NNPC Exploration and Production Limited (NNPC E&P Ltd) and Natural Oilfield Services Limited (NOSL) have commenced oil production at Oil Mining Lease 13 (OML 13) located in Akwa Ibom State.

The announcement came through a statement signed by Olufemi Soneye, the spokesperson of NNPC E&P Ltd, highlighting the collaborative effort between the flagship upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) and NOSL, a subsidiary of Sterling Oil Exploration & Energy Production Company Limited.

The production, which officially began on May 6, 2024, saw an initial output of 6,000 barrels of oil. The partners aim to ramp up production to 40,000 barrels per day by May 27, 2024, reflecting their commitment to enhancing Nigeria’s crude oil production capacity.

Soneye said the first oil flow from OML 13 shows the dedication of NNPC E&P Ltd and NOSL to drive growth and development in Nigeria’s oil and gas sector.

He stated, “The achievement does not only signify the culmination of rigorous planning and execution by the teams involved but also represents a new era of economic empowerment and development opportunities for the host communities.”

For Nigeria, the commencement of oil production at OML 13 holds immense significance. It contributes to the country’s efforts to increase its oil production capacity, essential for meeting domestic energy needs and driving economic growth.

Moreover, Soneye reiterated NNPC E&P Ltd and NOSL’s commitment to operating in a safe, environmentally responsible, and community-beneficial manner.

This partnership underscores their dedication to sustainable practices and fostering positive impacts in the local communities where they operate.

The commencement of oil production at OML 13 marks a pivotal moment in Nigeria’s oil and gas industry, signifying not only increased production capacity but also the collaborative efforts between industry players to drive growth and development in the nation’s vital energy sector.

Nigerian musicians have experienced a shift in their fortunes on the global streaming platform Spotify with revenue surging by a 2,500% over the past seven years.

This meteoric rise shows the growing importance of digital platforms in propelling the country’s vibrant music industry onto the international stage.

According to Spotify’s annual report titled “Loud & Clear,” Nigerian artists collectively earned N25 billion from the platform in 2023 alone.

This figure represents a doubling of earnings compared to the previous year and a jaw-dropping increase of 2,500% since 2017.

The report further highlights the widening reach and impact of Nigerian music, revealing that more artists than ever before are now reaping rewards from their streaming activity.

In 2023, three times as many Nigerian artists earned over N10 million compared to 2018, reflecting the growing appetite for Nigerian music both at home and abroad.

Jocelyne Muhutu-Remy, Spotify’s managing director for Sub-Saharan Africa, hailed the growth in royalties earned by Nigerian artists on the platform as a testament to their talent, creativity, and global appeal.

She emphasized Spotify’s commitment to supporting African creators and pledged to continue investing in Nigerian artists to sustain this momentum.

Despite these gains, Nigerian artists’ earnings on Spotify still represent only a fraction of the platform’s total payout.

In 2023, Spotify paid out $9 billion in royalties globally with Nigerian artists accounting for a modest share of approximately $28.65 million.

A recent analysis revealed that South Africa remains the dominant force in Africa’s music streaming landscape, commanding a substantial portion of the region’s total music revenue.

However, Nigeria’s rapid ascent signals a shifting dynamic with the country’s music industry poised for even greater prominence on the global stage.

The International Federation of the Phonographic Industry (IFPI) corroborated this trend in its 2024 report, identifying the Sub-Saharan African market as the world’s fastest-growing music revenue market.

The report attributed this growth to the surge in paid streaming services, which contributed significantly to the region’s overall music revenue.

Amidst the ongoing economic turbulence in Nigeria, the depreciation of the Naira has inflicted a significant blow to businesses and importers.

The latest casualty is the surge in import duty costs which have skyrocketed by 23% due to the weakening of the national currency against the United States dollar.

The cost of clearing imports has surged to N1,412.573/$ as of May 8, an increase from the year-to-date low of N1,150.16/$ recorded on April 23.

This sudden spike in import duty costs reflects a 48% surge compared to the rate recorded in January.

The surge in import duty costs comes as a result of the fluctuation in the exchange rate between the Naira and the US dollar.

While the Naira experienced a brief rally in April, providing some relief to importers, the recent depreciation has erased those gains and compounded the financial strain on businesses.

Jonathan Nicole, former president of the Shippers Association of Lagos State, voiced concerns over the destabilizing effect of the fluctuating import duty rates on importers.

He criticized the lack of consistency in Nigeria’s economic policies and said there is a need for stability to attract investments and foster economic growth.

In response to the escalating import duty costs, stakeholders in the business community have called for urgent intervention to mitigate the adverse impact on businesses.

The surge in import duty costs poses a significant challenge to manufacturers and importers, particularly those who had already incurred expenses in anticipation of stable exchange rates.

As the cost of doing business continues to rise, there are growing concerns about the long-term viability of businesses and the potential impact on Nigeria’s economy.

With the economic landscape fraught with uncertainties, stakeholders are urging the government and regulatory authorities to implement measures aimed at stabilizing the currency and creating a conducive environment for businesses to thrive.

Failure to address these challenges could further exacerbate the economic woes facing Nigeria, jeopardizing its path to recovery and growth.