Author: Adejuyigbe Francis

Background: What Happened? Dangote Petroleum Refinery has again announced an upward revision of its ex‑depot petrol price to ₦1,175 per litre. This adjustment marks repeated increases within the space of a few days — with the price rising from ₦774 → ₦874 → ₦995 → ₦1,175 per litre in just about a week. The latest revision was confirmed to media outlets by industry sources including the Independent Petroleum Marketers Association of Nigeria (IPMAN). Why the Price Is Rising 1. Surge in Global Crude Oil Prices The refinery says the price rise directly reflects rising crude oil costs on international markets.…

Overview The 2026 edition of the Hotel Chain Development Pipelines in Africa report by W Hospitality Group reveals a record-breaking growth in the continent’s hotel development sector. Key highlights include: Total pipeline: 123,846 rooms across 675 hotels and resorts. Year-on-year growth: 18.6% overall; 12.2% on a same-store basis. Development concentration: While Africa sees continental growth, activity is increasingly concentrated in a small number of dominant markets. The top 10 countries account for 79% of total pipeline rooms and over 75% of new signings. Top Performing Markets North Africa Leads Overall Volume Egypt dominates the African hotel development landscape, with: 45,984…

Background: The Iran Conflict and Global Energy Markets The current war involving Iran, the United States, and Israel has significantly rattled global energy markets. Military operations have raised fears of disruption in major Middle Eastern oil and gas supply routes—especially around the Strait of Hormuz, through which roughly a fifth of the world’s oil trade normally flows. Analysts warn that even if direct supplies to Europe from the region are limited, global markets are tightly interconnected. Prices in global benchmarks such as Brent crude and European natural gas indexes respond quickly to geopolitical risk, with even modest supply disruptions rippling…

Historic Breakthrough for Nigeria’s Deepwater Sector His Excellency, President Bola Ahmed Tinubu, GCFR, has approved a targeted fiscal incentive designed to unlock the long-awaited Final Investment Decision (FID), on the Bonga Southwest Aparo (BSWA), deepwater project. The approval marks a major milestone in Nigeria’s ongoing efforts to attract strategic investments and accelerate sustainable economic growth. The project is estimated to attract approximately $20 billion in Foreign Direct Investment (FDI), positioning Nigeria for a new era of deepwater oil and gas production. Months of Strategic Engagement Deliver Results The Presidential approval follows months of intensive technical and commercial negotiations involving NNPC…

The financial governance landscape in Nigeria recorded another major development on 11 March 2026, when President Bola Ahmed Tinubu nominated Lamido Abubakar Yuguda, a former Director-General of the Securities and Exchange Commission (SEC), as Deputy Governor of the Central Bank of Nigeria (CBN). The nomination, which still requires confirmation by the Senate, forms part of ongoing efforts by the Tinubu-led administration to strengthen the leadership and policy direction of the apex bank. The move also comes amid broader reforms in the financial sector, where the government has been repositioning institutions responsible for monetary policy, financial regulation, and economic stability. Background…

Nigeria petroleum landscape is undergoing a significant transformation as the Dangote Petroleum Refinery has dramatically increased its contribution to national petrol supply, now accounting for approximately 92% of daily consumption. This surge in local refining capacity has prompted the Federal Government to entirely halt petrol imports for the year 2026, marking a pivotal moment for Nigeria’s energy independence. A Paradigm Shift in Fuel Supply Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for February 2026 reveals that domestic refining supplied about 36.5 million litres of petrol per day, out of a national total of 39.5 million litres.…

The Federal Government of Nigeria has unveiled a $500 million Sustainable Power and Irrigation for Nigeria (SPIN), Project, a major infrastructure and agricultural development initiative designed to improve irrigation systems, strengthen dam safety, and boost hydropower generation across the country. The project, supported by financing from the World Bank, aims to enhance food security, promote climate resilience, and stimulate economic growth by improving water resource management and agricultural productivity. The initiative forms part of the government’s broader strategy to modernise Nigeria’s irrigation infrastructure and reduce reliance on rain-fed agriculture, which remains vulnerable to climate variability and inconsistent rainfall patterns. Background…

Nigeria’s football community is mourning the passing of one of its most respected tacticians, Chief Festus Adegboye Onigbinde, who died at the age of 88. The revered coach, widely known as “The Teacher,” passed away on March 9, 2026, after a brief illness, according to a statement released by his family. Onigbinde’s death marks the end of a remarkable era in Nigerian football. For decades, he was celebrated as a pioneer of indigenous coaching and a key figure in the development of the national team. Early Life and Background Festus Adegboye Onigbinde was born on March 5, 1938, in Modakeke,…

Lagos State Governor, Babajide Sanwo-Olu, on Monday formally inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC), marking a major step in the state’s effort to establish an independent electricity regulatory framework and improve power supply for residents and businesses. The inauguration ceremony took place at Lagos House, the seat of government in the state capital, Ikeja, on March 9, 2026. Strengthening Lagos’ Electricity Governance Speaking at the event, Governor Sanwo-Olu said the formal inauguration of the board represents a crucial milestone in the implementation of the Lagos State Electricity Law 2024, which was signed in 2024 to…

The Central Bank of Nigeria (CBN), has floated ₦600 billion worth of Open Market Operation (OMO), bills as part of efforts to manage excess liquidity in the banking system, with ₦81 billion eventually allocated to investors following the auction. Liquidity Management Strategy The auction forms part of the CBN’s monetary policy strategy aimed at mopping up surplus liquidity in the financial system and stabilising money market conditions. OMO bills are short-term securities issued by the apex bank to control the volume of money circulating within the economy. According to market data, the financial system opened the week with strong liquidity…

In a bold move signaling Nigeria’s renewed commitment to space exploration, President Bola Ahmed Tinubu has directed the immediate release of funds for the maintenance of the nation’s space assets, emphasizing the strategic importance of space technology in national development. Historic First Meeting of the National Space Council The directive came during the first-ever meeting of the National Space Council, held on Tuesday at the Presidential Villa in Abuja. Represented by Vice President Kashim Shettima, President Tinubu reaffirmed his administration’s dedication to implementing Nigeria’s revised 25-year roadmap for space development. “I hereby approved that cost of the implementation of the…

The Nigerian downstream petroleum sector has witnessed another significant price adjustment following the decision of the Dangote Petroleum Refinery to increase the ex-depot price of Premium Motor Spirit (PMS)—commonly known as petrol—to ₦1,175 per litre, while Automotive Gas Oil (diesel), has risen to ₦1,620 per litre. This latest adjustment reflects ongoing volatility in global crude oil markets and growing pressure on domestic fuel pricing in Nigeria’s deregulated petroleum sector. The development is expected to have far-reaching implications for transportation, inflation, business operations, and household expenditures across the country. Overview of the Price Increase According to industry sources, the refinery communicated a…