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Dangote refinery faces threat

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

Nigerians may soon enjoy further relief at the pumps as the cost of imported Premium Motor Spirit (PMS), commonly known as petrol, has fallen below the ex-depot price offered by Dangote Petroleum Refinery, setting the stage for another round of price reductions across the downstream petroleum sector.

The development comes amid a rapidly changing fuel market where increased competition among importers, Dangote Refinery, and emerging modular refineries is reshaping pricing dynamics and challenging traditional market structures.

Industry operators say9 the latest trend could trigger a fresh price war, ultimately benefiting consumers who have endured months of elevated fuel costs driven by volatility in global crude oil markets. Recent data from petroleum marketers indicate that imported petrol is now landing in Nigeria at prices lower than some locally refined products, creating pressure on domestic suppliers to adjust their rates.

The situation has already prompted Dangote Refinery to reduce its petrol gantry price. Last week, the refinery announced a cut of N75 per litre, lowering its ex-depot price from N1,250 per litre to N1,175 per litre following a decline in international crude oil prices after easing geopolitical tensions in the Middle East.

Market analysts believe the reduction signals a willingness by the refinery to defend its market share amid growing competition from imported products and smaller domestic refiners. The move is also expected to encourage marketers to pass on some of the savings to consumers, although industry stakeholders caution that the impact may not be immediate because many retailers are still holding higher-cost inventories.

The emergence of modular refineries is further altering the competitive landscape. While Dangote remains the dominant local supplier, the gradual increase in refining capacity across Nigeria is expanding product availability and creating alternatives for marketers seeking competitive supply sources.

Industry observers note that the downstream market is becoming increasingly deregulated and market-driven, forcing suppliers to compete more aggressively on price and efficiency. The competition has helped reduce the country’s dependence on imports while simultaneously ensuring that no single supplier dictates market prices.

Despite these positive developments, analysts warn that fuel pricing remains vulnerable to fluctuations in global crude oil markets, foreign exchange movements, shipping costs, and domestic logistics expenses. Nevertheless, the recent decline in crude prices has improved prospects for sustained reductions in petrol costs. Industry operators have even projected that pump prices could fall significantly if global oil prices continue their downward trajectory.

Meanwhile, data from the downstream sector show that Nigeria’s average daily petrol consumption stood at approximately 46.3 million litres in May, reflecting continued strong demand despite high retail prices. The figure highlights the strategic importance of maintaining adequate supply and competitive pricing in a market where fuel remains essential for transportation, power generation, and business operations.

The latest market developments underscore the growing maturity of Nigeria’s deregulated petroleum sector. With imported petrol becoming more competitive, Dangote Refinery adjusting prices, and modular refineries increasing output, consumers could be the biggest beneficiaries as suppliers battle for market share.

For millions of Nigerians struggling with rising living costs, any reduction in petrol prices would provide welcome relief, potentially lowering transportation fares, easing business operating expenses, and helping to moderate inflationary pressures across the economy. As competition intensifies and supply options expand, industry stakeholders expect market forces to play an increasingly important role in determining fuel prices in the months ahead.

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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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