Nigeria's crude oil production reached 1.84 million barrels per day in early April 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed. NUPRC Chief Executive Oritsemeyiwa Eyesan announced the figure, marking a notable uptick in output. Around the same time, global oil prices surged due to escalating tensions in the Middle East. United States West Texas Intermediate crude futures hit $112.60 per barrel, a 12.5 per cent increase, while Brent crude rose to $109.12. Despite earlier peaks near $120, prices remained slightly below those levels.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said petrol prices in Nigeria could have exceeded ₦2,000 per litre without local refining capacity. NMDPRA Acting Chief Executive Saidu Mohammed credited domestic refineries for cushioning the impact. Meanwhile, the Central Bank of Nigeria (CBN) inaugurated the Payment Service Providers Committee (PSPC) to boost digital transactions. Deputy Governor Dr. Muhammad revealed the move is expected to expand the payment ecosystem.
Thirty-three banks met the CBN's recapitalisation deadline, collectively raising ₦4.65 trillion. The apex bank confirmed the milestone on April 2, 2026. NUPRC also reported Nigeria's oil reserves at 37.01 billion barrels and gas reserves at 215.19 trillion cubic feet as of January 2026. The NSIA recorded ₦525.3 billion in core operating income for 2025. Adeleye Falade assumed office as Managing Director/CEO of NLNG. The Lagos State Government sealed an Access Bank branch in Oniru for allegedly discharging sewage. Governor Nasir Idris of Kebbi pledged to restore stable power supply. The IEA, IMF, and World Bank agreed to coordinate on Middle East war impacts. Abdul Samad Rabiu hosted Tony Elumelu for talks on industrial expansion.
A petrol price that could have hit ₦2,000 without local refining underscores how dependent Nigeria still is on external shocks despite increased crude output. Saidu Mohammed's revelation exposes the fragile gains of import substitution when global volatility strikes. Without sustained investment in refining and distribution, price stability will remain out of reach. The 33 banks that cleared the CBN's recapitalisation bar may be stronger, but that strength means little if fuel costs can still cripple operations.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
