Dangote Refinery supplies 92% of Nigeria’s Petrol as imports pause

By

Boluwatife Oshadiya

-

March 11, 2026

By Boluwatife Oshadiya | March 11, 2026

Table of Contents

Key Points

Dangote Refinery accounted for about 92% of Nigeria’s petrol supply in February
Federal Government has not issued any petrol import licences in 2026, according to regulators
Petrol pump prices remain above ₦1,200 per litre despite a ₦100 refinery price cut

Main Story

Nigeria’s petrol supply structure is undergoing a dramatic shift as the Dangote Petroleum Refinery now accounts for about 92 percent of the country’s daily fuel supply following a pause in petrol import licences by the Federal Government.

Data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows domestic refineries supplied about 36.5 million litres of Premium Motor Spirit (PMS) per day in February, compared with just three million litres imported daily.

The figures bring Nigeria’s total daily petrol supply to roughly 39.5 million litres for the month, marking one of the lowest levels of fuel importation in years as domestic refining capacity expands.

Industry sources confirmed that the NMDPRA has not issued any licences for petrol imports in 2026, reflecting growing confidence that local refining can meet national demand.

The development marks a significant shift from Nigeria’s historic reliance on imported fuel. For decades, the country remained one of the world’s largest petrol importers due to limited domestic refining capacity.

However, the ramp-up of operations at the 650,000-barrel-per-day Dangote refinery — the largest single-train refinery in the world — is gradually reducing that dependence.

Despite the increase in local supply, petrol prices at retail outlets have remained elevated. Filling stations across Lagos, Ogun, and Abuja continued to sell petrol between ₦1,200 and ₦1,330 per litre even after the refinery reduced its gantry price by ₦100 to ₦1,075 per litre.

The refinery said the price cut reflected falling global crude oil prices, which had recently retreated after surging earlier in the week due to escalating Middle East tensions.

What’s Being Said

“It’s correct that we’ve not issued import licences this year. Local production has met national requirements, so there is no need for importation,” a senior official at the NMDPRA said.

“Dangote is gradually enjoying a monopoly in the downstream sector, and that is not healthy for any market,” an oil industry operator said, warning that competition could decline if imports remain halted.

“The price of fuel will normalise once global crude prices stabilise after the Middle East conflict,” said Chinedu Ukadike, spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN).

What’s Next

Regulators are expected to monitor domestic fuel supply closely to ensure stable distribution across Nigeria.
Oil marketers may push for the reopening of import licences if domestic supply fails to meet demand.
Global oil price volatility linked to Middle East tensions could continue influencing local petrol prices in the coming weeks.\

Iran escalates Gulf Attacks as Drones strike Dubai, ships hit near Hormuz

Iran escalates Gulf Attacks as Drones strike Dubai, ships hit near Hormuz

By

Boluwatife Oshadiya

-

March 11, 2026

By Boluwatife Oshadiya | March 11, 2026

Table of Contents

Key Points

Iranian drones struck near Dubai International Airport, injuring four people as Gulf states intercepted multiple aerial attacks
Commercial ships were hit near the Strait of Hormuz, disrupting maritime traffic in a route carrying roughly one-fifth of global oil supply
Escalating conflict between Iran and US-aligned forces is intensifying risks to global energy markets

Main Story

Iran widened its military campaign across the Gulf on Wednesday as drones fell near Dubai International Airport and commercial vessels were struck near the Strait of Hormuz, raising fresh concerns about global energy security and shipping routes.

Authorities in the United Arab Emirates confirmed that debris from intercepted drones landed close to Dubai’s main airport, injuring four people. The incident occurred amid a wave of Iranian missile and drone strikes targeting infrastructure across Gulf states in retaliation for ongoing US-Israeli military operations against Tehran.

Regional maritime authorities also reported attacks on commercial shipping lanes. The United Kingdom Maritime Trade Operations (UKMTO) said a container ship and a bulk carrier were struck by projectiles off the UAE coast — one near Dubai and another near Ras Al Khaimah. A third vessel was reportedly hit in the Strait of Hormuz off Oman, sparking a fire that was later extinguished.

The Strait of Hormuz remains one of the world’s most strategically sensitive maritime chokepoints. Nearly 20 percent of global oil and liquefied natural gas shipments pass through the narrow waterway connecting the Persian Gulf to international markets.

The latest incidents come as the Middle East conflict enters its second week, with Iran targeting regional energy infrastructure and shipping routes in an attempt to pressure global markets. Energy analysts say the disruption has already triggered volatility in crude oil prices and shipping insurance premiums.

Recent military developments have further intensified the crisis. The United States has reportedly destroyed Iranian naval vessels suspected of laying mines in the Strait of Hormuz, part of a broader effort to keep the shipping corridor open.

Saudi Arabia also said it intercepted multiple ballistic missiles and drones targeting the Shaybah oil field and the Prince Sultan Air Base in its eastern region, underscoring the widening regional security risks.

Meanwhile, major energy installations in the Gulf have come under repeated attack in recent days, including Saudi Arabia’s Ras Tanura refinery and the UAE’s Ruwais complex — two of the region’s largest refining facilities.

What’s Being Said

“Iran has launched dozens of missiles and drones targeting key sites in the region, but the majority have been successfully intercepted,” the UAE Ministry of Defence said in a statement.

“The Strait of Hormuz is a vital artery for global energy markets, and any disruption poses serious risks to supply stability,” the International Energy Agency said during an emergency meeting of G7 energy ministers in Paris.

“Markets are extremely sensitive to developments in Hormuz. Even temporary disruption could send oil prices sharply higher,” said Helima Croft, global head of commodity strategy at RBC Capital Markets.

What’s Next

Gulf states are expected to increase air-defence deployments around major energy infrastructure and airports in the coming days.
The International Energy Agency is considering the release of emergency oil reserves if supply disruptions escalate.
Global shipping companies are reviewing insurance coverage and rerouting strategies as tensions in the Strait of Hormuz intensify.

Enugu Air secures operating license in record-breaking 6 months

Dollar to Naira exchange rate today, March 11th, 2026

By

Boluwatife Oshadiya

-

March 11, 2026

Dollar To Naira Exchange Rate Today (Fri. April. 28, 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 1381 per $1 on Wednesday, March 11th, 2026. The naira traded as high as 1415 to the dollar at the investors and exporters (I&E) window on Tuesday. This is brought to you by Bizwatch Nigeria.

Table of Contents

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 sell a dollar for ₦1420 and buy at ₦1400 on Tuesday 10th March, 2026, 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
Selling Rate	₦1420
Buying Rate	₦1400

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Highest Rate	₦1415
Lowest Rate	₦1381

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

Enugu Air secures operating license in record-breaking 6 months

NOA mobilises Jigawa stakeholders to stop diversion of life-saving malnutrition food

By

Ibe Wada

-

March 11, 2026

KEY POINTS

NOA engages community leaders and health officials in Jigawa to prevent illegal sale of Ready-to-Use Therapeutic Food (RUTF).

UNICEF and Jigawa Primary Healthcare Development Agency collaborate to ensure RUTF reaches severely malnourished children.

Poverty identified as a key driver of RUTF diversion; adults warned against consuming the therapeutic food.

MAIN STORY

The National Orientation Agency (NOA) has called on stakeholders in Jigawa State to strengthen efforts in curbing the illegal diversion and sale of Ready-to-Use Therapeutic Food (RUTF), a critical intervention for children suffering from severe acute malnutrition.

Speaking in Dutse, the State Director of NOA, Mr Ahmad Tijjani, stressed the urgency of ensuring that RUTF reaches the children who need it most. “This forum is conducted in collaboration with UNICEF and the Jigawa Primary Healthcare Development Agency. Our goal is to increase vigilance and guarantee that RUTF is not sold in local markets for profit,” he said.

Mr Tijjani highlighted that each malnourished child requires a carton of RUTF to survive, noting that the diversion of even one carton could result in the loss of a young life.

THE ISSUES

A rapid survey conducted in Kano, Katsina, and Jigawa under the UNICEF Kano Field Office revealed that poverty is a major factor driving some parents to sell RUTF meant for their children. The diversion of this life-saving food undermines national efforts to combat child malnutrition and poses serious health risks for vulnerable children.

WHAT’S BEING SAID

Deputy State Health Educator, Mr Nura Ado, cautioned adults against consuming RUTF, warning that it could lead to obesity and associated conditions such as high blood pressure. Community leaders and health officials at the engagement pledged to raise awareness and monitor the distribution of RUTF more closely.

WHAT’S NEXT

NOA and its partners plan to intensify community sensitisation campaigns, monitor distribution channels, and strengthen local reporting mechanisms to prevent further diversion of RUTF.

BOTTOM LINE

Ensuring that RUTF reaches severely malnourished children is vital to saving lives in Jigawa. Collaborative efforts between government agencies, international partners, and local stakeholders remain critical to tackling both malnutrition and the socio-economic challenges driving the misuse of therapeutic food.

Tinubu orders 100,000 CNG kits to counter rising fuel prices

Enugu Air secures operating license in record-breaking 6 months

By

Kehinde Victor

-

March 11, 2026

KEY POINTS

The Nigerian Civil Aviation Authority (NCAA) has officially issued an Air Operator Certificate (AOC) to Enugu Air, the state’s indigenous airline.
The airline completed the rigorous certification process in just 5 months and 3 weeks—shattering the typical industry timeline of 15 to 24 months.
Enugu Air is launching with a fleet of 6 aircraft, with plans to expand to 20 aircraft and start regional flights across Africa by the end of 2026.
The project is a core part of Governor Peter Mbah’s vision to turn Enugu into a major West African hub for logistics and commerce.

MAIN STORY

In a move described by regulators as “historic,” Enugu Air has officially received its license to operate as a fully certified Nigerian carrier. At a presentation in Abuja on Tuesday, NCAA Director-General Chris Najomo praised the airline for its “speed and discipline,” noting that it navigated the complex five-phase certification process in record time.

While most airlines take up to two years to get an AOC, Enugu Air finished in under six months.

The airline, which is fully owned by the Enugu State Government, distinguished itself by commencing operations with a solid fleet of six aircraft. This is a rare feat in the Nigerian aviation space, where many new carriers struggle to secure more than two or three planes at the start. To achieve this, the state partnered with XEJet Limited, a technical operating partner that helped guide the airline through the regulatory hurdles.

Governor Peter Mbah’s administration views the airline not just as a transport service, but as an “economic enabler.” The State Commissioner for Transportation, Obi Ozor, revealed that the ambition is massive: the state plans to more than triple the fleet to 20 aircraft within the next year. These planes will eventually fly beyond Nigeria’s borders, connecting the Coal City directly to international markets and helping realize the state’s goal of a sevenfold GDP growth.

WHAT’S BEING SAID

“This development is a significant step in the realisation of Gov. Mbah’s vision to position Enugu as a regional hub for commerce,” said Uche Anichukwu, SSA to the Governor.
Chris Najomo (NCAA DG) noted the airline’s discipline, stating that the speed of certification is “evidence of purposeful governance.”
Tolu Ita, CEO of Enugu Air, reaffirmed the commitment to building a “reliable, efficient and globally competitive carrier.”

WHAT’S NEXT

Route Expansion: With the AOC in hand, Enugu Air will now transition from its interim partnership flights to its own fully branded scheduled services across Nigeria.
Fleet Acquisition: The state government is expected to finalize the purchase of 14 additional aircraft throughout 2026 to hit its target of 20.
Regional Launch: Management is already looking at routes in West and Central Africa, with a goal to fly to international destinations before the end of the year.

BOTTOM LINE

The Bottom Line is that Enugu Air just set a new speed record for Nigerian aviation. By launching with six planes and a world-class operating partner, Governor Mbah is proving that he isn’t just building an airline—he’s building a fast-track gateway for the entire South-East to do business with the rest of the world.

Air Force to build special forces training centre in Abia

Air Force to build special forces training centre in Abia

By

Kehinde Victor

-

March 11, 2026

KEY POINTS

The Nigerian Air Force (NAF) is establishing a Special Forces Training Centre in Abia State to strengthen security across the South-East.
AVM Gabriel Kehinde requested an increase in land at the proposed Abia Airport site from 50 hectares to 150 hectares for the project.
The facility will focus on specialized jungle warfare and large-scale training exercises.
Governor Alex Otti has already approved at least 100 hectares and promised the NAF office complex in Umuahia will be ready by late April.

MAIN STORY

The Nigerian Air Force is set to significantly expand its footprint in the South-East with the establishment of a new Special Forces Training Centre in Abia State. During a visit to Governor Alex Otti on Tuesday, Air Vice Marshal (AVM) Gabriel Kehinde explained that the Chief of Air Staff is personally interested in the project.

The centre is designed to be a hub for “jungle warfare” training, taking advantage of the unique terrain near the proposed Abia Airport in Isiala Ngwa.

To accommodate the ambitious scale of the base, AVM Kehinde requested that the state increase its initial land allocation of 50 hectares to 150 hectares. He noted that the base would serve as more than just a landing strip; it will be a major operational and training facility for elite personnel. The Governor responded positively, immediately guaranteeing at least 100 hectares of the 1,000 hectares already acquired by the state for the airport project.

The project is moving fast. Governor Otti confirmed that the state-built NAF office complex and residential quarters in Umuahia are nearly finished and will be handed over by the end of April. Meanwhile, construction at the airport is a joint effort: the State Government is handling the runway and perimeter fencing, while the Federal Government manages the terminal building. Once the runway is operational, the Air Force expects to begin full deployment.

WHAT’S BEING SAID

“Abia stands out [in security]… this is clearly due to the proactive efforts of the State Government and the strong support given to security agencies,” said AVM Gabriel Kehinde, AOC Ground Training Command.
Governor Alex Otti reiterated his commitment, stating, “Development can only thrive in a safe and secure environment… you can take it for granted that you have at least 100 hectares.”
Officials noted that the Chief of Air Staff plans to personally visit the state once the facilities are ready for handover in April.

WHAT’S NEXT

April Handover: The State Government will finish furnishing the NAF office complex in Umuahia for an official opening ceremony.
Runway Completion: Work on the Abia Airport runway is being fast-tracked to allow for the first military transport flights to land.
Training Commencement: Once the Special Forces Centre is kitted out, the first batch of personnel is expected to arrive for specialized South-East security drills.

BOTTOM LINE

The Bottom Line is that Abia is becoming the “security anchor” for the South-East. By handing over 100+ hectares of land and building ready-to-use offices, the state is making it easy for the Air Force to set up a permanent, elite training hub that will likely change the security landscape of the region for years to come.

Tinubu orders 100,000 CNG kits to counter rising fuel prices

Keyamo orders hybrid payment at airport gates to fix traffic jams

By

Kehinde Victor

-

March 11, 2026

minister of aviation and aerospace development, festus keyamo

KEY POINTS

The Minister of Aviation, Mr. Festus Keyamo, has directed all airports nationwide to start accepting both cash and cards at access gates.
This “hybrid system” takes effect this Friday, replacing the strictly cashless system that caused heavy traffic gridlocks.
President Bola Tinubu had previously ordered the suspension of the “cashless only” rule after motorists complained about long delays at airport entrances.
While cash is back for now, the Ministry is still working on a fully automated electronic system to eventually phase out cash again.

MAIN STORY

Motorists heading to Nigerian airports can breathe a sigh of relief as the Ministry of Aviation reintroduces cash payments at all access gates. Minister Festus Keyamo gave the directive following a meeting with officials from the Federal Airports Authority of Nigeria (FAAN).

The move is a direct response to the massive traffic jams caused by the previous “strictly cashless” policy, which President Tinubu ordered to be suspended to ease the burden on road users.

Starting this Friday, airport gates will operate a hybrid system. This means you can pay with physical cash, use your ATM card via POS terminals, or use other digital channels. If you already have a “FAAN Go Cashless Card,” the Minister confirmed you can continue using it. The goal is to keep the traffic moving while the government finds a better way to automate the process without making people sit in hours of traffic.

While cash is making a temporary comeback, the government hasn’t given up on going digital. Mr. Keyamo explained that the Ministry is already talking to technology partners to build a “fully automated” system. This future system will be designed to be fast and seamless, similar to modern toll gates in other parts of the world, eventually eliminating the need for cash altogether. For now, the public is still encouraged to get the FAAN cards to help speed up the process.

WHAT’S BEING SAID

“The ministry has resolved to engage concessionaires in order to introduce a fully automated or electronic system… to fully and eventually eliminate cash payments,” said Mr. Tunde Moshood, speaking for the Minister.
Officials noted that the hybrid system is a “temporary measure” to fix the traffic problems caused by the earlier policy.
Motorists are urged to obtain the FAAN Go Cashless Card as the authority continues to “enhance and fully optimise” the system.

WHAT’S NEXT

Friday Rollout: Expect to see cash collectors back at airport toll points starting this Friday morning.
Tech Upgrade: The Ministry will begin evaluating new “e-gate” technologies that can read tags on cars without the driver needing to stop and tap a card.
Traffic Monitoring: FAAN officials will be monitoring the “gridlock zones” at major airports like Ikeja and Abuja to ensure the hybrid system is actually clearing the queues.

BOTTOM LINE

The Bottom Line is that the government realized “cashless” doesn’t work if it makes everyone late for their flights. By bringing cash back into the mix this Friday, Minister Keyamo is prioritizing smooth traffic flow while the tech experts work on a smarter, faster way to take payments in the future.

First Lady to lead nationwide push for innovation and new jobs

First Lady to lead nationwide push for innovation and new jobs

By

Kehinde Victor

-

March 11, 2026

KEY POINTS

First Lady Sen. Oluremi Tinubu will champion a national programme to turn local research and inventions into real products for the market.
Dr. Kingsley Udeh, Minister of Innovation, Science and Technology, announced the partnership after a meeting at the State House on Tuesday.
The initiative aims to create jobs and boost the economy by connecting inventors with serious investors.
The Federal Government will “de-risk” these projects to give investors the confidence to put their money into Nigerian innovations.

MAIN STORY

First Lady Sen. Oluremi Tinubu is set to lead a major national advocacy drive focused on innovation and commercialisation. The goal of the programme is to take brilliant ideas from Nigeria’s research institutions and turn them into profitable businesses that grow the economy.

Minister of Innovation, Science and Technology, Dr. Kingsley Udeh, explained that this move is a key part of President Bola Tinubu’s Renewed Hope Agenda.

During an interview with the News Agency of Nigeria (NAN), the Minister noted that many great inventions in our universities and research centres often get stuck on the shelf. This new programme will act as a bridge, connecting researchers and inventors directly with investors who have the capital to scale these ideas. To make this happen, the Federal Government has promised to “de-risk” the investments—essentially providing a safety net so that investors feel more comfortable putting their money behind new Nigerian technologies.

By leveraging the First Lady’s Renewed Hope Initiative (RHI) platform, the government hopes to reach people at the grassroots level. Dr. Udeh emphasized that having the First Lady as the face of the project is a “major boost” that will ensure the message reaches every corner of the country. The ultimate aim is to strengthen the financial capacity of Nigerians by helping them make money from the things they produce and invent right here at home.

WHAT’S BEING SAID

“This will help by connecting researchers, inventors and innovators to investors. The Federal Government will de-risk these investments,” said Dr. Kingsley Udeh, Minister of Innovation.
Officials believe that the First Lady’s involvement will ensure the programme is “delivered nationwide” and reaches the people who need it most.
The project is described as a way to boost economic growth by helping Nigerians grow their “financial capacity through the things they produce.

WHAT’S NEXT

Stakeholder Meetings: The Ministry will begin hosting sessions to identify the most “market-ready” inventions currently sitting in Nigerian research labs.
Investor Forums: Special events will be organized under the RHI banner to introduce local inventors to private sector big-spenders.
Grant Rollouts: Look out for announcements on how the government plans to “de-risk” specific sectors like renewable energy and agric-tech.

BOTTOM LINE

The Bottom Line is that the government wants to stop Nigerian inventions from gathering dust. By bringing in the First Lady to champion the cause, they are hoping to turn “good ideas” into “big businesses” that create jobs and put money directly into the pockets of innovative Nigerians.

FG weighs policy adjustments as Middle East conflict threatens global markets

Tinubu orders 100,000 CNG kits to counter rising fuel prices

By

Kehinde Victor

-

March 11, 2026

KEY POINTS

President Bola Tinubu has directed the Presidential Initiative on Compressed Natural Gas (PiCNG) to immediately deploy 100,000 vehicle conversion kits.
The move is a response to surging petrol prices caused by the escalating conflict in the Middle East and its impact on global oil markets.
The kits will allow car and tricycle owners to switch from expensive petrol to cheaper, cleaner CNG, with rollout starting in 2–3 weeks.
Government is also fast-tracking 77 new refueling stations and solar-powered charging hubs for electric vehicles (EVs).

MAIN STORY

In a major push to lower transportation costs, President Bola Tinubu has ordered the immediate nationwide distribution of 100,000 CNG conversion kits. During a meeting at the Presidential Villa on Tuesday, the President expressed deep concern over how the ongoing war in the Middle East is driving up fuel costs for Nigerians.

To provide relief, he mandated the PiCNG to scale up the availability of gas as a primary alternative to petrol.

Ismael Ahmed, the Executive Chairman of PiCNG, confirmed that the conversion centers will soon be “bustling with activities” as large-scale engine refitting begins. The initiative isn’t just about kits; it’s about building a whole new energy network. Currently, 77 refueling stations are being developed along major transport routes. In cities like Kano, two specialized Liquefied Compressed Natural Gas (LCNG) stations are already running, with more “daughter stations” on the way to ensure drivers aren’t left stranded.

Beyond gas, the President’s plan includes a jump into electric mobility. The government is teaming up with local and international manufacturers to assemble electric vehicles right here in Nigeria. To make this work even in areas without steady power, the Rural Electrification Agency (REA) is helping to set up solar-powered charging stations. The goal is simple: give Nigerians more ways to move around without being held hostage by the global price of a barrel of oil.

WHAT’S BEING SAID

“The President wanted to know what we are doing… to scale up the availability of gas everywhere in the country so people have less cost of transportation,” said Ismael Ahmed, Executive Chairman of PiCNG.
Officials noted that the initiative is a response to the “rising global petroleum prices” triggered by the U.S.-Israel-Iran conflict.
The President expects “quick results” that will directly reduce the daily transport burden on Nigerian families and small businesses.

WHAT’S NEXT

Conversion Kickoff: In the next two weeks, designated centers will begin receiving the 100,000 kits for installation on commercial and private vehicles.
Corridor Expansion: Construction will intensify on refueling units along the Northern Corridor to support long-haul transporters.
EV Fair: Following the recent fair at Eagle Square, the government is expected to finalize MoUs with international EV manufacturers for local assembly plants.

BOTTOM LINE

The Bottom Line is that the government is trying to “gas up” the economy to slow down inflation. By moving 100,000 vehicles away from petrol and toward CNG, President Tinubu is betting that cheaper, locally-sourced gas can shield Nigerian pockets from the chaos of Middle Eastern oil wars.

Global conflict and Hormuz closure drive calls for new petrol subsidies

Global conflict and Hormuz closure drive calls for new petrol subsidies

By

Kehinde Victor

-

March 11, 2026

KEY POINTS

Dr. Emmanuel Eche, an economics expert, warns the Federal Government may face intense pressure to return to petrol subsidies.
The Strait of Hormuz, a vital waterway for 20% of the world’s oil, has been effectively closed due to the U.S.-Israel-Iran conflict.
While Nigeria benefits from higher crude prices (currently around $88–$90 per barrel), the cost of importing refined petrol is surging.
Local pump prices have already jumped, with some outlets selling for as much as ₦1,300 per litre.

MAIN STORY

Nigeria is caught in a difficult economic tug-of-war as the closure of the Strait of Hormuz sends global oil markets into a spin. Dr. Emmanuel Eche, a Senior Lecturer at the Federal University, Wukari, explained on Tuesday that while Nigeria is earning more from its crude oil exports, the country is also paying much more for the petrol it imports.

Because the Strait, a narrow path between Iran and Oman—is blocked, one-fifth of the world’s daily oil supply is currently stranded.

The situation in the Middle East has left at least 3,000 ships and 20,000 sailors stuck. For Nigeria, this has meant that the price of Brent crude has stayed high, briefly crossing the $100 mark earlier this week before settling near $88–$90. Dr. Eche warned that this “oil price volatility” makes the Nigerian economy very vulnerable. As the cost of refined fuel rises globally, the pressure on the Naira increases, and inflation threatens to push the price of basic goods even higher.

Currently, NNPC Limited is selling petrol at about ₦1,081 per litre in some areas, but private stations in cities like Ibadan and Abuja have seen prices soar to between ₦1,250 and ₦1,350. Some experts even predict prices could hit ₦2,000 if the conflict doesn’t end soon. To protect citizens, Dr. Eche is urging the government to use its increased oil earnings to “cushion the impact” through subsidies or by tapping into strategic reserves.

WHAT’S BEING SAID

“The government is likely to benefit from higher oil prices… however, there are also dangerous implications as Nigeria imports refined products,” said Dr. Emmanuel Eche.
The International Maritime Organisation (IMO) confirmed that the closure is a “precautionary measure” due to the threat of strikes in the region.
NNPC Limited and the Central Bank are being urged to adjust policies to manage the “inflationary pressures” caused by the crisis.

WHAT’S NEXT

IEA Intervention: The International Energy Agency is monitoring the situation and may release emergency oil reserves to help stabilize global prices.
Production Boost: Nigeria is looking to ramp up its own oil production, having recently exceeded its OPEC quota, to take advantage of the high prices.
Price Watch: Marketers are keeping a close eye on the Dangote Refinery, which recently adjusted its gantry prices to ₦1,175, signaling that pump prices may stay high for the foreseeable future.

BOTTOM LINE

The Bottom Line is that Nigeria is in a “good news, bad news” situation. While the government is making more money from selling crude oil, everyday Nigerians are paying the price at the pump. Unless the government decides to step in with subsidies or the Middle East conflict cools down, the cost of living is likely to keep rising.

FG approves recruitment of 50 Doctors, 100 Nurses for Nigeria’s Correctional Centres

NEPC urges women to drive Nigeria’s non-oil trade

By

Kehinde Victor

-

March 11, 2026

Exporters To Receive NEPC's N5bn Palliative

KEY POINTS

The Nigerian Export Promotion Council (NEPC) has called on women entrepreneurs to take their businesses to the global market to boost Nigeria’s non-oil exports.
To help with this, the NEPC and the International Trade Centre (ITC) launched new Export Procedures Handbooks for the UK market.
The handbooks provide a step-by-step guide on customs, product standards, and sustainability for selling food and cosmetics in Great Britain.
The move is part of the “Her Showcase 2.0” series, aimed at helping thousands of women-led small businesses become export-ready.

MAIN STORY

The Nigerian Export Promotion Council (NEPC) is pushing for more women to participate in international trade, stating that their success is key to growing Nigeria’s non-oil exports. Speaking at the “Her Showcase 2.0” event in Abuja on Tuesday, the Executive Director of the NEPC, Mrs. Nonye Ayeni, noted that women are strong drivers of the economy whose products are gaining respect worldwide.

The event was held to mark International Women’s Day 2026 under the theme “Give to Gain.”

A major highlight of the event was the launch of practical export handbooks designed specifically for the Great Britain market. These guides cover everything a business owner needs to know about exporting agri-food and cosmetic products to the UK. Ayeni explained that having access to the right information on customs and product requirements will help Nigerian women compete fairly on the global stage. She added that initiatives like SheTrades are already helping many small, women-owned businesses get ready for the international market.

Ms. Maathangi Hariharan from the International Trade Centre (ITC) praised the creativity of Nigerian women entrepreneurs. She pledged that the ITC would keep supporting them to understand global market rules. Also speaking at the event, Dr. Sameera Abdullahi of NACCIMA noted that women-led businesses are not just creating jobs at home but are also expanding Nigeria’s presence abroad. She urged women to use these new tools to improve the quality of their products and win big in global trade.

WHAT’S BEING SAID

“Active participation of women is crucial to accelerating Nigeria’s non-oil export growth,” said Mrs. Nonye Ayeni, Executive Director of NEPC.
Ms. Maathangi Hariharan of the ITC noted that Nigeria has “enormous entrepreneurial talent” and promised continued support for women in trade.
Dr. Sameera Abdullahi urged women to leverage this initiative to “improve product quality and compete globally.”

WHAT’S NEXT

Training Sessions: The NEPC is expected to hold workshops across the country to teach women how to use the new handbooks effectively.
UK Market Entry: More Nigerian-made cosmetics and food items are likely to appear on British shelves as business owners follow the new guidelines.
Certification Support: The council will continue its export certification programmes to make sure more women-led SMEs meet international quality grades.

BOTTOM LINE

The Bottom Line is that the NEPC wants to turn “local” success into “global” profit for Nigerian women. By providing clear handbooks and professional support, the government is making it easier for women to bypass the confusion of international trade and sell their products to the rest of the world.

FG weighs policy adjustments as Middle East conflict threatens global markets

FG weighs policy adjustments as Middle East conflict threatens global markets

By

Ibe Wada

-

March 11, 2026

KEY POINTS

Nigeria’s Economic Management Team is reviewing the potential economic impact of escalating tensions involving the United States, Israel and Iran.

Government warns that volatility in energy markets, capital flows and global supply chains could affect Nigeria’s economy.

Officials say policy adjustments may be introduced to protect economic stability and investor confidence.

MAIN STORY

The Federal Government of Nigeria has indicated its readiness to recalibrate economic policies if necessary as geopolitical tensions in the Middle East continue to escalate, raising concerns over potential economic shocks.

In a statement issued on Tuesday by Uloma Amadi, Assistant Director of Information and Public Relations at the Federal Ministry of Finance, the government said it is closely monitoring the evolving conflict involving the United States, Israel, and Iran.

According to the statement, the Economic Management Team (EMT), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has begun reviewing the possible economic implications of the crisis.

The EMT also held discussions during a Naira-for-Crude policy coordination meeting, where global energy market developments and their domestic implications were assessed.

THE ISSUES

Rising geopolitical tensions have heightened fears of disruptions to major energy supply routes, particularly the Strait of Hormuz, a critical global oil shipping corridor.

Officials identified three main channels through which the crisis could affect Nigeria’s economy.

The first involves volatility in global crude oil and gas markets, which could push up domestic energy costs, including petrol, diesel, cooking gas and fertiliser.

The second relates to financial markets and capital flows, where heightened geopolitical risks could discourage investment inflows into emerging markets such as Nigeria.

The third concerns global logistics and supply chains, as disruptions to shipping routes could raise freight costs and further drive up domestic prices.

WHAT’S BEING SAID

The government warned that sustained instability in global markets could intensify inflationary pressures and increase the cost of living.

“Volatility in global energy markets is already driving increases in domestic prices, including fuel, diesel, cooking gas and fertiliser,” the statement said.

Officials added that prolonged disruption could push up the cost of goods and services, placing further pressure on inflation and household spending.

Ministers overseeing key economic sectors have also been providing updates on how developments in global markets may affect Nigeria’s fiscal outlook and macroeconomic stability.

WHAT’S NEXT

The Economic Management Team will continue to monitor macroeconomic indicators including global crude oil prices, exchange rate movements, capital flow trends and financial market conditions.

Officials say policy adjustments may be introduced where necessary to mitigate risks and maintain economic stability.

Despite the uncertainty, the government noted that Nigeria enters the current period of global volatility with relatively stronger macroeconomic indicators, including 4.07 per cent real GDP growth in the fourth quarter of 2025.

BOTTOM LINE

As geopolitical tensions threaten global energy and financial markets, Nigeria is preparing to adjust economic policies where necessary to shield the domestic economy, maintain investor confidence and sustain growth.

FG approves recruitment of 50 Doctors, 100 Nurses for Nigeria’s Correctional Centres

FG approves recruitment of 50 Doctors, 100 Nurses for Nigeria’s Correctional Centres

By

Ibe Wada

-

March 11, 2026

KEY POINTS

President Tinubu has approved the recruitment of 50 doctors and 100 nurses for correctional centres nationwide.

The move aims to address the shortage of medical personnel in correctional facilities.

Government also highlights ongoing reforms including inmate skills development and improved welfare.

MAIN STORY

President Bola Ahmed Tinubu has approved the employment of 50 medical doctors and 100 nurses to strengthen healthcare services across Nigeria’s correctional centres.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this during a courtesy visit by the Minister of Information and National Orientation, Mohammed Idris, in Abuja.

Tunji-Ojo said the decision was prompted by the shortage of medical personnel in several correctional facilities across the country.

According to him, some correctional centres currently operate without resident doctors, citing the facility in Rivers State as an example.

He noted that despite the shortage of personnel, several correctional hospitals are equipped with facilities capable of handling complex medical procedures.

THE ISSUES

Nigeria’s correctional system has faced longstanding challenges including inadequate healthcare personnel, limited medical resources and poor welfare conditions for inmates.

Experts say improving healthcare services within correctional facilities is essential for protecting inmates’ rights and preventing the spread of diseases within custodial environments.

WHAT’S BEING SAID

Tunji-Ojo said the president’s approval reflects the government’s commitment to ensuring the welfare of all Nigerians, including those in custody.

“The President understands that he is the President of all Nigerians, including inmates. And as a father to all, he has always shown that he cares,” the minister said.

He added that the government has also implemented skills development initiatives aimed at rehabilitating inmates through training programmes.

According to him, the train-the-trainer initiative identifies inmates with specific skills and equips them to train others within correctional facilities.

Tunji-Ojo further noted that the Federal Government had improved inmate welfare by increasing feeding allowances by 50 per cent.

WHAT’S NEXT

The Ministry of Interior is expected to commence the recruitment and deployment of the approved medical personnel to correctional facilities nationwide.

The minister also called for stronger collaboration with the Ministry of Information and National Orientation to ensure effective communication of the ministry’s reforms and security initiatives.

He highlighted ongoing efforts within the Nigeria Security and Civil Defence Corps (NSCDC), including the creation of specialised mine marshals in partnership with the Federal Ministry of Solid Minerals Development to secure mining sites and protect critical national assets.

BOTTOM LINE

The recruitment of medical personnel for correctional centres represents part of broader efforts by the Federal Government to improve inmate welfare, strengthen institutional reforms and enhance security across Nigeria’s custodial and resource sectors.

Tinubu approves fiscal incentives for $20bn Bonga deepwater project

UN Chief hails women civil society groups as “Foundation Shakers” at Commission on status of women 70th session

By

Ibe Wada

-

March 11, 2026

KEY POINTS

UN Secretary-General António Guterres praised women-led civil society groups for challenging entrenched systems of privilege.

He warned of a growing global backlash against women’s rights driven by disinformation and cultural conflicts.

Participants at the CSW70 town hall raised concerns over funding gaps and a proposed merger involving UN gender agencies.

MAIN STORY

The Secretary-General of the United Nations, António Guterres, has commended women-led civil society organisations for their role in challenging entrenched systems of privilege and advancing gender equality worldwide.

Guterres made the remarks during a town hall meeting held on the sidelines of the 70th Session of the Commission on the Status of Women (CSW70) at the UN Headquarters in New York.

The global gathering, which opened on March 10 and is scheduled to run until March 19, brings together government representatives, activists and development stakeholders to discuss progress and challenges in advancing women’s rights.

Addressing participants, the UN chief described civil society groups as “foundation shakers” whose efforts are driving justice, dignity and equality for communities across the globe.

THE ISSUES

Despite decades of progress in gender equality, global institutions warn that women’s rights face renewed threats amid political tensions, misinformation campaigns and growing cultural divisions.

Experts say power imbalances remain evident across political systems, economic structures and emerging technological sectors, including artificial intelligence.

These challenges, observers note, have contributed to shrinking civic spaces and mounting pressure on women’s rights advocates in many parts of the world.

WHAT’S BEING SAID

Guterres cautioned that the global environment for gender advocacy is becoming increasingly difficult.

“A bitter wind is blowing around the world. That wind is hardening attitudes and fuelling a backlash against women’s rights,” he said.

He added that such resistance is often driven by disinformation, fear and cultural polarisation, warning that these forces seek to silence women and roll back hard-won gains.

During the session, participants from different countries also raised questions about a proposed merger between UN Women and the United Nations Population Fund (UNFPA).

The proposal, according to Guterres, is intended to strengthen the impact of gender-focused programmes by pooling resources while maintaining the mandates of both institutions.

Nigerian law professor Joy Ngozi Ezeilo also highlighted concerns about shrinking public space for advocacy, funding shortages and government crackdowns on civil society organisations.

She called on governments to reaffirm their commitment to gender equality, stating that women’s rights remain fundamental human rights.

WHAT’S NEXT

As the CSW70 discussions continue, stakeholders are expected to deliberate on strategies for protecting women’s rights, strengthening gender equality institutions and addressing new challenges posed by technological and political changes.

Guterres reiterated the UN’s commitment to advancing gender equality and pledged continued support for activists and organisations advocating women’s rights globally.

BOTTOM LINE

With rising global resistance to gender equality, the UN chief is urging civil society groups to remain steadfast in challenging systemic barriers and pushing for lasting reforms that secure the rights and dignity of women and girls worldwide.

IWD 2026: global focus turns to rights, justice and action

Stakeholders urged to contribute to policy dialogue on child online safety in Nigeria

By

Ibe Wada

-

March 11, 2026

KEY POINTS

Experts warn that while the internet offers opportunities for children, it also exposes them to risks such as cyberbullying, exploitation and harmful content.

Nigeria is considering policy options including age restrictions, stronger verification systems and increased platform accountability.

Stakeholders have been invited to contribute to a national survey to help shape child online protection policies.

MAIN STORY

As digital technologies continue to expand access to information and communication, stakeholders have raised concerns over the growing risks children face online, prompting calls for stronger protective policies in Nigeria.

While the internet offers significant opportunities for learning, creativity and social interaction, experts note that it also exposes children to dangers such as cyberbullying, harmful online content, exploitation, misuse of personal data and emerging threats linked to artificial intelligence tools.

In response to these concerns, discussions are ongoing around potential policy approaches aimed at strengthening child online protection across the country’s digital ecosystem.

THE ISSUES

With increasing internet penetration among young people, safeguarding children online has become a critical policy priority.

Proposals under consideration include introducing age restrictions for certain platforms, improving age verification mechanisms, strengthening platform accountability measures and enhancing regulatory oversight of digital service providers.

Policy analysts say developing effective safeguards requires balancing protection with children’s rights to information, participation and digital inclusion.

WHAT’S BEING SAID

Stakeholders emphasise that public participation is essential to ensure that any regulatory framework reflects Nigeria’s unique social and technological realities.

Parents, educators, digital professionals, civil society organisations and young people themselves are therefore being encouraged to contribute their perspectives through a national survey on child online safety.

According to organisers, the initiative is aimed at gathering insights that will guide the development of evidence-based policies capable of addressing emerging digital risks.

WHAT’S NEXT

Stakeholders have been invited to participate in the consultation process by completing an online survey designed to capture public views on child online protection.

The feedback collected will inform future policy decisions on how best to safeguard children while enabling them to benefit from digital opportunities.

BOTTOM LINE

As Nigeria navigates the challenges of an increasingly digital society, inclusive policy dialogue and stakeholder engagement are expected to play a key role in building a safer online environment for children.

Nigeria’s foreign reserves climb to highest level since 2009

Tinubu approves fiscal incentives for $20bn Bonga deepwater project

By

Boluwatife Oshadiya

-

March 11, 2026

By Boluwatife Oshadiya | March 10, 2026

Table of Contents

Key Points

President Tinubu approves fiscal incentives to unlock Bonga Southwest Aparo project
Deepwater development expected to attract about $20 billion in investment
Project projected to produce 150,000 barrels of oil per day

Main Story

President Bola Tinubu has approved a targeted fiscal incentive package aimed at unlocking the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater oil project, a development expected to attract roughly $20 billion in foreign direct investment into Nigeria’s energy sector.

The approval followed months of negotiations involving NNPC Limited, the Nigeria Revenue Service, and international oil companies led by Shell, the operator of the Bonga field.

The project has remained stalled for nearly two decades due to fiscal and commercial constraints. With the latest presidential approval, stakeholders say Nigeria is now closer to unlocking one of its most significant offshore oil developments in recent years.

According to NNPC Limited, the Bonga Southwest project will be the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008, potentially repositioning the country as a major destination for deepwater investment.

The fiscal package approved by the presidency includes an enhanced Production Tax Credit and the resolution of a dispute settlement agreement reached in 2021, measures designed to improve project economics and attract investor participation.

What’s Being Said

“This development will translate reform momentum into tangible investment outcomes,” said Bashir Ojulari, Group Chief Executive Officer of NNPC Limited.

“For nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu’s reform-driven leadership and through NNPC’s sustained advocacy, we have broken that logjam,” Ojulari added.

He noted that the project would create substantial economic benefits.

“The Bonga Southwest Aparo project will create more than 5,000 direct and indirect jobs and deliver about 150,000 barrels per day of crude oil and 140 million standard cubic feet of gas daily,” he said.

What’s Next

NNPC Limited and its partners will now move toward the Final Investment Decision (FID) stage.
Once FID is reached, the project will trigger multi-billion-dollar capital commitments from international oil companies.
Industry analysts expect the development to boost Nigeria’s deepwater production capacity and long-term energy revenues.

Sterling Bank and Ministry of Finance team up for n100m mortgage deal

Nigerian Stock Market Reverses Gains as Investors Lose ₦726bn

By

Boluwatife Oshadiya

-

March 11, 2026

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

By Boluwatife Oshadiya | March 10, 2026

Table of Contents

Key Points

Nigerian equities market sheds ₦726 billion in value after three-day rally
All-Share Index drops 1,130.87 points to close at 196,066.11
Selloffs in NASCON, Mutual Benefits, and Red Star Express drag market lower

Main Story

Nigeria’s equities market closed lower on Tuesday, erasing gains from the previous trading session as investors lost approximately ₦726 billion in market value.

Market capitalisation fell 0.57 percent, declining from ₦126.583 trillion to ₦125.857 trillion, while the All-Share Index dropped by 1,130.87 points, or 0.57 percent, to close at 196,066.11 points. The downturn followed three consecutive sessions of bullish trading and was driven largely by profit-taking in several mid-cap and consumer goods stocks.

Market breadth closed negative, with 44 decliners compared with 33 gainers. NASCON and Mutual Benefits Assurance led the losers’ chart with 10 percent declines each, closing at ₦147.60 and ₦4.59 per share respectively. Red Star Express lost 9.94 percent to close at ₦28.55, while Austinlaz and SCOA declined 9.88 percent and 9.85 percent respectively.

On the gainers’ chart, Premier Paints rose 9.97 percent to ₦17.65, followed by Conoil, which gained 9.95 percent to close at ₦204.40, and Sunu Assurances, which advanced 9.95 percent to ₦4.75.

Trading activity also slowed during the session. Total volume traded fell 2.06 percent to 746.85 million shares, valued at ₦27.85 billion across 65,275 deals.

Access Corporation recorded the highest trading volume with 80.26 million shares, accounting for 10.75 percent of total trades, while Zenith Bank led the value chart with ₦3.29 billion in transactions.

What’s Being Said

“More investors are currently selling stocks to take profits than those buying,” said David Adonri, Vice President of Highcap Securities Ltd.

“The market usually slows down after the earnings season because most companies have already released their financial results and proposed dividends,” Adonri added.

He also noted that geopolitical tensions in the Middle East could affect investor sentiment. “The Iran conflict may disrupt global trade flows, and any rise in global inflation could transmit into Nigeria through higher import costs,” he said.

What’s Next

Investors will closely watch corporate dividend payments and post-earnings market activity.
Analysts expect sector rotation toward defensive stocks if global volatility persists.
Market sentiment may also react to movements in crude oil prices and global geopolitical developments.

Sterling Bank and Ministry of Finance team up for n100m mortgage deal

Naira appreciates to ₦1,401.40 in Official FX Market

By

Boluwatife Oshadiya

-

March 11, 2026

By Boluwatife Oshadiya | March 10, 2026

Table of Contents

Key Points

Naira strengthens to ₦1,401.40 per dollar at Nigeria’s official FX window
Currency gains ₦4.22 or 0.3% from Monday’s closing rate of ₦1,405.62
Recovery follows earlier depreciation amid fluctuating FX inflows

Main Story

Nigeria’s currency strengthened slightly against the United States dollar on Tuesday, closing at ₦1,401.40/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data released by the Central Bank of Nigeria.

The gain represents a ₦4.22 appreciation, or about 0.3 percent, compared with Monday’s closing rate of ₦1,405.62/$, when the local currency opened the trading week on a weaker note.

Tuesday’s marginal recovery followed several days of pressure in the foreign exchange market, during which the naira had recorded a two-week decline at the official window.

Analysts attribute the improvement to better demand-supply dynamics in the FX market, supported by intermittent liquidity injections and growing inflows through the official trading window.

Recent market data shows that foreign exchange inflows into Nigeria’s currency market have been gradually improving, with contributions coming from exporters, foreign portfolio investors, and interventions by the Central Bank of Nigeria.

Despite the latest rebound, market participants say the currency remains sensitive to fluctuations in FX liquidity and broader macroeconomic factors such as oil earnings and capital inflows.

What’s Being Said

“The naira showed mild recovery on Tuesday after opening the week on a weaker note,” said a Lagos-based currency trader familiar with the market.

“Sustained stability will depend largely on improved dollar inflows and stronger investor confidence in Nigeria’s foreign exchange market,” the trader added.

What’s Next

FX market participants will monitor liquidity levels at the NAFEM window in the coming sessions.
Analysts are also watching CBN interventions and foreign portfolio inflows for signs of sustained currency stability.
Global oil price movements remain a key variable affecting Nigeria’s FX supply and fiscal buffers.

Tinubu vows Nigeria will defeat terrorism, Says economy is improving

Euro strengthens as oil retreat reduces safe-haven demand for Dollar

By

Boluwatife Oshadiya

-

March 11, 2026

EURO — salary of a woman. euro banknotes in hands on a green background. Income of women in European countries

By Boluwatife Oshadiya | March 11, 2026

Table of Contents

Key Points

Euro trades near $1.16 as easing Middle East tensions weaken demand for the U.S. dollar
Oil prices retreat toward $90 per barrel after signals the Iran conflict may end soon
Dollar Index remains elevated near 99.35 despite modest pullback in safe-haven flows

Main Story

The euro strengthened modestly against the U.S. dollar on Tuesday as easing energy market tensions reduced demand for the greenback, following remarks by U.S. President Donald Trump suggesting that the conflict with Iran could end sooner than expected.

The single European currency traded around $1.16, recovering slightly after hovering near two-month lows in previous sessions, while the U.S. Dollar Index (DXY) remained close to 99.35, reflecting lingering investor demand for the dollar amid geopolitical uncertainty.

Currency markets had recently tilted sharply toward the dollar as escalating tensions in the Middle East triggered a surge in global oil prices and drove investors toward safe-haven assets. The dollar tends to benefit during periods of global stress because of its liquidity and dominant role in international reserves.

However, sentiment shifted during Tuesday’s trading session after Trump indicated that the military campaign involving Iran could conclude soon and suggested that policy measures were being considered to prevent a prolonged spike in energy costs.

Oil prices reacted immediately to the comments. Brent crude retreated toward $90 per barrel, reversing part of the sharp rally that had pushed prices above $100 earlier in the week amid fears of supply disruptions.

The earlier spike in energy prices followed coordinated strikes by the United States and Israel on Iranian targets on February 28, a development that raised concerns about possible disruptions to global oil shipments through strategic routes such as the Strait of Hormuz.

The euro’s recovery also came as investors trimmed defensive positions accumulated during the initial phase of the conflict, allowing risk-sensitive currencies to regain ground against the dollar.

The Issues

Energy prices have become a critical driver of currency markets since the escalation of tensions in the Middle East. Higher oil prices tend to strengthen the U.S. dollar because the United States is a net energy exporter, while much of Europe remains heavily dependent on imported energy.

That structural imbalance means energy shocks often weigh more heavily on the euro than on the dollar. Europe’s reliance on external supply routes — including maritime chokepoints such as the Strait of Hormuz and the Suez Canal — leaves its economies particularly vulnerable to geopolitical disruptions.

At the same time, the dollar’s role as the world’s primary reserve currency means investors typically rush into it during periods of global market stress, particularly when equities, commodities, and bonds decline simultaneously.

What’s Being Said

“The dollar tends to benefit during episodes of broad market liquidation because investors prioritise liquidity above all else,” analysts at VT Markets said in a research note.

“However, if tensions in the Middle East continue to ease and oil prices stabilise, some of the recent safe-haven demand for the dollar could fade,” currency strategists noted in market commentary.

What’s Next

Investors are closely watching U.S. inflation data due later this week, which could shape expectations for the Federal Reserve’s interest-rate path.
Markets will also monitor further statements from the Trump administration regarding the Iran conflict and potential energy market interventions.
Currency traders are assessing whether oil prices will stabilise near $90 or resume their earlier upward trend if tensions escalate again.

Iraq extends airspace closure for another 72 hours

Dangote Refinery cuts Petrol price by ₦100 as crude oil falls

By

Boluwatife Oshadiya

-

March 11, 2026

By Boluwatife Oshadiya | March 11, 2026

Table of Contents

Key Points

Dangote Refinery reduces petrol gantry price by ₦100 to ₦1,075 per litre
Diesel price also falls by ₦190 to ₦1,430 per litre
Adjustment follows decline in global crude oil prices to around $90 per barrel

Main Story

Dangote Petroleum Refinery has reduced its gantry price for Premium Motor Spirit (PMS) by ₦100, lowering the ex-depot rate from ₦1,175 to ₦1,075 per litre, in response to declining global crude oil prices.

The price adjustment, announced Tuesday, marks the first downward revision after a series of increases recorded in recent days as volatility in international oil markets pushed replacement costs higher.

Under the refinery’s revised pricing template, petrol supplied through its coastal distribution channel will now sell at ₦1,050 per litre, reflecting a slightly lower rate for marine deliveries compared with loading at the refinery’s gantry.

The refinery also cut the price of Automotive Gas Oil (diesel) by ₦190, reducing the gantry price to ₦1,430 per litre from ₦1,620 previously.

Industry data show the price adjustment followed a sharp decline in global oil markets, where Brent crude dropped to around $90 per barrel, reversing gains recorded earlier in the week when geopolitical tensions pushed prices above the $100 threshold.

The new gantry prices released by the refinery exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Market analysts say the move could ease pressure on downstream petroleum marketers and bulk fuel buyers who had been grappling with rising loading costs at depots nationwide.

The Issues

Nigeria’s deregulated downstream petroleum market has become increasingly sensitive to fluctuations in global crude prices since the removal of fuel subsidies.

Because domestic petrol prices are now largely determined by international benchmarks and import parity costs, local refiners — including the Dangote Refinery — adjust ex-depot prices frequently to reflect global market conditions.

Recent geopolitical tensions involving the United States, Israel, and Iran triggered a sharp rally in crude prices, prompting several upward revisions in petrol prices within days.

Industry analysts note that such volatility highlights the continued exposure of Nigeria’s fuel market to international energy shocks despite the commissioning of large domestic refining capacity.

What’s Being Said

“The price adjustment reflects the recent decline in global crude oil prices and the need to align domestic pricing with international market realities,” officials familiar with the refinery’s pricing structure said.

Energy market analysts say the reduction could provide short-term relief for marketers. “Lower ex-depot prices should ease pressure across depot channels and may eventually translate to modest pump price adjustments if the trend holds,” a downstream industry analyst said.

What’s Next

Fuel marketers will monitor how quickly the revised ex-depot prices filter through distribution channels and influence pump prices nationwide.
Global oil prices remain the key variable, with traders closely watching geopolitical developments in the Middle East.
Further pricing adjustments by the refinery are possible if crude oil continues to fluctuate in international markets.

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