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Petrol Prices Soar Again

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Petrol Prices Soar Again

Petrol prices soar again in Lagos and Abuja as NNPC raises rates. Dangote’s refinery hike sparks wider inflation fears across Nigeria

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Petrol prices soar again as the Nigerian National Petroleum Company Limited increases pump prices at its retail outlets in Lagos and Abuja, deepening concerns over affordability and economic stability.

Also read: Port Harcourt refinery petrol denial sparks PETROAN credibility crisis

On Monday, filling stations owned by NNPC in the Federal Capital Territory displayed a revised pump price of N945 per litre. In Lagos, the price rose to N915 per litre.

This upward revision reflects a fresh spike of N35 in Abuja and N45 in Lagos, compared to the previous figures of N910 and N870 per litre respectively.

The development follows last week’s decision by the Dangote Petroleum Refinery to increase its ex-depot price from N825 to N880 per litre. The move triggered widespread adjustments across the downstream market.

Our correspondent observed that several NNPC stations, including those in Kubwa and along Obasanjo Way in Abuja, had implemented the new pricing. In Lagos, stations in Igando and along the Badagry Expressway mirrored the updated figures. The increase was not restricted to government-owned outlets.

Private marketers, including MRS, TotalEnergies, and Oluwafemi Arowolo Petroleum, have all adjusted their pump prices upwards.

Rates now range between N910 and N925 per litre. Major depot hubs such as Wosbab, Pinnacle, and NIPCO have pegged their ex-depot prices around N920 to N925.

A key factor driving the surge is the rising global crude oil price.

We can only hope Dangote maintains its current price, or petrol may cross the N1,000 mark.

The ongoing conflict between the United States and Iran has disrupted market expectations, with many analysts warning that the $80 per barrel threshold may soon be breached.

The recent weekend airstrikes on Iranian nuclear sites by US and Israeli forces have added to fears of a prolonged crisis.

Independent marketers have cautioned that Nigerians could see petrol prices exceed N1,000 per litre unless immediate interventions are made. The naira’s instability and increased upstream costs are expected to aggravate the situation.

Olatide Jeremiah, CEO of PetroleumPrice.ng, warned, “Private depots are likely to increase petrol price to N1,000 in the coming days with the current trend observed in the market. If by tomorrow morning, crude price increases to $80 or exceeds that threshold, Nigerians would pay N1,000 at depots.”

He explained that the last surge in prices occurred because Dangote temporarily halted sales.

However, the refinery has resumed operations, offering petrol at N880 for volumes of two million litres.

According to Jeremiah, Dangote remains a stabilising force in the current pricing landscape.

Experts believe the consistent hikes in pump prices could further fuel inflation, burdening commuters, businesses, and households.

As the market remains deregulated but unstable, concerns mount over the ability of authorities to manage the ripple effects on the wider economy.

Also read: Inflation: Real reason Indomie reduced Prices of Popular Staple Food item Revealed

With no immediate relief in sight and international tensions intensifying, Nigerians brace for what may become the most expensive fuel era in the nation’s history.

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Governor Dauda Lawal Join VP Shettima’s Delegation to Benin Republic, Seeks Industrial Model to Boost Zamfara’s Agric Zones

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Zamfara State Governor Dauda Lawal has described the Glo-Djigbé Industrial Zone (GDIZ) as a practical blueprint for transforming Zamfara state’s agricultural sector, as he joined Vice President of Nigeria, Senator Kashim Shettima and five other governors on a working visit to the Benin Republic industrial hub on Friday.

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The delegation toured the 1,640-hectare public-private industrial platform, inspecting integrated textile and agro-processing facilities where locally produced cotton is converted into yarn, fabric and finished garments while cashew and soybean are processed for domestic and export markets. GDIZ, developed by the Beninese government and ARISE Integrated Industrial Platforms, has created more than 25,000 jobs since production began in 2021.

For Governor Lawal, who presides over an agrarian state with vast arable land and a strong comparative advantage in crop production, the visit presented an opportunity to draw direct lessons for Zamfara’s agricultural transformation agenda.

“Zamfara holds a strong comparative advantage in agriculture. We grow all crops in the state, we are not limited to soybeans. We have the land and it is fertile,” Governor Lawal had told global investors at the Africa Investment Forum in Morocco last November, where he signed a strategic Memorandum of Understanding with the Ministry of Finance Incorporated (MOFI) to drive large-scale agricultural transformation under the INTEGRANIUM Initiative.

The GDIZ visit is aimed at strengthening the implementation of Nigeria’s Special Agro-Industrial Processing Zones Programme, drawing practical lessons from Benin’s approach to agricultural value addition, industrial infrastructure, investment mobilisation and export-oriented production. Particular attention was given to the textile park’s integrated production system covering cotton spinning, weaving, fabric processing and garment manufacturing. Governor Lawal believes that Zamfara State can benefit from the $370 billion worth of global cotton valuation by ensuring Zamfara grows more cotton and can also lead the charge by reviving moribund textile manufacturing hubs and value chain which could generate millions of jobs, expand non-oil exports and stimulate economic activities.

Governor Lawal’s participation in the delegation aligns with Zamfara’s recently launched 10-year Development Plan (2025–2034), which envisions the state becoming “a benchmark for transformative economic growth, not merely for Nigeria, but the continent of Africa”. The plan prioritises maximising Zamfara’s agricultural and natural resource strengths through partnerships, mechanised farming, agro-processing and value chains to create jobs, improve food security and reduce poverty-driven insecurity.

Governor Lawal was also in company of other state Governors like; Hope Uzodimma (Imo), Caleb Mutfwang (Plateau), AbdulRahman AbdulRazaq (Kwara), Dikko Radda (Katsina), and Umar Namadi (Jigawa). The visit is expected to inform the development of garment-training facilities and dedicated processing infrastructure near agricultural production communities across Nigeria.

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FG Halts Controversial WAEC, NECO Fee Hike Review

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WAEC NECO fee hike review has been suspended by FG after public concerns, with consultations planned before any final decision on exam costs (more…)

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Governor Dauda Lawal Commissions ZAM Lithium Processing Plant, Targets 2,000 Jobs, Local Value Addition

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In a bold move to industrialise Zamfara State and unlock its vast mineral wealth, Governor Dr Dauda Lawal has officially commissioned a multi-billion-naira lithium mining and processing plant located in Boko village, within the Moriki Emirate of Kaura Namonda Local Government Area. The state-of-the-art facility, which represents an investment of over 200 million US dollars, marks a historic turning point in the state’s quest to move beyond raw mineral exportation and embrace full-scale local processing, value addition and industrial development.

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The commissioning ceremony drew a large gathering of traditional rulers, government officials, investors, community leaders and mining industry stakeholders who came to witness what the governor described as the dawn of a new era for Zamfara’s solid minerals sector.

The lithium processing plant is a flagship initiative under Governor Lawal’s broader economic diversification agenda, designed to ensure that Zamfara’s abundant natural resources are not only extracted but also processed and utilised in a manner that generates substantial revenue for the state, creates employment opportunities and stimulates homegrown industrial growth. By establishing local processing capacity, the plant will significantly reduce the export of raw lithium and other minerals, thereby retaining more value within the state and the nation at large. This strategic shift is expected to improve local utilisation of lithium and its entire value chain, positioning Zamfara as a key player in the global renewable energy and technology-driven economy, where lithium is increasingly in high demand for electric vehicle batteries, modern electronics and industrial applications.

The ZAM Processing Plant is a joint venture involving Zam Mining Coal Limited in collaboration with the Zamfara State Government, Bima Mines and Jinlide Mining Co. Ltd. This partnership has further demonstrated Governor Lawal’s unwavering commitment to restoring investor confidence and signalling that Zamfara State is fully open for business and ready to collaborate with credible investors in developing critical aspects of its economic infrastructure.

The plant will explore, mine, process and utilise the state’s rich mineral endowments, which include not only lithium but also gold, copper, and iron ore, thereby creating a comprehensive mining value chain that spans extraction, processing and industrial application. The facility is equipped with the best advanced technological processing machines available globally, enabling it to scale up production to an impressive 6,000 tons of raw materials daily and over 2,000,000 tons annually. This massive output is expected to significantly boost Nigeria’s total mineral production and strengthen the country’s competitive position in the global mineral market.

Beyond its production capacity, the processing plant is designed to enhance mineral recovery rates, maximise value addition and promote technology transfer to local engineers, technicians and entrepreneurs. The facility is expected to stimulate the growth of industries, including machinery manufacturing, transportation, logistics and maintenance services, thereby creating a ripple effect that will benefit the broader economy.

In terms of employment, the project is set to generate approximately 2,000 direct and indirect jobs, with priority given to qualified workers and residents from the host communities in Zamfara State. The company has also committed to providing comprehensive vocational and technological training programmes to build local skills and expertise, enabling residents to build sustainable careers in the mining industry and contribute to long-term community development.

As part of its corporate social responsibility, the company will undertake a series of community development projects designed to improve the quality of life for host communities. These initiatives include the renovation, construction and upgrade of primary and secondary health centres to ensure access to quality healthcare; the drilling of boreholes to provide portable drinking water and the installation of solar-powered electricity systems to address energy needs in rural areas. The company has also pledged to uphold the highest standards of environmental protection, ensuring operational transparency, responsible mining practices and the mitigation of any adverse ecological impacts. These commitments reflect a deliberate effort to ensure that host communities are genuine partners in progress and direct beneficiaries of the resources found in their environment.

In his remarks at the commissioning ceremony, Governor Lawal delivered an impassioned address in which he described the event as a symbol of a new beginning and a testament to the potential of responsible investment in the solid minerals sector. He emphasised that Zamfara is a haven of vast mineral deposits and that the state government has a moral and economic obligation to harness these God-given resources in a manner that improves the lives of its people.

He recalled that since the commencement of his administration, his government had made a firm commitment to change the narrative of the solid minerals sector, transitioning from informal, unregulated mining to a structured, organised and law-abiding industry that operates within the framework of national and international best practices. He reiterated that his government will continue to provide an enabling environment for investors to operate responsibly, with continued support for reforms aimed at promoting lawful activities, attracting credible investors and strengthening partnerships with the Federal Government to contribute meaningfully to the economic growth and development of the state.

The Governor further noted that the global economy is changing rapidly, driven by the future of renewable energy, electric vehicles, modern technology and industrial transformation and that Zamfara must position itself to become an active participant in this global shift. With its vast deposits of raw materials and minerals, the state must not only extract but also explore the entire value chain, from mining to processing and manufacturing. He stressed that the establishment of the ZAM Processing Plant is entirely consistent with this vision of moving towards local processing, value addition, skill development and industrial growth. He also commended the company for its meaningful corporate social responsibility commitments, which ensure that host communities remain partners in progress and beneficiaries of the development of resources found in their environment.

Governor Lawal concluded by expressing his profound gratitude to the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, for his renewed commitment to positioning the solid mineral sector as a driver of national economic growth, investment, industrialisation and economic transformation, which aligns strongly with Zamfara’s vision to better opportunities and expand its revenue base. The commissioning was widely hailed by community leaders, Emirat and stakeholders as a monumental achievement that will transform the economic landscape of Zamfara State for generations to come.

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