Nigeria’s efforts to revive its struggling electricity sector suffered a major setback after the Federal Government cancelled $717.7 million in undisbursed funding under the World Bank-backed Power Sector Recovery Performance-Based Operation (PSRO). The decision comes at a time when the country is battling persistent power shortages, rising operational costs, and growing financial pressures across the […]
Category: Energy
Nigeria’s Oil Sector Contributes 3.92% to GDP in Q1 2026 Despite Improved Growth Performance
Nigeria’s oil sector accounted for 3.92% of the country’s real Gross Domestic Product (GDP) in the first quarter of 2026, according to the latest report released by the National Bureau of Statistics (NBS). While the sector recorded stronger growth compared to the same period last year, its overall contribution to the economy dipped slightly from […]
Oil Prices May Crash as Iran–US Peace Talks Signal Possible Reopening of Strait of Hormuz
Global oil markets may be heading for a major shake-up as renewed Iran–US peace talks raise hopes of reopening the Strait of Hormuz, one of the world’s most critical oil transit routes. Analysts say a breakthrough could trigger a sharp drop in crude prices and ease global fuel costs. Brent crude was trading between $103 […]
Cooking Gas Crisis in Nigeria: Prices Hit ₦1,500/kg as Marketers Warn of Scarcity and Economic Shock
Nigeria’s cooking gas market is under fresh pressure as marketers raise alarm over worsening scarcity and a sharp increase in prices. The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) says the cost of Liquefied Petroleum Gas (LPG) has surged to more than ₦1,500 per kilogram, sparking concern among consumers already battling high living costs. […]
CPPE Defends Dangote Refinery, Rejects Monopoly Claims and Calls for Stronger Local Refining Support
The Centre for the Promotion of Private Enterprise (CPPE) has rejected allegations that the Dangote Refinery poses a monopolistic threat to Nigeria’s downstream petroleum industry, describing such claims as misleading and unfair. The economic advocacy group urged policymakers to focus on strengthening local refining capacity rather than promoting increased fuel importation, arguing that domestic investments […]
NNPC Battles Dangote Refinery in Court, Warns Against Fuel Market Monopoly
The Nigerian National Petroleum Company Limited (NNPC) has strongly opposed the lawsuit filed by Dangote Petroleum Refinery over fuel import licences, warning that any move to restrict fuel imports could hand excessive market control to a single player and expose Nigeria to supply shortages. The state-owned oil company made its position known before the Federal […]
Seplat Energy Targets Expansion, Approves 2025 Dividend Amid Record Production Surge
Seplat Energy Plc has entered a bold new phase of expansion, combining strong financial performance with an aggressive growth strategy that signals long-term confidence in Nigeria’s energy sector. The company made the announcement at its 13th Annual General Meeting (AGM), held virtually from Lagos on 20 May 2026, where shareholders approved its 2025 audited financial […]
Chinese Investors May Acquire 51% Stake in Port Harcourt and Warri Refineries as Nigeria Eyes NLNG-Style Deal
Nigeria is considering a major shift in its downstream oil sector that could see Chinese investors take a controlling 51 per cent stake in the Port Harcourt and Warri refineries. The move is part of a proposed NLNG-style partnership designed to revive the long-struggling facilities and improve their commercial performance. The Nigerian National Petroleum Company […]
Oil Asset Security in Niger Delta Gets Boost as Youth Employment Programs Reduce Vandalism in Bayelsa
For years, oil-producing communities in Nigeria’s Niger Delta have faced a difficult cycle of unemployment, poverty, and rising frustration among young people. In places like Bayelsa State, that pressure has often spilled over into pipeline vandalism and crude oil theft, putting critical national assets at risk and deepening environmental and economic damage in the region. […]
Crude Oil Prices Drop on US–Iran Peace Deal Signals as Markets React to Geopolitical Shift
Global oil prices slipped on Thursday as optimism grew over a possible breakthrough in peace negotiations between the United States and Iran, sending traders into a cautious mood across energy markets. The development comes amid expectations that a deal could ease months of geopolitical tension that have driven prices higher. Benchmark Brent crude dropped from […]
Seplat Energy Targets $1bn Dividend Payout as Production Goal Hits 200,000 Barrels Per Day
Seplat Energy has set an ambitious goal to reward its shareholders with a $1 billion dividend payout within the next four to five years, signaling strong confidence in its growth trajectory after a major expansion phase. The Nigerian energy company says the plan reflects its long-term commitment to value creation despite ongoing challenges in the […]
Nigeria-UK Trade Hits £7.6bn as Crude Oil Exports Strengthen Economic Ties in 2025
Nigeria’s trade relationship with the United Kingdom recorded a major boost in 2025, reaching a total value of £7.6bn, largely driven by strong crude oil exports. According to fresh data released by the UK Department for Business and Trade, Nigeria’s energy sector continues to play a central role in strengthening economic ties between both countries. […]
Oil Prices Slip to $105 as US–Iran Peace Talks Ease Middle East Tensions
Global oil prices slipped on Wednesday as Brent crude fell to $105 per barrel, reflecting growing optimism over ongoing peace negotiations between the United States and Iran aimed at reducing tensions in the Middle East. Data from Oilprice.com showed Brent crude dropped by $6 from Tuesday’s $111, while West Texas Intermediate (WTI) eased to $98 […]
Dangote Refinery Expands Jet Fuel Exports Across Europe as Global Supply Tightens
Nigeria’s Dangote Refinery is rapidly strengthening its footprint in the global aviation fuel market, with fresh data showing a major expansion of jet fuel exports across Europe and North Africa. Shipments are now reaching key destinations including the United Kingdom, France, Spain, Italy, the Netherlands, and Morocco. According to fresh shipment data presented by S&P […]
Nigeria’s Oil Exploration Drops 41.7% as Rig Count Falls to 12 – OPEC Report Raises Production Concerns
Nigeria’s oil and gas sector recorded a sharp slowdown in April 2026, as exploration and drilling activities fell by 41.7%, according to the latest Monthly Oil Market Report released by the Organization of the Petroleum Exporting Countries (OPEC). The drop signals growing pressure on the country’s upstream operations despite efforts to stabilize production. OPEC data […]
Nigeria’s Oil Sector Booms as Local Content Policy Drives 117 Operating Firms and 61% Industry Growth
Nigeria’s oil and gas sector is undergoing a major transformation as local content policies continue to reshape the industry, boosting indigenous participation and reducing reliance on foreign operators. New figures show that operating oil firms in the country have grown from fewer than 10 before the policy was introduced to about 117 today, marking a […]
South African Pension Fund Targets Dangote Refinery IPO as African Investors Eye Energy Mega-Project
African institutional investors are showing strong interest in the upcoming Dangote Refinery IPO, as representatives of South Africa’s Government Employees Pension Fund (Government Employees Pension Fund (GEPF)) and the Public Investment Corporation (Public Investment Corporation (PIC)) recently visited the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Nigeria. The visit, confirmed by the […]
Nigeria Oil Industry Sees Major Boom as Local Content Policy Drives 117 Operating Firms
Nigeria’s oil and gas industry is undergoing a major transformation as local content policies continue to reshape the sector and expand indigenous participation. Officials say the number of operating oil firms in the country has jumped from fewer than 10 before the policy to about 117 today, marking a significant shift in ownership and participation […]
World Bank says global carbon pricing revenue tops $107 billion in 2025
Global carbon pricing revenue climbed above $107 billion in 2025, marking another milestone in the worldwide push to reduce greenhouse gas emissions and accelerate the transition to cleaner energy. The figure was revealed in the World Bank’s latest “State and Trends of Carbon Pricing 2026” report, highlighting the growing role of carbon taxes and emissions […]
South African Investors Set Sights on Dangote Refinery as Africa’s Industrial Future Gains Momentum
Africa’s largest industrial project may soon attract significant South African capital as leading pension and investment institutions expressed strong interest in investing in the Dangote Petroleum Refinery and Petrochemicals. The interest emerged after a high-level delegation from South Africa’s Government Employees Pension Fund (GEPF), Public Investment Corporation (PIC), and Alterra Capital Partners toured the world-class […]
AKK Gas Pipeline Project Set to Revolutionize Nigeria’s Economy and Industrial Growth
Nigeria’s ambitious $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline project is being described as a game-changer that could reshape the country’s industrial and economic future. Energy expert and member of the United Nations Economic Commission for Europe (UNECE) Group of Experts on Gas, Mr. Olabode Sowunmi, says the project will “revolutionise Nigeria” once fully operational. The […]
US–Iran Crisis Pushes Nigerian Crude Toward $120 as Global Oil Prices Surge
Nigeria’s crude oil market is once again feeling the heat of global tensions, as the ongoing US–Iran crisis drives prices closer to the $120 per barrel mark. Bonny Light, Nigeria’s flagship crude grade, is currently trading at about $117 per barrel, according to data linked to the Central Bank of Nigeria, reflecting a sharp rebound […]
Dangote Refinery reduces Jet Fuel Price to N1,650
Nigeria’s aviation industry has received a major boost as Dangote Petroleum Refinery & Petrochemicals announced a reduction in the price of Jet A1 aviation fuel from N1,750 to N1,650 per litre. The price cut is expected to ease the financial burden on domestic airlines that have been grappling with soaring operating costs and rising fuel […]
High Energy Prices Could Derail Europe’s AI Race Against the U.S. and China
Europe is racing to compete with the United States and China in the fast-growing artificial intelligence sector, but rising electricity prices may seriously weaken those ambitions. Experts warn that the region’s energy-intensive data center expansion is becoming increasingly expensive, making it less attractive for global AI investments. As AI development accelerates, Europe is trying to […]
Brent Crude Oil Prices Surge Above $111 as Middle East Tensions Fuel Supply Shock Fears
Oil prices surged sharply in early Asian trading on Monday, with Brent crude crossing the $111 mark as renewed geopolitical tensions rattled global energy markets. The latest spike comes amid fresh drone attacks targeting facilities in the United Arab Emirates and Saudi Arabia, deepening fears of instability in one of the world’s most critical oil-producing […]
Foreign Investors Deepen Interest in Nigeria’s Refinery Sector as Global Confidence Grows
Nigeria’s refinery and downstream petroleum industry is witnessing a fresh wave of global attention as foreign technical experts and investors increasingly explore opportunities in the country’s oil and gas sector. This growing interest is being driven by ongoing government reforms aimed at strengthening local refining capacity and improving energy security. Industry stakeholders say recent policy […]
Oil Prices Near $110 as Trump Warns Iran Over Strait of Hormuz Crisis
Oil prices climbed sharply toward $110 per barrel on Sunday, reaching about $109.3 as rising tensions in the Middle East continued to shake global energy markets. According to Oilprice.com data, the steady increase reflects growing fears of supply disruption from one of the world’s most critical oil routes. The surge comes after escalating warnings from […]
Fuel Import Battle Deepens as Marketers Oppose Dangote’s Fresh Court Move Against Petrol Licences
The battle over fuel importation in Nigeria has intensified after petroleum marketers strongly opposed a fresh lawsuit filed by the Aliko Dangote-owned Dangote Petroleum Refinery seeking to stop the issuance of petrol import licences. The move has triggered widespread reactions across the downstream oil sector, with depot owners and marketers warning that banning imports could […]
NNPC Urged to Revive Refineries Amid Controversy Over Dangote Refinery Stake Expansion
The Nigerian National Petroleum Company Limited (NNPC) has come under fresh criticism from industry stakeholders over its reported interest in increasing its stake in the Dangote Petroleum Refinery, with calls for the company to instead focus on reviving the country’s long-dormant state-owned refineries. The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria […]
Nigeria Set to Attract $20bn Foreign Investments in 2026 — Tinubu Declares at Africa CEO Forum
President Bola Tinubu has projected that Nigeria could attract nearly $20 billion in foreign direct investments (FDI) in 2026, signaling growing investor confidence in the country’s economy. Speaking at the ongoing Africa CEO Forum in Kigali on Thursday, the president said recent reforms aimed at improving transparency, efficiency and ease of doing business are beginning […]