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Nigeria Ranks 6th African Country With Cheap Fuel Prices

As global oil prices fluctuate, these nations have to navigate challenges such as subsidies and production levels to ensure affordable fuel for their populations.

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GlobalPetrolPrices.com ranked Nigeria 6th on the top 10 African countries with the cheapest fuel at the start of 2025.

1. Libya

Libya remains the leader in the African fuel price rankings, with a litre of fuel costing $0.030.

This low price is largely due to the country’s rich oil reserves, which make up a significant portion of its economy.

2. Angola

Angola follows closely with a price of $0.328 per litre. As one of Africa’s top oil producers, Angola has a large share of the global oil market. The country’s reliance on oil exports helps maintain relatively low domestic fuel prices, providing an economic advantage for its citizens..

3. Egypt

Egypt is another country where fuel remains affordable, priced at $0.336 per litre. The country has seen substantial investment in its oil and gas sector in recent years, and the government provides subsidies to maintain lower fuel prices for the public.  

4. Algeria

Fuel in Algeria costs $0.339 per litre. The country’s vast oil and gas resources contribute to these low prices, and the government continues to subsidise fuel costs, which helps support local economic stability.

5. Sudan

Sudan’s fuel price is $0.700 per litre, which is still quite low compared to global standards. While Sudan faces economic challenges, it benefits from domestic oil production, though it has struggled with fluctuations in oil output and the impact of external factors on fuel prices.  

6. Nigeria

Nigeria, Africa’s largest oil producer, offers fuel at $0.769 per litre.

Despite being one of the continent’s top oil exporters, the country’s fuel prices are impacted by fluctuating global oil prices, governmental policies, and the local economy.

While the price is relatively low by international standards, , it reflects the challenges Nigeria faces in balancing domestic supply and demand.

 7. Tunisia

In Tunisia, fuel is priced at $0.794 per litre. The country has limited domestic oil production but benefits from access to regional markets and government subsidies that help control fuel prices. However, economic pressures mean that prices may fluctuate over time.

8. Ethiopia

Ethiopia, with a price of $0.805 per litre, ranks eighth on this list. While the country is not a major oil producer, it imports most of its fuel, but government efforts to stabilise prices help keep costs low for consumers.

 9. Liberia

Liberia’s fuel price is $0.829 per litre. The country relies on imports to meet its fuel needs, and while domestic production is limited, low prices are maintained through government policy and external trade agreements.  

10. Gabon

Gabon, with a price of $0.944 per litre, rounds out the top 10. As an oil producer with significant reserves,

Gabon benefits from relatively low fuel costs compared to other countries on the continent. However, fuel prices are still higher than those in nations with larger oil production capacities. 

Countries like Libya and Angola, with abundant oil reserves, maintain low fuel prices, while nations such as Ethiopia and Liberia, which depend on imports, face higher costs.

As global oil prices fluctuate, these nations have to navigate challenges such as subsidies and production levels to ensure affordable fuel for their populations.

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Business

FIRS Inaugurate E- Invoicing Committee for Tax Compliance

On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja.

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The Federal Inland Revenue Service has inaugurated the National E-Invoicing Solution Inter-Agency Steering Committee as part of its efforts to boost tax compliance, transparency, and efficiency in Nigeria’s tax system.

This was according to a statement shared on the service’s official X handle on Tuesday.

“On Tuesday, April 29, 2025, the Federal Inland Revenue Service (FIRS) formally inaugurated the National E- Invoicing Solution Inter-Agency Steering Committee at its headquarters in Abuja”, said the statement.

The event featured a presentation of the roadmap for the implementation of the E-Invoicing Initiative, including key milestones intended to ensure a seamless rollout.

The event featured a detailed presentation outlining the roadmap and strategic milestones for the successful implementation of the E- Invoicing Initiative”, it added.

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Competition Tribunal Orders Coca – Cola to pay N190 million misleading Fines Within 60 Days

Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.

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The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.

The Competition and Consumer Protection Tribunal ( CCPT) has ordered the Nigerian Bottling Company Limited (NBC), also known as Coca-Cola Nigeria Limited to pay the N190 million administrative penalty imposed on the company for misleading packaging, within 60 days .

This was contrary to the settlement reached between the Federal Competition and Consumer Protection Commission (FCCPC) and the NBC in the case that stemmed from an August 2024 announcement by the FCCPC in which it accused Coca-Cola and NBC of engaging in unfair marketing tactics and misleading consumers.

In a judgment delivered on Monday, April 28, a three-member panel led by presiding judge Thomas Okosun dismissed NBC’s application to adopt the settlement terms as judgment, describing it as an “attempt to arrest judgment.”

NBC’s counsel, O. Ogunride, had informed the tribunal of a settlement agreement reached with the FCCPC, requesting its adoption as a consent judgment.

The FCCPC’s representative, Abimbola Ojenike, confirmed the existence of the settlement, stating that discussions had been finalised with Akoji Achimugu, the commission’s legal director.

However, the tribunal pointed out that the terms of settlement were filed after judgment had been reserved and both parties had submitted their final written arguments.

Okosun ruled that “the notion of arrest of judgment is unknown to Nigerian law,” stressing that entering a settlement at this stage exceeded the FCCPC’s statutory authority and undermined its role as a regulator.

The tribunal criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations.

The tribunal emphasized its constitutional duty to the public, asserting that it could not engage in private compromises between parties.

The panel also criticized the FCCPC’s sudden shift from its earlier position, noting that the proposed settlement declared “there is no penalty,” directly contradicting the commission’s findings from its investigation.

Consequently, the tribunal rejected the settlement and proceeded to deliver its final judgment.

Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.

It affirmed that the ₦190 million administrative penalty was consistent with the Federal Competition and Consumer Protection Act (FCCPA) and the 1999 Constitution (as amended).

NBC’s appeal was dismissed for lack of merit, and the company was ordered to pay the fine within 60 days.

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Nigeria’s non-oil exports climbed by 24.7% to $1.79 billion in Q1 – NEPC

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The Nigerian Export Promotion Council, NEPC, has said Africa’s most populous country’s non-oil exports increased by 24.75 percent to $1.791 billion in the first quarter of 2025.

The executive director of NEPC, Nonye Ayeni, disclosed this on Monday in Abuja.

According to her, the increase in non-export showed increased commitments and efforts towards improving the sector in the period under review.

“This year, the Nigerian Export Promotion Council (NEPC) reported the highest value of export since it was established 49 years ago, with a year-on-year increase of 20.77 percent, from $4.517 billion in 2023 to $5.456 billion in 2024.

“Nigeria’s non-oil products exported in the first quarter of 2025 were valued at US$1.791 billion.

“This is a 24.75 percent increase over and above the $1.436 billion reported in the first quarter of 2024″, Ayeni stated.

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