Business
After one month of production shutdown, NNPCL restores crude oil at Forcados Terminal
*After one month of production shutdown, NNPCL restores crude oil at Forcados Terminal*
NNPCL– Hope for an increase in crude oil production has been rekindled as Nigeria’s crude oil production is expected to rise by at least 350,000 barrels per day, THE WHISTLER reports.
This is as a result of the decision of the Nigerian National Petroleum Company Limited (NNPCL) to resume operations at the Forcados Terminal.
The implication of this is that the NNPC is getting very close to the August target of 1.8 million barrel per day oil projection target.
This development is coming after a month of outage of the Trans Niger Pipelines System due to repairs at the Aleto section and loading systems leak at the Forcados export terminal.
Both terminals are operated by Shell Petroleum Development Company (SPDC).
Exports from Forcados which was scheduled to ship about 225,000 barrels per day (bpd) in July, were halted on the evening of July 12 due to observed leaks on a single buoy mooring where oil was being loaded onto a vessel.
A single buoy mooring is essentially a floating loading facility, allowing huge tankers to dock offshore and discharge cargoes.
According to the newspaper, a source at the NNPCL revealed that injections into the terminal were reduced following the report, but no force majeure was announced.
The source said that the cause of the suspension was identified by a collaborative investigation involving the NNPCL Upstream Unit, SPDC, Nigerian Upstream Petroleum Regulatory Commission and representatives of relevant stakeholders as well as government agencies.
The disruption of Forcados loadings, according to the report, led to the deferment of about 250 000 barrels day production thus responsible for Nigeria’s reduction in OPEC crude oil output in July.
Recall that the Trans Niger Pipeline system was shut down due to spill at Aleto, near Eleme, Rivers State.
We further learnt that the 180,000 barrel per day pipeline is one of two conduits to export Bonny Light crude.
The outage of the TNP, it was gathered, led to deferment of over 120,000 barrel per day production from Nigeria.
The newspaper further gathered that the total crude oil production deferments from both Bonny and Forcados terminals are over 350, 000 barrels per day.
These outages, it was further learnt, largely contributed to Nigeria’s low crude oil production levels of 1.29 million bpd in July, as reported by the latest report by the Nigerian Upstream Petroleum Regulatory Commission.
Tony Elumelu Entrepreneurs have collectively created 1.5 million jobs and generated $4.2 billion in revenue — Over 2 million Africans lifted out of poverty.
The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.
The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.
Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.
The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.
Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:
“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.
Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.
No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”
The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.
Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.
For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.
For Media Inquiries: media@tonyelumelufoundation.org
Tony Elumelu Entrepreneur Testimonials from Previous Years:
“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”
– Fatima Diallo, Senegal, Agritech Entrepreneur
“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”
– Mary Okeke, Nigeria, Fintech Founder
“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”
– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur
For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.
For Media Inquiries: media@tonyelumelufoundation.org
Business
Federal Government Moves to Slash Sky-High Airfares as Minister Keyamo Exposes Airline Tactics
Federal Government Moves to Slash Sky-High Airfares as Minister Keyamo Exposes Airline Tactics
The Federal Government, through the Minister of Aviation and Aerospace Development, Festus Keyamo, has vowed to tackle the exorbitant cost of air tickets for both domestic and international flights, revealing major efforts to cut costs, enhance airport safety, and address airline pricing manipulations.
Speaking at the Ministerial Press Briefing in Abuja on Thursday, Keyamo exposed a series of economic and policy-based factors that have led to the skyrocketing price of flight tickets, making air travel increasingly unaffordable for Nigerians.
Why Are Airfares So Expensive? The Inside Story
Keyamo broke down the root causes of excessive ticket pricing, which include:
Limited access to affordable aircraft leasing, forcing Nigerian airlines to either lease aircraft at exorbitant rates or buy aircraft outright—a cost that ultimately burdens passengers. Foreign airlines deliberately inflating ticket prices for Nigerian travelers due to fears of trapped funds and currency depreciation. Heavy government-imposed airport taxes, which are among the highest in Africa, further pushing up fares.
Foreign Airlines Caught in the Act? Keyamo Exposes Pricing Tricks
In a shocking revelation, Keyamo unveiled how foreign airlines had been exploiting Nigerian travelers by restricting them to only the highest-priced tickets.
“We called international airlines and asked what they used to do. They said if you want to buy international tickets, you will see business class Z, grade J, different grades, but it’s all the same. One can be N2 million cheaper than the other. Those ones, they opened for countries where they could get their money immediately. But they now opened only the high fare for Nigerian passengers,” he disclosed.
He explained that because foreign airlines feared currency depreciation, they set high fares in anticipation of inflation affecting their trapped funds.
“They said because they were taking into account inflationary rates of the money that will be trapped, they didn’t know when they would get it back. So instead of selling a ticket for N2 million or N3 million, they sold it for N7 million. Meanwhile, Ghana had lower ticket prices,” he added.
Government’s Response: No More Exploitation!
The government, according to Keyamo, is actively engaging foreign airlines to adjust their pricing in line with the recently cleared backlog of trapped funds.
“President Bola Tinubu, being very smart on this, cleared that first. But even after clearing the backlog, they were still enjoying the high fares. So we told them, ‘No, you cannot continue to do this. The excuse is gone. Nigerian passengers must now get fair pricing like other countries.’”
The Nigerian Civil Aviation Authority (NCAA) is leading discussions with these airlines to force a price adjustment, ensuring that Nigerians no longer face inflated airfares.
Airport Taxes: Another Major Culprit
Keyamo acknowledged that Nigeria’s airport taxes are among the highest in Africa, further worsening ticket prices. However, he emphasized that reducing these taxes is not solely within his power, as it requires collaboration with the Ministry of Finance.
“The Nigerian Airspace Management Authority and the Federal Airports Authority of Nigeria are reviewing these charges, but I cannot singlehandedly reduce them. It involves the Minister of Finance,” he clarified.
He stressed that airlines pass these high taxes directly to passengers, further inflating ticket costs.
What Lies Ahead? Promises of Cheaper Flights Soon
Keyamo assured Nigerians that with ongoing government interventions—including negotiations with foreign airlines, new aircraft leasing agreements, and possible tax reductions—airfares will soon become more affordable.
“We are addressing these issues. The results will soon be visible with the Cape Town Convention and the Dublin Conference. The deals are coming in, and we will see the results soon,” he promised.
Final Verdict: Relief in Sight or Another Empty Promise?
While the Federal Government’s efforts signal hope for Nigerian travelers, many remain skeptical about whether these promises will translate into real, affordable ticket prices. Will Keyamo’s intervention finally ground the exploitative pricing system, or will passengers continue to pay the price for policy failures? Nigerians are watching closely.
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