Nigerian motorists may face another round of petrol price hikes as international crude oil prices surge above $100 per barrel, amid deepening tensions in the Middle East. The sharp rise in global oil prices is putting renewed pressure on Nigeria’s downstream petroleum market, where petrol prices are increasingly influenced by crude acquisition costs, foreign exchange …
The Institute of Niger Delta Studies (INDS), Niger Delta University (NDU), Bayelsa State, is set to launch a partnership and investment prospectus and research endowment fund to strengthen scholarship and generate evidence-based solutions to the environmental, economic, social and cultural challenges confronting the Niger Delta. According to the event flyer, the unveiling, which is scheduled …
“We don't collect gas flare penalties, NUPRC does, says downstream regulator, requests review by Auditor-General The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has rejected findings in the Office of the Auditor-General of the Federation’s 2023/2024 Annual Report alleging under-remittance of gas flare penalty revenues to the Midstream and Downstream Gas Infrastructure Fund …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that companies awarded flare gas sites under the Nigerian Gas Flare Commercialisation Programme (NGFCP) risk losing their permits if they fail to make meaningful progress in developing the sites. The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, issued the warning on Tuesday in Abuja during a working …
Nigeria's power sector recorded a total revenue shortfall of ₦3.39 trillion in 2025, with tariff subsidies and commercial losses recorded by distribution companies (DisCos) accounting for a substantial share of the sector’s shortfalls. This massive deficit was dominated by Federal Government tariff subsidies and downstream retail losses (billing and collection inefficiencies), which collectively accounted for …
Pinnacle Daily Editor, Sunday Michael Ogwu, has been honoured with the Economic Journalist of the Year award by the Nigerian Economic Society (NES) for his contributions to business and economic journalism in Nigeria. The event, held on Monday night in Abuja by NES, was a special award and fellowship ceremony to honour excellence in economics, …
Nigeria plans to hold at least one oil licensing round every year, with the possibility of twice-yearly auctions, as the Federal Government steps up efforts to revive upstream activity and raise crude production to three million barrels per day by 2030. The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, …
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 …
