Business
Peter Obi : Why doesn’t Nigeria have oil reserve?
“Countries that plan build buffers against shocks, while those that fail to plan remain vulnerable,” Obi stated.
Peter Obi said on Friday that Nigeria’s recurring vulnerability to global economic shocks, particularly in the energy sector, is a direct consequence of poor planning and the absence of strategic buffers.
Obi made the observation in a post on his official X while reacting to the recent increase in fuel prices in the country, following rising tensions involving Iran which pushed global crude oil prices upward.
According to him, petrol, which sold for less than ₦1,000 per litre only a few weeks ago, now costs over ₦1,200 per litre in many parts of the country.
Diesel prices have also surged from below ₦1,000 per litre to more than ₦1,500 per litre within the same isglobal developments can impact Nigeria’s economy.
Obi explained that many countries across the world, whether they are oil-producing nations or not, maintain strategic petroleum reserves to cushion the impact of supply disruptions or sudden price spikes in the global market.
Such reserves, he noted, allow governments to release stored fuel during crises in order to stabilise supply and moderate price increases.
However, he said Nigeria lacks such a buffer, leaving the country immediately exposed whenever global oil prices rise or geopolitical tensions disrupt supply chains.
According to the former Anambra State governor, the situation highlights a broader issue of inadequate long-term planning in the country’s economic management.
“Countries that plan build buffers against shocks, while those that fail to plan remain vulnerable,” Obi stated.
He added the recurring fuel price hikes affecting Nigerians underscore the need for more deliberate and strategic economic planning.
He reiterated his position that with prudent management of resources and proper planning, Nigeria can build stronger economic safeguards and reduce its exposure to external shocks
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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