Energy

What was once a celebration of lavish feasts and multiple drink choices has been scaled down, primarily due to the economic downturn that has made hosting such events increasingly expensive

Dr. Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared the news during a visit by a delegation from the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo

The government hopes that bringing in private investors with the technical know-how and financial muscle will turn the refineries around and boost Nigeria’s oil production, reducing the nation’s reliance on imported refined products

According to Mrs. Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, Nigeria has moved from being in the bottom quartile of 13 indexed countries to the top three for deepwater oil competitiveness

Meshioye pointed to several key issues that have plagued the energy landscape, including inadequate power supply, outdated and unreliable energy infrastructure, and high electricity tariffs, which make it difficult for businesses to operate efficiently

The challenges plaguing Nigeria’s power sector include outdated equipment, inadequate gas supply, poor coordination of power plants and gas pipelines, a lack of operational reserves, infrastructure vandalism, and systemic corruption

The devaluation and floating of the naira initiated by the Tinubu administration have exacerbated the situation, resulting in the naira trading at approximately ₦1,700 to a dollar, a significant decline from less than ₦700 in May 2023

As of October 9, 2024, the price of petrol surged to N1,030 per litre in Abuja, up from N897 per litre. In Lagos, the price rose to N998 per litre from the previous N855 per litre. The Dangote Petroleum Refinery also reflected this increase, with prices climbing 8.8% to N977 per litre, up from N898 per litre

This development comes after the recent increase in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL), particularly for petrol supplied from the Dangote Petroleum Refinery