Business

Nigeria’s crude oil production saw a modest recovery in March 2026, reaching 1.38 million barrels per day (bpd), according to the latest monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC).This figure, based on direct communication with Nigerian authorities, represents a 5.25 percent increase from the 1.31 million bpd recorded in February.While the upward trend highlights ongoing efforts to stabilize the sector, the country remains approximately 117,000 bpd below its assigned OPEC production quota of 1.5 million bpd.Data from secondary sources including energy intelligence platforms and independent estimates—placed Nigeria’s output slightly higher at 1.46 million bpd for the same period.Despite the discrepancy between reporting methodologies, Nigeria mai...

The Director General of Morocco’s National Office of Hydrocarbons and Mines, Amina Benkhadra, has revealed that an intergovernmental agreement for the proposed $25 billion Nigeria-Morocco gas pipeline will be signed before the end of 2026. Speaking in a report by Reuters, Benkhadra highlighted renewed progress on the major energy project, noting that a dedicated pipeline authority would be created in Nigeria after the agreement is finalized. According to her, the authority will include ministerial representatives from the 13 participating countries to provide oversight and ensure smooth coordination. The Nigeria-Morocco gas pipeline, also known as the African Atlantic Gas Pipeline, is a 6,900-kilometre project combining offshore and onshore infrastructure. It is expected to delive...

The Nigerian Electricity Regulatory Commission (NERC) has introduced new regulations aimed at cutting electricity transmission losses and improving transparency across Nigeria’s national grid. The Commission stated that the directive, issued as Order No. NERC/2026/026, establishes a more robust system for tracking and reporting Regional Transmission Loss Factors across the country’s transmission network. According to data from the Nigerian Independent System Operator (NISO), the national average transmission loss dropped from 8.71% in 2024 to 7.24% in 2025. However, this still exceeds the 7% benchmark set under the Multi-Year Tariff Order. NERC said the new framework is designed to bridge this gap and boost overall efficiency in the electricity market. The directive, dated April 8...

The U.S. military has announced it will initiate a total maritime blockade of all Iranian ports and coastal areas starting Monday at 10 a.m. ET (1400 GMT). This decision follows the collapse of high-level negotiations in Islamabad over the weekend, which failed to secure a permanent end to the six-week war and has placed a fragile two-week ceasefire in immediate jeopardy. These talks represented the first direct diplomatic meeting between the U.S. and Iran in over a decade, but the inability to reach a balanced agreement has resulted in a swift return to hostilities. U.S. Central Command confirmed that the blockade will be enforced impartially against all vessels entering or departing Iranian ports in the Arabian Gulf and the Gulf of Oman, regardless of their nationality. While the b...

The Nigerian Naira began the new trading week on Monday, April 13, 2026, with minor fluctuations against the United States Dollar across the official and informal markets.In the Nigerian Foreign Exchange Market (NFEM), the official trading window, the Naira opened at approximately N1,358.84 per Dollar. Despite some early-morning volatility that saw the rate briefly touch N1,362.08, the currency eventually stabilized near its opening mark.This steady performance is largely credited to the Central Bank of Nigeria’s ongoing efforts to manage liquidity and maintain oversight of the banking system.The parallel market, often referred to as the black market, saw higher rates as demand for the greenback continued among individuals and small businesses. In major commercial hubs such as Lagos, Kano,...

The Federal Government has approved new fiscal policy measures for 2026, introducing major tariff reductions across several imported goods. In a circular dated April 1, 2026, signed by Wale Edun, the government confirmed that the updated policy replaces the 2023 fiscal framework. Under the new structure, the import adjustment tax on items such as crude palm oil has been reduced to an effective rate of 28.75 percent, reflecting a shift from previously higher tariffs. The policy also features a revised national list covering 127 tariff lines with lower import duties aimed at boosting growth in key sectors of the economy. Additionally, tariffs on fully built passenger vehicles, including four-wheel drives and station wagons, have been cut to 40 percent from the previous 70 percent...

ACI Europe has warned that airports across Europe could run out of jet fuel within weeks, raising fears of widespread flight cancellations and rising travel costs. According to the airport body, fuel reserves may last less than three weeks unless oil shipments resume through the Strait of Hormuz, which has been heavily disrupted due to the ongoing Middle East conflict. “If the passage through the Strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality,” ACI Europe said. The group warned that shortages could “severely disrupt airport operations and air connectivity,” potentially affecting millions of travellers, especially during the busy May half-term holiday period. Airports in Italy hav...

The Nigeria Immigration Service (NIS) has commenced an investigation into alleged extortion by its officers along the Lagos-Seme border corridor following viral reports online. As part of immediate action, the Comptroller General, Kemi Nandap, ordered the suspension of comptrollers overseeing the affected commands to allow for a transparent probe. In a statement by the Service’s spokesperson, DCI Akinsola Akinlabi, the agency condemned the alleged misconduct, describing it as a violation of its core values and operational standards. The NIS said a full investigation is underway to identify all officers involved, adding that anyone found guilty will face strict disciplinary action. The Service reaffirmed its commitment to professionalism and warned that it will not tolerate acti...

The World Bank has lowered its economic growth projection for Nigeria to an average of 4.1% in 2026, down from the 4.4% forecast it issued in October 2025.  The global lender also revised its 2027 projection downward to 4.2%, while setting the initial growth forecast for 2028 at 4.3%. In its April 2026 Africa Economic Update, titled "Making Industrial Policy Work in Africa," the bank noted that while macroeconomic conditions are becoming more stable and investment is gradually recovering, structural constraints continue to hinder faster expansion. The services sector, particularly ICT, finance, and real estate, is expected to remain the primary engine of Nigeria's growth, while the agriculture and industrial sectors are projected to expand at a slower pace. Inflation is expec...

The Trade Union Congress of Nigeria (TUC) has warned that the price of Premium Motor Spirit (petrol) may rise to about ₦2,000 per litre if immediate steps are not taken to address the impact of rising global crude oil prices and the weakening naira. Speaking on Thursday, April 9, TUC President Festus Osifo called on the Federal Government to act swiftly by allocating 60% of excess crude oil revenue above the 2026 budget benchmark to subsidise crude supply for refineries, including the Dangote Refinery and other modular plants. He noted that this move could reduce petrol, diesel, and jet fuel prices within weeks. Osifo expressed concern that petrol prices are already approaching ₦2,000 per litre in some parts of the country, placing severe strain on Nigerian workers. He explained that...