The Dangote Petroleum Refinery has ramped up its crude oil processing capacity to 610,000 barrels per day (bpd), bringing the facility closer to its full operational potential and signaling a major step toward energy self-sufficiency in Nigeria. Industry officials and analysts have described the development as a significant boost to the nation’s refining capabilities, reducing dependence on imported petroleum products and strengthening foreign exchange reserves. According to executives at the Dangote Group, the refinery’s expansion in output is the result of sustained investment in state-of-the-art technology and a phased commissioning process that began earlier in the year. The facility, located…
Author: Temitope N.
The Enugu State Government has accused MainPower Electricity Distribution Company of breaching the approved electricity tariff regime and warned that sanctions would be imposed if the company fails to comply with regulatory standards. According to state officials, the breach involves alleged overbilling of consumers and failure to adhere to the agreed tariff structure set by the Nigerian Electricity Regulatory Commission (NERC). Government representatives disclosed that investigations revealed several instances where consumers in Enugu and surrounding communities were charged above the approved rates, further compounding the hardship faced by residents amid the prevailing economic challenges. The state authorities noted that such…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful conclusion of its comprehensive review of marginal oil field licences across the country. This strategic move is aimed at improving regulatory oversight, ensuring optimal resource utilization, and boosting investment within Nigeria’s upstream petroleum sector. The review, which covered several fields awarded in past licensing rounds, focused on compliance with operational guidelines, technical capacity, and the financial obligations of license holders. According to the Commission, the evaluation became necessary to address lapses identified in previous marginal field programmes, including underutilization of awarded assets and delayed project take-off due to financing…
FCMB Group Plc has reported a significant increase in its financial performance for the first half of 2025, with its Profit Before Tax (PBT) rising by 23 per cent to N79.3 billion, underscoring the company’s resilience and strategic business growth. The financial group, which operates across banking, asset management, and other financial services, attributed the strong performance to improved revenue generation, effective cost management, and robust growth in its loan and deposit portfolios. The company’s unaudited financial results for the period ended June 30, 2025, showed that gross earnings rose sharply compared to the same period last year, driven by…
Nigeria’s electricity distribution companies (DisCos) recorded a 4.9 per cent decline in their monthly revenue, which dropped to N182.11 billion, according to the latest industry data. The decline highlights ongoing challenges within the power sector despite recent tariff reviews and efforts to improve collections. Figures from the Nigerian Electricity Regulatory Commission (NERC) indicate that the revenue shortfall was driven by a combination of factors including lower energy offtake by some customers, persistent metering gaps, and rising incidences of electricity theft. Industry sources also attribute the dip to the lingering economic difficulties affecting household and industrial consumers, leading to reduced capacity…
President Bola Ahmed Tinubu has departed Japan for Brazil as part of his ongoing diplomatic engagements aimed at strengthening Nigeria’s global partnerships and promoting economic cooperation. The trip follows his participation in a high-level summit in Tokyo, where he held discussions with Japanese government officials and business leaders on investment opportunities in Nigeria. According to the Presidency, Tinubu’s visit to Brazil underscores his administration’s commitment to deepening bilateral relations with key global economies. The state visit will focus on trade, energy, technology transfer, and agriculture, with a particular emphasis on attracting foreign direct investment into Nigeria. While in Japan, the…
The Federal Government is set to raise N200 billion through its latest bond auction, as part of efforts to finance the national budget and manage the country’s growing fiscal obligations. According to sources within the Debt Management Office (DMO), the auction is scheduled to offer a mix of Federal Government Bonds across different maturities to attract a broad range of investors. The bond issuance comes against the backdrop of Nigeria’s rising public debt profile and the need to finance budgetary deficits occasioned by lower-than-expected revenues and increased government spending on infrastructure and social programs. Officials explained that proceeds from the…
The Nigerian Economic Summit Group (NESG) has raised concerns that the country’s chronic infrastructure deficits are severely undermining productivity and discouraging both domestic and foreign investments. The policy think-tank noted that inadequate power supply, poor transportation systems, weak logistics networks, and insufficient digital connectivity continue to constrain Nigeria’s economic potential despite its vast resources and youthful population. Speaking during a recent economic briefing, NESG officials emphasized that infrastructure remains a critical enabler of sustainable economic growth, yet Nigeria’s infrastructure stock falls far below international benchmarks. The group highlighted that with the country’s infrastructure-to-GDP ratio estimated at about 30 percent—far lower…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a significant decline in its monthly profit, dropping from N905 billion in June to N185 billion in July. This represents one of the sharpest monthly decreases for the company in recent years and has raised concerns about operational and market dynamics within Nigeria’s oil and gas sector. The latest financial disclosure underscores the volatility that continues to characterize Nigeria’s petroleum industry. Analysts attribute the steep decline to a combination of factors, including production challenges, rising operational costs, foreign exchange fluctuations, and weaker crude oil sales during the review period. Despite…
United Kingdom emerged as the largest source of capital inflows into Nigeria in the first quarter of 2025, contributing a significant share of total foreign investments despite global economic headwinds. Data from the National Bureau of Statistics indicated that Nigeria attracted over N5.5 trillion in foreign capital during the period, with the UK accounting for the majority of the inflows. This marked a notable increase compared to the same period last year and highlights renewed investor confidence in Africa’s largest economy. Analysts attribute the surge to ongoing economic reforms aimed at stabilising Nigeria’s macroeconomic environment and liberalising key sectors. The…
Delta State Government and the Rural Electrification Agency (REA) have signed a memorandum of understanding to tackle persistent electricity supply challenges across the state, officials said. The partnership is aimed at enhancing power distribution, reducing blackouts, and ensuring that households, businesses, and critical institutions have access to reliable electricity. The agreement, signed in Asaba, seeks to facilitate collaborative efforts between the state and the federal agency to rehabilitate existing power infrastructure and expand electricity access to underserved communities. Both parties emphasized that addressing the power deficit is critical to supporting socio-economic development, attracting investment, and improving the quality of life…
The Nigerian Exchange Limited (NGX) closed on a negative note this week as a wave of bearish trading wiped off N663 billion from the market capitalization, deepening concerns among investors already grappling with economic headwinds. The downturn, which affected major sectors including banking, industrial goods, and consumer goods, has underscored growing unease in the equities market despite recent policy reforms aimed at boosting investor confidence. Data from the NGX revealed that the market capitalization, which opened the week at N56.08 trillion, fell sharply to N55.42 trillion by the close of trading, reflecting heightened sell-offs across several blue-chip stocks. The All-Share…
The residents of Enugu and parts of the South-East have been thrown into darkness following a fresh dispute between the Enugu Electricity Distribution Company and consumers over the recently introduced electricity tariff regime. The blackout, which has lasted several days, has left households and businesses grappling with the twin challenges of lack of power supply and the burden of higher tariffs imposed on select categories of customers. Reports indicate that the row stems from disagreements over the implementation of the Band A tariff classification, which pegs electricity supply at a minimum of 20 hours per day for those placed under…
The Nigerian National Petroleum Company Limited has said the country’s oil production output is still falling short of its true potential despite its vast hydrocarbon reserves and recent gains in crude production.The Group Chief Executive Officer of NNPCL, Bayo Ojulari, stated this at the 4th Petroleum and Natural Gas Senior Staff Association of Nigeria Energy and Labour Summit in Abuja, where industry stakeholders gathered to examine ways of strengthening the country’s oil and gas sector. He explained that though some progress had been recorded in stabilising production, Nigeria was yet to fully maximise the opportunities that exist in its reserves.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the country produced a total of 1.37 trillion cubic feet (TCF) of natural gas between January and June 2025. The figure highlights both the scale of Nigeria’s gas resources and the government’s ongoing push to expand gas development as a cornerstone of national energy strategy. According to the NUPRC’s latest industry performance report released in Abuja on Wednesday, the volume represents combined output from joint ventures, production sharing contracts, and marginal field operators across the six-month period. The Commission explained that out of the total gas produced, a significant portion…
The Federal Government has reiterated its determination to transform Nigeria’s maritime sector into a modern, globally competitive industry that will contribute significantly to economic growth. Minister of Marine and Blue Economy, Adegboyega Oyetola, made this known while addressing stakeholders at a strategic maritime industry engagement in Lagos on Monday. Oyetola said the government is committed to implementing policies and reforms that will reposition the sector, attract investments, and ensure that Nigeria fully harnesses its vast maritime potential. According to him, President Bola Tinubu’s administration sees the maritime industry as a strategic pillar for revenue generation, job creation, and economic diversification.…
The Nigeria Customs Service (NCS) has taken a significant step toward advancing trade facilitation reforms by engaging the Nigerian Shippers’ Council (NSC) on the implementation of its Business Oriented Digital Operations for Goods Winning (B’Odogwu) initiative. The partnership is expected to strengthen digital transformation in Nigeria’s maritime and border operations while addressing long-standing challenges of inefficiency, delays, and high costs in cargo clearance. B’Odogwu, introduced by the Customs Service, is designed as an end-to-end technology-driven solution that will overhaul existing processes and reduce human interference in port operations. The platform seeks to digitize cargo clearance, automate revenue collection, improve transparency,…
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has reaffirmed that Nigeria’s state-owned refineries will return to full operation, dismissing doubts raised by critics and industry observers. Ojulari, who spoke at a stakeholders’ engagement session in Abuja, said the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries remains on course, with test runs on the Port Harcourt plant expected soon. He stressed that the refineries are being overhauled with the involvement of reputable international contractors to ensure world-class standards. “Our refineries will work again. The projects are progressing steadily, and Nigerians…
Nigeria’s banking sector has emerged as the top destination for capital inflows into the country, attracting more than half of total foreign investment in the first half of 2025. This development comes on the back of ongoing financial reforms aimed at stabilising the economy, boosting investor confidence, and deepening the financial sector. According to the latest data released by the National Bureau of Statistics (NBS), the banking industry accounted for the largest share of capital inflows, outpacing other sectors such as telecommunications, manufacturing, and agriculture. Analysts say the dominance of banks in attracting investment reflects both the sector’s central role…
The Nigerian Airspace Management Agency (NAMA) has commenced a wide-ranging audit of the nation’s airspace as part of efforts to strengthen safety, improve operational efficiency, and align with global aviation standards. The audit, described by the agency as historic, will involve a full review of the country’s communication, navigation, and surveillance systems, alongside assessments of air traffic management procedures. It will also cover critical infrastructure at major airports and regional air traffic control centres across the country. NAMA said the exercise is necessary to identify gaps in current operations and to develop a strategic roadmap that will enhance the safety…