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April 28, 2025 No Comments

NNPC Gas Limited set to acquire 5.2 million standard cubic feet per day CNG facility

NNPC Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC), is set to acquire a 5.2 million standard cubic feet per day Compressed Natural Gas (CNG) compression and refuelling facility from Gas Network Services Limited (GNSL).

This development, disclosed in a merger and acquisition notice issued by the Federal Competition and Consumer Protection Commission (FCCPC), marks a significant move towards expanding Nigeria’s CNG infrastructure and improving access to cleaner energy alternatives.

GNSL, the current operator of the facility, specializes in providing virtual pipeline solutions by compressing natural gas and delivering it to industrial and commercial customers via mobile tube trailers.

The facility also includes dispensing points for refuelling natural gas vehicles (NGVs), catering primarily to clients outside the reach of traditional pipeline networks.

A boost for the government’s CNG initiative
By acquiring the facility, NGML aims to bolster its role in the marketing and distribution of natural gas across Nigeria.

The transaction is expected to strengthen the CNG market by increasing infrastructure capacity, making CNG more accessible and affordable, particularly for the transport and commercial sectors.
The acquisition aligns closely with the objectives of the Presidential Compressed Natural Gas Initiative (P-CNG Initiative), launched in August 2023.

The Initiative was introduced to cushion the impact of fuel subsidy removal and reduce energy costs nationwide by promoting the adoption of CNG as a cleaner and cheaper alternative to traditional fuels.
NGML’s move is seen as a strategic step towards accelerating the rollout of CNG infrastructure across the country, supporting national efforts to foster a more sustainable and cost-effective energy landscape.
The FCCPC noted that the transaction could have a significant impact on the competitive dynamics of the CNG market, but ultimately promises to benefit consumers through expanded access to cleaner energy solutions.

What you should know
As part of government’s efforts to boost the country’s CNG capacity, the Presidential Compressed Natural Gas Initiative (P-CNGi) and LNG Arete Ltd. recently signed a pivotal Memorandum of Understanding (MoU) for a $27.3 million gas plant project aimed at expanding compressed natural gas (CNG) infrastructure across Northern Nigeria.

The is aimed at addressing the region’s long-standing energy challenges, particularly in the transportation and industrial sectors, which have struggled with limited access to reliable and affordable energy.

Recall that President Bola Tinubu established the P-CNGi in August 2023 to revolutionize the transportation landscape in the country, targeting over 11,500 new CNG-enabled vehicles and 55,000 CNG conversion kits for existing PMS-dependent vehicles.

The initiative is also expected to boost local manufacturing and assembly of conversion kits while creating jobs for the country’s populace.

News Production
April 28, 2025 No Comments

Katsina spends N3.8 billion on solar power projects for Government House, others

The Katsina State Government has spent a total of N3.8 billion on various electricity-related infrastructure projects, with a major focus on renewable energy, particularly solar power, across the state.

This was disclosed by Malam Faruq Lawal-Jobe, the Deputy Governor of Katsina State, while speaking to journalists in Katsina on the achievements of Governor Dikko Umaru Radda’s administration in the energy and infrastructure sectors, News Agency of Nigeria (NAN) reports.

Lawal-Jobe noted that one of the major projects under the renewable energy initiative is the deployment of solar mini-grids to critical government institutions, including the General Hospital Katsina, the Government House, and the State Secretariat Complex, at a combined cost of N3.8 billion.

“In an effort to provide a sustainable power solution to critical facilities of government, viable mini-grid solar-powered projects are ongoing at General Hospital Katsina, Government House, and the State Secretariat Complex at the cost of N3.8 billion,” he said.

Street Lighting and Urban Electrification
The Deputy Governor further disclosed that the administration has invested significantly in solar street lighting projects to enhance security and public infrastructure. These include the installation of 74 kilometers of solar street lights within Katsina metropolis and an additional 11 kilometers from Al-Qalam University Roundabout to Darma Rice Mill.

He added that the government is also rehabilitating and expanding the conventional power grid infrastructure in various communities across the state. These efforts include:

Supply and installation of new transformers
Laying of electric cables and routine maintenance
Change of power supply routes in areas such as Yan Albasa, Eka, and Kadandani to Kuraye, covering 17 kilometers, aimed at restoring electricity in Charanchi Local Government Area
Security and Restoration Projects
To enhance public safety, the state has also constructed a Japarana Concrete Technology structure for protecting security lighting systems within the Median Strips of Ring Road Phase I ‘A’ and ‘B’ in Katsina metropolis.

The government has also undertaken the repairs of vandalized high-tension lines, particularly along the eight-kilometer stretch from Iyatawa to Remawa, restoring power supply to Iyatawa ward in Rimi Local Government Area.
Lawal-Jobe announced that the government has awarded a contract for the digital mapping of power lines and GPS-based tracking of all line materials and transformers procured under the administration.
In addition, the government has replaced 33KV breakers and accessories at Umaru Musa Yar’adua University, enabling full restoration of power to the tertiary institution.
The Deputy Governor affirmed that Governor Radda’s administration is deeply committed to expanding access to electricity, especially in rural communities, to boost economic activities, improve security, and elevate the standard of living for residents of the state.

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April 28, 2025 No Comments

Nigeria’s oil and gas industry faces rising data breach risks – New report warns

A new legal research paper has raised alarm over the increasing exposure of Nigeria’s oil and gas industry to data breaches and cybersecurity threats, warning that poor data governance could jeopardize the country’s most strategic economic sector.

The paper, authored by data protection lawyer and privacy expert Lynda Ugo Ezike (CIPP/C), argues that the digitization of Nigeria’s oil and gas operations has opened the sector to a wave of cyberattacks, surveillance risks, and legal liabilities tied to the misuse or unauthorized access to personal and sensitive data.

Published under the title “The Significance of Data Protection and Information Security in Nigeria’s Oil and Gas Industry: Legal Considerations,” the report explores how oil and gas companies in Nigeria, while adopting emerging technologies like cloud computing, artificial intelligence, and IoT, are falling short of the data protection responsibilities imposed by Nigerian law.

“Nigeria’s oil and gas companies are now classified as data controllers and processors of major importance under the Nigeria Data Protection Act (NDPA) 2023. This means they face stricter regulatory obligations, and failure to comply could attract fines of up to N10 million or 2% of their annual gross revenue,” Ezike wrote in the paper.

Critical infrastructure, digital vulnerability
With the sector contributing significantly to government revenue, exports, and GDP, the report warns that any data breach or cybersecurity incident can have devastating ripple effects across the economy.

Referencing a 2021 cyberattack on the Nigerian National Petroleum Corporation (NNPC), where hackers reportedly encrypted sensitive operational data and demanded a ransom, the paper illustrates how vulnerable Nigeria’s energy assets have become.

Legal gaps and compliance failures
While Nigeria has made strides with the enactment of the NDPA and the creation of the Nigeria Data Protection Commission (NDPC), the paper notes that existing oil and gas regulations—particularly the Petroleum Industry Act (PIA) 2021—only cover customer data, leaving out other important categories such as employees, contractors, and host communities.

“The PIA references data protection in Section 164, but its scope is limited to customer information in midstream and downstream operations,” Ezike explains. “This leaves a gap for upstream activities and broader data subject categories.”

The report calls for sector-specific data protection regulations, arguing that a one-size-fits-all approach fails to account for the operational complexities and data sensitivity levels across upstream, midstream, and downstream segments.

Key risk areas in the industry
The report outlines eight areas in which oil and gas companies are most vulnerable to data breaches and legal liabilities. These include:

Human resources (handling biometric and health records)
Third-party contractors and cloud vendors
Customer payment and financial data
Health, Safety and Environment (HSE) systems
Transborder data transfers
Surveillance systems (CCTV and drone footage)
Visitor management systems
Company websites and cookie tracking tools
Each of these areas, according to the paper, involve the collection, storage, processing, or transfer of personal data—activities which are now legally regulated under the NDPA.

Recommendations for the industry
To avert major data protection failures, the report recommends several compliance and governance strategies, including:

The development of industry-specific data protection guidelines in partnership with the NDPC
Adoption of third-party data processing agreements with vendors and contractors
Staff training on data privacy rights and breach protocols
Implementation of annual data audits, privacy impact assessments, and use of privacy-enhancing technologies
Certification through recognized schemes such as ISO 27701 or BBBOnline
The report also emphasizes the importance of having incident response plans and designating Data Protection Officers to oversee compliance within oil and gas firms.

Why it matters
The push for stronger data protection comes at a time when Nigeria is seeking to deepen investor confidence in its oil and gas sector amid global shifts in energy investment.

With digitization now central to exploration, refining, logistics, and payments, a major breach could affect everything from fuel supply chains to international financing deals.

“The everyday existence of Nigerians is powered by the oil and gas sector, and any malicious cyber intrusion can cause serious economic and social disruption,” Ezike warns.

The NDPC has also stepped-up enforcement in 2025, signaling that non-compliance will no longer be treated lightly.

As Nigeria positions itself as Africa’s largest oil producer and a digital leader in energy innovation, experts say protecting data in the sector will be just as important as securing the pipelines.

Industry News Power Production
March 7, 2025 No Comments

NNPCL imports over 200 million Litres of Petrol in February despite refinery overhaul

A confidential report exclusively obtained by Nairametrics from a reliable source tracking the movements of motor tanker vessels, which monitors cargo tanks entering the country, revealed that the Nigeria National Petroleum Company Limited (NNPCL) has imported 159,000 metric tons of Premium Motor Spirit (also known as petrol) between February 1, 2025, and February 12, 2025.

Based on a standard conversion of 1,341 litre per metric ton, this translates to approximately 213 million litres of petrol, imported by the state-owned oil company according to the Motor Tanker Vessels report.

The revelation comes at a time Dangote Refinery is locked in a legal dispute with NNPCL and major oil marketers over the importation of refined petroleum products, which are already being produced locally without any shortfall.

The report’s breakdown shows that on Monday, February 10, NNPCL received two cargoes carrying 37,000 metric tons of PMS each. That is a total of 99.2 million litres.

On Saturday, February 8, it received a cargo of 20,000 metric tons of PMS, which equals 26.82 million litres.

On Wednesday, February 12, it received another cargo of 37,000 metric tons of PMS, which is approximately 50 million litres.

While the aforementioned cargoes were received in the Lagos ports, NNPCL received a cargo of 20,000 metric tons of PMS at the Calabar port on February 5. 20,000 MTS equals 26.82 million litres.

NNPCL has imported over 40 million metric tons of diesel in February
The data also shows that NNPCL has imported 40,000 metric tons of Automotive Gas Oil (diesel) so far in February. This is over 40 million litres of diesel.

The national oil firm received two shipments+ of AGO on February 3. One supplied 15,000 MT, while the second supplied 25,000 MT.

Other oil and gas retail and logistics companies also received shipments of both PMS and AGO. They include Rainoil, WOSBAB, MENJ, and FRADO, among others.

Nigeria spends N407 billion on petrol imports in 12 days
According to information from a source, despite the January 2025 deadline set by the Economic Community of West African States (ECOWAS) for the adoption of cleaner fuels and vehicles to reduce air pollution across the region, Nigeria has continued to import petroleum products that exceed the permissible sulphur limit under this regulation.

Energy experts and policy analysts have expressed concern that the Nigerian National Petroleum Company Limited (NNPCL) and other marketers spent over N407.4 billion to import 302.7 million litres of petrol (PMS) and 104.8 million litres of diesel during the first 12 days of February.
This follows an ongoing trend of imports, with the country spending more than N5.5 trillion to import a total of 3,203,698.41 metric tonnes of petrol and 980,485 metric tonnes of diesel between October 1, 2024, and January 31, 2025.
In 2020, ECOWAS leaders convened in Ouagadougou, Burkina Faso, to establish a January 2025 deadline for the adoption of cleaner fuels and vehicles in the region to tackle air pollution. Domestic refineries and importers were expected to comply with a sulphur fuel standard of 50 parts per million (ppm) for petrol and diesel for all imported fuels from 1 January 2025. This was seen as a significant step for the region, as some countries still permit the importation of diesel with sulphur levels of up to 10,000 ppm.
An industry expert pointed out that the NNPCL and other importers continue to bring in petroleum products that exceed the permissible limit under the regulation. He added that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has deliberately remained silent on the issue, despite Nigeria’s leadership within ECOWAS, and continues to allow the importation of substandard products.

“It is an embarrassment to the leadership of ECOWAS that Nigeria has failed to lead by example. Why are we still importing adulterated products, polluting the air, and exposing over 200 million Nigerians to danger when we now have local refineries capable of producing high-quality products?” he queried.

Why should NNPCL be importing?
According to a report from the source, a senior government official stated that the continued importation of refined petroleum products below ECOWAS’s stipulation, despite the restart of the Port Harcourt and Warri refineries, raises questions about the sincerity of NNPCL.

He questioned the company’s expenditure of over N126.5 billion to import more than 136.7 million litres of petrol in a single day, despite Nigeria’s daily petrol consumption being only 30 million litres.
He said, “NNPC claims to have reactivated two of its refineries. However, it continues to import petroleum products into Nigeria. On 10 February, NNPC imported over 100,000 metric tonnes of petrol. Given that Nigeria’s monthly consumption has now decreased to around 800,000 tonnes, it is perplexing why NNPC continues to import such large volumes. More importantly, it is strange that a company with two ‘functional’ refineries would continue to do so.”

The official, who called for an investigation, added that President Bola Tinubu and the Minister of State for Petroleum Resources, Heineken Lokpobiri, need to pay closer attention to the activities of NNPCL, which he suggested contradict the economic policies of the Tinubu-led administration.
“NNPC is owned by Nigerians, and the company must be accountable to them for the optimal use of the resources under its care. They must particularly explain what has been achieved with the substantial funds spent on the refineries,” the official concluded.

What you should know
In December 2024, the NNPCL announced the restart of the 125,000 barrels per day (bpd) Warri Refinery and Petrochemical Company (WRPC), which was approved for rehabilitation in 2021 for $897 million. This announcement followed reports that the Port Harcourt refinery’s 60,000 bpd phase one had begun refining key fuels. Nigeria operates four national refineries: one in Kaduna, one in Warri, and two in Port Harcourt.

The refurbishment of these refineries, in addition to the operations of the Dangote refinery, was expected to reduce Nigeria’s importation of petroleum products and make the country fuel-independent.

However, the importation of refined products continues on a large scale despite the growing number of local refineries.

News Power
March 7, 2025 No Comments

Group alleges plot to disrupt crude oil supply to local refineries across Nigeria

A group known as Concerned Nigerians has alleged that there is a plot to disrupt crude oil supply to local refineries in Nigeria.

The group’s National Coordinator, Obinna Francis, made this known in a statement on Monday, alleging that they had uncovered a “sinister plot to stop the supply of crude oil to domestic refineries.”

The group acknowledged the contribution of local refineries to Nigeria’s economic growth under President Tinubu, stating that this progress requires vigilance against any “cabal” allegedly working with importers to deny local refineries access to crude oil.

Tinubu’s Oil and Gas Reforms Must Be Guarded Jealously
According to Francis, the success of domestic refineries in Nigeria has led to a reduction in fuel prices, which in turn has lowered the cost of food items.

He expressed shock that certain unnamed individuals were allegedly plotting to undo the gains achieved under President Bola Ahmed Tinubu’s economic reforms.
“Such a sinister plot can only be driven by a desire to return Nigeria to the era of petrol importation and even the reintroduction of subsidies.

“This is because cutting off crude oil supply to domestic refineries would create a shortage of refined products, forcing the country to resume fuel imports,” he stated.

He warned that such actions could undermine Nigeria’s collective economic well-being.
The group called on the President and the Department of State Services (DSS) to ensure that no one, knowingly or unknowingly, disrupts crude oil supply to local refineries, so that the economy is not destabilized.
“We salute Mr. President and pass a vote of confidence in him for his impact in driving Nigeria toward energy sustainability, especially in the oil industry. The sector has revived to a point where Nigerians no longer experience harrowing times at petrol stations,” he added.

He stressed that oil and gas reforms must be protected, ensuring that no group or individuals are allowed to undermine the achievements recorded in the sector.
What You Should Know
Nigeria is gradually becoming a petroleum refining hub in West Africa, thanks to the commissioning of the Dangote Refinery and other private and state-owned refineries.

However, private refineries continue to struggle to secure sufficient feedstock for their operations.
Nairametrics reported that the increasing refining capacity of the Dangote Refinery has helped Nigeria reduce its fuel imports.
Nigeria’s gasoline imports have dropped to their lowest level in almost eight years.
In addition to meeting domestic demand, the Dangote Refinery is also exporting refined petroleum products to other countries, including Ghana, Togo, Cameroon, South Africa, Angola, and several European nations.
The Nigerian National Petroleum Company Limited (NNPCL) recently denied reports that it imported over 200 million litres of Premium Motor Spirit (PMS), also known as petrol, in February 2025.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that while the company has not imported PMS in 2025, it retains the right to do so if necessary.

He emphasized that NNPCL has a responsibility to ensure energy security in the country and would intervene with imports if fuel shortages arise to stabilize the market.

News Power
March 7, 2025 No Comments

Nigeria’s power generation peaks at 5,713.6MW, sets new daily energy record – TCN

The Transmission Company of Nigeria (TCN) has announced that the country’s power sector achieved a new peak generation of 5,713.6 megawatts (MW) on March 2, 2025, successfully transmitted across the national grid.

According to a statement issued by TCN’s management, this new peak surpasses the previous peak generation of 5,543.20MW recorded on February 14, 2025, by 170MW.

However, it remains 88MW lower than Nigeria’s all-time maximum peak generation of 5,801.60MW, achieved on March 1, 2021.

“This was recorded on Tuesday, March 2, 2025 at 21:30 hours, with the new generation peak of 5,713.6 megawatts (MW), surpassing the previous peak generation of 5,543.20MW achieved on February 14, 2025, by 170MW,” the management said in a statement on Tuesday.

Additionally, Nigeria’s electricity industry recorded its highest-ever daily energy transmission, reaching 125,542.06 megawatt-hours (MWh) on March 2, 2025. This surpasses the previous record of 125,159.48MWh, set on February 14, 2025, by 382.58MWh.

“Furthermore, a new record for the new daily energy ever attained in the history of the electricity industry in Nigeria was also set yesterday, with a total of 125,542.06 megawatts-hours (MWh). This surpasses previous record of 125,159.48 (MWh) achieved on February 14, 2025, by 382.58MWh,” in a statement signed by Management.

Implications for Nigeria’s Power Sector
The new milestone signals an improvement in power generation and transmission capabilities, reinforcing efforts to stabilize Nigeria’s electricity supply.

Analysts urge the government and stakeholders to implement policies that address these bottlenecks to ensure that increased generation translates to improved electricity access for homes and businesses.

More insights
Previously, reported last month that TCN announced a new peak generation of 5,543.20 megawatts (MW).

The General Manager of TCN, Ndidi Mbah noted that this new record surpasses the previous peak of 5,478.73MW.
Mbah further explained that the new Maximum Daily Energy of 125,159.48 megawatt-hours (MWH) is the highest ever recorded in the nation’s electricity industry, exceeding the previous record of 121,674.88MWH on February 7, 2025, by 3,484.60MWH.
She confirmed that TCN has successfully transmitted the new peak generation and maximum daily energy to the distribution companies’ load centers nationwide for onward distribution to customers.
On January 8, 2021, the Transmission Company of Nigeria (TCN) announced that it achieved a peak transmission of 5,552.80 MegaWatts (MW) as reported by Nairametrics.

Mbah noted that this achievement reflects growth in Nigeria’s electricity distribution, noting that TCN has a transmission potential of 8,100 MW.

TCN enhanced peak transmission at a frequency of 50.08Hz where Mbah confirms that the peak transmission surpasses the record set on 30 October 2020, which was 5,520.40MW.

Power
March 7, 2025 No Comments

Latest crude oil price drop threatens Nigeria’s revenue and naira stability

Crude oil prices dipped on Tuesday after the U.S. government implemented fresh tariffs, raising concerns about global trade tensions and their potential impact on fuel demand.

Brent Crude fell to $70.5 per barrel, while West Texas Intermediate (WTI) dropped to $67.56. Nigeria’s flagship crude, Qua Iboe, declined by 1.9% to $74 per barrel, while Brass River fell by the same margin to $73 per barrel.

The international benchmark, Brent Crude, was down 1.40%, trading at $73.00, as both major crude benchmarks headed for their first weekly loss in a month and the first monthly decline since November 2024.

The price dip comes as the global oil market reacts to ongoing trade tensions, uncertainty in OPEC+ production policies, and prospects of peace talks to end the war in Ukraine.

Why oil prices are falling
On Thursday, former U.S. President Donald Trump reaffirmed that previously delayed tariffs on Canada and Mexico would take effect on March 4.

The policy imposes a 10% tax on energy imports from Canada while also adding a 25% tariff on Mexican and Canadian exports.
In addition, the U.S. imposed an extra 10% tariff on Chinese goods.
The move has triggered fresh concerns about a global trade war, which analysts say could slow economic growth and weaken demand for crude oil at a time when OPEC+ has yet to decide on production levels for April and beyond.
What this means for Nigeria

The decline in crude prices poses a direct threat to Nigeria’s revenue targets, as the government benchmarked oil at $75 per barrel and production at 2 million barrels per day (mbpd) in its 2025 budget.

Any prolonged drop below this threshold could worsen the fiscal deficit, increase borrowing needs, and exert pressure on government finances.

A drop in oil prices also raises concerns about Nigeria’s foreign exchange market, which relies heavily on crude sales for dollar liquidity.

The naira strengthened in the parallel market in February, appreciating from N1,600/$1 to N1,500/$1. However, with oil prices weakening, the naira depreciated slightly to N1,515/$1 on Tuesday.

Despite the recent volatility, the Central Bank of Nigeria (CBN) remains bullish, citing an improvement in crude oil production, which rose to 1.54 mbpd as of January 2025.

The apex bank believes this will help improve Nigeria’s current account position and boost external reserves.

However, the sustained decline in crude prices could threaten this outlook.

Nigeria’s economic stability remains tightly linked to crude oil performance, and the latest price drop highlights the vulnerability of the country’s revenue and exchange rate targets.

As global trade tensions mount and OPEC+ deliberates on output strategies, Nigeria faces the challenge of navigating an increasingly unpredictable oil market.

The government may need to explore alternative fiscal strategies to cushion the impact of revenue shortfalls and mitigate potential currency pressures in the months ahead.

Power
March 7, 2025 No Comments

Petrol price will rise above N1,000 if NNPCL, Dangote end price war – Expert

Chief Economist at the SBM Professionals, Dr. Paul Alaje has argued that Nigerians would pay over N1,000 if the ongoing price war between the Dangote Refinery and the Nigeria National Petroleum Company Limited (NNPCL) ends.

Alaje, while speaking on Channels TV, on Tuesday, expressed support for the competition between both companies, noting that if one loses, Nigerians will pay above N1,000 as pump price for petrol.

Nairametrics reported that a price war between Dangote and the NNPCL has resulted in multiple slashes of PMS prices between the two. The Dangote Refinery has been the one initiating the price cuts while NNPCL often follows.

Petrol currently sells in NNPCL retail outlets and Dangote partner outlets for N860 to N900 based on locations, with Lagos having the lowest price.

Alaje said the price war is in the interest of Nigerians, noting that both companies are reducing what he termed “abnormal profits”.

He said: “Very recently, Dangote announced another one, at around 800, less than 850, and you have seen NNPCL responding to it. Yes, you may want to call it a price war, but you see, in economics, when a duopoly fights, it’s the best for the populace, because they will themselves, drive themselves to neutral profit.

“Now, people may ask, what is neutral profit? Neutral profit is that point where all factors of production have been catered for, which includes land, rent on land, labor, wages and salary of labor, profit, the real profit, entrepreneurs, and finally, interest on capital.

“What has therefore been eroded is the abnormal profit.”

Nigerians should be paying below the current pump prices
Meanwhile, Alaje argued that the current pump prices are still high. He said that based on current global trends, the pump price of petrol in Nigeria should be less than what it is.

“Ask me, have we gotten to that point where abnormal profit has been eroded? I will tell you, the answer is no. As of today, our computational review, that PMS should be around 795 to 830.”

NNPCL must stop importing and refine locally
The Economist called on the NNPCL to complete the refurbishment of its refineries and refine locally. He said that would further reduce the price.

He said with the competition still on and with both companies fully producing locally, the price of petrol can go down even below N700.

“This is economics at play. The question is, are we ready for it? I know a number of persons have called, some have even sent emails to explain this to them, could it be similar to what we saw in sugar when the sugar war happened? Could it be what we saw happen in cement, when cement happened? The difference here is that while Dangote claims that 100% of its PMS is produced locally, NNPCL, we still have traces that, perhaps, they cannot, the refinery as of today, could not refine locally.

“My advice is directly to NNPC, if you must compete, you must also produce locally. Why? You will give jobs, the way Dangote is giving it to Nigeria, which is my primary concern, to price before that goes down. We will suddenly realize that without subsidy, we can take a price even lower than 700, your businesses, to effect challenges. Even the gains that government is fighting for, it’s been exposed to the same.”

What you should know
Dangote Refinery stated that it will make a N65/liter refund to marketers who purchased PMS at rates higher than N825 so Nigerians will benefit from cheaper fuel.
The refinery noted that the price reduction is to ease the economic burden of Nigerians, and also a demonstration of support for President Bola Tinubu’s economic reforms.

News Power
February 2, 2025 No Comments

Nigerians to be hit by another electricity tariff hike after jumbo band A increase

Nigeria’s power prices need to rise by about two thirds for many customers to reflect the cost of supplying it and an increase can be expected within months, President Bola Tinubu’s special adviser on energy said.

Higher electricity tariffs, which need to be balanced by subsidies for less-affluent consumers, are required to fund the maintenance needed to improve reliability and to attract private investors into power generation and transmission, said the adviser, Olu Verheijen.

“One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff,” Verheijen said in an interview in Dar es Salaam, Tanzania, this week. This is needed “so the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable,” she said.

Tinubu has already taken a number of steps to ease the burden on state finances and encourage private investment since taking office in May 2023, including removing subsidies on motor fuel. Power prices were already tripled for some customers last year.

While Nigeria, a nation of about 237 million people, has an electricity access rate of around 62%, an erratic grid supply limits productivity and disrupts daily life.
The move to raise tariffs comes amid mounting pressure from Nigeria’s debt-burdened electricity distribution companies for tariffs to be cost-reflective so they can improve their finances.

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The country privatized generation and distribution in 2013, yet prices set by the government’s Nigeria Electricity Regulatory Commission don’t cover the suppliers’ costs. Government subsidies cover some of the difference, but profitability is hard to achieve.

Verheijen was in Tanzania attending a World Bank-backed conference where Nigeria presented a $32 billion plan to boost electricity connections by 2030. Private investors are expected to contribute $15.5 billion and the rest will come from public sources, including the World Bank and African Development Bank.

Nigeria’s power industry needs significant investment to achieve its development aims, Verheijen said. Of the country’s 14 gigawatts of installed power, only 8 gigawatts can be transmitted around the country and just four or five gigawatts can be directly delived to homes and businesses, she said.

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January 31, 2025 No Comments

Ministers, industry leaders to highlight investment opportunities in oil, gas sector

Industry leaders and policymakers, including Nigerian two ministers in the oil gas industry, are gearing up for the Practical Nigerian Content (PNC) forum where they will highlight new investment opportunities in the sector.

At the forum, planned to hold from December 2 to 5, 2024, in Yenagoa, Bayelsa State, the Nigerian Content Development and Monitoring Board (NCDMB) will also introduce new Contracting Cycle Guidelines for the industry.

These guidelines aim to expedite contract timelines, boost investment in the sector, and enhance Nigeria’s crude oil production.

Read also: NUPRC puts oil output closer to 1.53m bpd, not 1.8m claim by NNPC

This year’s event brings together industry leaders, policymakers, regulators, and professionals from around the world in the energy industry.

With a strategic agenda focused on Nigerian content, the forum promises insightful dialogue to drive further implementation across the industry. PNC 2024 will serve as a vital platform for industry stakeholders to review successes, address pressing challenges, and explore opportunities for expanding Nigerian content implementation.

Confirmed speakers include Heineken Lokpobiri, minister of state for petroleum eesources (oil), Ekperikpe Ekpo, minister of state for petroleum resources (gas); Felix Ogbe, executive secretary, NCDMB; Gbenga Komolafe, chief executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC); Mele Kyari, group chief executive officer, NNPC Limited; Omar Ibrahim, secretary general, African Petroleum Producers’ Organisation (APPO); Jim Swartz, chairman and managing director, Chevron Nigeria/Mid-Africa Business Unit, among others.

Wemimo Oyelana, portfolio director – Africa and country director – Nigeria at dmg Nigeria events, remarked, “PNC Forum 2024 arrives at a pivotal time for Nigeria’s oil and gas industry, as transformative projects and significant investments drive a new era for the sector.

“This year’s event will address the critical need to build indigenous capacity and leverage emerging opportunities from divestments, decarbonisation, and offshore operations. We anticipate robust discussions that will help propel the industry forward.”

PNC Forum 2024 will bring together global leaders, policymakers, regulators, and professionals to further Nigerian content implementation and explore business opportunities in Nigeria’s energy sector.

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