January 26, 2026

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Nigerian economy

Dangote Refinery Expansion to 1.4m bpd — Africa’s Richest Man Targets Global Oil Dominance

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Aliko Dangote has unveiled plans to double the capacity of his Lagos refinery from 650,000 to 1.4 million barrels per day, aiming to rival the world’s largest petroleum facilities. The $5 billion expansion will boost exports, stabilize local fuel supply, and reinforce Nigeria’s position as Africa’s refining hub under the Euro VI emission standard....

Dangote Refinery Deploys CNG Trucks as Petrol Prices Rise Nationwide

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The Dangote Petroleum Refinery has begun using compressed natural gas (CNG)-powered trucks to distribute petrol at ₦850 per litre, amid nationwide price surges. Market data show retail prices rising to ₦955 per litre in major cities, despite hopes that direct Dangote supply would stabilise costs. The move signals a deepening realignment in Nigeria’s fuel economy....

Rewane Projects 18% Inflation by November, Warns Fiscal Risks Amid Oil Price Decline

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Leading economist Bismarck Rewane has predicted a drop in Nigeria’s inflation rate to 18% by November, citing authentic growth in GDP and stabilising FX rates. He, however, warned that falling oil prices and a bloated cost of governance could widen fiscal deficits unless spending and debt service obligations are urgently curtailed....

FAAC Disburses ₦2.225tn to FG, States, LGs in August

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The Federation Account Allocation Committee (FAAC) shared ₦2.225 trillion among the three tiers of government for August, out of a gross ₦3.635 trillion. FG received ₦810bn, states ₦709bn, and LGs ₦522bn, while oil-producing states got ₦183bn as 13% derivation. VAT and oil royalties rose, but corporate tax and imports weakened....

Subsidy Removal in Nigeria: Ezekwesili Slams Tinubu Over ‘Good Policy, Wrong Execution’

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Former Minister of Education Oby Ezekwesili has criticised President Bola Tinubu’s fuel subsidy removal, calling it a sound policy “implemented the wrong way.” Speaking at the Nigerian Bar Association conference in Enugu, she said the abrupt reform deepened poverty, worsened inflation, and left millions without safety nets....

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