Business Archives - Voice of Liberty NG

NNPCL increases petrol price to ₦1,270

July 22, 2026July 22, 2026 Aminu Imam

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit, popularly known as petrol, at its retail stations. A market check yesterday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from ₦1,155 per litre to ₦1,270 per litre. The latest adjustment represents an increase of N115 per litre by the state-owned oil company. The development comes as activities in Nigeria’s downstream oil sector continue to face uncertainty. Some NNPCL and MRS filling stations in Abuja were reportedly shut, while…

‘Nigeria’s borrowing costs threatening its economic recovery’ – OPEC

July 19, 2026July 19, 2026 Aminu Imam

Nigeria’s economic recovery could come under renewed pressure from persistently high borrowing costs and inflation despite stronger crude oil production and ongoing economic reforms, the Organisation of the Petroleum Exporting Countries (OPEC) has warned. In its July ‘Monthly Oil Market Report’, OPEC said Nigeria’s near-term economic outlook remains positive, supported by higher oil production, improving macroeconomic stability, stronger business activity and continued reform efforts. However, it cautioned that inflationary pressures and expensive credit continue to pose significant risks to sustained growth. According to the report, Nigeria’s economy expanded by 3.9%…

FG grants Shell $11.5/barrel tax credit to unlock $20bn investment

July 16, 2026July 16, 2026 Aminu Imam

The Federal Government has approved a special production-linked tax credit for Shell Plc’s Bonga Southwest Aparo deepwater oil project in a fresh move aimed at unlocking billions of dollars in investment and accelerating Nigeria’s crude oil production. According to a Bloomberg report on Tuesday, President Bola Tinubu approved fiscal terms granting Shell and its partners a tax rebate of $11.50 for every barrel of crude oil produced from the project, more than double the standard incentive currently available under Nigeria’s fiscal framework. The report, citing people familiar with the matter…

‘NNPCL secretly hires top managers from South, after halting oil exploration funding in North’ – Sources

July 15, 2026July 15, 2026 Aminu Imam

Fresh controversy has engulfed Nigeria’s oil and gas sector following allegations that the Nigerian National Petroleum Company Limited, NNPCL, quietly recruited mostly Southerners into executive and middle management positions, amid claims that the exercise violated the federal character principle. Sources told newsmen that the recruitment, conducted alongside the company’s ‘Accelerated and Voluntary Exit Programme’, lacked transparency and was carried out without public advertisement or clearly defined selection criteria. The development comes as stakeholders also criticised President Bola Tinubu’s Executive Order 9, which redirects funds previously allocated to frontier oil exploration…

Ɗangote Refinery begins petrol sales in dollars, dumps Naira

July 15, 2026July 15, 2026 Aminu Imam

Dangote Refinery on petrol sales in dollars

Ɗangote Petroleum Refinery has officially ended naira-denominated sales of refined petroleum products, introducing a dollar-based pricing structure that fixes the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, at $0.779 per litre. The new pricing template, which took effect on Monday July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and Aviation Turbine Kerosene (ATK) at $0.942 per litre, while coastal deliveries of PMS have been fixed at $1,044.62 per metric tonne. The development marks the end of Naira payments for refined petroleum…

Niger Govt. allocates land to Indian billionaire to build sub-Saharan Africa’s largest solar steel plant

July 9, 2026July 9, 2026 Aminu Imam

Niger State has allocated 500 hectares of land to Abuja Steel Mills Limited, a subsidiary of Raj Gupta’s African Industries Group (AIG), for the construction of what the company says could become sub-Saharan Africa’s largest solar-powered steel manufacturing facility, alongside a new industrial park. The project will combine large-scale steel manufacturing with a dedicated solar plant, aiming to reduce reliance on Nigeria’s unreliable electricity grid. This initiative aligns with the state’s broader plan to become a key industrial corridor, supported by additional land, gas pipeline access, and hydro assets. Officials…

‘Ɗangote beats U.S, ships ₦757bn jet fuel to Europe’ – Report

July 7, 2026July 7, 2026 Aminu Imam

The Ɗangote Petroleum Refinery exported an estimated 466,000 metric tonnes of aviation fuel to Europe in June, with the shipment valued at about ₦757 billion, surpassing the United States to become the continent’s largest supplier during the month. The latest export figures mark Nigeria’s highest monthly jet fuel shipment to Europe since the country became a net exporter of aviation fuel in 2024 following the commencement of production at the Ɗangote Refinery. Market data compiled by S&P Global Commodity Insights showed that Nigerian jet fuel exports to Europe doubled from…

Chinese experts begin move to revive Warri refinery conduit pipeline

July 6, 2026July 6, 2026 Aminu Imam

…After years of setbacks A team of Chinese engineers has begun a comprehensive technical assessment of the pipeline infrastructure at the Nigerian National Petroleum Company Limited (NNPCL)’s Warri Refining and Petrochemicals Company, as part of efforts to revive the long-troubled facility after years of vandalism, crude theft and operational setbacks. The assessment is being carried out by about 35 engineers from Chinese firms Sanjiang Chemicals and New Future Group, who are examining critical assets, including the refinery’s conduit pipelines, many of which have suffered from years of looting, illegal connections…

Northern Business Forum loan applicants cry of marginalisation by Bank of Industry

July 6, 2026July 6, 2026 Aminu Imam

…Challenge MD to disclose State-by-State ₦644.9bn disbursed in 2025 The Bank of Industry (BOI) has been challenged by the Concerned Northern Business Forum (NBF) by its Spokesman, Abdallah Zubair Rimi, to disclose by each geo-political zones on its claim that disbursed ₦644.9 billion to businesses in 2025, with 20% of the funding directed to women- and youth-led enterprises as part of efforts to promote inclusive economic growth. The bank said the interventions supported approximately 1.68 million jobs across various sectors of the economy. The BoI Managing Director and Chief Executive…

IMF raises alarm over Nigeria’s unrecorded public expenditure

July 3, 2026July 3, 2026 Aminu Imam

The International Monetary Fund (IMF) has raised concerns over unreported government spending in Nigeria, saying expenditure equivalent to about two percent of the country’s Gross Domestic Product (GDP) was not captured in recent official budgets and implementation reports. IMF Resident Representative in Nigeria, Christian Ebeke, disclosed this on Wednesday, while speaking to business executives in Lagos. He said the omission had created a gap between Nigeria’s reported fiscal deficit and its actual financing needs. According to him, the discrepancy means the country’s deficit appears smaller on paper than the level…