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Green Naija: How Young Nigerians Are Leading The Eco-Friendly Movement

Who says living sustainably is just for the West? In Nigeria, a wave of young people is rewriting the story of environmentalism with a unique Naija twist. They’re passionate, innovative, and determined to protect their future, making eco-friendly living not just a global trend but a local priority. From eco-conscious fashion to waste recycling start-ups, this generation is taking bold steps to make Nigeria greener – and they’re just getting started.

The Rise of Eco-Conscious Lifestyles

As climate change and environmental degradation make headlines worldwide, young Nigerians are increasingly aware of the need to protect their communities and resources. They’re turning to eco-friendly practices, like reducing plastic waste, supporting sustainable fashion, and using renewable energy sources. For many, it’s more than a trend; it’s a responsibility.

Eco-conscious living in Nigeria is about doing what’s practical and affordable, without compromising cultural values. For instance, using reusable bags, opting for thrifted clothing (or “Okrika”), and repurposing items are all ways young Nigerians are embracing sustainability while staying true to their roots.

Green Fashion: Thrift Stores and Sustainable Style

Fashion is a huge part of Nigerian culture, and young Nigerians are making it eco-friendly. Thrift stores and “bend down select” markets, like Katangua in Lagos, have become increasingly popular. Not only are thrifted clothes more affordable, but they’re also a sustainable option, as they reduce the demand for fast fashion and the associated environmental harm.

Social media influencers are leading the way, too. They showcase how stylish and trendy thrifted fashion can be, proving that you don’t need designer labels to make a statement. By normalizing thrifting, young Nigerians are creating a shift in how people perceive sustainable fashion, making it cool, accessible, and uniquely Nigerian.

Waste Recycling: Turning Trash into Treasure

Waste management is a significant challenge in Nigeria, but young entrepreneurs are stepping up with innovative solutions. Start-ups like Wecyclers and RecyclePoints are helping communities turn plastic waste into something valuable. These companies offer incentives to households for collecting recyclables, reducing waste while providing economic opportunities.

Recycling has also sparked creativity. Nigerian artists and craftsmen are now using recycled materials to create everything from furniture to art, showing that one man’s trash can indeed become another man’s treasure. Through these initiatives, Nigeria’s youth are proving that sustainability and entrepreneurship can go hand-in-hand.

Clean Energy: The Solar Solution

Power supply remains an issue in Nigeria, but renewable energy – especially solar power – is gaining traction. Young Nigerians are advocating for solar energy as a solution to both the power problem and environmental concerns. Solar start-ups are popping up across the country, making solar panels more affordable and accessible to families and businesses.

Thanks to this shift, solar energy isn’t just an alternative – it’s a growing industry. Nigerian youth are driving the demand for cleaner, greener energy, promoting both sustainability and economic development. And as more people invest in renewable energy, Nigeria is becoming a leader in sustainable solutions tailored to its needs.

Challenges and the Road Ahead

Of course, adopting a green lifestyle in Nigeria isn’t without challenges. Many eco-friendly products are costly, and there’s often a lack of infrastructure to support practices like recycling. Despite these obstacles, Nigeria’s youth are making a difference, often starting small and finding creative ways to overcome these hurdles.

They’re calling for greater government support, public awareness campaigns, and improved infrastructure to make sustainable living accessible for everyone. As more young Nigerians embrace this lifestyle, they’re creating a ripple effect, influencing friends, families, and communities to adopt greener practices.

A Greener Nigeria, One Step at a Time

The eco-conscious movement among Nigerian youth is more than just a trend – it’s a commitment to building a better, greener future. They’re proving that change doesn’t require perfection, just a willingness to start somewhere. As these young leaders champion sustainability, they’re setting an inspiring example for the rest of the country, showing that eco-friendly living is possible and worth striving for.

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Nigerian Equities Market Dips Amid Sell Pressure On Banking, Telecom Stocks

H1 2023: APT, Cardinal Stone, 8 Others Record N829.96bn Transactions On NGX

The Nigerian equities market is trending downward in today’s midday session on the Nigerian Exchange (NGX), driven by intensified sell pressure on major bank and telecom stocks.

Despite recent earnings releases, weak investor sentiment has persisted, causing the NGX All Share Index to record a modest loss of -0.07%, as reported by Alpha Morgan Capital Limited.

Investors have notably pulled back on high-cap stocks, with telecom giant MTN Nigeria seeing a 4.84% decline in market value. United Bank for Africa (UBA) also dipped by 2.19%, further weighing down the index.

On a positive note, the banking index showed resilience, bolstered by buying interest in Access Bank, Zenith Bank, and FBN Holdings. This surge in buying activity within the banking sector has provided a counterbalance to some extent, though broader market sentiment remains subdued.

As stockbrokers indicate, the current downturn reflects cautious investor positioning amid mixed economic signals, impacting the market’s performance.

Oil Prices Surge On Unexpected US Crude Inventory Drop, Middle East Tensions

Oil Prices Surge On Unexpected US Crude Inventory Drop, Middle East Tensions

Oil Prices Drop, Here's Why

Global oil prices saw a notable uptick on Wednesday as US crude inventories dropped sharply, reflecting stronger-than-expected domestic demand.

 The report from the American Petroleum Institute (API) showed a decrease of 573,000 barrels in US commercial crude stocks, surpassing market predictions of a 2.3-million-barrel rise. This unexpected decline in inventories helped drive prices upward, with Brent crude rising by 0.8% to $71.27 per barrel, while West Texas Intermediate (WTI) climbed by 0.9% to $67.83 per barrel.

The market now eagerly awaits confirmation from the Energy Information Administration’s (EIA) official data, expected later today. If EIA reports further declines, analysts anticipate additional price increases, strengthening oil’s short-term bullish momentum.

Despite the surge, broader market outlooks remain cautious due to China’s weak demand and the World Bank’s recent forecast of a potential oil glut in 2025 and 2026. This potential oversupply is likely to temper long-term oil price gains, with stakeholders expressing bearish sentiment on the future of global crude prices.

The situation in the Middle East also contributes to current price dynamics. Israel’s ongoing conflict, occurring near some of the world’s key oil-producing regions, has stoked concerns over possible supply chain disruptions. However, as immediate fears ease, crude benchmarks hover near one-month lows, underscoring the market’s mixed outlook.

This week’s anticipated US growth and private sector employment data may further shape oil price trends, offering insight into the Federal Reserve’s potential rate cuts. While a 25 basis point cut is expected next month, there is a 74% chance of a subsequent reduction in December, which could boost economic activity and oil demand in the US.

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Dollar-to-Naira Exchange Rate For 30th October 2024

Dollar To Naira Exchange Rate For 8th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1748.00 per $1 on Wednesday, October 30, 2024. Naira traded as high as 1665.00 to the dollar at the investors and exporters (I&E) window on Tuesday

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1743 and sell at N1748 on Tuesday 30th October 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1743
Selling RateN1748

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1664
Selling RateN1665

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Naira For Crude Sale Has Put Nigeria On The Path Of Industrialisation – Minister

Federal Government Aims For 30% Reduction In Shuttle Fares With CNG Transition Of 800 Taxis At Abuja Airport

The Federal Government, through the Presidential Compressed Natural Gas Initiative (P-CNGI), signs an agreement with taxi operators at Nnamdi Azikiwe International Airport, Abuja, to convert 800 taxis from petrol to Compressed Natural Gas (CNG). This initiative is intended to achieve a 30% reduction in shuttle fares.

During the signing event in Abuja, Mr. Michael Oluwagbemi, Programme Director and Chief Executive of P-CNGI, outlines that this conversion supports the administration’s goal of transitioning one million commercial vehicles to CNG. Mr. Folarin Oworo, the Programme Execution Coordinator, represents Oluwagbemi and confirms that the fare discount will be implemented once 50% of the fleet—approximately 400 vehicles—is converted.

Oluwagbemi explains that the discount will be calculated based on existing fare structures, varying according to distance traveled. A new rate card detailing prices and discounts will be made available to passengers, and compliance will be monitored regularly.

He further highlights that P-CNGI collaborates with accredited conversion centers to facilitate this transition in Abuja. Since the program’s launch a year ago, the number of CNG refilling stations has increased from one to seven, with more stations in the pipeline as approvals are processed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Addressing safety concerns, Oluwagbemi assures that only SON-certified, bulletproof cylinders will be used to prevent risks of explosions, which are associated with illegal installations. The program also offers 65- and 75-liter cylinders to enhance refilling efficiency, with plans to introduce additional sizes for various vehicles.

Aliyu Abdulaziz-Aliyu, spokesman for the airport taxi operators, praises the initiative and acknowledges the federal government’s provision of free conversion services. He expresses confidence that the CNG transition will reduce operational costs and lower fares for passengers. Yunus Ismail, manager of Salma Auto CNG, confirms readiness to begin the fleet conversions, while Emmanuel Ike, Secretary of Exodus Motors, urges the government to expand CNG refilling stations to meet increasing demand and ensure smooth operations.

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NMDPRA to Lead Unified African Gas Code at OTL Africa 2024 as African Energy Bank Nears Completion

At the OTL Africa 2024 Downstream Energy Week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced its initiative to develop a uniform gas transportation code across West and North Africa.

 This move aims to streamline natural gas production and movement across the continent, marking a significant milestone in regional energy collaboration.

Farouk Ahmed, NMDPRA’s Chief Executive Officer, shared the plans during the conference’s opening keynote, emphasising the need for a coordinated gas framework given the anticipated West African Gas Pipeline (WAGP) expansion to Morocco. This expanded pipeline infrastructure will allow more efficient gas transport within Africa, fostering economic growth and energy accessibility.

Ahmed also highlighted progress on the Africa Energy Bank, which aims to support energy infrastructure financing across the continent. The bank’s creation represents a historic collaboration and is expected to accelerate Africa’s sustainable energy transition.

 “The Africa Energy Bank is a major collaborative success that will assist the continent in its journey towards sustainable and just energy transition,” Ahmed noted.

The Executive Governor of Lagos state, Babajide Sanwo-Olu, who was represented by Lagos State Energy Commissioner Biodun Ogunleye, stressed that energy transition goes beyond switching fuel sources and requires building an integrated energy ecosystem.

 “Lagos State is committed to fostering a value chain that supports energy reforms and sustainability, driven by private sector operators and innovative young entrepreneurs,” Sanwo-Olu said.

Special Adviser to President Tinubu on Energy, Mrs. Olu Verheijen, represented by Mrs. Eriye Onagoruwa, underlined the administration’s commitment to clean energy by encouraging LNG and CNG adoption and investing over $75 million in CNG systems to support greener energy. She also announced incentives promoting electric vehicles and affordable clean cooking options, signaling a shift towards sustainable energy consumption.

During the event’s panel discussions, African energy leaders, including DAPPMAN Chair Dame Winifred Akpani and Ghana’s National Petroleum Authority CEO Dr. Mustapha Abdul-Hamid, called for an African currency to reduce dependency on the dollar for petroleum trades.

They also advocated for a harmonized fuel specification across the continent, strategic partnerships to align Africa’s energy resources, and enhanced pipeline security to support downstream energy operations.

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Report Highlights Decline In Business Confidence In Nigeria Due To Naira Devaluation And Subsidy Removal

Nigeria Ready To Welcome All Citizens - Tinubu
President Bola Ahmed Tinubu

Business confidence in Nigeria significantly decreases as a result of devaluation and the removal of fuel subsidies, according to a new report from Standard Bank’s Africa Trade Barometer. This annual publication evaluates the business environment across ten African countries, examining factors such as macroeconomic stability, trade openness, access to finance, and infrastructure.

The report, which surveys 2,258 businesses across these countries, indicates that Nigeria experiences the largest drop in business sentiment, highlighting challenges related to volatile exchange rates and rising inflation. It states, “Business confidence across the 10 SB ATB markets remains stable despite challenging economic conditions, with the average confidence index increasing slightly from 58 in May 2023 to 59 in August 2024.”

While five countries report increased business confidence and three remain unchanged, Nigeria’s decline is attributed to currency volatility and the impact of subsidy removal, leading to inflation and higher living costs. The report notes that 80% of surveyed businesses anticipate revenue growth, yet concerns about high taxation and inflation persist, reflecting ongoing challenges as governments pursue fiscal reforms.

The Central Bank of Nigeria’s decision to liberalize the exchange rate system in June 2023 results in a 36% loss of the naira’s value, exacerbating dollar shortages. Consequently, businesses struggle to access foreign currency for imports, increasing operational costs and disrupting cross-border trade. Many companies face difficulties obtaining trade credit due to currency instability, leading to liquidity constraints.

The removal of fuel subsidies further complicates the economic landscape by driving up fuel prices, which contributes to inflation and diminishes consumer purchasing power. Businesses report heightened operational costs, particularly in logistics, making it difficult to maintain profit margins.

The report emphasizes, “Nigeria sees the largest decline in business confidence, primarily due to the significant depreciation of the naira. This stems from the central bank’s liberalization of the exchange rate, which aimed to unify multiple rates but resulted in a 36% drop in the official market.”

Despite these challenges, businesses express cautious optimism regarding future growth, hoping that ongoing economic reforms will stabilize the macroeconomic environment. The report predicts improvements in real GDP growth for countries such as Uganda, Ghana, Tanzania, Angola, South Africa, and Nigeria in 2024 and 2025.

In terms of current conditions, the Stanbic IBTC Purchasing Managers’ Index (PMI) for September indicates continued unfavorable business conditions in Nigeria, recording a reading of 49.8 for the third consecutive month. The report highlights that input costs rise sharply while output decreases. The naira’s weakness and increased petrol prices further inflate transportation and logistics costs, which are ultimately passed on to consumers.

Conversely, the composite PMI published by the Central Bank of Nigeria shows an expansion in economic activities for September 2024, with a reading of 50.7, indicating growth for the second consecutive month. This reflects a divergence in assessments of business conditions, with the Stanbic report indicating contraction while the CBN report shows expansion.

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NGX Down N394bn As Investors Dump Cadbury, Transcorp, Access

Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

The Nigerian Exchange (NGX) fell due to a market capitalization drop of more than N394 billion as a result of sell pressure on Cadbury, Transnational Corporation (Transcorp), and Access Holdings Plc, among other decliners.

On Tuesday, the local bourse closed trading on a sour note, with key performance indicators decreasing by 0.66%. The Nigerian Exchange All-Share Index fell by 650.83 basis points in today’s trading session, closing at 98,058.07.

This decline prolonged the previous day’s losses, which were fueled by a sell-off in certain medium and large-cap stocks such as CADBURY, ARADEL, TRANSCORP, and others.

Atlass Portfolios Limited’s equities analysts said that investors’ wealth decreased by ₦843 billion in the last two days.

Nonetheless, market activity soared, with total volume and total value traded up 13.06% and 96.08%, respectively. Atlass Portfolios Limited said that about 399.32 million units valued at ₦8,925.72 million were sold in 9,547 trades.

UBA was the most traded stock in terms of volume, accounting for 22.71% of all transactions on the Nigerian Exchange trading platform. Other volume drivers include CHAM (20.25%), TRANSCORP (7.96%), ZENITHBANK (5.74%), and ACCESSCORP (3.95%).

UBA also emerged as the most traded stock in value terms, accounting for 29.26% of the total value of trades on the exchange. NNFM topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by EUNISELL which gained +9.87%.

Other gainer include TIP (+9.81%), LIVESTOCK (+7.73%), CWG (+4.96%), NEIMETH (+4.79%) and nineteen others. Thirty-two stocks depreciated, according to stockbrokers.

CADBURY was the top loser, with a price depreciation of -9.89%. Other losers include ROYALEX (-9.72%), ARADEL (-8.33%), TRANSCORP (-7.41%), ACCESSCORP (-4.65%), and ZENITHBANK (-2.26%).

Citing data from the Nigerian bourse, stockbrokers reported that the market breadth closed negative, recording 25 gainers and 32 losers. Likewise, the market sector performance was negative, as three of the five major market sectors were down.

The Banking sector declined by -1.46%, followed by the Industrial sector which fell by -0.33%, while the Consumer goods sector lost -0.01%. The Insurance and Oil & Gas sectors dropped by 0.18% and 0.03% respectively.

Overall, the equities market capitalisation of the Nigerian Exchange lost ₦394.37 billion to close at ₦59.42 trillion.

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Naira For Crude Sale Has Put Nigeria On The Path Of Industrialisation – Minister

On Tuesday, Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, stated that selling crude oil in naira to local refineries has positioned Nigeria towards industrialization and economic modernization.

Following a review meeting with President Bola Tinubu at the Presidential Villa, Edun, who chairs the implementation committee for the initiative, explained to State House correspondents that the Federal Executive Council’s (FEC) endorsement of this move allows local refiners to purchase crude in naira and sell refined products to marketers in the same currency.

Edun noted that while challenges remain, this policy provides a foundation for private-sector-driven industrial growth, with stable pricing spurring investment in refining and related industries.

“With private-sector refining, we now have raw materials not only for agriculture but also for various industries, including chemicals, paints, building materials, and textiles,” he said. “This aligns with the President’s strategy to create favorable conditions for private investment, job creation, and economic growth.”

Edun further highlighted that the pricing policy for petroleum products has strengthened the Nigerian National Petroleum Company Limited’s (NNPCL) financial position, benefiting federal, state, and local governments by increasing available funding for salaries, public services, and critical infrastructure.

The meeting assessed the progress of the initiative and addressed any initial obstacles to the domestic sale of crude and refined products in naira. Afreximbank, acting as financial adviser and intermediary, will facilitate smooth transactions between crude oil buyers and sellers.

Edun also credited the Dangote Group’s significant investment in a 650,000 barrels-per-day refinery, which has been essential to the success of the policy. Key regulators and stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NNDPRA), Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian Ports Authority (NPA), as well as the Navy, have been closely involved in the initiative.

Alhaji Aliko Dangote, chairman of the Dangote Refinery and Petrochemical Company, shared that his refinery would meet Nigeria’s domestic needs for petroleum products. With production at around 420,000 barrels per day and additional capacity to scale up, the refinery is set to satisfy local demand across multiple sectors including LPG, aviation fuel, and beyond PMS.

Dangote also remarked that, once NNPC refineries are operational, Nigeria could become one of the leading exporters of petroleum products globally.

The President reiterated his commitment to supporting domestic industries, enabling local refineries to thrive and attract further investment.

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Our Refinery Has The Capacity to Meet Local Demand of Petrol – Dangote

Dangote Refineries Will Create Massive Jobs - Aliko Dangote

Alhaji Aliko Dangote, Chairman of Dangote Refinery and Petrochemical Company, affirmed that his company is well-equipped to meet Nigeria’s domestic fuel demands.

Speaking to reporters at the Presidential Villa after a meeting with President Bola Tinubu about the sale of crude oil in naira to local refiners, Dangote explained, “With sufficient crude supply, we can produce significantly more than 30 million liters daily.

“At full capacity, we could fully cover the national consumption, which is around 30.32 million liters per day. This isn’t a challenge, as we currently have 500 million liters in storage, enough to sustain the country for over 12 days even without any new refinery output or imports.”

Dangote assured President Tinubu that his refinery can reliably supply a minimum of 30 million liters per day, with plans to gradually increase output. “We are ready—more than ready,” he emphasized.

Addressing concerns over petrol shortages at the pumps, Dangote clarified that his responsibility is as a producer, not a retailer. “I run a refinery, not retail operations. If I were in the retail business, then I’d be accountable for station availability,” he said.

He urged NNPC and other fuel marketers to rely on his refinery rather than imports, explaining, “We have what they need; they just need to come and collect it. As they take, we will keep supplying.”

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Naira Surges To N1630 As FX Reserves Hit $39.66bn

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira appreciated against the US dollar in the official foreign exchange (FX) market, as Nigeria’s foreign reserves climbed to $39.66 billion. According to spot data from the FMDQ platform, the naira strengthened by 2.41%, closing at ₦1,630.45 per US dollar in the official market.

This upward movement led to a ₦5 gain in the parallel market, with checks indicating the naira traded at ₦1,725 per US dollar today, down from ₦1,730 at the beginning of the week. The current gap between official and parallel exchange rates now stands at ₦95, a high margin in a country striving for exchange rate convergence and aiming to curb speculative trading.

In the third quarter of the year, the naira experienced a 2.4% depreciation, sliding from ₦1,505.30 to ₦1,541.52, as FX liquidity challenges persisted. Analysts at FSDH forecast that the exchange rate could close the fourth quarter around ₦1,560/US$.

“With the festive season approaching, we anticipate increased Forex inflows, supported by policy rate hikes and the CBN’s FX interventions aimed at stabilizing the exchange rate,” FSDH noted in its latest macro report.

The naira’s devaluation and rising interest rates have raised the naira-denominated value of public debt but also boosted federal allocations to states. However, some companies are now facing financial strain.

On the global front, oil prices saw their steepest daily drop in two years, with Brent crude falling nearly 1% to $71.20 and US benchmark West Texas Intermediate (WTI) decreasing to $67.23 on Tuesday.

In contrast, gold prices surged to an all-time high, driven by geopolitical uncertainties around the U.S. presidential election and the Middle East conflict, as well as expectations of a Federal Reserve rate cut. This heightened demand pushed bullion to approximately $2,781.60 per ounce.

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Tinubu Advocates Market-Driven Reforms In Nigeria’s Oil Sector

Tinubu Authorizes Appointment Of New CEOs

President Bola Tinubu emphasizes his commitment to a market-driven approach for reforming Nigeria’s oil sector. Speaking at the State House on Tuesday, he asserts that the sector must not revert to its state from four decades ago.

He urges stakeholders to focus on increasing local production to ensure a sufficient supply of petrol and petroleum products for domestic use, aiming to reduce the country’s reliance on imports. Tinubu highlights that these efforts will help free up foreign exchange for investment in other sectors.

The President recommends that stakeholders collaborate with Afreximbank as a settlement bank to address challenges related to Naira pricing for crude and refined products, noting the bank’s role as a financial adviser.

Key Statements from the President

Tinubu states, “Any solution we propose for crude oil and refined product sales in Naira should not return us to our past experiences over the last 40 years. While there can be adjustments in costs and revenues, we must avoid reverting to old methods.”

He stresses that market forces should dictate operations, saying, “The market must determine our actions. By allowing the market to dictate profits and losses, independent marketers and the government can collaborate effectively.”

He also expresses a desire to resolve issues promptly, stating, “We can achieve energy security without compromising future investments, ensuring more predictability in the medium to long term.”

Additional Insights

Finance Minister Wale Edun notes that the administration’s decision to sell crude in Naira is irreversible and that the government will not dictate exchange rates for the oil sector.

Alhaji Aliko Dangote, President and CEO of Dangote Group, informs the President that the refinery currently holds over 500 million litres of fuel in reserve after supplying 400 million litres to the economy. He indicates that collaboration with other refineries managed by NNPCL can meet an estimated local demand of 32 million litres of petrol.

Zach Adedeji, Chairman of the Federal Inland Revenue Service and head of the technical committee, asserts that importing refined products should cease once the country achieves sufficient domestic production. He adds, “The President’s vision is to position Nigeria as a hub for refined products for global export.”

Context of Reforms

Since taking office, President Bola Tinubu has initiated several reforms in the oil and gas sector, the most notable being the removal of the costly fuel subsidy, which has led to rising petrol prices. Another significant reform involves a Naira-for-crude agreement between local refineries and oil producers, aimed at alleviating pressure on the nation’s foreign exchange reserves.

Refineries like Dangote are expected to supply petrol in local currency, supporting this initiative. These reforms signify a shift towards the full deregulation of the sector, with the goal of attracting investment and creating a level playing field for all stakeholders.

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Ghana Set To Receive Petroleum From Dangote Refinery – Official

The National Petroleum Authority of Ghana (NPAG) has announced plans to import refined petroleum products from Nigeria’s Dangote Refinery to strengthen energy security and foster stronger business ties within the West African region.

NPAG’s Chief Executive Officer, Dr. Mustapha Abdul-Hamid, shared this initiative at the 2024 OTL Africa Downstream Energy Week in Lagos, where he served as a panelist. Dr. Abdul-Hamid stated that this approach aims to enhance Ghana’s energy resilience and deepen regional economic cooperation.

The 18th annual OTL event, themed “Alliances for Growth,” attracted stakeholders across Africa’s downstream sector. Dr. Abdul-Hamid noted that Ghana is working on a supply agreement with Dangote Refinery to reduce dependence on higher-cost petroleum imports from Rotterdam. Ghana has also expanded its export markets to include Burkina Faso, Mali, and Niger, and is currently supplying facilities such as U.S. military bases in these nations.

“The large-scale output from Dangote Refinery is expected to meet Nigeria’s domestic needs, creating surplus production for export to neighboring countries like Ghana,” he explained.

Highlighting Ghana’s pipeline agreement with Burkina Faso as a model of effective regional collaboration, Dr. Abdul-Hamid emphasized the need for enhanced partnerships across West Africa. He underscored the value of a unified regional currency, improved infrastructure, and shared efforts to address the energy challenges facing West Africa.

According to him, economic growth across Africa requires collective resource-sharing, as no single nation can achieve sustainable development alone. “Pooling our human and infrastructure resources regionally can significantly strengthen our economies,” he added.

Dr. Abdul-Hamid also recommended aligning regulatory policies across the Economic Community of West African States (ECOWAS) to enable smoother trade between member countries. Although the African Continental Free Trade Area (AfCFTA) provides a collaborative platform, foreign exchange (FX) limitations still hinder trade within the region.

“Reliance on the U.S. dollar for petroleum imports places pressure on our local currencies, inflating prices and diminishing purchasing power,” he said, suggesting that a shared West African currency could help mitigate FX volatility and support economic stability.

On the topic of shared infrastructure, Dr. Abdul-Hamid called for unified investments to lower transportation costs and improve distribution. He noted that transporting petroleum by road is costly and exposes transporters to security risks, such as banditry, whereas a shared pipeline system could be safer and more efficient.

As an example, he cited Ghana’s pipeline agreement with Burkina Faso, which reduces dependence on tanker transport and ensures a steady supply. He also mentioned that Ghana’s new regulatory policies allow marketers to share storage facilities, promoting greater cooperation and economic stability.

Adding to the discussion, Ms. Oluwatosin Aina, Group Head of Energy at First Bank of Nigeria Ltd., echoed Dr. Abdul-Hamid’s call for a unified African currency. She observed that dollar-based transactions inflate costs for petroleum products across the continent, with refineries like Dangote and Ghana’s Sentuo Oil Refinery currently requiring U.S. dollars for trade, as local currencies aren’t widely accepted.

Ms. Aina noted that Nigeria’s recent removal of its fuel subsidy has opened new opportunities for investments in downstream and midstream sectors, allowing banks to fund petroleum imports more effectively. However, the reliance on dollar-denominated transactions continues to strain the naira and other regional currencies. She proposed a currency model similar to the euro to stabilize African markets.

“Francophone countries with a shared currency benefit from stable exchange rates, making them less vulnerable to FX volatility,” she observed. “A similar approach among Anglophone nations could strengthen trade and financial stability.”

Dr. Abdul-Hamid and Ms. Aina both emphasized the urgency of unified infrastructure and currency reforms. By aligning fiscal policies, infrastructure, and regulatory frameworks, they believe West African nations can address currency challenges and deliver affordable, stable petroleum prices for citizens across the region.

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FG Is Fixing National Power Grid To Better Power Supply- Minister

Electricity

The Federal Government has announced plans to revamp the national power grid to address frequent disruptions and improve electricity supply nationwide.

Speaking at a press briefing in Abuja on Tuesday, the Minister of Power, Mr. Adebayo Adelabu, explained that the current grid, which is over 50 years old, suffers from outdated and deteriorating infrastructure. Components like transmission lines and substations, many equipped with aging transformers, have weakened significantly over time.

According to Adelabu, numerous towers installed decades ago have started to degrade due to exposure to changing weather conditions and require ongoing maintenance.

“Maintaining this grid is costly, as it requires substantial funds to ensure adequate upkeep,” he stated. “While we continue to manage the existing system to minimize disruptions, our ultimate goal is to achieve a 100% overhaul of this infrastructure.”

The minister emphasized that the Federal Government is actively working on revamping the grid, implementing various programs to replace outdated components. Key initiatives include the Presidential Power Initiative (PPI), commonly known as the Siemens project, and the Transmission Company of Nigeria (TCN)’s expansion program, supported by the World Bank and the African Development Bank (AfDB).

He noted that the Siemens project’s pilot phase recently concluded, which involved importing 10 new power transformers and 10 mobile substations. Phase one of the project is set to begin soon, which is expected to significantly enhance grid performance.

Adelabu attributed recent improvements in power stability to the replacement of many aging transformers with new ones, as well as the installation of mobile substations in critical areas.

“We’ll continue managing the current system to prevent frequent disturbances until we fully overhaul the infrastructure,” he said.

He also appealed to Nigerians to protect power infrastructure, stressing the high costs associated with it. He pointed out that vandalism of these facilities not only costs the government but also contributes to hardships for citizens.

Nigeria’s Daily Petrol Consumption Stands At 50 Million Litres, Says NMDPRA

Treasury Bills Market Strengthens As Investors Target Yields

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In Nigeria’s secondary market, investor interest in Treasury bills remains high due to attractive yields across all maturities—short, mid, and long term.

On Tuesday, average yields on Treasury bills dipped slightly to 24% as investors took positions across different maturities. The high borrowing rates continue to attract investors, despite rising inflation.

Another factor supporting this increased activity is improved liquidity within the financial system. Investors are looking for profitable places to park their funds rather than keeping cash idle.

According to separate reports from fixed-income analysts, Tuesday’s market activity showed a bullish trend, driven by ample liquidity. Analysts from AIICO Capital noted that investors showed strong interest in Treasury bills maturing in January, April, May, and October 2025.

As a result, the average mid-rate for Treasury bills declined by 18 basis points, with decreases seen across the short (-1 bp), mid (-2 bps), and long (-2 bps) ends of the curve.

This drop in yields was driven by demand for bills nearing maturity, particularly those with 86-day, 177-day, and 331-day terms, which saw yield reductions of 1 to 2 basis points.

Similarly, in the OMO bills segment, the average yield fell by 2 basis points to 26%, as reported by Cordros Capital.

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Strong Liquidity Keeps Money Market Rates Balanced

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Money market rates continued to fall as ample liquidity in the financial system restrained fluctuations in short-term benchmark interest rates. The market saw fresh inflows from matured Open Market Operation (OMO) bills, alongside an outflow due to a foreign exchange (FX) auction.

As a result, short-term interest rates fell further, and banks experienced eased funding pressures. The Nigerian Interbank Offered Rate (NIBOR) decreased across most maturities, with overnight, 3-month, and 6-month rates declining by 1.30%, 0.52%, and 1.04%, to reach 26.58%, 27.58%, and 27.88%, respectively, according to Cowry Asset Limited.

This trend reflects greater liquidity within the banking system, as local banks had previously faced pressure to meet daily liquidity needs, causing them to borrow at elevated rates. Data from the FMDQ platform confirmed similar trends, showing that the Open Buy Back (OBB) and Overnight (O/N) lending rates dropped by 0.79% and 0.78%, closing at 26.53% and 26.95%.

AIICO Capital Limited also noted that, despite a slight dip, liquidity in the financial market remained solid. The investment firm attributed this stability to inflows from matured OMO bills, totaling ₦325 billion, which helped offset the Central Bank of Nigeria’s (CBN) FX intervention sales to local banks.

In summary, the Overnight Policy Rate (OPR) and the Overnight Rate (O/N) both declined, with the OPR decreasing by 79 basis points and the O/N by 78 basis points, closing at 26.53% and 26.95%, respectively.

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NNPCL Again Increases Fuel Pump Price In Lagos And Abuja

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The Nigerian National Petroleum Company Limited (NNPC) has changed the fuel pump price once more. The new price, which is effective immediately, is N1,025 per liter in Lagos and N1,060 per liter in Abuja.

Aliko Dangote, chairman of the Dangote Group, blamed recurring shortages and lengthy lines at filling stations across Nigeria on marketers‘ refusal to transport supplies from his refinery.

In an interview with journalists at the Presidential Villa in Abuja on Tuesday, Buhari stressed the refinery’s ability to handle the nation’s gasoline demands. He asked petroleum sellers to take quick measures to address the problem.

When asked why the waits remain despite his refinery’s production, Dangote responded: “With adequate crude oil, we can produce much more than 30 million liters per day. At full capacity, we can supply whatever is being consumed.”

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Aliko Dangote Urges NNPC, Marketers to Source Fuel Locally as Dangote Refinery Begins Supply

Amid rising fuel queues and surging petrol prices, Aliko Dangote, Chairman of Dangote Group, has called on petroleum marketers, including the Nigerian National Petroleum Company Limited (NNPCL), to procure petrol directly from his refinery to meet local demand.

Dangote made the statement following a closed-door meeting with President Bola Tinubu at Aso Rock Villa, Abuja, alongside the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency.

With the refinery’s capacity to produce over 30 million litres of fuel daily and a current reserve of 500 million litres, Dangote assured that his facility could significantly offset Nigeria’s fuel needs. “We’re more than ready,” he stated, emphasizing that the refinery’s output could curb fuel shortages if marketers sourced supplies domestically rather than relying on imports.

Fuel shortages in major cities like Lagos and Abuja have exacerbated due to price hikes, with some stations charging over N1,000 per litre. Long wait times and reliance on black markets have further fueled public frustration. Dangote stressed that if marketers and NNPC sourced fuel from his refinery, the shortages would reduce quickly, adding, “If they come and collect, you will not see any queues in the filling stations.”

In line with the Federal Government’s recent policy shift, Nigeria’s crude oil sales to local refineries will be priced in naira and based on a market-driven exchange rate. Afreximbank will serve as the settlement facilitator for these naira-based crude transactions, which began with the Dangote Refinery.

During the meeting, Finance Minister Wale Edun explained that market-based pricing for petroleum products supports the NNPC’s finances, providing greater funding for federal, state, and local governments to fulfil obligations like salaries, social services, and infrastructure. The policy shift aligns with President Tinubu’s strategy to boost private sector involvement and strengthen the economy, adding critical investment to Nigeria’s refining capacity and reducing reliance on imports.

Meanwhile, the Nigerian Ports Authority (NPA) expects a vessel carrying 20,115,000 litres of Premium Motor Spirit (PMS) to arrive at Tincan Island Port in Lagos by Wednesday, October 30, 2024, alongside other shipments of goods, including used cars and bulk wheat.

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BudgIT Reports 14 States Depend On FAAC For 70% Of Their Revenue In 2023

BudgIT, a civic-tech organization dedicated to fiscal transparency, reveals that 14 Nigerian states derive at least 70% of their total revenue in 2023 from allocations through the Federation Account Allocation Committee (FAAC).

In a statement released on Tuesday, BudgIT presents insights from its newly launched 2024 State of States Report, which evaluates the fiscal performance of all 36 states and ranks them based on financial sustainability. The report underscores the significant reliance of many states on federal transfers, exposing their vulnerability to fluctuations in oil revenue and external economic challenges.

The data indicates that 32 states rely on FAAC receipts for over 55% of their total income, while 34 states obtain at least 62% of their recurrent revenue from FAAC funds, excluding Lagos and Ogun. This heavy dependence raises concerns about fiscal sustainability, particularly as these transfers are sensitive to crude oil market volatility. The report shows that states like Akwa Ibom, Imo, Bayelsa, and Jigawa require more than five times their internally generated revenue (IGR) to cover operational costs.

Total Revenue Reaches N8.66 Trillion in 2023

In 2023, the combined revenue of Nigeria’s 36 states increases by 31.2%, rising from N6.6 trillion in 2022 to N8.66 trillion, partly due to the removal of the fuel subsidy. FAAC receipts grow by 33.19% year-on-year, contributing N5.4 trillion to the states’ total revenue.

Lagos leads with N1.24 trillion, accounting for 14.32% of the total subnational revenue and also ranking highest in expenditures at over N1.49 trillion. BudgIT states, “In the 2023 fiscal year, the combined revenue of all 36 states increases significantly, with Lagos State contributing N1.24 trillion.”

The report notes that 32 states depend on FAAC receipts for at least 55% of their total revenue, with 14 states relying on FAAC for at least 70%. It further details that for 34 states, transfers from the federation account constitute at least 62% of their recurrent revenue, excluding Lagos and Ogun, highlighting the states’ reliance on federally distributed revenue.

Rising Expenditures and Debt Trends

Total expenditure across states reaches N9.78 trillion in 2023, a 21.19% increase from the previous year’s N8.07 trillion. Personnel costs rise by 12.9%, while capital expenditure sees a significant increase of 37.3%, totaling N4.04 trillion.

The report also indicates that subnational debt increases by 38.1% to N10.01 trillion by the end of 2023. Rising foreign debt obligations, worsened by exchange rate fluctuations, add financial pressure, especially for states with significant dollar-denominated loans like Lagos, Kaduna, and Edo.

BudgIT states, “The total debt stock of the 36 states surges by 38.1%, driven by a N606.12 billion increase in domestic debt, resulting in an average year-on-year growth rate of 11.4%.” By the end of 2023, total domestic debt stands at N5.86 trillion, while foreign debt rises by 4.1%, increasing from $4.43 billion in 2022 to $4.61 billion in 2023.

The report reveals that Lagos State holds the highest foreign debt, making up 26.9% of the total foreign debt, equivalent to $1.24 billion. The analysis shows significant variances in debt repayment obligations due to exchange rate changes, putting states at risk if a substantial portion of their debt is dollar-denominated.

BudgIT advises states to curb foreign borrowing and improve internal revenue generation strategies. In healthcare, despite a combined allocation of N2.3 trillion to the sector, states spend only 58.16% of the budget, raising concerns about underfunding and highlighting the urgent need for increased investment in healthcare infrastructure and personnel.

BudgIT concludes that enhancing fiscal sustainability requires states to reduce their reliance on federal allocations by leveraging public-private partnerships, technology, and effective resource management.

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FG Pledges Full Power Restoration To Northern Nigeria Within 14 Days Amid Prolonged Blackouts

The Federal Government has committed to restoring full electricity to Northern Nigeria within 14 days, following weeks of widespread blackouts affecting 17 states in the region.

Power Minister Adebayo Adelabu made the announcement on Tuesday during a briefing at the National Assembly, assuring that partial restoration efforts would begin within three days, with complete power expected by November 12, 2024.

“We are collaborating with security agencies to reclaim and secure the grid infrastructure currently hindered by vandals,” Adelabu stated. “I assure you that within the next 14 days, the necessary repairs will be completed, and power will be fully restored to the North.”

This timeline, however, differs from the five-day estimate provided earlier by the Transmission Company of Nigeria (TCN), which aims to complete the repairs by November 3, 2024. To mitigate the crisis, TCN has implemented emergency measures to transmit 400 megawatts of power to select areas within the next 24 hours.

The crisis has escalated in recent weeks, prompting the governors of all 19 northern states to demand alternative energy sources for the region. Currently, only Niger and Kwara states have access to electricity, leaving Kaduna, Kano, Jigawa, Gombe, Katsina, and 12 other states without power for over two weeks. The hardest-hit areas include Kaduna, Kano, and Katsina, which are experiencing total blackouts.

The widespread outage began after vandals damaged the Shiroro-Kaduna transmission line—Northern Nigeria’s primary power supply line—plunging nearly the entire region into darkness. As the restoration efforts progress, citizens remain hopeful that the government’s timeline will bring the much-needed relief from the ongoing energy crisis.

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