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Dangote refinery hits 700,000 barrel per day

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By Philippine Duru

philippineobetoduru@gmail.com

08034905773

Nigeria’s drive toward energy self-sufficiency has received a major boost as the Dangote Petroleum Refinery reportedly ramps up production to about 700,000 barrels per day (bpd), significantly increasing the supply of refined petroleum products to the domestic market and strengthening the country’s position in the global refining industry.
The development marks a significant milestone for the $20 billion refinery project, which has steadily increased its operational capacity since commencing production. Industry stakeholders say the higher output level is helping to ease fuel supply concerns, reduce dependence on imported petroleum products, and improve energy security in Africa’s largest economy.
Located in the Lekki Free Trade Zone in Lagos, the refinery was designed with a nameplate capacity of 650,000 barrels per day, making it the largest single-train refinery in the world. Recent reports indicating production levels approaching 700,000 barrels daily have fueled optimism about the facility’s ability to meet growing domestic demand while serving export markets across Africa and beyond.
The refinery’s rising output comes at a critical time when Nigeria is seeking to reduce the billions of dollars spent annually on fuel imports and conserve foreign exchange reserves. For decades, despite being one of Africa’s largest crude oil producers, Nigeria relied heavily on imported refined products due to inadequate domestic refining capacity.
Analysts say the increased production is already transforming the country’s downstream petroleum sector by ensuring a more stable supply of Premium Motor Spirit (PMS), commonly known as petrol, as well as diesel, aviation fuel, and other refined products.
“The refinery is gradually changing the dynamics of Nigeria’s fuel market,” said an energy analyst based in Lagos. “Higher production levels mean greater local availability of petroleum products, lower import dependence, and improved supply chain efficiency.”
The impact has been particularly evident in the petrol market, where increased local production has helped reduce pressure on fuel imports and improved product availability across the country. Industry operators note that the refinery’s growing output is also contributing to increased competition within the downstream sector.
Beyond the domestic market, the refinery has emerged as a significant exporter of refined products. Recent shipments of aviation fuel, diesel, and other petroleum products to Europe, Asia, and other international destinations have strengthened Nigeria’s position as a major refining hub.
The refinery’s export activities are generating valuable foreign exchange earnings and helping to improve the country’s trade balance. Energy experts believe the facility could eventually transform Nigeria from a net importer of refined petroleum products into a major exporter.
The increase in production has also created fresh opportunities for local crude oil producers. With a large domestic refining facility requiring substantial feedstock, upstream operators now have an additional market for their crude production, potentially reducing exposure to international market volatility.
Economic analysts argue that the refinery’s operations could have far-reaching implications for Nigeria’s economy. Increased local refining capacity is expected to support industrial growth, create jobs, stimulate related industries, and reduce logistics costs associated with importing refined products.
The development is also viewed as a positive signal for investors, demonstrating Nigeria’s capacity to execute large-scale industrial projects capable of attracting global attention and investment.
However, experts note that sustaining high production levels will depend on consistent crude oil supply, efficient logistics infrastructure, regulatory stability, and continued collaboration between industry stakeholders and government agencies.
The refinery’s growing role in the domestic market has coincided with efforts by authorities to deepen reforms in the oil and gas sector, improve transparency, and encourage greater private-sector participation across the petroleum value chain.
Market observers believe that as production continues to increase, consumers could benefit from improved fuel availability and potentially more stable pricing, although global crude oil prices and foreign exchange movements will continue to influence market dynamics.
For Nigeria’s broader economy, the refinery represents a strategic asset capable of strengthening energy security, reducing import dependence, supporting foreign exchange earnings, and accelerating industrial development.
With production reportedly reaching 700,000 barrels per day, the Dangote Refinery is increasingly positioning itself as a cornerstone of Nigeria’s energy transformation agenda and a major player in the global refining landscape.

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Business

North African Airline incurs Nigeria’s wrath

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

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₦10m monthly made from akara and bread business -Umo Eno

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Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

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Business

All share index gains about 0.81% as NGX rebounds

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The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

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