Business
Nigeria’s crude oil output declined by 40,000 in April
The Organisation of Petroleum Exporting Countries (OPEC) has said Nigeria crude oil output declined by 40,000 barrels per day (bpd) in April 2022.
This was contained in “Reuters survey of OPEC crude oil production (the month of April 2022).”
It noted that there was lower export in the period under review than March.
Nigerian output posted a 40,000 bpd decline, the survey found, with lower exports than in March.
It also noted that the increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers.
According to the survey: “OPEC pumped 28.58 million barrels per day (bpd) in April, the survey found, up 40,000 bpd from the previous month and short of the 254,000 bpd increase called for under the supply deal.
“OPEC and its allies, known as OPEC+, are slowly relaxing 2020 output cuts as demand recovers from the pandemic. OPEC+ meets on Thursday and is expected to confirm a previously agreed output hike despite the surge in oil prices after Russia’s invasion of Ukraine.”
“Probably the view is to maintain the plan,” an OPEC delegate said of Thursday’s meeting. The deal called for a 400,000 bpd increase in April from all OPEC+ members, of which about 254,000 bpd is shared by the 10 OPEC producers the agreement covers.
Output undershot the pledged hikes from October to March, with the exception of February, according to Reuters surveys, as many producers lack the capacity to pump more crude following insufficient investment, a trend accelerated by the pandemic.
As a result, the 10 OPEC members are pumping far less than called for under the deal. OPEC compliance with pledged cuts was 164%, the survey found, versus 151% in March. Libya, Nigeria drop.
The biggest drop in output was in Libya, which at one point in April was losing more than 550,000 bpd from blockades on fields and terminals. Libya is one of the OPEC members exempt from making output cuts.
Nigerian output posted a 40,000 bpd decline, the survey found, with lower exports than in March. Force majeure remains in place on the Bonny Light export stream. These outages limited the increase in OPEC’s output as top producers followed through on the pledged hike in supply.
The biggest rise in April of 100,000 bpd came from Saudi Arabia, the survey found. Iraq, which reported a month-on-month rise in exports, boosted output by 80,000 bpd.
The United Arab Emirates followed through on its higher quota and added 40,000 bpd, while Kuwait’s output edged up by 10,000 bpd.
Iran, also exempt from making output cuts, has been shipping more to China in 2022 and production rose in April, the survey found, even as talks on reviving its 2015 nuclear deal with world powers have yet to reach a deal.
Production in Venezuela, another exempt producer, edged higher. Production fell or did not increase in Angola, Equatorial Guinea and Gabon, the survey found, because of a lack of capacity to produce more.
The Reuters survey aims to track supply to the market. It is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, as well as information provided by sources at oil companies, OPEC and consultants.
The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in April and March, according to a Reuters survey published on Monday.
OPEC and allies, known as OPEC+, are unwinding record output cuts made in 2020 yet are struggling to achieve their planned monthly production increases.
In April, the cuts required of OPEC stood at 1.368 million bpd, less than the actual cuts by the 10 OPEC members bound by the deal that stood at 2.243 million bpd, Reuters calculations and OPEC figures showed.
That put OPEC’s compliance with its pledged cuts at 164% in April, up from 151% in March. March’s output was not revised. The figures in the first, second and fourth columns in the table are in millions of barrels per day.
Business
JMG, Jamara Home Boost Workplace Culture, Showcase Cooling Innovation at Lagos HVACR Exhibition
JMG Limited and Jamara Home have hosted a staff sporting festival and showcased advanced cooling solutions at a major industry exhibition in Lagos, highlighting their dual focus on workplace culture and technological innovation.
The events, held around the Easter period, brought together employees, unions, and industry stakeholders, reflecting a broader push to strengthen both internal collaboration and external industry leadership.
Staff Sporting Festival Promotes Team Spirit
The companies, alongside branches of the National Union of Electricity Employees (NUEE) and the Steel and Engineering Workers’ Union of Nigeria (SEWUN), organised their first Staff Sporting Festival to encourage teamwork and employee wellbeing.
Activities included football, chess, and board games, with staff divided into four teams competing in a relaxed and energetic atmosphere.
Participants described the event as a chance to reconnect outside daily work routines and build stronger relationships across departments.
“This is more than a competition, it is about connection, shared energy, and the spirit everyone brought to the day,” said Chief Commercial Officer, Rabi Jammal.
“These are the moments that strengthen not just our teams, but our entire organisation.”
Chief Human Resources Officer Gloria Ibeziako said the turnout reflected the importance of people-focused initiatives.
“At the heart of every strong organization are strong relationships,” she said.
“Events like this reinforce teamwork, boost morale, and remind us that our people are our greatest assets.”
Why It Matters
Workplace culture is increasingly seen as critical to productivity and retention, particularly in competitive industries.
Analysts say employee engagement initiatives such as sports events can improve collaboration, reduce burnout, and enhance organisational performance.
For companies like JMG and Jamara Home, the festival signals a strategic investment in human capital alongside business growth.
JMG Showcases Cooling Innovation at HVACR Exhibition
Separately, JMG’s Clima Division took part in the HVACR Exhibition 2026 in Lagos, presenting energy-efficient cooling solutions in partnership with Trane Technologies.
The three-day event, held at the Landmark Centre in Victoria Island, brought together contractors, consultants, and developers within the Big 5 Construct Nigeria platform.
Visitors to the JMG Clima stand explored advanced systems designed for performance, resilience, and sustainability in commercial and industrial settings.
Industry Conversations Focus on Energy Efficiency
Discussions at the exhibition centred on Nigeria’s growing demand for efficient climate control systems, driven by urban expansion and rising energy costs.
Stakeholders highlighted the need for smarter infrastructure solutions capable of supporting long-term development.
“Their continued trust drives us to keep innovating, to keep improving, and to deliver solutions that set new benchmarks,” said Hussam Aziz, Sales Manager, JMG Clima.
Industry Reactions
Experts say the push for energy-efficient cooling systems is timely as Nigeria faces increasing pressure on its power supply and infrastructure.
Industry observers note that partnerships with global firms such as Trane Technologies could accelerate technology transfer and improve standards in the HVAC sector.
What’s Next
JMG Limited says it plans to continue investing in both employee engagement and technical innovation.
The company aims to expand its role in Nigeria’s energy and infrastructure sectors, with a focus on sustainable and cost-effective solutions.
Business
Fidelity Bank Empowers 100 Women in Ogun with Vocational Tools Under ‘Give Her Power’ Initiative
Fidelity Bank Plc has empowered 100 women in Ogun State with vocational tools, as part of its nationwide “Give Her Power” initiative aimed at boosting economic independence.
The programme, held in Abeokuta, saw the distribution of 50 sewing machines and 50 grinding machines to women engaged in microbusinesses.
It forms part of a broader rollout launched in March to mark the 2026 International Women’s Day, in partnership with several organisations.
The event took place at the MKO Abiola Sports Arena and drew market leaders, community stakeholders, and government officials.
Why it matters
Women-led small businesses play a critical role in Nigeria’s informal economy, but many face barriers such as limited access to funding, tools, and training.
Programmes like this aim to bridge that gap by providing not just financial services, but also practical resources that can immediately improve productivity and income.
‘Empowerment must be practical’ – Bank
Speaking at the event, Fidelity Bank’s Regional Head for Southwest 1, Folaranmi Jemirin, said the initiative focuses on tangible impact.
“At Fidelity Bank, our approach to empowerment is simple; it must be practical, inclusive, and sustainable. When you empower a woman economically, the benefits extend to her family, her business, and the wider community.”
He added that the Ogun outreach builds on momentum from the initiative’s launch earlier in March.
Jemirin explained that the programme operates under the bank’s women-focused platform, HerFidelity, which offers financial literacy, mentorship, business support, and vocational training.
“This is more than a donation, it’s our vote of confidence in your ability to earn, grow, and create value within your communities.”
Government backs initiative
Ogun State Commissioner for Women Affairs and Social Development, Adijat Adeleye-Oladapo, described the programme as a shift from symbolic gestures to real economic support.
“This initiative goes beyond celebrating International Women’s Day. It delivers real opportunities for transformation. When you empower a woman, you empower a family and, ultimately, society.”
She said the effort complements the state government’s agenda to strengthen women’s economic participation under Governor Dapo Abiodun.
Wider rollout across Nigeria
Fidelity Bank says it has expanded the initiative nationwide, including:
Distribution of 1,000 vocational tools
Launch of the HerFidelity Apprenticeship Programme 2.0
Financial literacy sessions for girls
Mentorship and skills training programmes
The bank says the goal is to create long-term pathways for women to build sustainable businesses.
Industry and public perspective
Experts say such targeted interventions can have a multiplier effect on local economies.
Small-scale entrepreneurs especially women often reinvest earnings into their families and communities, improving education, healthcare, and overall welfare.
However, analysts note that sustained impact will depend on continued access to markets, financing, and follow-up support.
What’s next
Beneficiaries have been urged to make productive use of the equipment to ensure long-term benefits.
Observers say similar initiatives could be scaled further if backed by consistent monitoring and partnerships with local governments and development organisations.
About Fidelity Bank
Fidelity Bank Plc serves over 10 million customers through digital channels, 255 business offices in Nigeria, and its UK subsidiary.
The bank has received several awards, including recognition for digital transformation, SME banking, and mobile banking innovation.
Business
Nigeria Customs Strengthens Ties With International Breweries to Boost Excise Compliance, Revenue
The Nigeria Customs Service says it is strengthening partnerships with manufacturers after officials visited International Breweries Plc in Ilesa, Osun State to reinforce excise compliance and revenue generation.
The Acting Customs Area Controller for the Oyo/Osun Command, Wale Moses Adewole, led the visit on Tuesday, describing compliance with excise laws as essential to Nigeria’s economic stability.
He said the agency would continue to support legitimate business operations while enforcing fiscal regulations.
“Adherence to excise laws is critical to revenue generation and national economic stability,” Adewole said.
Why it matters
Excise duties from industries such as breweries form a key part of Nigeria’s non-oil revenue.
With economic pressures and fluctuating oil income, authorities are increasingly focusing on improving compliance across manufacturing sectors.
Customs officials say closer engagement with companies can help reduce revenue leakages and improve transparency.
Customs commends brewery’s economic role
During the visit, Adewole praised International Breweries for its contributions to employment and government revenue.
He urged the company to sustain compliance and maintain transparent operations.
Industry analysts say large manufacturers like breweries play a significant role in job creation and supply chain development, particularly in states like Osun.
Company pledges continued cooperation
Responding, the plant manager, Emmanuel Onabanjo, welcomed the visit and described it as “timely and impactful.”
“We remain committed to maintaining a cordial relationship with the Nigeria Customs Service and complying with all regulatory requirements,” he said.
Industry and public perspective
Experts say improved collaboration between regulators and manufacturers could help stabilise Nigeria’s business environment.
However, some industry stakeholders warn that over-regulation or inconsistent policies could increase production costs, which may be passed on to consumers.
Balancing enforcement with ease of doing business remains a key challenge.
What’s next
The Customs Service says it will continue stakeholder engagement across sectors to improve compliance and support trade.
Officials also signalled that more factory visits and audits may follow as part of broader enforcement efforts.
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