News
Fix refineries, fuel price may hit N1000 Per Litre – Experts to FG
To check the rising price of fuel, they urged the government in the interim to give petrol importers special concessionary FX rate in order to bring in the product at a cheaper rate devoid of intervening variables at the international market.
In the long run, the experts advised government to fix all the local refineries so that petroleum products can be refined locally to meet the country’s needs.
They also advised the Federal Government to ensure that modular refineries are established in the country to argument the shortfall that may arise from the regular refineries.
In addition, they tasked the government on the urgent need to curb oil theft in order to meet the country’s production quota set by the Organisation of Petroleum Producing Countries (OPEC), as doing so will boost the the country’s foreign exchange earnings.
The experts warned that allowing the country’s exchange rate to be determined by the vagaries of market forces could spell doom for the economy since much production is going on for export earnings.
Chief Economist & Partner at SPM Professional, Paul Alaje, said it is correct to assert that the price of petrol could reach N1000 per litre if left unchecked, especially when the price of crude rises and the country has no control over it.
Alaje said: “It is true that Nigerians may have to pay up to N1000 per liter because when we say the forces of demand and supply, it is purely international market that will detect the price. It is not a respecter of what Nigeria is earning or number of poor people in Nigeria. That is why we should be wary of following purely market forces.
“There is a role government has to play in any economy. And that is what the Asian economists have realised and have advocated that there is limitation to what the classical and neoclassical are teaching the public and those in authority; there is danger in market forces.
“We have, therefore, stated that as much as it is important for us to allow the forces of demand and supply to adjudicate prices, including FX, and PMS, it is therefore, also more important for government to intervene because of the large number of poor people that we have in our nation today.
“If it (petrol) goes to N1000 per litre, what does it mean? It means that the support government wants to give to people in terms of N8,000 is even insufficient abnitio as the price of PMS will continue to increase. We know that no matter how much government increase salaries, it cannot be done indefinitely, even the Federal Government income cannot double immediately. That is why it is important for us as a people, to be mindful of the theory that we apply and adopt in our system”.
On his part, Managing Director, SD&D Capital Management Limited, Gbolade Idakolo, agreed with the analyst’s assertion that the price of petrol could rise to N1000 per litre if nothing is done to reign in rising FX rate.
Mr. Idakolo said: “The assertions of the analyst might not be far from the truth if government only relies on private refineries or imported fuel.
“The government needs to speed up the turnaround maintenance of its refineries which will ensure that a large percentage of petroleum products can be refined and sold at a considerable low cost to the people because private refineries would sell at international price in order to maximise profit.
“The government also needs to intervene to stop the free fall of the Naira to the US dollars by injecting more foreign currency into the Importer and Exporter (I & E) window so that it can drive down the exchange rate which has a major impact on the eventual cost of petroleum products”.
Aliyu llias, a financial analyst reacted thus: “It is expected that Nigerians will pay more because two things are the determining factor now. The Naira to dollar is on floating, so anywhere the world moves, we follow them. Another thing is the price of crude oil. If the price of crude oil moves up, instead of Nigeria benefitting, we will pay more for our consumption.
“In the short term, government should intervene by providing special forex for fuel importers. The main solution is for us to have our refineries working. If we have domestic refining capacity, we will not have to import fuel. We should have modular refineries and revisit the issue of forex”.
Managing Director at Dignity Finance and Investment Limited, Dr Chijioke Ekechukwu, identified two major factors driving high cost of petroleum products as the international crude oil price, and the exchange rate. He called on the government to fix the refineries since it cannot influence the oil price.
Dr. Ekechukwu said, “There are two major factors driving the high cost of petroleum products currently. The first is the international crude oil price, and the second factor is the exchange rate.
“We cannot influence the oil price as a country, but we can influence the exchange rate by doing everything within our powers to increase production of oil up to the allowed OPEC quota. We can also reduce oil theft to generate more foreign revenue. That way, supply of foreign currencies will increase and the exchange rate will be reduced.
“We also need to make our refineries work, both government and privately owned refineries. When they work, we don’t have to import petroleum products at exchange rate determined prices”.
Worried by the volatility in the foreign exchange market, Dr Muda Yusuf Director/CEO Centre for the Promotion of Private Enterprise (CPPE), said in spite of the limitations in forex supply, the system needs to be managed in a way that would not undermine investors confidence as this triggers speculation and influences expectations which in turn triggers diverse responses among economic players.
He called for vigilance to prevent questionable capital outflows, speculative assault on Naira, and urged the Central Bank of Nigeria (CBN) to exercise better oversight on forex demands.
Acknowledging that the foreign exchange market is evidently under pressure as a result of a number of factors, he pointed out that there was a curious surge in monetary expansion in the last one month.
Yusuf said: Money supply grew by an unprecedented 15% in one month between May and June 2023. Broad money grew by over N9 trillion, from N55.7 trillion to N64.9 trillion. This surge in monetary growth is unprecedented. Obviously, this must have had an effect on the exchange rate.
The monetary authorities should investigate this drastic growth in money supply and take steps to curb subsequent expansion. Such dramatic growth in money supply poses a significant risk to macroeconomic stability, especially price stability.
He added that transiting from a repressive market environment to a more liberalised market could be a source of market instability. However, there is need for vigilance to prevent questionable capital outflows or speculative assault on the currency.
A free market is not synonymous with complete absence of regulation. Free enterprise has to be complemented with an appropriate regulatory framework to curb illicit financial flows.
It is evident that the frequency and scope of Central Bank of Nigeria (CBN) intervention in the forex market had decelerated compared to first five months of the year.
Recent reports from the CBN indicate a total of $17 billion intervention by the CBN in the forex market in 2022. This is an average of N1.4 billion per month. Since the inception of the present administration, it is doubtful whether we had seen an intervention of up to $1 billion in total. It expected that as the scale of intervention improves, the volatile will be subdued.
And only recently, the government paid $500 million to settle matured debt service obligation on Eurobond. This could also be a constraining supply side factor.
The marginal decline in foreign reserves was also disproportionately amplified by the media. This also created some anxiety which could also have driven speculative activities in the forex market.
On the supply side, he said the trajectory is that there would be an improvement in oil output which would boost forex earnings, adding that the prospects of improved domestic refining of petroleum products in the coming months, will reduce forex demand pressure from importation of petroleum products.
Improved investors confidence will boost Foreign Direct Investment (FDI) and foreign portfolio investments, and other remittances.
CBN should exercise better oversight on forex demands to ensure protection of the market from speculative assault and illicit capital outflows, he stated.
News
SEDC to Launch 50,000-Hectare Agro-Mechanisation Project in Enugu to Tackle Unemployment, Insecurity
The South-East Development Commission (SEDC) has concluded arrangement for the kick-off the zone-wide 50,000-hectare agro-mechanisation project in Enugu community meant to tackle insecurity, unemployment and food insecurity.
The SEDC zone-wide 50,000-hectare agro-mechanisation, which is meant to be established in each of the 15 senatorial zones of the five South-East states, would commence at a pilot scheme level on Sept. 22.
This is contained in a statement issued by the media aide to the Governor of Enugu State, Chief Uche Anichukwu, on Wednesday in Enugu.
The Managing Director of the Commission, Mr Mark Okoye, disclosed this during a community engagement at the pilot project site in Nomeh Unateze community in Nkanu East Local Government Area of Enugu State on Tuesday.
Okoye said the SEDC had, following its establishment in 2024, used the first year to do extensive studies and design a blueprint that cuts across different areas of the South-East economy.
He said the agro-mechanisation projects, remained a major part of the commission’s blueprint, explaining that it would address insecurity, unemployment, and food security.
According to him, so, what we are here for is one of our flagship initiatives, which is called the South-East Agro Mechanisation Programme or the South East Agro Development Programme.
Okoye said that the SEDC was committed to develop up to 50,000 hectares of land and that would be used for mechanised farming across the region.
“We are here for a pre-assessment, pre-flag-off visit to see the area, understand the level of work that needs to be done and ensure that contractors can start mobilising so that once we hit the site we start running.
“Because a big part of what we are looking at is how to address food insecurity and unemployment, ensuring that we are producing what we put on the table.
“We are starting with pilot programmes where we are taking 200 to 300 hectares of farmland across 15 senatorial zones and developing them to standard farms.
“Where you not only have cassava, maize, some of our staple crops, but also some cash crops. In some areas, there will be the centres for learning and centres for productivity,” he said.
Okoye said that Gov. Peter Mbah would flag off the project on Tuesday, adding the SEDC team came to assess the area, meet with the community and ensurr that all the plans are in place.
“And within the second we put this investment here, at least N4 billion or N5 billion of added investment will come in,” he said.
Okoye commended President Bola Tinubu for addressing the long yearning by the South-East for a commission to mobilise resources and coordinate development in the region.
He urged the people to reciprocate the numerous gestures by supporting the Tinubu to continue the development efforts post 2027.
He further revealed that the commission would soon roll ou an investment agency to help mobilise local and Diaspora investments for the region’s speedy development.
A community leader in the community, Chief Uche Anichukwu, described the agro-mechanisation project as one of the blessings of the APC, Tinubu and Mbah administrations to Enugu State in general and Nomeh Unateze in particularly.
Anichukwu, who is also media aide to the Governor of Enugu State, said that the Nenwe-Nomeh-Mburubu-Nara road, with a spur to Oduma, had created ready and multiple access to market for the proposed agricultural project.
Speaking, Chairman, Nomeh Unateze Town Union Caretaker Committee, Dr Chukwudi Anyianuka, and other community stakeholders, reiterated their support for the project.
They commended Tinubu and Mbah for siting the project in their community.
“We are very happy. We cannot wait to see it actualised and we promise that we are going to provide everything that is necessary to make sure that this is established.
“The Commission has taken a methodical approach to regional development.
“Rather than the pitfall of throwing money at development challenges, it undertook a study of the region and came up with a master plan, which includes this initiative, to reinvent the South-East,” Anyianuka added.
Also present at the interactive session were the members of the traditional council of Nomeh Unateze and community heads.
…As Onitsha South Mayor Empowers Workers
By Okey Maduforo, Awka
Maintenance and rehabilitation works at the recently closed First Niger Bridge are being hampered by poor lighting during night shifts and inadequate sanitary facilities at the site.
Recall that before the closure of the bridge, the Minister of Works, Engr. Dave Umahi, had disclosed that efforts would be made to carry out some of the rehabilitation works at night.
However, some of the workers at the site said poor lighting was affecting effective monitoring of activities on the bridge, while the poor sanitary condition of the area was also posing a threat to their health.
The workers made the complaints during a working visit to the bridge by the Mayor of Onitsha South Local Government Area, Chief Emeka Orji.
Orji, who was accompanied by the Secretary of the Local Government, Barr. Paul Onuachalla, and executives of the Fegge Community Landlords/Tenants Welfare Association, led by its Chairman, Chief Nnamdi Onugha, provided cooked meals and packs of bottled water to the personnel and workers at the site.
Speaking after the visit, Orji said the gesture was aimed at supporting the workers and showing solidarity with the Federal Government’s rehabilitation efforts on the bridge.
He said, “To support the workers and give them a sense of belonging, that is why we came to appreciate them. We will continue doing so from time to time as part of our Corporate Social Responsibility.”
The Mayor also disclosed that the council had provided facilities, including mobile toilets and water tanks, while arrangements were being made for water tankers to supply water to the tanks.
Orji further stressed the importance of the military presence in Onitsha South, noting that the personnel would contribute to security, rapid response and protection of the bridge, Onitsha South and parts of Ogbaru Local Government Area.
He added that the council would continue to strengthen its collaboration with security agencies to ensure maximum security across Onitsha South Local Government Area.
Earlier, after inspecting the environment with the Mayor, the Officer in Charge, who pleaded anonymity, identified poor lighting at the bridge at night as one of the major challenges confronting the personnel.
According to him, the situation makes it difficult to effectively monitor activities around the bridge, particularly during night shifts.
He also complained about the poor sanitary condition of the under-bridge environment where the personnel camp, saying they had to clean up the area themselves upon arrival.
The officer further appealed for improved accommodation and food support for the personnel.
He, however, commended the Mayor for the visit and assistance, saying the gesture made the workers feel appreciated.
“We feel loved and appreciated. We are happy seeing you around,” he said.
Africa’s richest industrialist, Aliko Dangote, has revealed that he bought his first private jet at the age of 22 and a half.
Dangote made the disclosure on Monday in Lagos during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange.
Reflecting on his business journey, the billionaire said he had enjoyed travelling by private jet over the years but was now comfortable using commercial flights.
He also urged wealthy Nigerians to channel more of their resources into productive investments rather than luxury assets.
Dangote particularly appealed to affluent Nigerians who spend huge sums on private aircraft to consider investing such wealth in industries and businesses that could contribute to Nigeria’s economic growth.
“I try as much as I can to encourage people who are riding $900 million aircraft to please go and put that into production. We are not going to be a great nation without doing something productive,” he said.
He stressed that directing private wealth towards productive ventures would help strengthen the economy, create jobs and provide greater opportunities for national development.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has rejected claims that it appropriated or “stole” the idea of Niger Delta Economic and Investment Summit from another organisation whose application was reportedly pending before the Federal Ministry of Trade.
NDCCITMA considers the allegation misleading and wishes to set the record straight.
The concept of Niger Delta Economic and Investment Summit is a broad and widely recognised platform used globally to bring together government, the private sector, investors, businesses, development partners and other stakeholders to deliberate on economic growth and development. The use of the term “Economic Summit” does not, in itself, establish exclusive ownership of the concept by any individual or organisation.
More importantly, the chronology of events does not support the allegation being made against NDCCITMA.
While the said application was reportedly still pending before the Ministry of Trade as at September 2025, NDCCITMA had already gone through the appropriate processes and received approval from the Ministry of Trade in August 2025.
NDCCITMA did not rely on, copy, or appropriate the pending application of any other party in arriving at its name or identity
It is also important to distinguish between a concept and legally protected intellectual property, such as a registered trademark, proprietary material or other enforceable intellectual property right.
NDCCITMA remains committed to conducting its activities in accordance with applicable laws and regulatory requirements.Most importantly, in Suit No: FHC/PHC/CS/57/2026 filed on same subject matter in Portharcourt by the petitioner, the learned Judge had restrained the plaintiff from further interfering with the Summit being planned by the NDCCITMA. NDCCITMA will continue respect the rule of law
We therefore urge the public, stakeholders, the media to disregard any narrative unless such claims are supported by verifiable facts and relevant legal documentation.
NDCCITMA firmly rejects the allegation and maintains that its activities and identity were developed and pursued independently and through the appropriate regulatory channels.
The organisation remains focused on its mandate of promoting commerce, industry, trade, agriculture, investment and sustainable economic development across the Niger Delta region.
Signed:
Management
Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA)
The Cross River State Commissioner for Power and Renewable Energy, Prince Eka Williams Abang, has died at a hospital in Abuja.
Williams reportedly died suddenly on Saturday, September 12, 2026, while receiving medical treatment.
His death was announced on Sunday by his brother, Nkang William, who expressed shock over the sudden loss.
The deceased was described by family members and associates as a dedicated public servant whose death had left a significant void.
A former councillor representing Abo Ward in Boki Local Government Area, Pius Kejuo Osang, said he was still struggling to understand the development.
Late Abang
“I don’t understand, I was with him on Tuesday, I slept in his hotel,” Osang said.
Michael Gabriel Jr., Executive Media Assistant to Senator John Owan-Enoh, Minister of State for Industry, also described Williams as “a dedicated public servant and a good man.”
He said Ikom Local Government Area had lost a committed public servant, adding that Williams’ life of service, humility and impact would remain in the memories of those he touched.
The commissioner’s death has thrown Cross River’s political and public service circles into mourning, with condolences pouring in for his family, colleagues and associates.
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