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In the last few months, Nigeria’s production has though crude oil production increased in Novem-
been below its budgetary benchmark dropping to ber, it wasn’t sufficient. The increase of 254,000
1.37 million barrels a day in October, 261,000 BPD was not achieved as planned. Saudi Arabia,
barrels a day below its OPEC+ quota. and Iraq, OPEC’s two leaders, met the target in
At a time when many believe that African coun- November, and Nigeria’s production recovered
tries should increase their oil production rather during the same period, but other African produ-
than follow OPEC, we realized that it’s not always cers continued to struggle.
easy to do so based on the realities of the conti- “Ten OPEC members bound by the OPEC+ pact
nent. Having oil in abundance does not guaran- should be raising their combined production by
tee we will be able to take full advantage of it. 254,000 barrels per day (BPD) each month out of
We realized that not all OPEC members have the the total OPEC+ monthly supply addition of
capacity to fulfill their full potential, so even 400,000 BPD”.

Nigeria International Energy Summit (NIES)

The fifth edition of the International Energy
Summit (NIES) was held in Abuja from February
27 to March 3, 2022. The distinguished event was
attended by many ministers and high-ranking of-
ficials, dignitaries, chief executives of local and
international oil companies, industry experts,
and other relevant stakeholders. It was estimated
that 5,000 individuals attended the event from at
least 53 countries. The summit hosted an inter-
national exhibition featuring products and servi-
ces from the energy sector, economic operators,
national and international companies, and po-
tential investors showcasing their latest energy
technologies. Several technical workshops and
plenary sessions were held during the summit. Chief Timipre Sylva - State Minister of Petroleum Resources
On February 24, 2022, H.E Chief Timipre Sylva, to Nigeria, but also for Africa to engage the glo-
the Minister of State for Petroleum Resources bal energy community. I believe that we have de-
stated at a press briefing (which was a prelude to livered on that with every edition.” He added, “In
the summit) in Abuja that among the summit’s line with the global agenda for energy transition
milestones in the past five years were Nigeria’s and the need for us to remain relevant and
decade of Gas Initiative and the signing of a deal ahead, we rebranded the summit and it became
by the United States Trade Development Agency known as Nigeria International Energy Summit
(USTDA) with Nigeria’s National Petroleum Cor- (NIES).”
poration (NNCP) to finance a 1,350 mega-watt NIES was formerly known as the Nigeria Interna-
combined cycle, natural gas-fired power plant in tional Petroleum Summit (NIPS). The inaugural
Abuja. summit was held in 2018. The theme of this
He stated “The objective of the summit from in- year’s event is: “Revitalizing the industry: Future
ception was to deliver the biggest and best Afri- fuels and energy transition.” The Secretary-Gene-
can Petroleum Technology and Business Confe- ral of OPEC, H.E Mohammad Sanusi Barkindo
rence that will be the definitive platform, not just participated in the opening ceremony

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