…to about $54.95 billion as of October 2, 2026.The increase has been linked to stronger crude oil production, a pickup in foreign portfolio investments and a slowdown in import-related outflows.The naira strengthens slightly against the dollar while external reserves move closer to the $55 billion mark. Photo: Bloomberg…

…at many filling stations across the country. The News Agency of Nigeria reports that Crude oil prices currently hover around 90 dollars per barrel for the U.S. benchmark West Texas Intermediate (WTI) and about 98 dollars per barrel for the international benchmark, Brent crude. Checks by NAN in Abuja on Sunday showed th…

…exposure to market movements. The DMO subsequently clarified that Nigeria did not pledge crude oil revenues, airports, ports or other strategic national assets as security for the transaction. Instead, the government provided naira-denominated Federal Government securities as collateral. According to the agency, collat…

…Nigerian Navy and the Inter-Agency Task Force discovered a 40,000-litre capacity illegal crude oil refinery in Rivers State. The discovery was made during a joint operation involving men of the Nigerian Navy and the Task Force at a creek in Bonny Local Government Area of the state on Friday. The discovery followed acti…

…petrol prices across several Nigerian depots following a decline in international crude oil prices, raising expectations of cheaper fuel at filling stations. The latest depot price report by Petroleumprice.ng shows reductions across Lagos, Port Harcourt, Calabar and Warri, with Dangote implementing one of the largest c…

…as crude, depot rates fallLegit.ng earlier reported that the latest decline in global crude oil prices is piling fresh pressure on Nigerian refiners and petroleum marketers to reduce petrol prices, raising expectations that motorists could see some relief at filling stations.Crude prices retreated at the weekend after…

…complete solution to the region’s supply deficit.The CORAN Summit 2026, organised by the Crude Oil Refinery-owners Association of Nigeria, is focused on “Refining for Value: Linking Upstream Supply to Downstream Demand,” with stakeholders examining feedstock security, refining capacity, infrastructure and Nigeria’s com…

…Google.Add Punch on Google Iyovwaye said Delta had abundant natural resources, including crude oil, gas, the sea and fertile land, as well as a large pool of skilled people. He, however, said the state had not adequately translated its resources into improved living conditions for its residents. “We see a rich state, b…

…of derivatives-based sovereign borrowing.The Federal Government has maintained that no crude oil revenues or strategic national assets were pledged as collateral for the facility.Tinubu's government borrows more as Nigeria's 2026 budget carries a N31.46trn deficit. Photo: DMOpublic debt crosses N166 trillionThe rise in…

…market could also have implications for Nigeria’s foreign exchange position because crude oil remains a major source of dollar earnings.Oil traded around $100.19 per barrel, while US West Texas Intermediate hovered near $95 per barrel.The naira hits a new high against major currencies in all markets. ImagesGold, meanwh…

…in profit after tax, to N7.2tn in 2025, despite a decline in revenue amid falling crude oil prices and reduced product volumes. The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, disclosed this on Tuesday in Abuja during a media interaction to present the company’s 2025 audited financial results, achievem…

…in Lagos.The proposed Lamu Refinery is designed to process up to 700,000 barrels of crude oil per day.

Crude oil prices rose to $107 per barrel on Monday from $104, before retreating to $105 as Qatar planned fresh talks between the United States and Iran in a renewed effort to end the war and reopen the Strait of Hormuz. According to Reuters, the proposed diplomatic engagement comes amid continued disruptions to oil shi…

…Kamsy Africa’s richest man, Aliko Dangote, will require about 2.1 million barrels of crude oil per day to supply his expanding refining operations, highlighting the growing feedstock requirements as Nigeria seeks to establish itself as a regional refining hub. Dangote, represented by the Chief Economist of Dangote Refi…

…On minerals, Nigeria should urgently move beyond the traditional dependence on crude oil. The country possesses significant deposits of critical minerals, including lithium, tin, columbite, tantalite, gold, barite and other resources. The objective should not simply be to attract foreign companies to extract them. Nige…

…owners could face renewed pressure to raise petrol and diesel prices after international crude oil prices climbed back above $107 per barrel on Monday, September 28, reversing a week of declines at depots across the country.Brent crude had risen $2.92, or 2.80%, to $107.20 per barrel, while West Texas Intermediate gain…

Nigeria’s domestic refineries received 683,000 barrels of crude oil daily in August 2026, up 16.75% from 585,000 barrels per day in JulyDangote Refinery’s petrol supply rose by 39% to 35.9 million litres daily, while Nigeria’s petrol imports fell by 26% to 14.6 million litres per dayThe refinery recorded 105.21% averag…

…As petrol imports dips 26% to 14.6m litres By Obas Esiedesa & Ediri Ejoh Crude oil receipts by Nigerian domestic refineries increased by 16.75 percent in August 2026, rising to 683,000 barrels per day (b/d) from 585,000b/d in July, according to the latest data from the Nigerian Midstream and Downstream Petroleum Regul…

…Once completed, the East African refinery is expected to process 700,000 barrels of crude oil per day, strengthening regional energy security and supporting industrial development across East Africa. Dangote Group is also progressing plans to expand the processing capacity of the Dangote Petroleum Refinery in Nigeria f…

DSS secures 10-year jail term without fine option for nine crude oil thieves The Federal High Court sitting in Uyo, Akwa Ibom State, has convicted and sentenced nine people arrested in connection with crude oil theft to 10 years in prison.Justice Joy Ikpeme delivered the judgment on Monday, September 14, finding the ni…

…dependence on imported petroleum products.The Syrian experience also demonstrates that crude oil production alone does not guarantee energy security.Countries need functioning refineries, reliable crude supply, storage infrastructure, efficient distribution networks and policies that can cushion consumers from severe i…

…per litre over the weekend, bringing the new wholesale price to N1,350, as rising global crude oil costs put pressure on Nigeria's fuel market.

…once fresh supplies are brought in.The increases coincide with elevated international crude oil prices. Brent crude was trading at around $107.92 per barrel before moving to $108.21, adding further pressure on the cost of petroleum products and replacement supplies.Motorists face higher fuel costs as petrol prices rise…

…review programme, Today in the News, Vanguard leads with the surge in international crude oil prices above $100 per barrel which is pushing up petrol prices across Nigeria, with major marketers raising pump prices and creating fresh pressure on transporters, commuters, households and businesses. Another headline featur…

…Here is today’s summary from Nigerian Newspapers: 1. Following the rise in Brent crude oil prices to $104.61 per barrel, retail outlets in the Federal Capital Territory hiked pump prices on Sunday. Crude oil prices have been rising since February this year following the US-Iran war. The situation hit a new peak after t…