Energy

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Meshioye pointed to several key issues that have plagued the energy landscape, including inadequate power supply, outdated and unreliable energy infrastructure, and high electricity tariffs, which make it difficult for businesses to operate efficiently

The challenges plaguing Nigeria’s power sector include outdated equipment, inadequate gas supply, poor coordination of power plants and gas pipelines, a lack of operational reserves, infrastructure vandalism, and systemic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

A Vanguard investigation revealed that while independent marketers are dispensing petrol at between ₦1,070 and ₦1,400 per litre at their stations, hawkers—colloquially known as "black market sellers"—offer the same product for ₦1,000 per litre, usually sold in white plastic gallons

The 650,000 barrels per day Dangote refinery, located in Lagos, has successfully completed its test production of petroleum and is set to begin selling petrol immediately. This comes as a beacon of hope for Nigerians grappling with severe petrol scarcity across cities and towns

The Trust, which operates under the Oil Mining Lease 18 managed by the Nigerian National Petroleum Corporation Limited (NNPCL), is focused on enhancing relations between the local community and the companies operating in the area