Fuel prices in Morocco are likely to increase again following the recent adjustment earlier this month, according to insiders in the fuel retail sector and labor union representatives. The ongoing conflict in the Middle East continues to create instability in global oil markets, placing renewed pressure on fuel costs and weakening household purchasing power across the country. Earlier in March, the prices of diesel and gasoline were already adjusted upward. Diesel rose by nearly 2 dirhams per liter, while gasoline increased by about 1.5 dirhams per liter. A representative from the National Federation of Fuel Station Owners, Traders, and Managers revealed that another price rise is now highly expected. However, the exact date and method of implementation remain uncertain because fuel pricing decisions are controlled by supply and distribution companies rather than station operators. Fuel station owners are currently operating under significant uncertainty, not only regarding price changes but also concerning the status of national fuel reserves. According to the industry source, retailers often receive unofficial information about upcoming price increases through rumors and discussions circulating in the market, sometimes even through social media platforms, just like ordinary consumers. He further explained that official confirmation of new prices usually reaches station owners only a few hours before the changes take effect. Distributors rarely provide clear guidance, long-term pricing plans, or transparent commercial strategies, leaving retailers unable to prepare adequately for sudden adjustments. Market indicators suggest that another increase is almost unavoidable. Estimates indicate that the total rise could reach around 2 dirhams per liter. One possible scenario being discussed within the sector is that the increase may be applied gradually in two stages, with one adjustment at the end of March and another in mid-April, instead of implementing the full increase at once. Such a gradual approach, according to the source, would help reduce the shock on consumers and prevent a sudden financial burden on both households and fuel station operators. Even with higher pump prices, retailers do not benefit from the increase, as their profit margins remain fixed at approximately 350 to 400 dirhams per ton regardless of the selling price. He stressed that higher fuel prices do not translate into higher profits for station owners. Instead, the rise leads to higher operating costs, increased investment requirements, and more financial pressure on businesses within the distribution chain. Houssine El Yamani, Secretary-General of the National Petroleum and Gas Union affiliated with the Democratic Confederation of Labour, described the consequences of the Middle East conflict as alarming. He warned that diesel prices in Morocco could eventually reach 18 dirhams per liter after adding international market costs, taxes, transportation expenses, and distributor margins. According to him, urgent government action is necessary to maintain economic stability, protect citizens’ purchasing power, and prevent social tension. Without intervention, continued increases in fuel prices could have serious consequences for transport costs, food prices, and overall living expenses. In response to the situation, the Moroccan government announced on March 17 that it would begin a new phase of exceptional financial support for road transport professionals in order to reduce the burden caused by rising fuel costs. Meanwhile, the Ministry of Energy Transition confirmed that fuel supply operations through ports and the domestic distribution network remain stable, assuring the public that there is no immediate risk of fuel shortages despite the volatile international market. The global oil market continues to react to geopolitical tensions, particularly the ongoing conflict in the Middle East, which remains one of the most important oil-producing regions in the world. Any disruption in supply, shipping routes, or production levels directly affects fuel prices in importing countries such as Morocco, making local prices highly sensitive to international developments. For more information about global oil market trends, readers can refer to the International Energy Agency report:https://www.iea.org/
Following a sharp increase in global crude oil prices triggered by the ongoing conflict in the Middle East, Africa’s richest businessman, Aliko Dangote, has commenced the export of refined petroleum products from the Dangote mega-refinery to several African nations experiencing fuel supply pressure. The development comes as many countries struggle with disruptions in international oil shipments and rising energy costs across global markets. Nigeria’s massive refinery project, owned by Dangote, recently confirmed that it has started supplying fuel to neighboring African countries after the crisis in the Middle East caused instability in global oil distribution channels. The situation worsened after shipping activities through the strategic Strait of Hormuz were affected, forcing many fuel-dependent nations to search for alternative suppliers to stabilize their domestic markets. Countries receiving fuel from Dangote refinery According to reports from Deutsche Welle Africa, the refinery disclosed that it had successfully delivered 12 cargo shipments totaling about 456,000 tonnes of petroleum products to several African countries. These include Ghana, Tanzania, Cameroon, Ivory Coast, and Togo, all of which have recently faced supply challenges due to the global oil market crisis. The Dangote refinery, located near Lagos, Nigeria’s commercial center, has a production capacity of approximately 650,000 barrels per day, making it the largest single-train refinery in Africa. With this output level, the facility is capable of fully meeting Nigeria’s internal fuel demand while also exporting surplus products to other African economies.The company stated that the refinery is expected to significantly improve energy stability across West, East, and Central Africa by reducing reliance on imported fuel from outside the continent. Recent data published by Bloomberg indicates that the refinery is currently exporting close to 90,000 barrels per day, with additional requests already coming from markets outside Africa, particularly for aviation fuel. At the beginning of the Middle East crisis, Dangote assured that the domestic Nigerian market would remain the first priority in order to prevent shortages and reduce the impact of price increases on local consumers.Before the refinery became operational in 2024, Nigeria depended heavily on imported petroleum products and regularly experienced fuel scarcity. Possible fuel shortage concerns in Kenya Kenya is among the African countries that have shown interest in sourcing fuel from the Dangote Oil Refining Company as supply uncertainties continue to grow.Geopolitical economist Aly-Khan Satchu explained that Kenya could soon face a fuel shortage because the country relies largely on imports from the Middle East. He noted that the major challenge is not only securing fuel deliveries on time but also managing the rapidly rising cost of crude oil. According to him, key Middle Eastern crude blends such as Omani and Murban have already approached $150 per barrel, representing a price increase of more than 100 percent compared to earlier levels. Nigeria and South Africa are also reportedly discussing a possible 12-month fuel supply agreement, which could further strengthen regional energy cooperation and reduce dependence on overseas suppliers. Current fuel prices in Kenya Despite the global surge in oil prices, Kenya’s Energy and Petroleum Regulatory Authority has maintained stable fuel prices for the moment, protecting consumers fromAfrica’s richest man Aliko Dangote starts exporting fuel to African countries amid shortageBecause most of the country’s fuel stock was imported before the Middle East crisis intensified, the impact on retail prices has been limited so far. In Nairobi, the current pump prices stand at approximately: In Mombasa, residents pay slightly lower rates: The situation remains uncertain, however, as continued instability in global oil supply routes could lead to further price adjustments in the coming months.
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The Central Bank of Nigeria (CBN) has received the prestigious Central Bank of the Year recognition from Central Banking Magazine, following a series of wide-ranging economic reforms that helped restore macroeconomic balance and renewed investor trust in Nigeria’s financial system. This international recognition highlights what the publication described as a return to orthodox monetary policy, led by the CBN Governor Olayemi Cardoso, whose administration has focused on rebuilding stability after years of economic distortions, inconsistent policies, and uncertainty in the financial market. Before the implementation of the current reforms, Nigeria’s economy was considered to be in a fragile condition. The country faced rising inflation, a severely depreciated naira, declining foreign exchange reserves, and weakened confidence among both local and foreign investors. The situation became more complicated due to the existence of multiple exchange-rate windows, a large foreign exchange backlog estimated at about $7 billion, and excessive dependence on monetary financing to support government spending. These issues contributed to instability in the financial system and reduced credibility in policy direction. After assuming office in October 2023, Cardoso and his team began a comprehensive reform programme aimed at tightening monetary policy, improving transparency, and restoring the credibility of the apex bank. One of the most important steps taken was the restructuring of the foreign exchange market, including the adoption of a willing-buyer, willing-seller framework and the introduction of an electronic FX matching platform designed to improve efficiency and fairness in currency trading. These changes helped remove market distortions and significantly reduced the gap between the official exchange rate and the parallel market rate, which previously exceeded 60 percent but later dropped to less than two percent, showing a major improvement in market stability. The publication also reported that the CBN successfully cleared outstanding foreign exchange obligations, which helped rebuild trust among investors, importers, and businesses while improving liquidity across the financial market. In its effort to control inflation, the apex bank adopted a tighter monetary stance by increasing interest rates aggressively before gradually easing them when inflation started to slow down. Inflation, which rose above 34 percent in 2024, declined to around 15 percent by early 2026, indicating stronger policy transmission and more disciplined liquidity management within the economy. Another major achievement mentioned in the report was the rebuilding of Nigeria’s external reserves, which increased to about $46.7 billion by late 2025, the highest level recorded in nearly seven years. This reserve level was enough to provide more than ten months of import cover, strengthening the country’s ability to withstand external economic shocks. Apart from monetary adjustments, the CBN also introduced significant institutional and governance reforms. These included the reduction of quasi-fiscal activities, stronger regulatory supervision of financial institutions, and improved transparency in policy communication to the public and investors. The bank also launched a bank recapitalisation programme aimed at strengthening the Nigerian banking sector, with several financial institutions already meeting the new capital requirements ahead of the March 2026 deadline. In addition, improvements in financial system integrity were recognised, including Nigeria’s removal from the grey list of the Financial Action Task Force, as well as positive evaluations from global organisations such as the International Monetary Fund, which acknowledged the progress made in economic reforms and policy discipline. Despite these achievements, the report noted that Nigeria still faces important challenges, including maintaining the decline in inflation, completing banking sector reforms, and strengthening institutional capacity to sustain long-term growth. Nevertheless, the magazine concluded that the actions taken by the Central Bank of Nigeria in the last two years have been exceptional, showing a strong commitment to restoring economic stability and creating a solid foundation for sustainable development in the country.
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LAGOS — Concerns are growing among Nigerians that the cost of Premium Motor Spirit (PMS), commonly known as petrol, as well as Automotive Gas Oil (diesel), may continue to increase following a fresh surge in global crude oil prices, which climbed above $100 per barrel on Thursday. Earlier in the week, many citizens had anticipated a reduction in fuel prices after crude oil fell to around $92 per barrel on Wednesday, raising hopes that energy costs would decline. However, the situation changed rapidly after renewed tensions involving the United States, Israel, and Iran. The newly appointed Iranian Supreme Leader, Ayatollah Mojtaba Khamenei, reportedly maintained a firm stance that the strategic Strait of Hormuz could remain effectively closed as part of geopolitical pressure, a development that immediately affected global oil supply expectations. Both Dangote Petroleum Refinery and the Nigerian National Petroleum Company (NNPC) Limited had earlier announced slight reductions in petrol prices earlier in the week. This move created optimism among Nigerians that pump prices might fall further. Nevertheless, the sudden increase in crude oil prices on the international market has weakened those expectations, as higher global prices often translate to higher domestic fuel costs. On Wednesday, crude oil had briefly dropped to about $88 per barrel, down from roughly $110 per barrel the previous day, after the International Energy Agency (IEA) confirmed that its 32 member nations agreed to release approximately 400 million barrels of oil from strategic reserves. The decision was intended to stabilize supply and reduce the impact of a possible disruption caused by the threatened closure of the Strait of Hormuz. Despite this intervention, market stability proved short-lived. Following renewed warnings from Iranian leadership about sustaining the blockade, crude oil prices began rising again. Market monitoring indicated that prices fluctuated between $96 and $117 per barrel, depending on crude grade and trading conditions. As of the latest market checks, petrol prices across Nigeria remain elevated, averaging around ₦1,200 per litre or higher in many locations nationwide. Depot Owners and Marketers Maintain High Pump Prices Market surveys conducted across major fuel depots revealed that prices have remained largely unchanged despite earlier expectations of a reduction. In Lagos, depot operators such as Matrix, Menj, NIPCO, Pinnacle, and Rainoil reportedly sold petrol at approximately ₦1,200, ₦1,180, ₦1,175, and ₦1,200 per litre, respectively. In Warri, depot owners including Danmarna, Matrix, Parker, Prudent, and Zamson sold at prices ranging between ₦1,200 and ₦1,205 per litre, showing little variation in market rates. In Port Harcourt, suppliers such as Bulk Strategic, Liquid Bulk, Masters, Matrix, and Sigmund recorded prices around ₦1,150 to ₦1,220 per litre, depending on supply volume and distribution costs. Similarly, in Calabar, depot operators including Dozzy, Fynefield, Matrix, NorthWest, and Wabeco sold petrol at about ₦1,195 to ₦1,205 per litre, confirming that the national average price remains high. Transporters and Commuters Express Concern Over Rising Fuel Cost Several transport operators and commuters expressed frustration over the continued increase in fuel prices, describing the situation as difficult for both businesses and daily transportation. Some stakeholders called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to step in and ensure that oil marketers review their pump prices in line with market realities, especially when temporary price reductions occur in the global oil market. They warned that persistent increases in petrol and diesel prices could lead to higher transportation fares, increased cost of goods, and additional economic pressure on households across the country.
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In a recent announcement, the management of Dangote Petroleum Refinery revealed that its latest reduction in fuel prices aims to alleviate the economic pressures on Nigerian consumers. This strategic adjustment highlights the refinery’s commitment to maintaining an affordable, transparent, and market-aligned pricing system. The company stated in an official release on Wednesday that, “This decision underscores our dedication to ensuring pricing remains sensitive to global market trends while upholding principles of fairness and transparency.” Operating under stringent governance standards and robust ethical practices, Dangote Refinery emphasized the importance of aligning its pricing strategy with the ongoing decline in global crude oil prices. According to the refinery, all crude processed is purchased at the global benchmark price, with an additional premium of $3 to $6, while foreign exchange payments are conducted at prevailing market rates, without subsidies applied to either crude or forex. Additionally, crude supplied under the Naira for Crude arrangement is priced in line with global benchmarks, plus a premium, and converted to the local currency based on current exchange rates. This ensures that domestic pricing remains fair and reflective of global economic conditions. Commitment to Economic Patriotism and Consumer Welfare The refinery disclosed that in 2025 alone, gantry prices were reduced on at least eight occasions, while price increases were implemented only twice. This approach reflects economic patriotism and a strong sense of responsibility to Nigerians. Dangote Refinery is dedicated to passing any cost advantages directly to consumers across all 36 states and the Federal Capital Territory, reinforcing its role as a stabilizing force in the domestic fuel market. Managing Director David Bird assured Nigerians that the refinery will continue to meet national fuel demand, even amid global oil market turbulence. Unlike countries heavily reliant on fuel imports, Nigeria benefits from domestic refining capacity, preventing panic buying or fuel rationing. Bird emphasized that the refinery continues to provide uninterrupted fuel supply, despite rising crude prices, freight charges, and insurance premiums due to geopolitical tensions in the Middle East. He pointed out that the global crude market recently experienced an unprecedented spike, with prices climbing from the mid-$60 range to nearly $120 per barrel in just one week, affecting the entire energy supply chain. While the refinery is not immune to such fluctuations, Bird highlighted that Nigeria enjoys a distinct advantage: a reliable and secure domestic fuel supply driven by its local refining infrastructure. Dangote Refinery’s proactive measures demonstrate a strong commitment to ensuring nationwide fuel stability, supporting economic growth, and protecting consumers from global market shocks.
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The Minister of Industry, Trade and Investment, Jumoke Oduwole, has stated that traders operating within the Lagos International Trade Fair Complex corridor contribute billions of naira to Nigeria’s Gross Domestic Product (GDP). She described the corridor as one of the most active and economically significant commercial hubs in West Africa, noting that the volume of trade carried out in the area plays a major role in supporting both local and regional economies. Oduwole made this known during an official visit to the complex in Lagos, where she also encouraged Nigerian business owners who currently run factories outside the country to consider relocating their production facilities back to Nigeria. According to her, domestic manufacturing will help create employment opportunities, strengthen the local supply chain, and increase the nation’s industrial capacity. The minister explained that the level of business activity within the Trade Fair corridor is obvious even without consulting official economic data. She said that simply moving around the area shows how large the commercial operations have become and how much value they generate daily. She noted that the trading activities carried out within the corridor contribute not only to Nigeria’s GDP but also to the wider West African and African economies. According to her, the businesses operating in the area are highly important to national development and regional trade growth. Oduwole acknowledged that a large portion of the businesses within the complex still operate in the informal sector. However, she emphasized that the informal nature of the sector does not mean the traders lack experience, knowledge, or financial strength. She recalled that during her time as a lecturer at the University of Lagos, she conducted research around the Trade Fair area and observed that many traders intentionally operate quietly despite handling very large volumes of international transactions. She said that some of the businesses move billions of naira through global trade networks, proving that informality does not mean small-scale operations. The minister assured traders that the Federal Government is ready to work closely with them to improve formalisation, simplify regulations, and create a more supportive business environment within the complex. She explained that proper formalisation will help traders gain better access to finance, government support programmes, and international trade opportunities. She also revealed that several traders within the Trade Fair corridor are not only merchants but also industrial investors who own factories in other countries. She urged such investors to consider establishing their production plants in Nigeria instead of overseas, stressing that local production will help the country retain wealth and create jobs for citizens. According to her, Nigeria should not lose opportunities for industrial growth when the same investors have the capacity to build and operate factories within the country. During the visit, traders also raised concerns about several operational challenges affecting business activities in the corridor. These include multiple checkpoints along access roads, delays in cargo movement, and regulatory issues involving agencies such as the Nigeria Customs Service. Oduwole said she understands many of these difficulties because she previously worked on ease-of-doing-business reforms for several years. She added that the government is aware of the bottlenecks affecting the Trade Fair corridor and will collaborate with traders, regulators, and other levels of government to find lasting solutions. She assured stakeholders that improving infrastructure, reducing unnecessary checkpoints, and strengthening cooperation between agencies will remain part of the government’s efforts to make the complex more business-friendly and globally competitive. The minister concluded that the Lagos Trade Fair corridor remains a strategic economic zone whose growth has direct impact on Nigeria’s GDP, regional commerce, and industrial development across Africa.
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The Federal Government has officially launched a $500 million development initiative supported by the World Bank known as the Sustainable Power and Irrigation for Nigeria (SPIN) Project. The programme is designed to expand agricultural productivity while improving electricity generation through enhanced irrigation systems and better management of national water resources. The inauguration ceremony took place in Abuja and was led by the Minister of Water Resources and Sanitation, Joseph Utsev, who explained that the initiative represents a major national step toward modernizing irrigation infrastructure and strengthening dam safety across the country. According to the minister, the SPIN project is intended to improve the management of dams and water systems so they can better support irrigation schemes and hydropower production. These improvements are expected to boost farming activities, ensure sustainable water use, and increase electricity generation capacity in Nigeria. Strengthening Agriculture and Water Governance While launching the project, Utsev noted that the initiative marks a turning point in Nigeria’s agricultural and water management strategy. He explained that the project will help transform irrigation practices, strengthen institutions responsible for water governance, and significantly improve the livelihoods of farmers. The minister emphasized that the project is not simply another infrastructure programme. Instead, it represents a long-term strategy aimed at improving agricultural productivity while ensuring that Nigeria’s water resources are managed in a sustainable and efficient way. Through modern irrigation technology and improved dam management systems, the government hopes to enable farmers to produce food consistently throughout the year rather than relying solely on rainfall. Supporting Food Security and Economic Growth The SPIN project is expected to contribute significantly to national food security, stimulate economic activity, and support environmental sustainability. By improving irrigation infrastructure and water management systems, the programme aims to expand agricultural output and make farming more resilient to climate variability. Utsev also explained that the initiative aligns with the policy framework of President Bola Ahmed Tinubu, particularly the administration’s Renewed Hope Agenda, which prioritizes food security, infrastructure development, and economic resilience. The government recently declared a national emergency on food security, a move that highlights the urgent need to modernize Nigeria’s agricultural production systems. Expanding irrigation capacity is considered one of the most effective ways to achieve this objective. Addressing Climate and Population Challenges Nigeria continues to face increasing pressure on food systems due to climate change and rapid population growth. Changing rainfall patterns, prolonged drought periods, and flooding have made traditional rain-fed farming less reliable. Utsev stated that the country must transition toward climate-resilient irrigation systems capable of supporting large-scale agricultural production regardless of seasonal rainfall. Investments in irrigation infrastructure will help farmers maintain productivity during dry seasons while reducing the risks associated with unpredictable weather conditions. Key Components of the SPIN Project The Sustainable Power and Irrigation for Nigeria initiative is structured around four major components that will guide its implementation nationwide: Power Sector Collaboration The Minister of Power, Adebayo Adelabu, represented at the event by Permanent Secretary Mahmuda Mamman, highlighted the importance of cooperation between government institutions and development partners to ensure the successful delivery of the project. He stressed that collaboration between stakeholders will accelerate the implementation process and help maximize the benefits of the initiative for both agriculture and the power sector. World Bank’s Role in the Initiative The SPIN project is funded by the World Bank, which continues to support Nigeria’s efforts to strengthen its agricultural and energy sectors. The World Bank Country Director for Nigeria, Mathew Verghis, explained that water management, food availability, and energy production remain key pillars for sustainable economic development. According to him, strengthening irrigation systems and water infrastructure will not only increase agricultural output but also contribute to long-term economic stability. Building on Previous Irrigation Reforms Verghis further explained that the SPIN programme expands on the progress achieved under the Transforming Irrigation Management in Nigeria (TRIMING) Project, which focused on improving irrigation management across several farming zones. Under the new project, approximately 14,000 hectares of irrigated farmland will be rehabilitated. The programme also aims to attract private investment into irrigation development, thereby creating new opportunities for agricultural growth. Improving Dam Infrastructure Nationwide The World Bank’s Global Director for Water, Saroj Jha, emphasized that improving water storage infrastructure is essential for managing climate risks and supporting agricultural expansion. He noted that Nigeria currently has more than 400 dams, many of which require rehabilitation to improve their efficiency and capacity for flood control, irrigation support, and drought management. Strengthening these facilities will allow the country to better regulate water resources while improving resilience to climate extremes. Long-Term Impact of the SPIN Initiative If effectively implemented, the Sustainable Power and Irrigation for Nigeria Project could significantly reshape the country’s agricultural and energy sectors. Expanded irrigation capacity will allow farmers to grow crops year-round, increasing food availability and reducing reliance on imports. At the same time, improved dam management and hydropower support could contribute to increased electricity generation, helping to address Nigeria’s persistent energy challenges. By integrating irrigation modernization with power development, the project aims to deliver long-term benefits that strengthen food security, support economic growth, and improve the livelihoods of millions of Nigerians.
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China’s outbound shipment figures for the first two months of the year have shown a surprising rise, even with ongoing trade tensions and tariffs imposed by the United States. Official data revealed that exports soared far beyond economists’ forecasts, indicating that foreign demand remains robust and that the nation may once again surpass the record‑high trade surplus it achieved in 2025. The Chinese government often merges January and February trade statistics because the Lunar New Year holiday fluctuates between months, which can otherwise distort straightforward monthly comparisons. The combined figures show that outbound goods shipments climbed significantly year‑on‑year, supported by growing orders for electronics, machinery, and other key items. Broad Regional Demand Drives Export Growth Exports to major global markets such as the European Union and Southeast Asian nations (ASEAN) increased decisively. Countries within ASEAN — including Thailand, Singapore, and the Philippines — recorded double‑digit growth as demand for Chinese manufactured products continued to expand. Meanwhile, trade with European economies also registered a notable rise. Despite this overall momentum, shipments destined for the United States declined during the combined January‑February period. This contraction partly reflects the impact of U.S. tariffs and other trade measures designed to reduce the bilateral trade imbalance. Exports Remain Key to China’s Economic Strategy China’s economy — the second largest in the world — remains highly dependent on external trade as a major engine of growth. The country has faced challenges including sluggish consumer spending, a shrinking labor force, and persistent issues in the residential property market. Strong export performance helps offset these domestic headwinds. Earlier this year, Chinese policymakers set a 2026 economic growth target of 4.5% to 5%, slightly lower than the goal for 2025, which was met largely through strong global demand. Geopolitical Context and Upcoming Leadership Meetings These trade results come at a pivotal moment for Sino‑U.S. relations. US President Donald Trump is expected to meet Chinese President Xi Jinping soon, with trade issues likely topping the agenda. How this high‑level dialogue unfolds could influence export dynamics later in the year. China’s trade performance is also unfolding against a backdrop of global economic uncertainty, including disruptions in energy markets caused by geopolitical tensions such as the US‑Israeli conflict with Iran. These disruptions affect major shipping corridors and overall cost dynamics for global trade.
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The Nigerian Export Promotion Council (NEPC) has called on Nigerian agro-exporters to strategically explore the European Union’s vast market of over 400 million consumers. NEPC emphasized that non-oil exports currently constitute only 10% of Nigeria’s total trade with the EU, even though the total trade volume reached $21.87 billion in 2024. This insight was shared by Mrs. Nonye Ayeni, Executive Director and CEO of NEPC, during the 8th edition of the NEPC webinar series, themed “EU Regulations for Importation of Nigeria’s Agri-Food Products”. She highlighted that these figures present a significant opportunity for Nigeria to enhance its non-oil export portfolio. Mrs. Ayeni noted that the EU remains one of Nigeria’s most strategic trading partners, accounting for approximately 26% of the country’s total trade. Key exports to the EU include cocoa and cocoa products, oilseeds, agricultural produce, fish, seafood, rubber, leather, and timber products. “Data from 2024 indicates that Nigeria exported goods worth $21.87 billion to the EU, while imports from the EU totaled $20.2 billion. Surprisingly, non-oil exports form only about 10% of this total export volume,” she said. She emphasized that this scenario provides an opportunity to increase Nigeria’s presence in the EU market, particularly as the country continues to expand its non-oil exports. Given Nigeria’s abundant agricultural resources, including cocoa, sesame, hibiscus, ginger, and spices, there is significant potential to boost trade with the EU by meeting its stringent standards. Mrs. Ayeni further explained: “Global trade today is no longer driven solely by price and availability. It is increasingly shaped by standards, regulations, traceability requirements, and sustainability principles. By adding value to raw commodities, Nigerian exporters can command premium prices, create jobs, foster domestic industrialization, reduce poverty, and diversify the national economy.” The NEPC continues to encourage Nigerian agro-exporters to embrace value addition, certification, and EU compliance to fully capitalize on the lucrative European market. This proactive approach can help Nigeria maximize its export potential and solidify stronger bilateral trade relationships with EU member states.
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Nigerians are facing mounting economic pressure as the cost of fuel continues its upward trajectory. The retail price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to about N1,400 per litre, while Automotive Gas Oil (diesel) has climbed to N1,750 per litre. This latest increase follows a decision by the Dangote Refinery to adjust its gantry price to N1,175 per litre for petrol and N1,620 per litre for diesel on Monday. According to LMSINT MEDIA, the steady escalation of fuel costs is creating severe hardship for citizens across the country. Despite the growing concern, President Bola Ahmed Tinubu has yet to publicly respond to the situation or introduce measures to cushion the impact of the increases. Presidency Yet to Comment on Fuel Price Surge Attempts to obtain an official reaction from the presidency have not produced any response. When a reporter from LMSINT MEDIA reached out to Sunday Dare, the presidential spokesperson, regarding the worsening fuel price situation, no reply had been received at the time this report was compiled. Meanwhile, field checks carried out on Monday evening revealed that several filling stations in Abuja had already implemented new pricing. Stations such as Ranoil and Empire adjusted their petrol prices almost immediately after the refinery announcement. Retail prices across Abuja and surrounding locations were observed selling between N1,350 and N1,400 per litre. Diesel Retail Cost Climbs to N1,750 per Litre The situation is even more severe in the diesel market. Industry observers indicate that diesel prices could reach N1,750 per litre at many filling stations in Abuja. Previously, diesel had been selling around N1,365 per litre, making the latest adjustment a significant increase. However, some outlets are still selling below the highest market rate. For example, MRS Oil Nigeria Plc filling stations were observed selling petrol at approximately N1,200 per litre. A station manager at one of the MRS outlets in Abuja, who requested anonymity, informed LMSINT MEDIA that the price adjustment would take effect the following day. According to him: “Beginning tomorrow, Tuesday, March 10, 2026, our station will begin selling petrol at N1,200 per litre. Currently, we do not have petrol available for sale today.” The previous price at that outlet had been N1,092 per litre, indicating another sharp increase. Petrol Prices Had Already Increased Before Middle East Conflict Escalation Earlier reports from Nigerian National Petroleum Company Limited retail outlets indicated that petrol prices had already risen significantly. According to information published by Daily Post Nigeria, petrol prices had increased by N525 per litre at various filling stations even before tensions between Iran, the United States, and Israel intensified on February 28, 2026. In the past ten days alone, Dangote Refinery reportedly increased its gantry price by N376 per litre, bringing it to N1,175 per litre by Monday evening. The refinery explained that the adjustments were largely influenced by fluctuations in the global crude oil market. Global Crude Oil Volatility Driving Price Adjustments Energy market developments have also contributed to the situation. Data shows that Brent Crude climbed 6.76 percent within one day, reaching approximately $98.86 per barrel. At the same time, West Texas Intermediate declined to around $88.11 per barrel after remarks from Donald Trump suggested that diplomatic efforts could bring an end to the conflict involving Iran. During an interview with CBN News, Trump stated: “I think the war is very complete, pretty much,” adding that the United States was “very far ahead of schedule.” These remarks triggered a drop in WTI crude prices below $90 per barrel, marking the first decline since tensions in the Gulf region escalated. The earlier conflict had caused serious disruptions in global energy supply routes, particularly around the Strait of Hormuz, while also forcing temporary shutdowns of refineries in Saudi Arabia and Qatar. Rising Fuel Cost Triggers Transport Fare Increase The increase in petrol and diesel prices is already having a direct impact on transportation costs. Several commercial drivers in Abuja confirmed to LMSINT MEDIA that transport fares have increased in response to the new fuel prices. Adamu Abubakar, a taxi driver operating between Deidei and Area 1 in Abuja, explained that he had adjusted his fares. He said: “I have increased my fare to N1,500 per trip from N1,200. With the price of fuel going up, we have no choice. Passengers will ultimately bear the burden of the fuel price hike.” Passengers are also beginning to express concern about the situation. One commuter, Constance Onuoha, urged government authorities to intervene quickly before transportation costs escalate beyond what ordinary citizens can afford. According to her: “The government needs to take action immediately to prevent the transport fare increase from getting completely out of control.” Manufacturers May Also Be Affected Beyond transportation, the rising diesel price is expected to affect production costs in multiple sectors. Many Nigerian manufacturers depend heavily on diesel-powered generators due to inconsistent electricity supply. As diesel prices rise, production expenses are likely to increase, potentially resulting in higher consumer prices for goods. Economic analysts warn that this chain reaction could worsen inflation in the coming weeks. Petrol and Diesel Could Reach N2,000–N3,000 per Litre Industry stakeholders have also warned that fuel prices could continue rising if no stabilizing measures are implemented. The national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, cautioned that petrol and diesel prices could climb dramatically. He explained: “Although there is currently a Naira-for-crude arrangement, that policy does not influence crude oil prices on the international market.” According to him, the policy mainly helps reduce reliance on foreign exchange rather than stabilizing global crude prices. He further stated that Dangote Refinery had already raised its petrol gantry price three times because of prevailing market conditions. Gillis-Harry added that regulators should focus on implementing policies aimed at maintaining price stability without enforcing strict price controls. Petroleum Marketers Explain the Only Advantage of Dangote Refinery Meanwhile, marketers have also weighed in on the situation. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria and
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U.S. President Donald Trump has pledged decisive action to safeguard maritime trade in the strategically vital Strait of Hormuz. During remarks delivered at the National Prayer Breakfast, held at the Washington Hilton in Washington, D.C., he signaled a strong commitment to protecting international shipping routes. In a message shared Tuesday on his social media platform, Truth Social, Trump stated that if circumstances demand, the United States Navy would begin escorting oil tankers navigating the Strait of Hormuz without delay. He emphasized that under any scenario, Washington would guarantee the uninterrupted global movement of energy supplies, underscoring the administration’s determination to maintain stability in international markets. Beyond potential naval escorts, Trump also directed the United States International Development Finance Corporation (DFC) to extend maritime risk insurance and financial guarantees to vessels operating within the region. This initiative, while primarily focused on safeguarding energy shipments, would be accessible to all commercial shipping operators transiting the corridor. The Strait of Hormuz, positioned between Iran and Oman, remains one of the most critical maritime chokepoints worldwide. It serves as the sole maritime passage linking the Persian Gulf to open ocean waters, making it indispensable to international trade. Several major oil-producing nations border the Gulf, including Iran, Saudi Arabia, Iraq, Kuwait, Qatar, Bahrain, and the United Arab Emirates. The region’s heavy concentration of hydrocarbon exporters makes the Strait a lifeline for global energy distribution. Ongoing hostilities and reported threats from Iranian authorities to target vessels passing through the channel have unsettled commodity markets. As tensions escalated, crude oil and natural gas prices experienced sharp upward movements, reflecting heightened investor concern over supply disruptions.
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Alibaba Philanthropy and the Jack Ma Foundation have unveiled a $1.5 million grant initiative aimed at empowering African innovators tackling some of the continent’s most urgent challenges. This announcement coincides with the launch of the 8th edition of Africa’s Business Heroes (ABH), a flagship entrepreneurship program dedicated to spotlighting and supporting visionary founders across Africa. The 2026 edition carries the theme “Defining Africa’s Future Today,” underscoring a forward-looking commitment to transformative enterprise. The program seeks to uplift entrepreneurs operating in diverse and high-impact sectors, including climate-resilient agriculture, digital financial services, healthcare delivery, logistics, industrial manufacturing, and next-generation technologies. Africa’s Business Heroes was created to fast-track business growth, provide structured mentorship, and raise the profile of African-led ventures capable of driving sustainable economic advancement across the continent. According to Zahra Boateng-Baitie, Managing Director for Africa, the continent’s progress is being shaped by founders who are confronting pressing socio-economic issues while unlocking new opportunities for prosperity. She emphasized that beyond the $1.5 million in grant capital, the initiative offers founders strategic guidance, business development resources, and exposure designed to help them expand responsibly, generate employment, and contribute to inclusive economic development. In a move to broaden its impact, this year’s program will extend recognition to the top 100 finalists, significantly widening the pool of entrepreneurs who gain visibility and structured support. Organizers also plan to deepen in-country engagement across ten African markets, with special attention directed toward nations that have historically been underrepresented, including Namibia, Tunisia, and Zambia. Entrepreneurs who emerge among the top 10 finalists will additionally benefit from a fully funded learning experience at Alibaba’s campus in Hangzhou, China, providing direct exposure to global best practices and international networks. Eligibility requirements stipulate that applicants must be African citizens or lawful residents who lead formally registered businesses demonstrating at least three years of operational traction. Founders must also show clear evidence of measurable social impact and a strong commitment to solving real-world challenges within their communities. Since its inception, Africa’s Business Heroes has attracted more than 30,000 applications annually, reinforcing its standing as one of the continent’s most respected platforms for solution-oriented entrepreneurs seeking growth capital, mentorship, and continental recognition.
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The Nigerian Ports Authority (NPA) has disclosed that no fewer than 33 vessels loaded with petroleum products, food items, and various other consignments are projected to berth at Lagos ports within the week. According to the authority’s Daily Shipping Position report, these ships are scheduled to arrive between March 2 and March 8 across the major Lagos maritime gateways, including Apapa Port, Tin Can Island Port, and Lekki Deep Sea Port. Breakdown of Incoming Vessels A closer look at the shipping manifest indicates that 16 of the anticipated vessels are container carriers transporting mixed merchandise. The remaining ships are laden with bulk commodities such as urea, crude petroleum, fertiliser products, salt, gypsum, sugar, and additional general cargo. This diverse cargo mix underscores sustained commercial inflow into Nigeria’s busiest maritime corridor and reflects the steady movement of both energy-related supplies and consumer goods. Ships Already Awaiting Berthing The port authority further confirmed that 11 ships and tankers have already docked within the three Lagos ports but are currently positioned at anchorage pending allocation of berths. These vessels are carrying aviation fuel, premium motor spirit (petrol), automotive gas oil (diesel), alkaline chemicals, as well as containerised freight. Their arrival highlights ongoing petroleum importation activities and continued logistics operations supporting industrial and consumer demand nationwide. Ongoing Discharge Operations In addition to incoming traffic, the NPA revealed that 17 vessels are presently offloading cargo at Apapa, Tin Can Island, and Lekki ports. Current discharge activities involve bulk wheat shipments, general merchandise, urea consignments, gas supplies, vehicle units including trucks, alongside various containerised goods. The scale of these operations demonstrates uninterrupted shipping movements and active cargo-handling processes throughout the Lagos port axis. Overall, the steady inflow, berthing, and discharge of vessels signal continued maritime trade momentum within the country’s commercial hub. The Lagos port complex remains central to petroleum imports, agricultural commodities supply, and distribution of manufactured goods across Nigeria.
