Headline inflation falls to 15.43 per cent in July from 15.91 per cent in June
Month-on-month inflation declines to 1.57 per cent from 1.66 per cent in June
Food inflation rises to 20.31 per cent year-on-year, driven by higher prices of key food items
Main Story
Nigeria’s headline inflation rate declined to 15.43 per cent in July 2026 from 15.91 per cent in June, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
The NBS said the July headline inflation rate decreased by 0.48 percentage points compared with the June 2026 rate, indicating a slower annual increase in the average price level.
On a month-on-month basis, headline inflation stood at 1.57 per cent in July, down from 1.66 per cent in June. The bureau said the decline means the average price level increased at a slower rate during the month.
“This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026,” the National Bureau of Statistics said.
Despite the decline in headline inflation, food prices continued to exert pressure on consumers. Food inflation rose to 20.31 per cent year-on-year in July, although the rate remained below the 26.20 per cent recorded in July 2025.
The NBS attributed the movement in food prices to changes in the average prices of several food items, including crayfish, fresh pepper, fresh onions, carrots, rice, water yam, fresh tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
On a month-on-month basis, food inflation increased to 5.56 per cent in July from 3.75 per cent in June, representing a 1.82 percentage-point increase.
At the state level, Adamawa recorded the highest month-on-month food inflation at 17.02 per cent, followed by Lagos at 13.48 per cent and Borno at 13.26 per cent. Jigawa, Kebbi and Bauchi recorded declines of 3.68 per cent, 3.67 per cent and 1.85 per cent, respectively.
For year-on-year food inflation, Adamawa recorded the highest rate at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent.
What’s Being Said
“On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57%, which was 0.09% lower than the rate recorded in June 2026 (1.66%),” the National Bureau of Statistics said.
The available source material does not include a response from an independent economist, analyst or private-sector stakeholder.
What’s Next
The July CPI figures provide the latest official inflation reading for policymakers, businesses and consumers as they assess price movements across the economy.
The next monthly CPI release from the National Bureau of Statistics will provide the subsequent update on headline and food inflation, including whether the July moderation in headline inflation continues.
Bottom Line
The Bottom Line: Nigeria’s headline inflation rate eased in July, signalling a slower pace of overall price increases. However, the sharp month-on-month rise in food inflation shows that the moderation in headline inflation has not translated into broad relief from food-price pressures.
Ferrari’s first production electric car, the Luce, sells for $40 million at auction in California
Proceeds from the sale will support future educational initiatives through the Ferrari Foundation
The Luce is expected to deliver a 329-mile range and accelerate from 0 to 100 km/h in 2.5 seconds
Main Story
Ferrari’s first production electric car, the Luce, has sold for $40 million at an RM Sotheby’s auction in Monterey, California, despite criticism surrounding its launch, The 2026 Ferrari Luce “Tailor Made” was sold over the weekend as “Chassis 0”, the first production model of the Luce programme. Ferrari described the auction as an “unrepeatable opportunity” to acquire the vehicle.
According to GB News, Ferrari said proceeds from the auction would be donated to future educational initiatives through the Ferrari Foundation.
The vehicle, built to United States specifications, will return to Ferrari’s headquarters in Maranello, Italy, before being delivered to its anonymous buyer in the first quarter of 2027.
The car features an exclusive Madreperla Semi-Gloss exterior finish developed specifically for the vehicle, while its interior was produced through Ferrari’s Tailor Made programme using Le Mans metallic leather in Perla.
Ferrari also fitted the vehicle with a dedicated plaque identifying it as “Chassis 0”, reflecting its status as the first production chassis of the Luce programme.
The Luce was designed by Sir Jony Ive in collaboration with Marc Newson and their LoveFrom collective. The model is expected to have an electric range of 329 miles, a 0–100 km/h acceleration time of 2.5 seconds and maximum total power output of 1,050 cv.
It will use a 122 kWh battery, four electric motors and a bespoke technical platform. Prices for standard Luce models are expected to start at €550,000, or about £470,000.
What’s Being Said
Ferrari described the “Chassis 0” as “one of the most complete and significant expressions” of its Tailor Made programme.
Former Ferrari Chairman Luca di Montezemolo, however, criticised the company’s move into electric vehicles, saying the Luce “risked the destruction of a legend.”
What’s Next
Ferrari is expected to deliver the auctioned Luce to its anonymous buyer in the first quarter of 2027
The Luce programme will move toward wider production following the sale of its first production chassis
The Bottom Line:
The $40 million sale gives Ferrari’s first electric model an extraordinary debut in the collector-car market, despite the controversy surrounding the shift from its traditional combustion-engine identity. The auction price also dwarfs the expected starting price of €550,000 for standard Luce models, underscoring the premium attached to the historic “Chassis 0” designation.
GTCO’s interest income rises 506% to N467 billion in Q1 2026 from N77.04 billion in Q1 2020
Guaranty Trust Bank doubles its quarterly international spending limit on naira cards to $40,000
GTCO reports N302.89 billion profit before tax as its loan book rises to N3.17 trillion
Main Story
Guaranty Trust Holding Company Plc’s interest income rose 506% to N467 billion in the first quarter of 2026 from N77.04 billion in the corresponding period of 2020, The Q1 2026 figure also represents a 17.5% increase from the N397.4 billion recorded in the first quarter of 2025, reflecting stronger earnings from loans, placements and other interest-generating assets.
GTCO’s net interest income increased to N356.29 billion in Q1 2026 from N64.28 billion in Q1 2020. Interest income from loans rose 24.8%, while interest earned on cash equivalents and placements increased 30.5%.
The group’s net loan book also grew 1.3% to N3.17 trillion, as higher interest rates supported stronger returns from lending and fixed income investments.
A Lagos based finance analyst, Dibor Akaghane, attributed the stronger interest-income environment to changes in bank lending and credit assessment since the COVID-19 pandemic.
“Right now, depositors who earn salaries can obtain easy loans sometimes three times their earnings from their banks. It was not so in 2020. Banks have strengthened their due diligence ever since and earned huge revenues from interest income,” Akaghane said.
The Central Bank of Nigeria’s Monetary Policy Rate stood at 13.5% in the first quarter of 2020. By February 2026, the rate had been reduced by 50 basis points from 27% to 26.5%.
Meanwhile, Guaranty Trust Bank has doubled the quarterly international spending limit on its naira cards from $20,000 to $40,000.
The higher limit allows eligible customers to spend more on international transactions, including flights, hotel bookings, tuition, medical expenses and online purchases.
What’s Being Said
Akaghane said the expansion of bank lending and stronger credit assessment have contributed to the growth in interest income since the pandemic.
GTCO’s Q1 2026 results showed gross earnings of N571.42 billion and profit before tax of N302.89 billion, Profit after tax declined 15.42% to N218.13 billion, largely due to higher tax liabilities.
What’s Next
GTCO’s lending and investment income will remain a key indicator of how high-interest-rate conditions affect bank earnings
Eligible Guaranty Trust Bank customers can now access the higher $40,000 quarterly international spending limit on naira cards
The Bottom Line
GTCO’s sharp rise in interest income highlights how Nigeria’s post-pandemic high-interest-rate environment has reshaped bank earnings. The simultaneous increase in Guaranty Trust Bank’s international card limit also signals a more accommodating approach to foreign-currency spending as market conditions improve.
West Africa - Flags of the 15 West African countries - Isolated (cut out) - Black background
By Boluwatife Oshadiya | August 17, 2026
Key Points
Nigeria leads West Africa with a projected nominal GDP of $377.37 billion in 2026, far ahead of the next largest economies, according to IMF-based Worldometer projections
Ghana and Côte d’Ivoire follow as the region’s second and third largest economies, with projected GDPs of $118.29 billion and $112.11 billion respectively
Resource-driven economies including Senegal, Mali, Burkina Faso and Guinea round out the top seven, supported by gold, oil and gas, cocoa, and bauxite
Real GDP growth rates vary widely, with Guinea projected near 8.7 percent and Côte d’Ivoire at around 6.2 percent, while Senegal faces a slower 2.2 percent pace
Diversification beyond commodities into services, manufacturing, telecoms and digital sectors remains a key differentiator among the region’s largest economies
Main Story
West Africa continues to stand out as one of Africa’s most dynamic economic regions, driven by large markets, natural resources, a youthful population and expanding digital activity. Gross Domestic Product remains the standard measure of economic size, and IMF World Economic Outlook projections for 2026 (as compiled by Worldometer) show a clear hierarchy among the sub-region’s largest economies in nominal terms.
Nigeria remains West Africa’s dominant economy by a wide margin. Its projected 2026 nominal GDP of $377.37 billion reflects the scale of its population, oil and gas production, financial services, telecommunications, agriculture, manufacturing and entertainment industries. Non-oil sectors have grown in importance even as crude oil continues to generate significant export earnings. The country faces ongoing inflationary pressures, exchange-rate adjustments and fiscal constraints, yet its diversified base keeps it well ahead of regional peers. IMF staff project real GDP growth of about 4.1 percent in 2026.
Ghana holds second place with a projected GDP of $118.29 billion. Gold mining, cocoa exports, petroleum production, financial services, tourism and a developing technology ecosystem underpin its position. Infrastructure investment and digital innovation have supported longer-term prospects. Although the country has undergone debt restructuring in recent years, IMF projections point to sustained growth near 4.8 percent in 2026. Ghana’s economy is also expected to rank among Africa’s top ten by size.
Côte d’Ivoire ranks third at a projected $112.11 billion. As the world’s largest cocoa producer, the country has diversified into manufacturing, construction, logistics, banking and agribusiness. Abidjan functions as a major commercial hub for Francophone West Africa. Consistent investment and relative political stability have underpinned one of the region’s stronger growth rates, projected at around 6.2 percent in 2026 by the IMF. Medium-term prospects remain favourable under the country’s national development plans and ongoing hydrocarbon and mining expansion.
Senegal follows with a projected GDP of $40.47 billion. Infrastructure development, agriculture, tourism, services and new offshore oil and gas projects have driven expansion over the past decade. The Sangomar oil field and Greater Tortue Ahmeyim gas project have begun contributing to output and exports. Government efforts to improve the business environment have attracted investment, and Dakar remains a leading commercial centre. Growth is projected to moderate to about 2.2 percent in 2026 after a stronger hydrocarbon-driven performance in the preceding year.
Mali ranks fifth at a projected $33.85 billion. Agriculture, particularly cotton, employs a large share of the population, while gold mining supplies substantial export earnings and government revenue. Security and political challenges persist, yet the economy has shown resilience. IMF projections point to real growth near 5.5 percent in 2026, supported by mining recovery and agricultural activity.
Burkina Faso holds sixth position with a projected GDP of $32.51 billion. Agriculture, livestock and gold mining form the core of economic activity. Security concerns have constrained investment in some areas, but mining exports and agricultural production continue to support output. Growth is projected in the range of 4.8–4.9 percent in 2026, subject to security and external price risks.
Guinea completes the list at a projected $29.93 billion. Vast mineral wealth, especially the world’s largest bauxite reserves, underpins its ranking. Mining dominates economic output, with ongoing investment in transport infrastructure and mineral processing. Agriculture provides livelihoods for much of the population. Strong growth is projected, with IMF figures near 8.7 percent in 2026, driven by bauxite exports and the ramp-up of the Simandou iron-ore project.
The Issues
The ranking highlights both the region’s scale and its structural constraints. Commodity dependence remains widespread. Oil and gas in Nigeria and Senegal, gold in Mali and Burkina Faso, cocoa in Côte d’Ivoire and Ghana, and bauxite and iron ore in Guinea generate the bulk of foreign exchange in several cases. This leaves economies exposed to price volatility and external shocks, including those linked to global energy markets.
Security challenges in the Sahel continue to weigh on Mali and Burkina Faso, affecting investment, transport corridors and agricultural productivity. Fiscal pressures, high debt levels in some countries, and the need for deeper diversification into manufacturing, services and digital activity are recurring themes. Population growth and youth employment demands require faster, more inclusive expansion than commodity cycles alone can deliver. Infrastructure gaps, limited value addition in extractive sectors and climate risks further complicate the medium-term outlook across the region.
Countries that have broadened their economic base beyond single commodities and sustained policy reforms generally show greater resilience. Nigeria’s large non-oil sector, Ghana’s mix of mining, cocoa and services, and Côte d’Ivoire’s manufacturing and logistics diversification illustrate this pattern.
What’s Being Said
IMF assessments of Nigeria note that strong reforms over recent years have produced improved macroeconomic outcomes and built resilience, even as inflation and food insecurity remain concerns for many households. Growth is projected at 4.1 percent in 2026.
In Ghana, official statements have highlighted the country’s rising GDP placing it among Africa’s larger economies. President John Dramani Mahama has referenced the scale of the economy in the context of continental rankings.
For Côte d’Ivoire, IMF reviews describe the economy as resilient, with growth expected to moderate only modestly in 2026 amid global uncertainty, supported by household consumption, investment and expansion in hydrocarbons and mining. Authorities continue to emphasise progress toward upper-middle-income status under the national development plan.
Analysts and regional reports from the African Development Bank point to West Africa’s overall growth momentum, projected near 4.6–4.7 percent in 2026, driven by private investment, infrastructure and resource sectors, while cautioning on geopolitical, debt and security risks.
What’s Next
IMF and national projections will be updated through the remainder of 2026 and into 2027 as commodity prices, security conditions and reform implementation evolve. Nigeria’s continued focus on macroeconomic stabilisation, revenue mobilisation and non-oil growth will be closely watched, alongside the January 2027 electoral cycle.
Côte d’Ivoire’s 2026–2030 National Development Plan and hydrocarbon ramp-up are expected to support growth averaging above 6 percent in the medium term. Senegal’s oil and gas production is set to mature further, though fiscal management of energy subsidies and diversification efforts will shape outcomes. Guinea’s Simandou project and state efforts to increase local value addition in bauxite are positioned to drive elevated growth rates.
Regional integration under ECOWAS and the African Continental Free Trade Area, together with infrastructure corridors and digital economy expansion, will influence how these seven economies convert size into broader development gains. Upcoming data releases from national statistical offices, IMF Article IV consultations and African Development Bank outlooks will provide further clarity.
The Bottom Line: West Africa’s largest economies by GDP demonstrate the region’s substantial scale and growth potential, yet size alone does not guarantee resilience or rising living standards. The countries that sustain diversification, strengthen institutions and manage security and fiscal risks effectively are best placed to translate 2026 rankings into lasting economic strength.
UEFA to Allow Limited Number of Spectators Watch Champions League Games in Stadium
By Boluwatife Oshadiya | August 17, 2026
Key Points
Arsenal, Barcelona, Bayern Munich, Real Madrid and Paris Saint-Germain enter the 2026/27 Champions League among the leading contenders
Paris Saint-Germain begin their title defence after winning the 2025/26 competition against Arsenal
UEFA has scheduled the league-phase draw for August 27, with matches beginning September 8
Main Story
Arsenal, Barcelona, Bayern Munich, Real Madrid and Paris Saint-Germain are among the leading contenders for the 2026/27 UEFA Champions League, with the competition set to begin its league phase in September.
Paris Saint-Germain enter the new campaign as defending champions after beating Arsenal in the 2025/26 final. Arsenal, meanwhile, return to the competition after finishing runners-up and will be seeking another opportunity to win their first Champions League title.
Arsenal’s recent European progress makes them one of the teams to watch. The side, managed by Mikel Arteta, is expected to rely on key players including Martin Ødegaard, Bukayo Saka and Declan Rice as it balances domestic ambitions with another European campaign.
Barcelona also enter the competition with significant attacking and midfield talent after strong performances under Hansi Flick. Their challenge will be to translate domestic success into a deeper Champions League run after years without a European title.
Bayern Munich remain one of Europe’s most consistent clubs. The German side has regularly reached the latter stages of the competition and will look to Harry Kane and a squad strengthened across several areas to challenge for another European title.
Real Madrid remain the competition’s most successful club, with 15 European Cup titles, according to UEFA. The Spanish giants will again be among the favourites, with Kylian Mbappé, Vinícius Júnior and Jude Bellingham expected to lead their attack.
Paris Saint-Germain will attempt to build on their breakthrough European success. After securing their first Champions League title in 2025 and retaining the trophy in 2026, the French club will be targeting a third consecutive triumph.
What’s Being Said
The supplied material identifies the five clubs as leading contenders but does not contain attributable statements from club officials, managers, players or independent analysts. No quotes have therefore been added.
What’s Next
The 2026/27 Champions League league-phase draw is scheduled for August 27, 2026. The league phase will then begin from September 8–10, with eight matchdays scheduled through January 27, 2027.
The knockout phase play-offs are scheduled for February 2027, followed by the round of 16 in March, quarter-finals in April and semi-finals in April and May.
The Champions League final is scheduled for June 5, 2027, at the Estadio Metropolitano in Madrid.
Bottom Line
The Bottom Line: PSG begin the campaign with the strongest recent European record, but Arsenal, Barcelona, Bayern Munich and Real Madrid have the squad depth and European pedigree to challenge for the trophy. The new campaign will ultimately test whether PSG can extend their dominance or whether one of Europe’s established powers can reclaim the title.
Liquidity surplus fell to ₦3.57 trillion after Treasury bills and OMO settlements drained funds from the banking system
Average funding cost rose eight basis points week-on-week to 22.13%
Overnight lending rate climbed 15 basis points to 22.25% despite a sizeable liquidity buffer
Main Story
Money market liquidity tightened as Treasury bills and open market operation (OMO) settlements drained funds from Nigeria’s financial system, pushing the average funding cost higher to 22.13%.
According to Cowry Asset Limited, the intermarket credit balance fell from an opening surplus of ₦4.35 trillion to ₦3.57 trillion after ₦1.45 trillion in Treasury bills debits and ₦2.60 trillion in OMO settlements.
The outflows were partly offset by approximately ₦2.48 trillion in OMO maturities, leaving the banking system with a substantial liquidity surplus. Some banks also accessed ₦15.80 billion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility to meet short-term funding requirements.
Despite the liquidity buffer, very short-term funding conditions tightened. The overnight lending rate rose 15 basis points to 22.25% at the close of trading on Friday, while the open repo rate remained unchanged at 22.00%.
Cowry Asset Limited reported that system liquidity opened at ₦4.07 trillion and peaked at ₦6.81 trillion, supported by OMO maturities and strong bank placements at the CBN’s Standing Deposit Facility window.
The latest movement indicates that the volume of liquidity in the system remains substantial, but government securities transactions and central bank operations are influencing how readily banks can access funds in the short-term market.
What’s Being Said
The liquidity outflows were partly offset by approximately ₦2.48 trillion in OMO maturities, leaving the system with a still-sizeable surplus. — Cowry Asset Limited
What’s Next
The money market will remain sensitive to upcoming Treasury bills and OMO transactions, as further debits or maturities could influence the amount of liquidity available to banks.
Funding rates will also remain a key indicator of short-term market conditions, particularly if the CBN continues to use open market operations to manage excess liquidity.
Bottom Line
The Bottom Line: Nigeria’s money market still has a sizeable liquidity surplus, but the latest rise in funding costs shows that aggregate liquidity is not translating into uniformly cheaper short-term funding. Treasury securities settlements and CBN liquidity operations remain important drivers of market pricing.
TAJBank’s profit before tax rises 74% year on year to N31.562 billion in 2025
Total assets increase to N1.34 trillion from N953 billion
The bank’s board approves a 20-kobo dividend per share at its 2026 Annual General Meeting
Main Story
TAJBank Limited’s profit before tax rose 74% year-on-year to N31.562 billion in 2025, from N18.166 billion recorded in the previous financial year, The non interest bank’s total assets also increased to N1.34 trillion from N953 billion in 2024, while total equity rose 144% to N149 billion from N61.250 billion, according to the bank’s 2025 audited financial statements, TAJBank Managing Director and Chief Executive Officer, Hamid Joda, disclosed the figures in a statement issued in Abuja on Monday.
Joda attributed the stronger financial performance to the management’s adoption of what he described as a Prudential Financial approach, saying it was helping to strengthen investor confidence in the bank.
“I am using this opportunity to thank the shareholders and to assure them that their funds are secured and will continue to yield sustainable good returns every year,” Joda said, The bank’s board also approved a 20-kobo dividend per share at its 2026 virtual Annual General Meeting, according to the statement.
TAJBank Chairman, Tanko Gwamna, said the dividend was approved in recognition of shareholders’ contribution to the bank’s growth.
“The Board rewarded the shareholders for their contributions to the growth of TAJBank as we have been doing over the years,” Gwamna said.
The bank said it was recently rated by regulatory authorities as the largest player in Nigeria’s non interest banking subsector based on total assets and gross earnings in its approved half year 2025 financial statements.
What’s Being Said
Joda said the bank remained committed to rewarding shareholders as it pursues sustainable growth.
TAJBank Executive Director, Sheriff Idi, also thanked shareholders for their confidence in the management and said the bank would continue to prioritise their interests.
What’s Next
TAJBank will continue implementing its growth strategy as it seeks to strengthen its position in Nigeria’s non-interest banking market
The bank will maintain its focus on shareholder returns following the approval of the 20-kobo dividend per share
The Bottom Line:
TAJBank’s 2025 results show strong growth across profitability, assets and equity, strengthening its position in Nigeria’s non-interest banking sector. The combination of higher earnings and a shareholder dividend signals an effort to translate the bank’s expansion into tangible investor returns.
Apple agrees to change how third party apps request consent for personalised advertising on its devices
Germany’s competition authority makes Apple’s commitments legally binding after raising concerns over unequal treatment of third party apps
App publishers will gain more flexibility to combine Apple’s consent prompts with data protection requests
Main Story
Apple will change its app data consent rules after Germany’s competition authority raised concerns that its framework could give Apple’s own services more favourable treatment than third-party apps, Germany’s Bundeskartellamt said on Monday that Apple had offered commitments to address the concerns, which the authority has now made binding, bringing the competition proceeding to an end.
The authority said Apple’s App Tracking Transparency Framework requires third party app providers to obtain additional consent through an Apple defined prompt for certain forms of cross-company data use. It said the rules did not apply in the same way to Apple’s own offerings.
Under the commitments, Apple will bring consent prompts for its own offerings and third party apps more closely into line. It will also remove potentially discouraging symbols and wording from predefined consent requests for third-party providers.
App publishers will have greater freedom to combine Apple’s consent request with those required under data protection law, or connect the requests in a way that is clear to users.
Bundeskartellamt President Andreas Mundt said the changes were necessary to address the authority’s competition concerns while maintaining users’ ability to make informed choices.
“Apple will now align the consent requests much more closely and give third-party app providers more freedom to combine the necessary requests in a sensible way.” Andreas Mundt, President, Bundeskartellamt.
The authority said its investigation focused on competition law rather than enforcement of data protection law.
What’s Being Said
Mundt said the regulator was not seeking to increase consent rates for personalised advertising.
“We want to ensure that users can make a free and informed decision.” Andreas Mundt, President, Bundeskartellamt.
The regulator said users who reject personalised advertising should have the same opportunity to make a free and informed decision as those who consent to the use of their data.
What’s Next
Apple will implement the binding commitments covering consent prompts and third-party app providers
App publishers will gain greater flexibility in presenting Apple’s consent requests alongside legally required data-protection requests
The Bottom Line:
The ruling changes how Apple applies its consent framework to third party apps in Germany, narrowing the regulatory concern around preferential treatment within its ecosystem. The decision also gives app publishers greater control over how consent requests are presented while keeping the focus on informed user choice.
President Bola Tinubu says the Port Harcourt, Warri and Kaduna refineries will return to operation.
His position differs from former President Olusegun Obasanjo, who has repeatedly questioned the viability of government-owned refineries.
Obasanjo favours private-sector participation in the management of major government assets.
Energy expert Dan Kunle urged the Federal Government to privatise the refineries, arguing that continued rehabilitation may not make them profitable.
Main Story
President Bola Tinubu has expressed confidence that Nigeria’s state-owned Port Harcourt, Warri and Kaduna refineries will return to operation, rejecting concerns that the facilities may never become viable.
Tinubu stated his position when he received the Executive President of the Nigeria Union of Petroleum and Natural Gas Workers, Salimon Oladiti, and members of the union at the Presidential Villa, Abuja.
The President said the government was working on the structural and economic fundamentals required to make the refineries functional and profitable.
Tinubu also said he had accepted responsibility for the assets and liabilities inherited from previous administrations and was determined to make the facilities work for the benefit of Nigerians.
His position, however, contrasts with that of former President Olusegun Obasanjo, who has repeatedly argued that the Nigerian National Petroleum Company Limited cannot successfully operate the government-owned refineries.
Obasanjo has advocated a public-private partnership model, citing the success of the Nigerian Liquefied Natural Gas arrangement, where the private sector holds a majority stake. He also recalled attempts during his administration to bring Shell and other private investors into the management of the refineries.
According to Obasanjo, Shell had rejected proposals to take an equity stake or operate the facilities, citing factors including the relatively small size of the refineries, poor maintenance and corruption surrounding their operations.
He further recalled that Aliko Dangote had offered $750 million for a 51 per cent stake in two of the refineries, but said the transaction was subsequently reversed by the administration of former President Umaru Musa Yar’Adua.
Obasanjo also questioned the amount of public money reportedly spent on refinery rehabilitation, saying he learnt that about $16 billion had been spent on the facilities.
Dangote has similarly expressed scepticism about the government’s approach, particularly the continued use of turnaround maintenance on ageing facilities. He compared the approach to modernising an old car, arguing that upgrading old infrastructure could create new technical challenges.
Energy expert Dan Kunle also opposed further government investment in the old refineries, arguing that the facilities should be privatised. He questioned the information being presented to the President by refinery managers and maintained that previous administrations had repeatedly attempted and failed to make the plants profitable.
Kunle challenged the government to construct a new refinery alongside one of the existing plants and compare their operational performance, arguing that the newer facility would demonstrate the limitations of the old plants.
However, the Port Harcourt Refinery Host Community Bulk Petroleum Retailers Association backed Tinubu’s position. The association said the refinery’s revival could create jobs, stimulate businesses, strengthen local capacity and improve energy security in Rivers State. It estimated that more than 200,000 people depend directly or indirectly on the refinery and related economic activities.
The association also supported the proposed technical equity partnership between NNPC and Chinese companies for the restart and expansion of the refinery, while calling for reliable crude supply, efficient management, proper maintenance and technical competence.
The Issues
Whether the ageing refineries can become commercially profitable after years of rehabilitation.
The enormous public expenditure already committed to their rehabilitation.
Questions about maintenance, technical competence and management.
The availability of reliable crude feedstock for sustained operations.
Whether government ownership or private-sector participation offers the better operating model.
Accountability for previous expenditure on refinery rehabilitation.
The economic consequences of keeping the facilities idle, particularly for workers, businesses and host communities.
What’s Being Said
President Bola Tinubu:
Tinubu said the refineries would return to operation and that he had accepted responsibility for fixing the inherited assets and liabilities. He stressed that the objective was not merely to produce smoke and flames but to ensure that the refineries become profitable and deliver value to Nigerians.
Olusegun Obasanjo, Former President:
Obasanjo argued that public-private partnerships provide a better model for managing major government assets and maintained that the NNPC should not be entrusted with running the refineries.
Dan Kunle, Energy Expert:
Kunle argued that the government should privatise the refineries rather than continue spending public funds on them, saying previous attempts to revive the facilities had failed to make them profitable.
HOSCOM:
The Port Harcourt refinery host community association backed Tinubu’s efforts, saying a fully operational refinery would create jobs, stimulate businesses and strengthen energy security in Rivers State.
What’s Next
The major test for the Tinubu administration will be whether the Port Harcourt, Warri and Kaduna refineries can move from rehabilitation and restart announcements to sustained and commercially viable production.
The government will also need to demonstrate that the facilities can secure reliable crude supply, operate efficiently and generate sufficient economic value to justify continued public investment.
Bottom Line
President Tinubu is betting that Nigeria’s long-troubled state-owned refineries can be revived and made commercially viable, despite strong opposition from former President Obasanjo, energy experts and other stakeholders. The debate ultimately centres on whether continued rehabilitation can deliver sustainable value or whether privatisation and private-sector management offer a more viable path for the facilities.
Airtel Africa shares gain 177.53% year-to-date on the Nigerian Exchange
Cowry Asset Management sets an N8,820 target price
Airtel Africa plans to list Airtel Money on the London Stock Exchange in 2026
Main Story
Airtel Africa shares have gained 177.53% year-to-date on the Nigerian Exchange, as analysts diverge on the stock’s valuation ahead of the planned Airtel Money IPO, The telecoms company closed at N6,300 per share on Friday, its latest 52-week high, giving Airtel Africa a market capitalisation of N23.676 trillion based on 3.758 billion outstanding shares.
The strong rally has made Airtel Africa the most valuable listed company on the Nigerian Exchange, ahead of Dangote Cement, MTN Nigeria and BUA Foods, according to the source data.
Cowry Asset Management Limited has placed an N8,820 target price on the stock, representing about 40% potential upside from its N6,300 reference price. The firm recommends investors buy the shares and has forecast earnings per share of N101.20, Cowry also identified N7,245 as a potential exit level and advised investors to maintain a stop loss at N5,355 per share.
CardinalStone Securities Limited, however, has taken a more cautious position, placing Airtel Africa on HOLD with a 12 month target price of N6,422.10, up from its previous target of N5,818.43.
The differing recommendations come as Airtel Africa prepares for the proposed listing of its mobile money business, Airtel Money, on the London Stock Exchange in 2026, subject to regulatory approvals and favourable market conditions.
Airtel Africa said the proposed London listing would provide access to a broader international investor base and support the long term value creation potential of Airtel Money.
What’s Being Said
“We believe that the standalone listing of the business could narrow the conglomerate discount value.” CardinalStone Securities Limited.
CardinalStone said the Airtel Money IPO could reduce the conglomerate discount and provide greater funding flexibility for scaling the mobile money business.
The firm also raised its 2026/27 revenue forecast to $7.83 billion from $7.75 billion following Airtel Africa’s first quarter results.
What’s Next
Airtel Africa plans to pursue the Airtel Money listing on the London Stock Exchange before the end of 2026, subject to regulatory approvals and market conditions
Investors will monitor whether Airtel Africa’s earnings growth and the proposed separation of Airtel Money support further share-price appreciation
The Bottom Line:
Airtel Africa’s 178% year to date rally has created a clear valuation divide among analysts, with Cowry projecting substantial upside while CardinalStone sees limited near-term appreciation. The proposed Airtel Money IPO remains the key potential catalyst for unlocking additional value from the group’s mobile-money business.
Treasury bill benchmark yield rises 30 basis points week-on-week to 18.53%
Investors subscribe ₦4.41 trillion for ₦700 billion Treasury bill offer
364-day bill stop rate climbs 24 basis points to 17.59% ahead of inflation data
Main Story
Nigerian Treasury bill yields rose last week as fixed-income investors repositioned portfolios ahead of the latest inflation data and fresh primary market supply.
The secondary Treasury bill market closed with a bearish bias, with yields rising across short-, medium- and long-term maturities. The average benchmark yield increased by 30 basis points week-on-week to 18.53%.
Investor positioning was influenced by expectations surrounding the inflation report and recent developments in the primary market. Analysts expect headline inflation to moderate further, citing macroeconomic changes including exchange-rate stability.
At the Central Bank of Nigeria (CBN) Treasury bill auction, investors submitted ₦4.414 trillion in subscriptions for ₦700 billion offered across the 91-day, 182-day and 364-day tenors. Total allotments reached ₦1.46 trillion, more than twice the initial offer.
Demand was strongest for the 364-day instrument, which attracted ₦4.19 trillion in subscriptions and received ₦1.26 trillion in allotments. Its stop rate consequently increased by 24 basis points to 17.59%.
The stop rates for the 91-day and 182-day bills remained unchanged at 16.30% and 16.50%, respectively.
Trading data showed yields increased by eight basis points in the short segment, 55 basis points in the mid segment and 45 basis points in the long segment on Friday.
The strong demand for the longer-dated bill indicates continued investor appetite for higher-duration instruments, although the increased stop rate suggests investors are demanding additional compensation for duration and reinvestment risks.
Activity in the Open Market Operations (OMO) bills segment also improved following the CBN’s revised participation framework.
What’s Being Said
Market participants are positioning around the inflation outlook, while the strong subscription levels at the Treasury bill auction point to sustained demand for Nigerian government securities. Analysts cited in the market report expect inflation to moderate further, partly supported by exchange-rate stability.
What’s Next
The release of the latest Consumer Price Index (CPI) data is expected to provide a clearer direction for fixed-income investors.
Investors will also monitor pricing at subsequent Treasury bill auctions to assess whether the repricing seen in the 364-day tenor will extend across the curve.
Bottom Line
The Bottom Line: Nigerian fixed-income investors remain willing to commit substantial funds to Treasury bills, but the rise in longer-tenor yields shows that demand is increasingly being matched by higher return expectations. The inflation print will be important in determining whether the recent upward repricing becomes a broader market trend.
Edo State House of Assembly Speaker, Blessing Agbebaku, has resigned.
His resignation came amid moves by some lawmakers to impeach him.
His media aide, Ivy Adodo-Ebojele, confirmed the development on Facebook.
The circumstances surrounding his resignation have not been fully disclosed.
The resignation has triggered a fresh leadership crisis in the Edo Assembly.
Lawmakers are expected to determine a new Speaker.
Main Story
The Speaker of the Edo State House of Assembly, Blessing Agbebaku, has resigned from his position amid moves by some lawmakers to impeach him.
Agbebaku stepped down on Monday, according to a confirmation by his media aide, Ivy Adodo-Ebojele.
Adodo-Ebojele announced the development on Facebook, stating: “EDO ASSEMBLY SPEAKER RT HON CHIEF BLESSING AGBEBAKU RESIGNS.”
She added that further details on the circumstances surrounding the Speaker’s resignation would be made public later.
Agbebaku’s resignation has plunged the Edo State House of Assembly into a fresh leadership crisis, with lawmakers expected to begin moves to select his successor.
The development comes amid reported disagreements within the Assembly and attempts by some lawmakers to remove the Speaker from office.
Further details on the reasons for his resignation and the next steps by the lawmakers are expected to emerge.
The Issues
The circumstances behind Agbebaku’s resignation remain unclear.
The reported impeachment move suggests divisions among lawmakers.
The Assembly must now address the leadership vacuum created by the Speaker’s departure.
The process of selecting a new Speaker could further expose existing political divisions within the legislature.
The stability and effectiveness of the Assembly may depend on how quickly the leadership crisis is resolved.
What’s Being Said
Ivy Adodo-Ebojele, Media Aide to Blessing Agbebaku:
She confirmed the Speaker’s resignation and said further details about the circumstances surrounding his exit would be made public.
Blessing Agbebaku:
No direct statement from the former Speaker was contained in the initial report.
What’s Next
Members of the Edo State House of Assembly are expected to determine a new Speaker following Agbebaku’s resignation. Further developments are also expected regarding the reported impeachment moves and the circumstances that led to his departure.
Bottom Line
Blessing Agbebaku’s resignation has created a fresh leadership vacuum in the Edo State House of Assembly, coming at a time when some lawmakers were reportedly pushing for his impeachment. Attention will now shift to the Assembly’s choice of a new Speaker and whether the change will resolve or deepen the ongoing political tensions.
The Nigerian Wrestling Federation (NWF) plans to establish a training camp at Iowa State University in the US.
The camp is part of preparations for the 2026 World Wrestling Championships in Astana, Kazakhstan.
The championships are scheduled for October 24 to November 1, 2026.
Nigerian wrestlers based in the US, including athletes studying there, are expected to participate.
Home-based wrestlers with valid US visas will also join the camp.
The programme will provide an opportunity to identify Nigerian-born wrestlers and emerging talents eligible to represent Nigeria.
Women’s Wrestling coach Purity Akuh welcomed the initiative, saying it would expose athletes to world-class facilities, coaches and competition.
Main Story
The Nigerian Wrestling Federation (NWF) has announced plans to establish a training camp at Iowa State University in the United States as part of preparations for the 2026 World Wrestling Championships in Astana, Kazakhstan.
The federation disclosed this in a statement issued in Abuja, saying its President, Bashir Adeniyi, had approved the establishment of the camp ahead of the championships scheduled for October 24 to November 1.
According to the NWF, the initiative is designed to bring together Nigerian wrestlers based in different parts of the US to train collectively and improve their preparation for the global competition.
Some of Nigeria’s top wrestlers currently studying in the US are expected to benefit from the programme, while home-based athletes with valid US visas will also participate.
The federation said the camp would not be restricted to established national team athletes, as new talents willing to join the national wrestling team would also be given an opportunity to participate.
It added that Nigerian-born athletes living in the US who are eligible and willing to represent the country would be allowed to join the programme. The initiative is expected to help the federation identify and integrate talented wrestlers of Nigerian descent into the national team structure.
Reacting to the development, Nigeria’s Women’s Wrestling coach, Purity Akuh, commended the federation for establishing the camp.
Akuh said the initiative would expose Nigerian wrestlers to world-class facilities, high-level competition and experienced athletes and coaches, which could improve their preparation ahead of the World Championships.
The Issues
Adequate preparation is critical for Nigeria’s wrestlers ahead of a major international championship.
Nigerian athletes based abroad may require structured platforms to remain connected to the national team.
Access to high-quality training facilities and international coaching can improve athletes’ competitiveness.
Identifying Nigerian-born talent abroad could strengthen the depth of the national wrestling team.
The federation will need to ensure that athletes selected for the camp receive adequate logistical and technical support.
What’s Being Said
Bashir Adeniyi, NWF President:
Adeniyi approved the establishment of the Iowa training camp as part of the federation’s preparations for the World Wrestling Championships in Kazakhstan.
Purity Akuh, Nigeria Women’s Wrestling Coach:
Akuh welcomed the initiative, saying the camp would expose Nigerian wrestlers to world-class facilities, high-level competition and some of the best athletes and coaches in the sport.
What’s Next
The NWF is expected to finalise arrangements for the Iowa training camp and bring together eligible Nigerian wrestlers based in the US alongside selected home-based athletes.
The camp will also provide an opportunity to scout Nigerian-born wrestlers who could strengthen the national team ahead of the October 24–November 1 World Championships in Astana.
Bottom Line
The proposed Iowa training camp represents a strategic move by the NWF to strengthen Nigeria’s preparation for the 2026 World Wrestling Championships while creating a pathway for Nigerian wrestlers in the US and emerging talents to contribute to the national team.
Meta partners with the Federal Government to launch AI Academy Nigeria under the 3MTT and NCAIR programmes
Ten startups will be shortlisted for an AI Startup Pitchathon, with two winners receiving $5,000 each and $2,000 in Meta advertising credits
The programme will offer AI skills development, a six-week developer bootcamp and opportunities for Nigerian startups to pitch internationally
Main Story
Meta has partnered with the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), 3 Million Technical Talent (3MTT), the National Centre for Artificial Intelligence and Robotics (NCAIR) and Robotics and Artificial Intelligence Nigeria (RAIN) to launch AI Academy Nigeria.
According to a statement issued by the partners on Monday, the initiative is designed to strengthen Nigeria’s artificial intelligence talent pipeline and support the development of the country’s AI innovation ecosystem.
The programme will provide developers, startups, students and early-career professionals with practical AI training, technical learning and startup support.
AI Academy Nigeria will operate through three tracks: AI Skills Development, an AI Startup Pitchathon and a six-week Developer Bootcamp. The programme is intended to move participants beyond theoretical knowledge by supporting the development of functional AI products and solutions.
The AI Startup Pitchathon will target early-stage Nigerian startups using Meta’s AI technologies to develop solutions to real-world problems. Applications close on August 21, 2026, with 10 startups expected to be shortlisted to pitch at GITEX Nigeria on September 3.
The two winning startups will each receive $5,000 in cash funding and $2,000 in Meta advertising credits. They will also receive an all-expenses-paid opportunity to represent Nigeria at Meta’s AI Summit in Istanbul, Türkiye, scheduled for November 23–24, 2026.
What’s Being Said
“Through this partnership, we are equipping developers, entrepreneurs, and young professionals with practical AI skills while creating pathways for innovation and globally competitive startups,” Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy, said.
Tijani said the initiative reflects the government’s commitment to developing Nigeria’s AI ecosystem through public-private partnerships and positioning the country as a leader in Africa’s digital economy.
“Nigeria is home to some of Africa’s most dynamic AI talent. What many founders and developers need is greater access to practical training, funding and platforms to build impactful solutions,” Sade Dada, Head of Public Policy, Anglophone West Africa at Meta, said.
Dr. Olushola Ayoola, Founder and Chief Executive Officer of RAIN, said the partnership demonstrates the importance of coordination between government, technology companies and local innovation organisations in expanding Nigeria’s AI capabilities.
What’s Next
Applications for the AI Startup Pitchathon close on August 21, 2026
Ten startups will be shortlisted to pitch at GITEX Nigeria on September 3, 2026
The two winning startups will represent Nigeria at Meta’s AI Summit in Istanbul on November 23–24, 2026
The Bottom Line:
AI Academy Nigeria moves the conversation around artificial intelligence from skills acquisition towards commercialisation by combining training, startup exposure, funding and international market access. For Nigeria, the effectiveness of the initiative will ultimately depend on whether participants can convert these opportunities into sustainable products, businesses and globally competitive AI solutions.
Leadway Assurance has introduced a whole-of-life insurance product for families.
The plan covers policyholders and eligible dependants while providing living benefits.
Policyholders may access part of their cover for critical illness and major life goals.
Leadway says the product responds to changing family structures and financial responsibilities.
Main Story
Leadway Assurance has launched the Leadway Lifetime Plan, a whole-of-life insurance product designed to provide financial protection for families across generations.
Executive Director, Technical and Operations, Leadway Assurance, Olufunmilayo Amanwa, unveiled the product in Lagos.
Amanwa said the plan was developed in response to the growing financial responsibilities of Nigerians who support children, spouses, ageing parents and other relatives.
She said the traditional nuclear family structure no longer reflected the financial realities of many households, with some individuals supporting several generations simultaneously.
According to her, the new product combines lifelong protection with benefits that policyholders can access during their lifetime.
Amanwa said eligible policyholders and their spouses could, after five years of full premium payments and subject to the policy terms, access up to 50 per cent of their current sum assured following diagnosis of a covered critical illness.
She said the benefit was intended to provide financial support when serious illness places pressure on household income and savings.
The plan also allows eligible policyholders to access up to 50 per cent of the policy value for significant life goals after the premium payment period plus five years, subject to applicable conditions.
Mrs Rosetta Aryeetey, Head of Life Underwriting and Life Business at Leadway Assurance, said the product was developed after the company examined the changing needs of its customers.
She said customers increasingly required insurance products that could provide financial support during their lifetime rather than only paying benefits after death.
Aryeetey said the plan combines multi-life protection, living benefits, long-term value and flexibility to address different stages of customers’ financial lives.
She also highlighted the Escalation of Sum Assured option, which allows policyholders to increase their benefits by a fixed percentage as their financial needs change.
According to her, the feature enables customers to adjust their protection as their financial circumstances evolve.
Aryeetey said the Lifetime Plan differs from Leadway’s existing Family Benefit Plan because it combines multi-generational protection with financial benefits accessible during the policyholder’s lifetime.
She said the product was part of Leadway’s efforts to help families strengthen financial resilience and maintain stability while planning for the future.
The Issues
The product targets Nigerians with financial responsibilities extending beyond their immediate households and seeks to provide protection for multiple generations.
What’s Being Said
“The Leadway Lifetime Plan was built around this reality. It gives policyholders a way to extend continuous protection to the extended family.” – Olufunmilayo Amanwa, Executive Director, Technical and Operations, Leadway Assurance.
“The starting point for the Leadway Lifetime Plan was the customer. We looked closely at how families are structured today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time.” – Rosetta Aryeetey, Head, Life Underwriting and Life Business, Leadway Assurance.
What’s Next
Leadway Assurance will offer the Lifetime Plan as part of its life insurance solutions, with features allowing eligible customers to access benefits during their lifetime and adjust their level of protection.
Bottom Line
Leadway says the Lifetime Plan is designed to match the changing financial realities of Nigerian families by combining long-term protection with benefits that policyholders can use during their lifetime.
PTAD says N3.8 billion in pension arrears has been paid to 30,356 DBS pensioners.
The payments followed a review of outstanding pension entitlements.
Beneficiaries are drawn from three pension departments under PTAD.
The directorate says it remains committed to timely and transparent payments.
Main Story
The Pension Transitional Arrangement Directorate (PTAD) has paid N3.8 billion in outstanding pension arrears to 30,356 pensioners under the Defined Benefit Scheme (DBS).
PTAD Head of Corporate Communications, Olugbenga Ajayi, disclosed this in a statement on Friday in Abuja.
He said the beneficiaries were pensioners under the Parastatals Pension Department (PaPD), Defunct and Transferred Agencies Pension Department (DTAPD), and Tertiary, Education and Health Pension Department (TEHPD).
According to Ajayi, the payments followed the Back-End Computation (BEC) Review Exercise carried out by PTAD.
He said the exercise was designed to review pension computations and resolve complaints concerning outstanding entitlements owed to DBS pensioners.
Ajayi said the latest payment reflected the directorate’s efforts to clear verified pension obligations and improve the welfare of pensioners under its mandate.
He quoted PTAD Executive Secretary, Tolulope Odunaiya, as appreciating the beneficiaries for their cooperation during the review exercise.
Odunaiya also reaffirmed PTAD’s commitment to ensuring that verified pension entitlements were paid in a timely, transparent and accountable manner.
She said the payment was consistent with the commitment of President Bola Tinubu’s administration to addressing pension-related challenges and strengthening pension administration under the DBS.
The Issues
The payment follows PTAD’s review of pension computations and outstanding entitlements arising from complaints by DBS pensioners.
What’s Being Said
“The payment reflects the commitment of the present administration to addressing pension-related issues and strengthening pension administration under the Defined Benefit Scheme.” – Tolulope Odunaiya, Executive Secretary, PTAD.
What’s Next
PTAD says it will continue efforts to ensure timely and transparent payment of verified pension entitlements under the DBS.
Bottom Line
The N3.8 billion payment is part of PTAD’s efforts to settle verified pension arrears and address outstanding obligations to DBS pensioners.
CIS says recapitalisation should mark a new phase for insurance companies.
Insurers are advised to pursue profitable business instead of rapid expansion.
Investors should focus on financial performance and other fundamentals.
Stronger balance sheets should support innovation and wider insurance coverage.
Main Story
The Chartered Institute of Stockbrokers (CIS) has urged insurance companies that recently completed recapitalisation to focus on building sustainable businesses rather than rushing to expand.
Dr Benneth Eze, Head of Research and Development at CIS, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.
Eze said the additional capital should be deployed carefully to protect shareholders’ funds and strengthen the long-term performance of the companies.
He said insurers needed to place greater emphasis on disciplined underwriting, efficient claims management, sound operations and returns that reflected the risks taken.
Rather than measuring success by the amount of business written, Eze said companies should concentrate on securing profitable business that could support sustainable growth.
He also urged boards and management teams to be transparent with shareholders about how the new funds were being invested and the returns expected from them.
According to him, investors should not assume that a successful recapitalisation automatically makes an insurance company a good investment.
He advised them to examine factors including earnings quality, return on equity, solvency, asset quality, liquidity, underwriting results, corporate governance, dividend sustainability and valuation.
Eze said insurance companies should also use the stronger capital base to improve their technology, workforce, data capabilities and distribution networks.
He noted that the real assessment of the recapitalisation would come from the companies’ financial performance over the next few reporting periods.
He said insurers would need to demonstrate that the new capital was translating into stronger underwriting results, sustainable profits, competitive returns and improved claims management.
Eze also encouraged companies to use their financial strength to develop insurance products that address the actual risks faced by households and businesses.
The Issues
The recapitalisation has strengthened insurers’ capital positions, but the next challenge is ensuring that the funds generate sustainable returns rather than simply supporting larger business volumes.
What’s Being Said
“My advice to recapitalised insurance firms would be simple: do not treat recapitalisation as the destination; treat it as the beginning of the next phase of the industry.” – Dr Benneth Eze, Head of Research and Development, CIS.
“Regulatory compliance is only the minimum standard.” – Dr Benneth Eze, Head of Research and Development, CIS.
What’s Next
Insurance companies are expected to demonstrate through future financial results whether the additional capital is improving profitability, underwriting performance, returns and claims outcomes.
Bottom Line
CIS says the true measure of recapitalisation will be whether insurers can convert stronger capital positions into profitable, well-managed businesses that deliver lasting value to shareholders and greater protection to customers.
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WEEK: 8; SEASON: UK 2026/2027; DATE: 22-August-2026
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WEEK: 7; SEASON: UK 2026/2027; DATE: 15-August-2026
NUPRC is consulting stakeholders on a domestic crude and gas swap arrangement.
The proposed system is expected to reduce logistics costs and improve product availability.
Local refiners received 53.7 million barrels of crude in Q2 2026.
NMDPRA supports strategic reserves to strengthen energy security and price stability.
Main Story
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is working with industry stakeholders on a proposed domestic crude oil and gas swap arrangement aimed at reducing costs and improving product availability.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, disclosed this during a courtesy visit to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.
Eyesan said the arrangement was still being discussed with stakeholders and would be implemented after the necessary modalities had been agreed.
She said the proposed mechanism could also improve compliance with the Domestic Crude Supply Obligation (DCSO) and Domestic Gas Supply Obligation, with coordination involving the Gas Aggregation Company Nigeria Limited (GACN).
Recent NUPRC figures showed that domestic crude deliveries to local refineries had improved significantly.
Local refiners received 53.7 million barrels of crude between April and June, representing 97.4 per cent performance for the second quarter of 2026.
Despite the improvement, Nigeria continues to import crude oil, prompting discussions on how domestic supply arrangements can be made more efficient.
Eyesan explained that a swap system could allow producers and off-takers to exchange supply obligations based on their locations instead of transporting crude over long distances.
She said discussions on applying the arrangement specifically to crude oil were still at an early stage.
Eyesan also pledged closer cooperation between NUPRC and NMDPRA to improve the performance of the petroleum sector.
The Issues
Although domestic crude supply to local refiners has improved, the continued need for crude imports has raised questions about the efficiency and cost of existing supply arrangements.
What’s Being Said
“How the swap works is that I have an obligation somewhere and I am close to an export facility. Somebody else has an obligation inland and his own facility is close to a domestic off-taker. So, instead of trying to move from one end to the other, we just agree on a swap arrangement and there is a mechanism for them netting off.” – Oritsemeyiwa Eyesan, NUPRC Chief Executive.
What’s Next
NUPRC is expected to continue consultations with industry stakeholders and finalise the framework for the proposed swap arrangement.
Bottom Line
The proposed crude and gas swap could help reduce supply and transportation costs while improving compliance with domestic supply obligations and the availability of petroleum products.
