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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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Are The Ministers of industry Leaving Manufacturers To Face Challenges?

” Nigeria deserves regulation that safeguards public health while preserving livelihoods, investment, and respect for due process,” said Oyerinde.

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By OCHEFA

Collage: MAN President Francis Meshioye; John Owan Enoh, Minister of State for Industry; and Minister of Industry, Jumoke Oduwole.

This concerns the National Agency for Food and Drug Administration and Control (NAFDAC) ‘s recent ban on spirit drinks in sachets and small bottles under 200ml.

Since the issue arose, industry stakeholders have been negotiating directly with the regulator, without their ministers’ involvement, despite their oversight over policies affecting operators.

Industry groups like MAN, NECA, FOBTOB, and others have engaged with NAFDAC and lawmakers independently, without consulting the sector’s ministerial officials who could have intervened and coordinated with higher authorities, including the Minister of Health.

Currently, there is confusion caused by government officials.

NAFDAC claims its ban is authorised by the Nigerian Senate and supported by the Federal Ministry of Health to protect public health, especially children and young adults.

Conversely, the Office of the Secretary to the Government of the Federation (OSGF), led by Senator George Akume, states that the ban requires their approval as the final authority.

Before the December 25, 2025, ban, NAFDAC Director-General Prof Mojisola Christianah Adeyeye stated that manufacturers had a six-year moratorium to reconfigure their products.

Different brands of sachets alcohol

In December 2018, NAFDAC, the Federal Ministry of Health, and FCCPC signed a five-year MoU with AFBTE and DIBAN to phase out sachet and small-volume alcohol packaging by January 31, 2024.

The moratorium, initiated in 2021, was extended to December 2025 to allow industry players to clear stock and reconfigure production.

NAFDAC insists that the current Senate resolution aligns with the original agreement and Nigeria’s commitment to the WHO Global Strategy to Reduce Harmful Alcohol Use, which Nigeria has supported since 2010.

NAFDAC recently presented a survey report backing the ban on the production and consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons.

NAFDAC recently made a public presentation of the alcohol consumption survey.

This was in response to the MAN, NECA, FOBTOB, among other industrial stakeholders querying its recent ban on sachet alcohol in packet sizes and PET bottles.

NAFDAC Director-General, Prof. Mojisola Adeyeye, said during the presentation of the survey reports that the study was conducted in collaboration with the Distillers and Blenders Association of Nigeria and carried out by Research and Data Solutions Ltd, Abuja, surveyed 1,788 respondents across six states between June and August 2021.

“Rivers and Lagos State lead in the consumption of alcoholic drinks sold in sachets and Polyethene Terephthalate bottles among minors and underage persons”, she said.

The agency said that the report examined access to alcohol and drinking frequency among minors (below 13 years), underage (13–17 years), and adults (18 years and above).”

Alcohol remains “one of the most widely used substances of abuse among youths” and noted that “the availability and easy access to alcohol have been identified as a contributory factor to the increasing alcohol consumption among minors.”54.3 percent of minors and underage respondents obtained alcohol by themselves.

Nearly half (49.9 per cent) purchased drinks in sachets or PET bottles, with Rivers State recording the highest rates—68.0 percent for sachets and 64.5 percent for PET bottles.

“Meshioye urges the government to prevail on the regulator to suspend the ban, because, “When manufacturing thrives, Nigeria thrives..when manufacturing wins, government wins.”

Lagos followed with 52.3 percent and 47.7 percent, respectively, while Kaduna recorded 38.6 percent sachet and 28.4 percent PET bottle consumption.

“The proportion of drinks procured in sachets was higher among males (51.4 percent) compared to females (41.5 percent), and more in rural (50.1 percent) compared to urban (45.3 percent) locations.”

The report also revealed that minors and underage respondents also accessed alcohol from friends and relatives (49.9 percent), social gatherings (45.9 per cent), and parents’ homes (21.7 percent).

It said that among those who bought alcohol themselves, 47.2 percent of minors and 48.8 percent of underage respondents procured drinks in sachets, while 41.2 percent of minors and 47.2 percent of the PET bottles.

On consumption frequency, 63.2 percent of minors and 54.0 percent of underage persons were occasional drinkers, but 9.3 percent of minors and 25.2 percent of underages respondent reported drinking daily.

Albeit, the OSGF, in a joint statement with the NSA,  declared the NAFDAC ban ” Null and Void.”

The leadership of the Manufacturers Association of Nigeria (MAN),  however accused the NAFDAC of having misled the Senate to approve the ban on sachet alcohol and PET bottles.

Francis Meshioye, the President of the association, and Segun Ajayi-Kadir, Director -General of MAN, emphasised that NAFDAC didn’t provide the Senate with empirical data showing the negative impacts of alcohol on children.

“Business is based on data and logic. Not sentiment. Data is key. Bring your data. Alcohol is not produced for children.It is clearly written on the sachet that it is for people 18+;  the companies producing them have done the campaigns; they have NAFDAC numbers. So NAFDAC should do its job.

They misled the Senate by not giving enough information to the lawmakers,” said Ajayi – Kadir.

Meshioye urges the government to prevail on the regulator to suspend the ban, because, “When manufacturing thrives, Nigeria thrives..when manufacturing wins, government wins.”

Corroborating with MAN, the Nigeria Employers’ Consultative Association (NECA) strongly condemned the ban, calling it a “serious regulatory misstep” that threatens jobs, investments, and Nigeria’s regulatory credibility.

NECA Director General Wale-Smatt Oyerinde, expressed dismay that the enforcement is already disrupting legitimate businesses, jeopardising thousands of jobs across the wines and spirits value chain—including manufacturing, packaging, distribution, retail, and agriculture—and eroding investor confidence amid economic challenges such as high operating costs and currency pressures.

While affirming strong support for protecting minors, removing unsafe products, and advancing public health, NECA argued that the current blanket approach is flawed.

It disproportionately affects compliant, NAFDAC-registered manufacturers whose products underwent rigorous testing, registration, and revalidation processes.

These products comply with international alcohol-by-volume (ABV) standards for spirits, with clear labelling and warnings restricting consumption to adults over 18.

Oyerinde stressed that underage access stems from enforcement gaps at the retail level—such as weak age verification and monitoring—rather than packaging formats.

He advocated for smarter, evidence-based measures, including stricter retailer licensing, compliance checks, public education on responsible drinking, and intensified crackdowns on illicit narcotics and unregistered substances, which pose greater dangers to youth.

“Nigeria deserves regulation that safeguards public health while preserving livelihoods, investment, and respect for due process,” said Oyerinde, emphasising, “Policies ignoring science, economic realities, and regulatory coherence risk causing more harm than good..”

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President Tinubu Extends Ban on Raw Shea Nut Exports by One Year to Boost Local Processing

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President Bola Ahmed Tinubu has approved a one-year extension of the ban on the export of raw shea nuts, effective from February 26, 2026, to February 25, 2027.

The decision, announced in a State House press release by Special Adviser to the President on Information and Strategy, Bayo Onanuga, reinforces the administration’s focus on industrial growth, domestic value addition, and the broader goals of the Renewed Hope Agenda.

The extended ban is designed to strengthen Nigeria’s processing capabilities for shea nuts, improve livelihoods in shea-producing communities across the Savanna belt, and shift exports toward higher-value products such as shea butter.

Processed shea butter, valued for its moisturising, anti-inflammatory, and antioxidant properties, serves as a key ingredient in cosmetics, skincare, hair products, and edible oils—and commands prices 10 to 20 times higher than raw nuts.

To support effective implementation, President Tinubu has directed the Ministers of the Federal Ministry of Industry, Trade and Investment, in collaboration with the Presidential Food Security Coordination Unit (PFSCU), to develop and coordinate a unified, evidence-based national framework.

This framework will align industrialisation, trade, and investment strategies across the entire shea nut value chain.

The President has also endorsed the export framework developed by the Nigerian Commodity Exchange (NCX) and ordered the immediate withdrawal of all existing waivers that previously permitted direct exports of raw shea nuts.

Going forward, any excess or surplus raw shea nuts must be exported exclusively through the NCX in line with its approved guidelines.

In a related measure to enhance local capacity, President Tinubu directed the Federal Ministry of Finance to establish access to a dedicated Non-Oil Export Stimulation Support (NESS) Window.

This facility will enable the Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism aimed at bolstering production and processing capabilities in the sector.

The Federal Government reiterated its commitment to policies that drive inclusive economic growth, promote local manufacturing, and position Nigeria as a stronger, more competitive player in global agricultural value chains.

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CBN Cuts Interest Rate to 26.5% on disinflation

The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”

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The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR), the benchmark interest rate by 50 basis points from 27 percent to 26.5 percent.

The Governor of the CBN, Mr. Olayemi Cardoso, disclosed this at the end of the 304th meeting of the Monetary Policy Committee (MPC) held yesterday in Abuja.

The bank also retained the standing facilities corridor at +50 to -450 basis points and kept the Cash Reserve Requirements, CRR unchanged (deposit money banks 45%, merchant banks 16%, and 75% for non TSA public sector deposits).

Cardoso explained, “The committee’s decision was premised on a balanced evaluation of risk to the outlook, which suggests that the ongoing disinflation trajectory would continue, largely supported by the transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.”

He added that the committee took into account the sustained deceleration of the year-on-year, headline inflation in January 2026 marking the 11th consecutive month of decline.

“This downward trajectory in inflation was driven mainly by the continued effects of the contractionary monetary policy, stability in the foreign exchange market, robust capital inflows and improvement in the balance of payments,” he said.

According to him, the momentum was further reinforced by relative stability in the prices of petroleum products and improved food supply conditions, especially staples.

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