The NNPC profit after tax 2025 has climbed by 33 percent to ₦7.2 trillion, even though the company’s revenue fell during the year as crude oil prices declined and petroleum product volumes dropped. The Nigerian National Petroleum Company Limited announced the audited results on Tuesday, September 29, showing a sharp rise from the ₦5.4 trillion…
Nigeria’s growing refining industry is heading towards a major supply challenge. Domestic refineries could require more than 1.5 million barrels of crude oil per day in the medium term, according to the Independent Petroleum Producers Group (IPPG). The warning comes as Nigeria’s crude and condensate production remains around 1.68 million barrels per day. That leaves…
Global debt has reached another record high, with total borrowing climbing to about $365.5 trillion by the end of June 2026, according to the latest figures from the Institute of International Finance (IIF). The figure represents an increase of more than $10 trillion during the first half of the year. The pace was slower than…
The Federal Government is pursuing three new World Bank facilities worth a combined $1.5 billion while separately expanding its port modernisation programme beyond Lagos. The proposed Nigeria $1.5 billion World Bank loan would fund climate resilience, social protection and early childhood development. At the same time, the government has approved the upgrade of Onne, Rivers,…
Petrol prices are beginning to fall at some filling stations in Nigeria as cheaper depot supplies start to reach the retail market. MRS has reduced its petrol price in Lagos and surrounding areas from ₦1,370 to ₦1,350 per litre, while some independent marketers are now selling at around ₦1,360. The changes mark one of the…
Nigeria is targeting September 24, 2028, to end regulated pricing in the domestic gas market, moving toward a willing buyer, willing seller gas market where prices are increasingly determined through commercial agreements. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the target on September 24, 2026, at a Gas Market Maturity Workshop in…
Nigeria’s petrol supply is undergoing a major shift as the Dangote Refinery supplied 71% of the country’s petrol in August 2026, pushing fuel imports sharply lower. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that domestic petrol receipts rose 39% from 25.8 million litres per day in July to 35.9 million…
Ogun State and the Federal Government have signed Memoranda of Understanding with global ports operator DP World for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone, in a deal expected to attract more than $7 billion in initial investment. The agreements were signed in Paris on…
The Manufacturers Association of Nigeria (MAN) is calling on the Federal Government to make the Nigeria Industrial Policy 2025 measurable, saying the success of the new framework should be judged by what changes in factories and businesses, not simply by what is written in the policy. MAN President Francis Meshioye made the call in Lagos…
The Nigeria Customs Service has suspended the transfer of containers to the Tinapa Free Trade Zone after seizing 56 containers of contraband worth about ₦5.53 billion. The move is part of a wider crackdown on alleged abuse of free trade zone concessions. The seized containers were intercepted through the Onne Port and contained vegetable oil,…
