Business
Petrol prices fluctuate across Nigeria
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria’s downstream petroleum market is witnessing another round of price adjustments as the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers continue to review petrol pump prices in response to changes in global crude oil prices, supply costs and the evolving competitive landscape created by the Dangote Petroleum Refinery.
The latest adjustments underscore the realities of the country’s deregulated petroleum market, where pump prices are no longer fixed but are increasingly determined by international oil prices, exchange rate movements, product availability and competition among suppliers.
Market surveys across major cities indicate that pump prices now vary significantly depending on the marketer and location, with consumers paying different rates for Premium Motor Spirit (PMS) at NNPCL, independent marketers and retail stations supplied by Dangote Refinery.
Industry analysts say the price fluctuations reflect changing wholesale costs, particularly as international crude oil prices remain volatile amid geopolitical tensions in the Middle East and shifting global supply-demand dynamics. Since crude oil is the primary feedstock for petrol production, movements in global oil prices directly affect refinery costs and retail fuel prices.
Another major factor influencing the market is the role of Dangote Refinery, whose operations have significantly altered Nigeria’s fuel supply chain. The refinery’s pricing decisions continue to shape competition among marketers, with retail operators adjusting pump prices to remain competitive and attract customers. Recent changes in the refinery’s pricing structure have also heightened the sensitivity of domestic fuel prices to exchange-rate movements and international market conditions.
Energy experts note that deregulation has ended the era of uniform fuel prices across the country. Instead, marketers now independently determine retail prices based on their acquisition costs, transportation expenses, operational costs and profit margins.
This has resulted in noticeable price differences between states and even among filling stations within the same city, giving motorists greater choice while encouraging competition among fuel retailers.
The competitive environment has also prompted periodic price reductions and increases as marketers respond quickly to changes in depot prices. Consumers have witnessed multiple price reviews in recent weeks, with operators adjusting rates upward or downward depending on prevailing market conditions.
Despite concerns over rising transport and living costs, analysts argue that increased competition among suppliers, particularly with domestic refining capacity expanding, could ultimately benefit consumers by improving product availability and limiting excessive price increases.
However, they caution that as long as crude oil prices remain volatile and the naira continues to experience exchange-rate pressures, Nigerians should expect petrol prices to remain dynamic rather than fixed.
Stakeholders also believe that greater domestic refining capacity, improved crude supply to local refineries and enhanced market efficiency will be critical to achieving more stable fuel prices over the medium term.
For motorists and businesses, the current environment means monitoring pump prices across different retail outlets, as competition continues to redefine Nigeria’s downstream petroleum market under the deregulation regime.
Business
North African Airline incurs Nigeria’s wrath
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.
Business
₦10m monthly made from akara and bread business -Umo Eno
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.
Business
All share index gains about 0.81% as NGX rebounds
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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