification.

Investment in power generation is equally strategic. Chronic electricity shortages have long constrained Nigeria’s productivity, forcing manufacturers to rely heavily on self-generation at high cost. Vertical integration into power could lower operating risks while improving competitiveness.

Port development, meanwhile, is expected to address logistics bottlenecks that inflate trade costs and undermine export capacity. With large-scale manufacturing expansion, integrated port access would enhance supply chain efficiency and reduce turnaround time for imports of raw materials and exports of finished goods.

Dangote cited India’s Tata Group as a model for diversified industrial expansion, describing its multi-sector footprint as evidence that indigenous conglomerates can anchor economic transformation in emerging markets.

Beyond scale, employment generation remains central to the strategy. With Nigeria projected to require between 40 and 50 million new jobs by 2030, Dangote argued that large industrial platforms are essential to absorbing the country’s expanding youth population.

The refinery currently employs about 30,000 workers, roughly 80 per cent of them Nigerians. Expansion into steel, power and port infrastructure is projected to lift total group employment to about 65,000.

Dangote also disclosed plans to list the refinery on the Nigerian Exchange, broadening domestic investor participation and deepening local capital market involvement in large-scale industrial assets.

Despite progress, the group continues to face structural constraints, including crude supply inconsistencies and logistics inefficiencies within the oil value chain. Dangote has repeatedly called for improvements in feedstock security and regulatory alignment to ensure optimal refinery utilisation.

Nevertheless, he reaffirmed the group’s commitment to sectors capable of retaining value within Africa and reducing import dependence.

“Nobody dared to do it, so we did it,” he said, underscoring his belief that transformative private capital deployment remains critical to reshaping Nigeria’s industrial architecture.

With cement operations across several African countries and a refinery reshaping Nigeria’s downstream market, Dangote’s next pivot into steel, power and ports signals a new phase in Africa’s industrial consolidation drive.

By Ambrose Nnaji

The Nigeria Extractive Industries Transparency Initiative (NEITI) has applauded President Bola Ahmed Tinubu for issuing Executive Order 9, directing that all revenues accruing to the Federal Government from tax oil, profit oil, profit gas, royalty oil, and other government entitlements under production sharing, profit-sharing and risk service contracts be remitted directly into the Federation Account.

The Executive Order, signed on February 13, 2026, is designed to safeguard oil and gas earnings, curb leakages and eliminate wasteful expenditure by ensuring that all operators transfer statutory revenues straight to the constitutionally recognised Federation Account.

In a statement, NEITI’s Executive Secretary, Musa Sarkin Adar, described the directive as “a bold and strategic milestone” in Nigeria’s ongoing fiscal reform agenda aimed at strengthening transparency, accountability and revenue mobilisation.

According to him, the presidential order aligns squarely with Section 162 of the Constitution, which mandates that all revenues collected by the government be paid into the Federation Account for equitable distribution among the federating units.

“For over two decades of our oversight work, NEITI has consistently recommended the full remittance of all revenues due to the Federation Account in line with constitutional provisions,” Sarkin Adar stated. “This directive reflects the realisation of that long-standing reform objective.”

He recalled that NEITI’s 2017 special report titled Unremitted Funds, Economic Recovery and Oil Sector Reform uncovered over $20 billion in revenues owed to the Federation but yet to be remitted at the time — a development that significantly strained government finances and triggered high-level engagements between the executive, legislature and oversight bodies.

The NEITI boss said the new order marks a critical step in addressing systemic revenue gaps and consolidating reforms introduced under the Petroleum Industry Act (PIA), which remains the principal legislation governing Nigeria’s oil and gas sector.

While affirming NEITI’s longstanding advocacy that contributed to the enactment of the PIA, Sarkin Adar urged the National Assembly and relevant stakeholders to expedite amendments to align certain provisions of the law with emerging fiscal reforms and current operational realities.

“The core objectives of transparency, efficiency and accountability that shaped NEITI’s advocacy for the PIA are being advanced through this directive,” he noted.

He reiterated the agency’s commitment to collaborate with anti-corruption institutions, development partners and other stakeholders to deepen reforms and ensure the transparent, accountable and efficient management of Nigeria’s extractive resources for the benefit of all federating units and citizens.

Analysts say the Executive Order, if effectively implemented, could significantly boost government revenues, reduce opacity in oil remittances and improve fiscal stability at a time when Nigeria is intensifying efforts to strengthen its public finance framework.