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Nigeria

Dangote refinery row forces regulators to resign

The Nigerian oil and gas industry has been thrown into uncertainty following the resignation of the chief executives of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr Gbenga Komolafe, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Engr Farouk Ahmed. Both NUPRC and NMDPRA are responsible for enforcing petroleum laws, regulations and guidelines in the upstream and downstream sectors. Komolafe and Ahmed were appointed in September 2021 by former President Muhammadu Buhari after the Petroleum Industry Act, PIA, came into force and had been reporting directly to President Bola Tinubu, who is also the Petroleum Minister, until their resignations. Farouk Ahmed’s exit follows his recent clash with industrialist Aliko Dangote, who petitioned the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over alleged misconduct. Dangote accused the NMDPRA leadership of economic sabotage, claiming that its policies were […]

Abdulmumini Auwal SA December 18, 2025

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Nigeria

Dangote targets N739 per litre petrol as refinery cuts depot price

MRS and other partners of the Dangote Petroleum Refinery are expected to start selling petrol at N739 per litre, following a fresh reduction in the refinery’s depot price. The move comes two days after the refinery slashed its petrol gantry price from N828 to N699 per litre, a cut of about N129 per litre.​ Speaking at a press briefing at the Lekki refinery, Dangote Group President, Aliko Dangote, said he was aware that some filling stations keep pump prices high despite lower depot prices. He accused some marketers of undermining his efforts by refusing to pass on the reductions to consumers.​ Dangote said MRS would commence sales at N739 per litre from Tuesday in Lagos, while other partner stations would follow across the country. He insisted that the current prices of around N900 to N970 per litre at some outlets […]

Abdulmumini Auwal SA December 15, 2025

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Nigeria

Women Key to Tinubu’s $1 Trillion Economy Plan – Minister

The Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has stated that achieving President Bola Tinubu's vision of a $1 trillion economy is dependent on the economic empowerment of Nigerian women. Speaking at a business summit in Abuja, the Minister emphasized that women's full participation is crucial for national prosperity. She highlighted the hospitality and events industry as a key sector where women are already driving job creation and innovation. To support this goal, the minister unveiled a major new initiative: a National Fellowship and Incubator for Women. This program aims to provide mentorship, training, and access to capital for women entrepreneurs. "Our non-negotiable mission is to empower 10 million women by 2030," Sulaiman-Ibrahim declared. She also addressed a major obstacle for women—the "Care Economy." She pledged government investment in affordable childcare and domestic services to free up women's time for […]

Abdulmumini Auwal SA October 28, 2025

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Nigeria

Tinubu Hails GEIL for Pioneering New Crude Export Terminal

President Bola Ahmed Tinubu has commended Green Energy International Limited (GEIL) for setting a new benchmark in Nigeria’s oil and gas sector with the successful commissioning of its crude oil export terminal in Otakikpo, Rivers State. The terminal, the first built by a Nigerian company and the only one constructed in the country in over five decades, marks a major milestone in Nigeria’s quest to boost crude oil production and enhance local participation in the energy industry. According to the President, the new export facility will provide an efficient evacuation route for marginal and stranded oil fields across the Niger Delta region. This, he said, will unlock billions of barrels of reserves, drive investment, and create significant economic value — key priorities of his administration. Speaking through the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, President Tinubu […]

Abdulmumini Auwal SA October 12, 2025

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Nigeria

Dollar to Naira Exchange Rate Today, October 1, 2025 — Parallel and Official Market Update

The Nigerian naira posted mixed moves on Wednesday, October 1, 2025, with slight gains in the parallel market offset by mild weakness in the official foreign exchange window. Parallel Market (Black Market) ₦1,500/$1 — naira strengthened from ₦1,505/$1 earlier in the week. ₦2,075/£1 — pound sterling rate. ₦1,665/€1 — euro rate. Traders linked the recovery to improved dollar inflows from diaspora remittances, independent supply channels, and seasonal trade receipts. However, demand pressures remain elevated, as corporates, students, and importers still depend heavily on the street market. Official Market (NFEM) ₦1,478/$1 — down slightly from ₦1,480.15 the prior day. ₦2,030.50/£1 — pound sterling rate. ₦1,620.45/€1 — euro rate. The official market remained cushioned by Central Bank of Nigeria (CBN) interventions, helping moderate volatility. Key Takeaway The spread between the official and parallel markets narrowed to ₦22, compared with about ₦25 earlier. […]

Abdulmumini Auwal SA October 1, 2025

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Nigeria

‘We’re Racing Against Time’: Full Text of President Tinubu’s 65th Independence Day Speech

President Bola Ahmed Tinubu on Tuesday addressed Nigerians to mark the country’s 65th Independence anniversary, delivering a wide-ranging speech that reflected on the nation’s past, outlined his administration’s economic and social reforms, and offered a message of hope for the future. Tinubu recalled the sacrifices of Nigeria’s founding fathers — including Herbert Macaulay, Nnamdi Azikiwe, Obafemi Awolowo, Ahmadu Bello, and Funmilayo Ransome-Kuti — who envisioned a strong, prosperous, and united Nigeria. He noted that, despite challenges such as civil war, dictatorship, and political crises, the country had made significant progress in education, healthcare, infrastructure, and economic growth since 1960. The president stressed that his administration inherited a near-collapsed economy but chose the “path of reform” over “business as usual.” He highlighted key policy moves, including ending fuel subsidies, unifying foreign exchange rates, and investing in infrastructure, agriculture, and social programmes. […]

Abdulmumini Auwal SA October 1, 2025

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Nigeria

Crude Oil Imports Hit Record High as Dangote Refinery Reshapes Nigeria’s Trade Flow

Nigeria’s crude oil imports surged by 26.5% in the first half of 2025, reaching 5,665,602 metric tons, compared to 4,478,413 metric tons in the same period of 2024, according to fresh data from the Nigerian Ports Authority (NPA). The rise has been largely attributed to the 650,000 barrels per day Dangote Petroleum Refinery, which has been sourcing crude oil from countries including the United States, Brazil, Angola, and Equatorial Guinea. Financial Vanguard’s quarterly analysis shows a mixed trend: Q1 2025: Imports dropped to 2,400,553 MT, down 30% from Q1 2024 (3,037,209 MT). Q2 2025: Imports spiked to 3,265,099 MT, a 126% increase compared to Q2 2024 (1,441,204 MT). The Dangote Refinery, which began refining diesel and aviation fuel in January 2024, has since become a key player in both domestic and global energy trade, exporting petroleum products while importing crude […]

Abdulmumini Auwal SA September 22, 2025

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Nigeria

Nigeria Respected Again, Economy Stable — Tinubu

President Bola Tinubu has declared that Nigeria’s economy is stabilising under his administration, insisting that the country is now “respected again” after years of neglect, corruption, and revenue leakages. The President made the remarks on Tuesday at the State House, Abuja, while receiving the Soun of Ogbomosho, Oba Ghandi Afolabi Laoye, Orumoge III, alongside ministers and senior government officials. Tinubu said his government’s tough but necessary decisions since May 2023 had ended the “bleeding” of public funds and restored discipline to the economy. “Thank you for recognising the bold steps we took from Day One. We know it was painful at first, but reforms are already making the economy stronger,” Tinubu said. He explained that years of fake financial records, smuggling, and corruption in the currency market had weakened the country, but recent reforms were reversing the trend. Highlighting progress, […]

Abdulmumini Auwal SA September 3, 2025

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Nigeria

Nigeria’s Oil Output Hits 1.7m Barrels Daily – NUPRC

Nigeria’s oil production has risen to its highest level in six months, averaging 1.71 million barrels per day (bpd) in July 2025, according to new data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Commission announced the figures on Thursday via its official X account, revealing that the total production included 1.507 million bpd of crude oil and 204,864 bpd of condensates. This represents an increase from 1.69 million bpd recorded in June 2025 and a significant improvement compared to 1.56 million bpd in July 2024 — a 9.9% year-on-year growth. NUPRC attributed the steady rise to enhanced security measures and improved operational efficiency across the upstream sector. “Even though Nigeria’s oil production has hit a six-month high with over 1.7 million barrels being produced daily, we at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are still exploring ways […]

Abdulmumini Auwal SA August 28, 2025

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Economy

Cooking Gas Price Surge Squeezes Nigerians for Fifth Consecutive Month

For the fifth straight month, Nigerians are facing relentless increases in cooking gas prices, straining household budgets and forcing many to make difficult choices about how — and how often — they cook. “I used to refill my 12.5kg cylinder for about ₦15,000 last year. Now, it’s over ₦21,000,” lamented Blessing Johnson, a 38-year-old tailor and mother of three in Warri, Delta State. “Sometimes I stretch it for two months by cooking less often, or I switch to kerosene. But kerosene is also expensive. It’s like we’re being squeezed from every side.” According to the National Bureau of Statistics (NBS), the average cost of refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG) rose by 1.92% in June 2025, from ₦8,167.43 in May to ₦8,323.95. While the month-to-month increase appears modest, the year-on-year figure tells a harsher story: prices have […]

Abdulmumini Auwal SA August 12, 2025

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