Tinubu Vows Refineries Return to Operation, No Timeline
President Tinubu pledges to revive Nigeria's refineries but gives no timeline, citing ongoing efforts and investments to boost local production.
Category : Oil Gas
CBN lifts restrictions on banks' access to lending facility
The Central Bank of Nigeria has removed restrictions on banks' access to its Standing Lending Facility tied to NFEM and government securities auctions, and lifted the suspension of Tenored Repo Operations to improve liquidity management.
Nigeria's Crude Oil Output Drops 4% in July 2026
Nigeria's crude oil production fell 4% to 1.505 million bpd in July 2026, yet exceeded OPEC quota for third month, NUPRC reports.
NUPRC 2025 Oil Licensing Round: 37 Blocks Awarded, 90-Day Deadline Set
NUPRC concluded Nigeria's 2025 licensing round on 21 July, awarding 37 oil blocks to 31 companies. Winners have 90 days to pay signature bonuses, with the government projecting 500 million barrels in new reserves and 300,000 barrels daily production withi
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Ardova Modular Refinery to Produce Petrol in 2027
Ardova Plc's subsidiary, Aradel Holdings, will commence petrol production at its 5,000-barrel modular refinery in 2027, boosting domestic supply.
MDGIF Backs 200 Gas Projects as Nigeria Targets $200tn Reserves
The Midstream and Downstream Gas Infrastructure Fund (MDGIF) is supporting 200 gas projects as Nigeria moves to unlock its $200 trillion gas reserves, boosting energy security and investment.
Vandals Destroy 20 Electricity Transmission Towers in Nigeria
At least 20 electricity transmission towers were vandalised in Nigeria between January and August 2026, causing N8 billion monthly losses and prompting calls for stronger security.
Dangote Refinery Cuts Petrol Price After Hike as Depots Reduce Rates
Dangote Refinery and several depots reduced petrol prices 24 hours after a hike, offering relief to motorists amid volatile global oil markets.
Self-Service Fuel Stations Launch in Nigeria to Curb Under-Dispensing
Sunbeth and A.A. Rano launch self-service fuel stations in Nigeria, promising transparency and convenience, but workers raise unemployment concerns amid regulatory oversight calls.
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Dangote Refinery Warns High Crude Prices May Raise Fuel Costs
Dangote Refinery warns that high domestic crude prices could increase fuel costs for Nigerians, citing NUPRC data and DCSO framework challenges.
CBN Hikes Rates to 17.59% Despite N4.4trn Bid vs N700bn Offer
CBN raised its lending rate to 17.59% in a recent auction, despite a N4.4 trillion bid against a N700 billion offer, signaling tight liquidity.
Naira Hits N1,360, Strongest Since June
The naira appreciated to N1,360 per dollar at the official market, its strongest level since June, driven by improved dollar supply and CBN interventions.
Nigeria's Crude Output Stays Above 1.5mbpd for Third Month
Nigeria's crude oil output held above 1.5 million barrels per day for the third consecutive month in July, despite a slight drop from June, according to the latest OPEC data.
NFEM Turnover Crashes to $185m, Hits 11-Week Low
NFEM turnover fell to $185 million, an 11-week low, as FX market activity thinned. The decline reflects reduced liquidity and investor caution.
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How Banks Can Cut Energy Volatility with Managed Power Networks
Financial institutions can eliminate branch energy volatility by building managed power networks, reducing costs and ensuring reliable operations, according to experts.
Dangote Refinery Raises Petrol Price by N15.50 as Depot Rates Hit N1,200
Dangote Refinery increased its ex-gantry petrol price by N15.50 to N1,181 per litre, pushing depot rates to an average of N1,200 per litre as crude oil nears $90 per barrel.
FG Considers New Crude Rules as Refiners Battle High Feedstock Costs
The Federal Government is reviewing crude oil supply rules to ease feedstock costs for local refiners, amid ongoing disputes over pricing and availability.
Coronation Insurance, Life Assurance Complete Recapitalisation
Coronation Insurance Plc and Coronation Life Assurance Limited have completed an oversubscribed private placement, raising capital to meet new NIIRA 2025 requirements and support growth.
NYG Backs NNPCL Over N7.13tn Energy Security Costs
Northern Youth Groups defend NNPCL's N7.13tn energy security expenditure, citing PIA legal basis and urging scrutiny based on complete facts.
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Tinubu Approves Deep Offshore Reform for $50bn Oil Investment
President Tinubu has approved a deep offshore reform aiming to attract $50 billion in Nigeria's oil sector. The reform includes fiscal incentives and streamlined processes to boost investment.
Nigeria to refine all crude locally by 2030, NMDPRA says
Nigeria plans to allocate all crude oil production to domestic market by 2030 as refining capacity expands, says NMDPRA.
Petrol Depot Prices Rise as Brent Crude Hits $90
Petrol depot prices rose in Nigeria on Tuesday, August 11, 2026, with Parker in Warri recording the largest increase of N48 per litre to N1,230, amid a rally in global crude oil prices.
Nigerian Airlines Borrow N60bn for Fuel as Costs Soar
Nigerian airlines have borrowed over N60bn from local banks to buy aviation fuel, with jet fuel prices at 270% of global benchmark, says AON.
Depot Petrol Prices Rise in Nigeria Amid Crude Oil Surge
Private depot operators in Nigeria raise petrol prices by up to N50 per litre as crude oil nears $90, with Brent at $88.04. Filling stations may increase pump prices if supply disruptions persist.
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NUPRC: Local Refineries Received 53.7m Barrels in Q2
In Q2 2026, Nigerian refineries received 53.7 million barrels of crude, a 30% rise from Q1, boosting domestic refining capacity.
NERC Dissolves KAEDC Board Over N456.5bn Debt
NERC dissolves KAEDC board, appoints administrator over N456.5bn debt, poor remittances, and high losses.
NNPC Cuts Petrol Prices as Private Depots Lower Rates
NNPC reduces petrol prices in Lagos and Abuja, with Lagos seeing N60 cut. Private depots follow, and diesel prices drop by up to N100 per litre.
CEPRSD Praises NUPRC Eyesan for 2025 Licensing Round
Nigeria's CEPRSD hails NUPRC's Eyesan for transparent 2025 licensing round, with 143 firms submitting 200 bids for 37 blocks.
Dangote Sets October Deadline for Kenya Refinery
Aliko Dangote plans to start construction of a 700,000 bpd refinery in Kenya by October, a $16 billion project to boost East African fuel supply.
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Iran Blocks US Talks, Oil Prices Face Fresh Threat
Iran blocks US talks, keeping Hormuz uncertain; oil prices face fresh threat as supply risks escalate, analysts say.
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