The Dangote Group has announced a major step forward in its upstream expansion, confirming that it has achieved first oil from its oil assets and is preparing to begin commercial crude production in the coming weeks. The development marks a significant shift for the company as it moves to strengthen supply for its massive refinery […]
Category: Energy
Iran–Israel Conflict Exposes Nigeria’s Weak Economic Shock Response Toolkit as Oil Price Volatility Rattles Markets
Security, economic, and policy analysts have warned that the ongoing Iran–Israel–US conflict is exposing serious gaps in Nigeria’s ability to respond to global economic shocks. According to them, the country’s existing “crisis response toolkits” are no longer strong enough to handle today’s fast-moving and interconnected global risks, especially in the energy market. The Middle East […]
Top 10 African Countries with the Cheapest Diesel Prices in April 2026: Niger Leads Low Fuel Cost Rankings
Across Africa, diesel prices in April 2026 reveal a sharp divide between countries able to keep fuel affordable and those heavily exposed to global oil market fluctuations. The latest rankings of the cheapest diesel prices in Africa April 2026 highlight how policy decisions, subsidies, and domestic energy capacity continue to shape what consumers pay at […]
Nigeria Exports 55.39 Million Barrels of Crude as Dangote Refinery Faces Severe Domestic Supply Shortage
Nigeria exported a total of 55.39 million barrels of crude oil in the first two months of 2026, even as its largest private refinery, the Dangote Petroleum Refinery, continues to battle a severe shortage of domestic crude supply. The figures highlight a growing imbalance between crude exports and local refining needs. Data from the Central […]
Petrol Price Drop in Nigeria Uncertain as Strait of Hormuz Crisis Deepens
Hopes for a significant petrol price drop in Nigeria have faded following renewed tensions in the Strait of Hormuz, a critical global oil route. The brief optimism that fuel prices could ease has been overshadowed by Iran’s decision to reclose the waterway, raising fresh concerns about supply disruptions and price stability in the country. The […]
Oil Prices Climb as US-Iran Talks Boost Market Sentiment Amid Supply Concerns
Crude oil prices edged higher on Thursday, with West Texas Intermediate (WTI) trading close to $92 per barrel and Brent crude surpassing $95, as markets reacted to renewed optimism surrounding diplomatic efforts between the United States and Iran. The rebound follows earlier losses, with traders reassessing geopolitical risks and the potential impact of ongoing ceasefire […]
NNPCL Faces ₦210 Trillion Audit Query as Nigerian Senate Demands Full Accountability
The Nigerian Senate has intensified its oversight of the Nigerian National Petroleum Company Limited (NNPCL), demanding full accountability over an alleged ₦210 trillion unaccounted for in audit reports spanning 2017 to 2023. The Senate Committee on Public Accounts has ordered top executives of the company to appear before it on April 29, 2026, to provide […]
IEA Warns Europe Could Run Out of Jet Fuel in Six Weeks as Middle East Conflict Threatens Global Energy Supply
The International Energy Agency (IEA) has raised alarm that Europe may have as little as six weeks of jet fuel left, as tensions in the Middle East continue to disrupt global energy supply chains. The warning comes amid growing concerns over how geopolitical instability could spill into aviation and broader economic systems. IEA Executive Director […]
Oando JV Begins Gas Supply to 60MW Yenagoa Power Plant, Boosting Bayelsa Electricity Access
Oando Plc has announced that its joint venture with NNPC E&P Limited has officially begun gas delivery to a newly commissioned 60-megawatt independent power project located in Yenagoa, Bayelsa State. The development marks a major step in improving electricity supply in the region, which has long struggled with unstable power. According to a statement released […]
Dangote Refinery Exports 434 Million Litres of Petrol in March as Nigeria Becomes Net Fuel Exporter
Nigeria’s oil sector recorded a major turning point in March 2026 as the Dangote Petroleum Refinery exported about 434 million litres of Premium Motor Spirit (petrol), signaling a growing shift from import dependence to export strength. The figures, obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), highlight how the refinery is reshaping […]
Nigeria Power Crisis Deepens as 9,536MW Installed Capacity Remains Idle Amid Grid Failures
Nigeria’s electricity crisis has deepened after new data from the Nigerian Electricity Regulatory Commission (NERC) revealed that 9,536 megawatts of installed power generation capacity remained unused in March. Out of a total installed capacity of 13,625MW across grid-connected plants, only 4,089MW was available for dispatch, highlighting a plant availability rate of just 30 percent. For […]
N210 Trillion Audit: Senate Gives NNPCL April 29 Deadline to Explain Unaccounted Funds
The Nigerian Senate has issued a firm deadline to the Nigerian National Petroleum Company Limited (NNPCL), ordering its management to appear before the Senate Committee on Public Accounts by April 29, 2026, to explain N210 trillion flagged in audit reports covering 2017 to 2023. The committee specifically directed the Group Chief Executive Officer (GCEO) of […]
Nigerian Crude Oil Hits $113 Per Barrel as Supply Tensions and China Demand Boost Global Prices
Nigerian crude oil has surged sharply on the global market, with Brass River trading at around $113 per barrel, significantly outperforming Brent crude, which fell below the $95 mark. The rally comes as global energy markets react to shifting supply risks and stronger-than-expected demand signals from major importers. Market data showed that West African crude […]
Rising Oil Prices: FG Rules Out Fuel Subsidy Return Despite Inflation Pressure
The Federal Government has firmly ruled out any return of petrol subsidy in Nigeria, even as global oil prices continue to surge due to rising geopolitical tensions in the Middle East. The position comes amid growing public concern over the rising cost of living and increased fuel prices across the country. Minister of Finance and […]
Nigeria Inflation Set to Rise as Iran War Drives Fuel and Food Costs Higher
Nigeria’s inflation rate is projected to rise in March 2026, signaling an end to nearly a year of easing price pressures, as the ripple effects of the escalating US-Iran conflict hit global energy and food markets. Analysts say the surge could complicate monetary policy decisions for the Central Bank of Nigeria (CBN), especially ahead of […]
Petrol Consumption Drops to 47.3 Million Litres Daily in March 2026, Says NMDPRA
Petrol consumption in Nigeria fell significantly in March 2026, dropping to an average of 47.3 million litres per day from 56.9 million litres in February. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) attributed this 16.87 percent decline to changes in supply dynamics and market behaviour, according to its latest fact sheet. Despite the […]
Seplat Energy Share Price Crosses N10,000 on NGX, Becomes First Nigerian Stock to Hit Milestone
Seplat Energy Plc has made history on the Nigerian Exchange (NGX), becoming the first listed company to surpass the N10,000 per share mark. The stock closed at N10,450 per unit, setting a new milestone for Nigeria’s equity market and drawing strong attention from investors. According to market data, Seplat Energy Plc surged by 9.42% in […]
Dangote Refinery Helpful, Importation Still Necessary –PETROAN
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has described the Dangote Refinery as a major positive development for Nigeria’s energy sector, saying it should be supported as part of efforts to strengthen local refining capacity and boost the economy. However, the association stressed that Nigeria still needs to allow the importation of […]
Nigeria-Morocco $25bn Gas Pipeline Deal Set for Signing as Landmark Africa Energy Project Advances
Nigeria and Morocco are moving closer to sealing a major energy agreement as both countries prepare to sign a $25 billion intergovernmental deal for the long-anticipated Nigeria-Morocco gas pipeline project before the end of the year. The agreement marks a significant step forward for one of Africa’s most ambitious cross-border infrastructure plans, aimed at reshaping […]
NNPC Records N15.4 Trillion Revenue Growth in 2025 as Profit Hits N5.76 Trillion Under Ojulari Leadership
The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a major financial breakthrough in 2025, posting a year-on-year revenue increase of N15.4 trillion. The company’s total revenue rose to N60.517 trillion from N45.1 trillion in 2024, representing a strong 34.17 percent growth. Profit after tax also surged to N5.76 trillion, marking one of the […]
Fuel Subsidy Would Have Cost Nigeria N52 Trillion in 2026 – Zacch Adedeji
The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has revealed that Nigeria would have spent as much as N52 trillion on fuel subsidies in 2026 if the policy had not been removed. He said the figure represents about 76% of the proposed N68 trillion national budget, underscoring the heavy burden the subsidy […]
Nigeria Urged to Maximise $11.3m AfDB Renewable Energy Fund Through Mini-Grids and Solar Expansion
Nigeria has been advised to take full advantage of the $11.3 million African Development Bank (AfDB) renewable energy financing by focusing on tailored energy solutions that address the country’s unique power challenges. Energy expert and Managing Director of Idfon Power Engineering Consultants (IPEC) Limited, Dr. Idowu Oyebanjo, said the country must move beyond general approaches […]
Nigeria Crude Oil Production Hits 1.84 Million Barrels Per Day as Output Recovery Strengthens
Nigeria’s crude oil production has recorded a significant rebound, reaching a peak of 1.84 million barrels per day (mbpd), according to the Nigerian National Petroleum Company Limited. The state oil company also confirmed that average production has risen to 1.71 mbpd, a sharp recovery from the low point of about 960,000 barrels per day in […]
Power Subsidy Hits N418.79bn as Nigeria’s Electricity Sector Records Over N300bn in Losses – NERC
Nigeria’s electricity sector faced mounting financial pressure in the fourth quarter of 2025, as the Federal Government’s power subsidy rose to N418.79bn, even while inefficiencies across the value chain pushed total losses above N300bn, according to the Nigerian Electricity Regulatory Commission (NERC). The commission revealed in its latest quarterly report that electricity generation companies issued […]
FG Moves for Cheaper Funding as Global Tensions Push Inflation, Oil Prices Higher
The Federal Government has announced plans to pursue cheaper funding and stronger international financial support as escalating global tensions continue to strain Nigeria’s economy. Officials say the move is aimed at cushioning the impact of rising inflation, volatile energy prices, and tightening global financial conditions on businesses and households. This was disclosed in a statement […]
Africa Risks Delay in $113bn Energy and Port Projects as Gulf Investment Review Threatens Infrastructure Pipeline
Africa’s ambitious push to expand its infrastructure and energy capacity may be facing a new setback as Gulf nations reconsider their global investment strategies. According to the World Bank, ongoing geopolitical tensions in the Middle East are prompting major Gulf economies to reassess funding commitments, raising concerns over a potential slowdown in critical African development […]
Dangote Refinery Becomes Net Exporter as Nigeria Boosts Oil Exports in March
In a historic shift for Nigeria’s energy sector, the Dangote Petroleum Refinery & Petrochemicals recorded a major milestone in March 2026, exporting 44,000 barrels per day of gasoline. For the first time, the refinery operated as a net exporter, posting a surplus of about 3,000 barrels per day. The development signals a turning point not […]
Dangote Refinery IPO Set to Raise $5bn in Historic African Listing
Nigeria is on the brink of a landmark financial moment as Aliko Dangote moves forward with plans to list the Dangote Petroleum Refinery & Petrochemicals in what could become Africa’s largest initial public offering. The highly anticipated Dangote Refinery IPO is expected to raise up to $5 billion, with the offer likely opening as early […]
Nigeria Fuel Prices, Inflation Rise as Oil Nears $100+ Amid Strait of Hormuz Crisis
Nigeria’s economy is once again under pressure as global crude oil prices edge toward the $100-per-barrel mark following escalating geopolitical tensions in the Middle East. A reported naval blockade of the Strait of Hormuz has rattled energy markets worldwide, with analysts warning that crude could spike as high as $127 per barrel if disruptions continue. […]
Electricity Generation Rises to 4,300MW as FG Credits Gas Supply Boost and Sector Reforms
The Federal Government has announced an improvement in Nigeria’s electricity generation, which increased from 3,951 megawatts to 4,300 megawatts between March 28 and April 10. Officials say the growth reflects ongoing reforms and better coordination within the power sector. The update was contained in a statement issued in Abuja by the Special Adviser to the […]