Dangote Refinery has reportedly imported crude oil from Equatorial Guinea, marking another step in its efforts to secure a stable supply of feedstock for its operations. This move comes as the $19 billion refinery continues ramping up production to meet domestic and international demand. According to industry sources, the refinery recently received a shipment of Zafiro crude, Equatorial Guinea’s flagship oil grade. This adds to its growing list of crude suppliers, which includes the Nigerian National Petroleum Company (NNPC) Limited and other international sources. The decision to source crude from Equatorial Guinea highlights the refinery’s strategy of diversifying its supply…
Author: Temitope N.
The Nigerian Gas Association (NGA) has urged the federal government to streamline regulatory frameworks in the gas sector, warning that overlapping laws and conflicting policies are hampering industry growth and investor confidence. The association emphasized that a clear and cohesive legal structure is necessary to unlock the full potential of Nigeria’s vast gas reserves. According to NGA, multiple agencies currently oversee different aspects of gas production, processing, and distribution, often leading to bureaucratic bottlenecks and regulatory inconsistencies. Industry players have expressed concerns that this fragmentation discourages investment, delays project approvals, and increases operational costs. The association has called for a…
The federal government has approved the establishment of a modular refinery in Abia State, a move aimed at boosting local refining capacity and reducing Nigeria’s dependence on imported petroleum products. The approval, which aligns with the government’s broader strategy to enhance energy security, is expected to stimulate economic growth, create jobs, and provide a steady supply of refined products within the region. According to government officials, the refinery will contribute to decentralizing fuel production, ensuring that petroleum products are readily available and more affordable. Modular refineries, which are smaller and more cost-effective than traditional large-scale refineries, have been promoted as…
Workers of the Nigerian Railway Corporation (NRC) have petitioned the government over the alleged sale of staff quarters, raising concerns about job security, welfare, and housing rights. The affected workers claim that the corporation is disposing of residential properties originally designated for its employees without adequate consultation or alternative housing arrangements. The petition, submitted to the Ministry of Transportation and other relevant government agencies, accuses the NRC of acting against the interests of its workforce. Employees argue that the sale of the quarters not only disrupts their living conditions but also violates previous agreements that guaranteed staff accommodation as part…
Nigeria’s 2025 budget and the operations of local refineries face significant risks due to declining crude oil production and falling global prices. Experts warn that if the current trend continues, government revenue could fall short of projections, affecting key expenditures and economic stability. Crude oil remains Nigeria’s primary source of foreign exchange and government revenue, making the country highly vulnerable to fluctuations in production levels and market prices. Recent data from the Nigerian National Petroleum Company Limited (NNPC) indicates that daily crude production has struggled to reach the government’s target, largely due to pipeline vandalism, oil theft, and underinvestment in…
The Nigerian National Petroleum Company Limited (NNPC) has announced that recent reforms in the oil and gas sector have led to an inflow of $17 billion in investments. According to the state-owned corporation, these reforms have improved transparency, enhanced regulatory frameworks, and increased investor confidence in Nigeria’s petroleum industry. NNPC officials stated that the implementation of the Petroleum Industry Act (PIA) and the restructuring of the company into a commercial entity have played a crucial role in attracting new funding. The reforms have created a more business-friendly environment, allowing for better governance, efficiency, and strategic partnerships with international and local…
The African Development Bank (AfDB) and the International Institute of Tropical Agriculture (IITA) have signed a €5 million agreement aimed at strengthening agricultural productivity and food security across Africa. The deal is expected to support research, technology adoption, and capacity-building initiatives to improve the livelihoods of smallholder farmers and agribusinesses. Under the partnership, AfDB will provide funding to IITA for the development and dissemination of climate-resilient crop varieties, modern farming techniques, and sustainable agricultural practices. The initiative is designed to address key challenges such as low yields, post-harvest losses, and limited access to improved seed varieties and fertilizers. IITA, a…
Global beverage giant Diageo and consumer goods conglomerate Tolaram have announced the appointment of new executives to spearhead their expansion strategies across key markets. The leadership changes come as both companies seek to strengthen their presence in Africa and other emerging economies through increased investments, product innovation, and market penetration. Diageo, known for its premium alcoholic beverage brands, has appointed a new regional executive to oversee its operations in Africa, a market that has shown strong demand for its products. The new leadership is expected to focus on accelerating growth through local production, strategic partnerships, and an enhanced distribution network.…
The Federal Government has announced plans to review the Bilateral Air Services Agreement (BASA) between Nigeria and Jamaica, aiming to enhance air connectivity and boost economic relations between the two countries. The review is expected to address key areas such as flight frequency, operational guidelines, and potential expansion of routes to improve travel and trade opportunities. Officials from Nigeria’s Ministry of Aviation and Aerospace Development confirmed that the review is part of broader efforts to strengthen international air transport agreements and create a more favorable environment for airlines operating between both nations. They emphasized the need to modernize existing provisions…
A Federal High Court has dismissed a N374 billion lawsuit filed by a group of ginger farmers against Keystone Bank, ruling that the claims lacked sufficient merit. The case, which had drawn significant attention in the agricultural and financial sectors, centered on allegations of financial mismanagement and contract breaches related to loan disbursements for ginger farming projects. The farmers had accused Keystone Bank of failing to release funds allocated for agricultural expansion under a financing agreement. They claimed that the bank’s actions resulted in significant financial losses, crop failures, and an inability to meet supply contracts. The plaintiffs sought N374…