Business
Dangote raises petrol prices to N955 from N899/litre for bulk buyers
Sequel to a consistent surge in the price of Brent, the global benchmark for crude, the Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers.
In a statement on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.
It noted that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.
The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.
This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.
The statement added that the new price regime will take effect from 5:30 PM, today.
The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.
“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.
QuantityPrevious Price (NGN/Litre)
2 million-9.99 million -N899.
5010 million Litres & Above N895
Quantity
New Price (NGN/ Litre)
2 million – 4.99 million
N9555 million Litres & Above N950“
Please note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.
“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.
”The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.
An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.
Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price.
Therefore, Nigerians should expect an increase in Petrol Pump Price.
“Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.
”On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.
He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.
Business
BUA Chairman Rabiu shares South Africa visa entry denial experience at Africa CEO Forum
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
The founder and Chairman of BUA Group, Abdul Samad Rabiu, has recounted how he was denied entry into South Africa after his visa expired a day before his trip, while European travellers were reportedly allowed into the country without visas.
Rabiu shared the experience on Thursday while speaking on “Africa at Scale: Capital, Policy and the Architecture of Growth” at the ongoing Africa CEO Forum in Kigali, Rwanda.
He said that the incident occurred in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba conference.
He said that immigration officials stopped him on arrival after discovering that his visa had expired the previous day.
Rabiu explained that he and his team spent about four hours at the airport before he was eventually returned to Lagos.
“I take full responsibility because my visa had expired and my crew failed to notice it before the trip,” he said.
However, the businessman said that he became concerned after noticing that passengers arriving on multiple flights from Europe were allowed into South Africa without visas while he, as an African, was denied entry.
“While we were waiting at the immigration desk, there were about three international flights from Europe. Most of the passengers were Europeans, and they all entered Cape Town without visas,” he said.
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
“I did not have a problem with being returned because I had no valid visa. My issue was being an African in Africa and being denied entry, while foreigners from other continents were allowed in freely without visas,” he said.
He called for reforms in visa and immigration policies across the continent, stressing that Africa cannot achieve meaningful economic integration while Africans continue to face barriers moving within African countries.
Business
At Africa CEO Forum, President Tinubu Highlights “Partnerships That Moves Africa Forward”
“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
President Bola Ahmed Tinubu during a panel session at the ongoing Africa CEO Forum, called for “Partnership that can move Africa forward.”
He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.
“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” said President Tinubu.
He said that his administration’s policies were positioning Nigeria as an open and competitive destination for investment.
“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.
President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.
He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.
He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
Business
Obi Meets UK Business Leaders, Advocates Stronger Support for MSMEs
Presidential hopeful of the National Democratic Congress (NDC), Mr. Peter Obi, has reiterated the critical role of micro, small, and medium-sized enterprises (MSMEs) in driving Nigeria’s economic growth and reducing unemployment.
Obi made the remarks on Tuesday following a series of meetings in London with stakeholders in British politics and the business community, including Jonathan Marland, Chairman of the Commonwealth Enterprise and Investment Council (CWEIC).
According to Obi, discussions with Lord Marland focused on prospective trade opportunities, economic advancement, and strategies for promoting small businesses across Nigeria.
Drawing comparisons with rapidly developing economies such as China, Indonesia, and Vietnam, Obi stressed that sustainable economic growth and job creation can only be achieved through deliberate support for MSMEs.
The former Anambra State governor maintained that small businesses remain the backbone of the economy and called for stronger policies aimed at boosting development and creating employment opportunities, particularly in the agriculture and manufacturing sectors.
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