CSL Nigeria Daily - 17 April 2025

CSL Nigeria Daily - 17 April 2025
(Source: CSL RESEARCH, Date: 17-Apr-2025)

Dear Esteemed Client,

Domestic gas sale up 21.86% Year-on-Year

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently released the March 2025 Gas Production Status Report indicating that Nigeria's total gas production for the month was 227,931.65 million standard cubic feet (MMscf), up 14.91% year-on-year (y/y) from 198,353.62 MMscf recorded in March 2024. Distilling the gas production figures for the period showed that Associated Gas (AG)"”natural gas produced alongside crude oil"”accounted for 119,552.75 MMscf, up from 112,544.14 MMscf in March 2024. Non-Associated Gas (NAG)"”gas produced from conventional fields independent of crude oil"”was 108,378.90 MMscf, compared to 85,809.49 MMscf in the corresponding period of 2024. On a month-on-month (m/m) basis, total gas production in March increased by 15.62% from the 197,131.88 MMscf recorded in February 2025. In recent months, domestic gas sales have maintained a positive trajectory, rising by 21.86% y/y to 65,631.87 million standard cubic feet (MMscf) in March 2025, up from 53,857.68 MMscf recorded in March 2024.

Click here to download full report: CSL-Nigeria-Daily-17-April-2025-Energy.pdf"‹

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Media Highlights:

Trade imbalance threatening Nigeria-China currency swap deal "" CBN

The Central Bank of Nigeria (CBN) has raised concerns that the persistent imbalance in trade flows between Nigeria and China may hinder the full realisation of the benefits expected from the bilateral currency swap agreement between the two nations. Speaking at a breakfast meeting organised by the Maritime Reporters Association of Nigeria (MARAN) in Lagos yesterday, CBN Governor, Dr. Olayemi Cardoso, represented by his Special Adviser on Finance and Strategy, Mr. Anthony Ogufere, described the skewed trade dynamic as a critical challenge that threatens the long-term viability of the deal. ...The imbalance in trade flows constrains Nigeria's capacity to reap the full benefits of the swap agreement," he warned. Read more here"‹

Refund N182bn to FG, Reps order Remita

The House of Representatives has ordered financial technology firm, Remita, also known as SystemSpecs Ltd, to refund a total of N182.77bn withheld from the Treasury Single Account since 2015 to the Federal Government following a forensic audit that uncovered the discrepancy. The Public Accounts Committee of the House gave the directive on Wednesday during a meeting in Abuja, following the submission of an investigative report by consulting firm Seyi Katola & Company (Chartered Accountants). Recall that the House had in 2024 mandated the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies through Remita. Read more here"‹

Nigeria cuts power supply to Niger by 42% to 46mw

Nigeria has cut electricity sale to Junta-ruled Niger Republic to 46 megawatts from 80 megawatts. Vanguard gathered yesterday that the cut represent a 42 per cent reduction in power supply to the country. Niger's Energy Minister, Haoua Amadou, said the measure has led the country's electricity production to fall by 30 to 50 per cent, forcing state-owned power company, Nigelec, to impose planned power cuts that could last several days, especially in the capital, Niamey. Nigeria suspended much of its electricity exports to the West African nation as part of regional sanctions against the junta that toppled civilian president, Mohamed Bazoum, in July 2023. ...Nigeria has since resumed delivering electricity but only providing 46 megawatts, instead of the usual 80 megawatts," Amadou said. Read more here"‹

FG to announce cushioning measures for Trump's tariffs

The federal government has said it will soon unveil a series of intervention schemes aimed at mitigating the impact of the recent tariffs imposed by the United States government on imported goods. Speaking yesterday at a ceremony where the Nigeria Association of Small and Medium Enterprises (NASME) honoured the Chief Executive Officer of Cutix Plc, Ijeoma Odunoye, with an award for excellence and entrepreneurial success, the Special Adviser to the President on Job Creation, Mr. Adekunle Tola Johnson, affirmed the government's readiness to respond to the tariff shock. ...I'm aware that the Ministry of Finance has issued a statement with regard to the tariff by the American government under Donald Trump. And whatever the Minister of Finance has said is more than sufficient. However, I know that President Bola Ahmed Tinubu will be announcing a number of schemes to absorb some of the shocks that will come out of the tariff implementation," Johnson stated. Read more here"‹