Millions of Nigerian households and businesses are bracing for a potential spike in electricity tariffs as the Federal Government officially increased the price of natural gas supplied to power generation companies (GenCos). The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed on Tuesday, in a public announcement, that the Domestic Base Price (DBP) for …
The African Export-Import Bank (Afreximbank) has announced a landmark financial commitment to the Dangote Petroleum Refinery and Petrochemicals, underwriting $2.5 billion of a new $4 billion senior syndicated term loan facility. The deal, signed Tuesday in Cairo, Egypt, marks one of the largest private-sector financing arrangements in African industrial history. According to a statement, Afreximbank …
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called on the World Bank to support efforts to mobilise an estimated $22 billion required to bridge Nigeria's gas infrastructure gap and extend gas development across Africa. The Authority Chief Executive of the NMDPRA, Engr. Saidu Mohammed made the call at the Decade of Gas Ministerial …
The United States significantly reduced its imports of Nigerian crude oil in January 2026, with volumes falling by 47.2 per cent compared to December 2025, reflecting a new trajectory of trade relationship between the advanced nation and the West African country. According to recent data released by the U.S. Census Bureau and the U.S. Bureau …
Chairman of the Alliance for Economic Research and Ethics (AERE), Dele Oye, has raised concerns that Nigeria is having a shortfall of 360,000 barrels daily and losing at least ₦28.3 trillion annually in additional revenue as oil prices have surged above $100 per barrel due to the ongoing war involving the United States, Israel, and …
For many Nigerians, the daily commute has become an exhausting test of endurance, as soaring fuel prices continue to reshape livelihoods, businesses, and basic mobility across the country. The Global Catalyst: Conflict and Crude Surges While parts of the Middle East are being ravaged by the ongoing conflict involving the United States, Israel, and Iran, …
Despite the windfall recorded in the last two months of 2026 due to a global oil price surge, Nigeria has, however, recorded a loss of about ₦2.2 trillion in projected oil revenue. While Brent crude prices have surged above $100 per barrel, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveal that production fell …
Dangote Petroleum Refinery has announced a reduction in its gantry price of Premium Motor Spirit (petrol) from ₦1,275 to ₦1,200 per litre, reflecting a ₦75 cut. The refinery also adjusted its coastal price to ₦1,153 per litre. This downward adjustment comes despite heightened geopolitical tensions in the Middle East that have disrupted global crude oil supply, pushing …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has taken significant steps to boost the country's oil production, approving a major new exploration license while also streamlining the process for bringing idle wells back online. The Commission signed a Petroleum Exploration Licence (PEL) No. 5 agreement with a partnership led by SeaSeisGeophysical Limited and global data company TGS. According …
The Chief Executive Officer and Managing Director of the Dangote Petroleum Refinery, David Bird, has again raised concerns about the shortage of domestic supply of crude oil to the refinery. Bird said the 650,000-barrels-per-day refinery is only getting about 30 per cent of the expected crude supply for its feedstock under the Naira-for-crude deal. Bird, …
