Nigeria has an unrealized export potential of $3 billion, according to the International Trade Centre (ITC). The report highlights key export commodities where Nigeria could increase its global market share. Urea leads the way with actual exports valued at $987 million and an untapped potential of $520 million. Cocoa follows with exports worth $708 million, … Read more
BUA Refinery and Petrochemicals has clarified that its refinery project in Akwa Ibom is not 90% complete, as previously reported. The company urged the public to disregard this misleading claim, confirming that construction is progressing steadily and according to schedule. In a statement to The PUNCH, BUA confirmed that the refinery, which will process 200,000 … Read more
NNPCL is struggling with its crude-for-loan agreements, which tie large portions of Nigeria’s oil to debt obligations. These commitments may last until 2029. At the same time, demand for crude oil from local refineries is growing. The Port Harcourt, Warri, and Dangote refineries are now operational, increasing the need for crude. NNPCL has pledged 272,500 … Read more
Despite the recent reduction in the price of petrol, Nigerians have expressed frustration over the failure of transporters to reduce transport fares accordingly. Even with the reduction in the ex-depot price of petrol by Dangote Refinery from N970 to N899.50 per litre on December 19, 2024, followed by a similar move by the NNPCL, transporters … Read more
Marketers and retailers of petroleum products are set to begin lifting Premium Motor Spirit (PMS) from the Port Harcourt Refining Company this week, barring any unforeseen changes. This was revealed by Joseph Obele, the Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), in an exclusive interview. Obele explained that since … Read more
In a groundbreaking move, Del-York Group, a leading Nigerian conglomerate, has entered a joint venture with Singapore’s TSC Global, committing $4.5 billion to develop the largest investment in Africa’s creative industry. The deal marks a significant milestone for the sector, which is projected to generate $100 billion by 2030 and create millions of jobs. This … Read more
Industry experts predict a significant drop in fuel prices in 2025, with petrol prices potentially falling to as low as N500 per litre. Currently, prices range from N900 to N950 at many fuel stations. The expected price reduction is attributed to the deregulation of the downstream sector, a stable foreign exchange policy, and the Naira-for-crude … Read more
Former President Olusegun Obasanjo has criticized the Nigerian National Petroleum Company Limited (NNPCL) for disrespecting his office. The criticism follows an open invitation to tour the refurbished Port Harcourt and Warri Refineries. Obasanjo’s spokesperson, Kehinde Akinyemi, called the invitation an “absolute insult.” He said the NNPCL failed to send a formal letter to the former … Read more
The private sector in Nigeria witnessed its first business expansion in six months, according to the latest Purchasing Managers Index (PMI) report by Stanbic IBTC Bank. The report revealed that December recorded a PMI of 52.7, an improvement from November’s 49.6 and the highest since January 2024, signaling solid growth in private sector activity. The PMI, … Read more
The Nigerian Aviation Handling Company PLC (NAHCO aviance) has appointed Olumuyiwa Olumekun as its new Group Managing Director and Chief Executive Officer, effective January 1, 2025. This follows the retirement of Indranil Gupta, who concluded his tenure as CEO on December 31, 2024, marking a period of growth under his leadership. In a statement to … Read more