Nigeria’s merchandise trade surplus surged 101.32 per cent year-on-year to ₦12.60 trillion in the second quarter (Q2) of 2026, up from the surplus recorded in Q2 2025 The surge was buoyed by strong export earnings from crude oil, petroleum products and other raw materials. According to the Foreign Trade in Goods Report released by the …
President of the African School of Governance (ASG), Prof. Kingsley Moghalu, has cautioned African leaders against mistaking symbolic victories for genuine development, saying that correcting Africa’s distorted representation on world maps will neither build infrastructure nor drive economic prosperity. Moghalu stated this while reacting to the United Nations General Assembly’s overwhelming vote backing efforts to …
Millions of Nigerian commuters are bracing for another round of transport fare increases as Premium Motor Spirit (petrol) prices climb to as high as ₦1,400 per litre in parts of the country. The development is putting commercial transport operators under fresh pressure to raise fares, while commuters already battling soaring food, rent and other living …
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has called on the Federal Government to adopt urgent measures to improve the supply of crude oil to domestic refineries on commercially sustainable terms, warning that inadequate feedstock could undermine Nigeria’s refining ambitions. CORAN made the call in a position paper titled “Position Paper on the …
The Independent Petroleum Producers Group (IPPG) has called for the establishment of a robust indigenous financing system to fund Africa's energy sector, as foreign capital increasingly retreats from the continent. Speaking at Africa Oil Week 2026 in Accra on Tuesday, IPPG Chairman Adegbite Falade warned that more than 150 essential oil and gas projects have stalled across …
Egbin Power has kicked off the 11th edition of its annual scholarship programme, reinforcing its ongoing dedication to advancing quality education and expanding opportunities for youth within its host communities. Aligned with Sustainable Development Goal 4 (SDG 4)—which advocates inclusive, quality education and lifelong learning opportunities—the initiative operates under the company’s Corporate Social Responsibility (PCSR) …
A UAE-based energy firm, ePointZero, has announced its decision to acquire a 90 per cent stake in Azura Power Holdings, a major African independent power producer, marking a significant entry into the continent's power generation market. ePointZero is a global energy infrastructure platform and subsidiary of the 2PointZero Group. The company made this known in …
The Nigeria National Petroleum Company Limited (NNPC) revenue and profit witnessed a significant decline as oil production dropped in July. NNPC’s profit after tax fell by 47.9 per cent to N279 billion in July 2026 from N535 billion in June. This was contained in the NNPC Limited Monthly Report Summary for July 2026, released on …
There are concerns that Nigeria's progress toward becoming a refining hub and achieving energy self-sufficiency has come under threat as domestic crude supply shortages have led to a surge in imports in recent months. While domestic production of refined petroleum products has surged over the past two years, a sharp drop in local crude supply …
A Federal High Court in Lagos has issued an interim injunction restraining the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from interfering with the operations of the Dangote Petroleum Refinery in exercising its oversight authority. Justice Akintayo Aluko granted the order on Monday following an ex parte application by the refinery challenging NMDPRA's August …
