Category: Newsroom

Nigeria’s electricity, gas, steam, and air conditioning supply sector contributed a total of ₦62.12 billion in Company Income Tax (CIT) in 2025, according to the latest data from the National Bureau of Statistics (NBS). While the sector remains a foundational pillar of the Nigerian economy, the figure represents a decline from the ₦77.97 billion recorded […]

The African Development Bank (AfDB) is taking a decisive step toward positioning Africa as a global leader in the green energy transition. On April 8, 2026, the bank announced a $20 million funding call dedicated to accelerating green hydrogen projects across the continent. Managed under the Sustainable Energy Fund for Africa (SEFA), this initiative aims […]

Financial and energy sector experts are hailing a major regulatory shift from the Central Bank of Nigeria (CBN) as a “critical milestone” for the nation’s petroleum industry. A recent directive allowing International Oil Companies (IOCs) full, immediate access to 100% of their export earnings is being viewed as the catalyst needed to revitalize Nigeria’s upstream […]

The Rural Electrification Agency (REA) has reached a major milestone in its mission to close Nigeria’s energy gap, announcing the disbursement of ₦9 billion to fund solar mini-grid projects in Taraba, Kogi, Kwara, and Niger States. This strategic move, confirmed in a statement released on Sunday, April 5, 2026, aims to bring reliable, renewable power […]

As the global energy market grapples with one of the most significant supply disruptions in modern history, OPEC+ has signaled its intent to raise production quotas by 206,000 barrels per day (bpd) for May 2026. This decision, reported by Reuters ahead of the group’s official meeting, mirrors the production increase approved for April. However, industry […]

Nigeria’s upstream sector has recorded a significant victory as crude oil production climbed to 1.84 million barrels per day (bpd). This represents a remarkable 40.5% increase from the 1.31 million bpd recorded in February, signaling a strong recovery for the continent’s largest producer. The figures were disclosed on April 2, 2026, during a high-level meeting […]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially released the National Annual Petroleum Reserves position, confirming that Nigeria remains a powerhouse in the global energy landscape. As of January 1, 2026, the nation’s total petroleum reserves stand at 37.01 billion barrels of crude oil and condensate, alongside a substantial 215.19 trillion cubic feet (TCF) […]

The Nigerian downstream petroleum sector is currently navigating one of its most challenging periods as a perfect storm of global volatility and domestic pricing dynamics reshapes the energy landscape. Recent data from industry operators reveals a staggering decline in daily turnover at filling stations across the country. Stations that once averaged daily sales of 10,000 […]

Dangote Group has finalized a strategic $400 million equipment agreement with China’s Xuzhou Construction Machinery Group (XCMG), one of the world’s foremost manufacturers of construction and heavy-duty machinery. This partnership will provide advanced equipment to fast-track the ambitious expansion of the Dangote Petroleum Refinery and Petrochemicals complex. Currently operating at 650,000 barrels per day since […]

Africa’s drive for energy-led development has reached a pivotal juncture with the opening of SAIPEC 2026 in Lagos this week. As the continent’s premier platform for energy dialogue and collaboration, the 10th edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) is convening key stakeholders to accelerate capital mobilisation, foster partnerships, and deliver […]