By Abigail David

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and fuel importers to reduce ex-depot and pump prices of petroleum products in line with the recent decline in global crude oil prices.

PETROAN National President, Billy Gillis-Harry, made the appeal in a statement issued on Friday in Abuja, saying lower crude oil prices should translate into cost savings for Nigerian consumers.

According to him, recent developments in the global oil market, including easing geopolitical tensions, have pushed crude oil prices downward, creating an opportunity for stakeholders in the downstream sector to adjust fuel prices accordingly.

Gillis-Harry noted that Brent crude has fallen to between 77 and 78 dollars per barrel following the ceasefire agreement between the United States and Iran and expectations of improved oil exports through the Strait of Hormuz.

He added that market analysts project Brent crude to trade between 75 and 82 dollars per barrel next week, while West Texas Intermediate (WTI) crude is expected to range between 72 and 79 dollars per barrel.

The PETROAN president attributed the decline in crude prices to the implementation of the U.S.-Iran peace agreement, increased crude exports from the Middle East and concerns over weaker global oil demand.

He, however, warned that renewed geopolitical tensions, supply disruptions or unexpected production cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies could reverse the downward trend.

Gillis-Harry expressed concern that the landed cost of imported petroleum products appeared to be lower than the prices offered by some domestic refiners, stressing the need for a more competitive downstream petroleum market.

He urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers, arguing that increased competition would help moderate prices, discourage monopolistic practices and ensure a stable supply of petroleum products nationwide.

According to him, a competitive market remains one of the most effective ways to improve efficiency, lower costs and protect consumers, while encouraging industry players to align fuel prices with prevailing market conditions.

By Abigail David

The Central Bank of Nigeria (CBN) has launched the Nigerian Overnight Financing Rate (NOFR), a new transaction-based benchmark interest rate aimed at improving transparency, strengthening monetary policy transmission and deepening the country’s financial markets.

Speaking at the launch in Abuja on Monday, CBN Governor Olayemi Cardoso described the initiative as a major reform designed to align Nigeria’s financial system with global best practices and enhance confidence among investors and market participants.

According to Cardoso, NOFR is a transaction-based overnight secured interbank financing rate that reflects the actual cost of overnight funding in the Nigerian money market.

“The introduction of NOFR represents a significant reform that reinforces the Central Bank of Nigeria’s commitment to building a more resilient, efficient and credible financial services sector,” he said.

He explained that the benchmark was developed in collaboration with the Financial Markets Dealers Association, with technical support from the European Bank for Reconstruction and Development, to provide a more transparent and reliable reference rate for pricing financial instruments and managing liquidity.

Cardoso noted that transaction-based benchmarks reduce the risk of manipulation, improve price discovery and enhance market integrity, ultimately supporting the growth and credibility of Nigeria’s financial markets.

He added that the new benchmark would strengthen monetary policy transmission, improve the pricing of loans and wholesale deposits, support the development of financial products and boost domestic and international investor confidence.

Also speaking at the event, Deputy Governor for Economic Policy, Philip Ikeazor, described the launch as a major milestone in the evolution of Nigeria’s financial markets, saying it reflects the country’s commitment to building stronger financial infrastructure.

Representing Access Bank Managing Director Roosevelt Ogbonna, the bank’s Group Head of Treasury, David Enilolobo, said the initiative was a structural reform that would improve market credibility and attract greater investment into the financial sector.

The CBN had earlier announced the introduction of the Nigerian Overnight Financing Rate in April 2026 as part of ongoing efforts to enhance transparency and efficiency in Nigeria’s money market.

By Abigail David

Nigeria is pursuing an ambitious expansion of its electricity sector, targeting 209,000 megawatts of installed solar power capacity by 2050, with 53 large-scale renewable energy projects valued at about $11 billion currently underway.

According to a report by IIR, the projects reflect growing investment in Nigeria’s renewable energy sector and are expected to play a key role in the country’s long-term energy transition and efforts to improve electricity access.

Alongside utility-scale projects, the Federal Government is expanding rural electrification through a nationwide solar mini-grid programme led by the Rural Electrification Agency (REA). The initiative involves the deployment of more than 1,300 mini-grids and off-grid systems, including 250 interconnected mini-grids linked to the national grid.

The programme is backed by $750 million in public funding and is projected to attract an additional $1.1 billion in private investment.

REA Managing Director Abba Aliyu described the project as one of the world’s largest publicly funded renewable energy initiatives, adding that it aims to provide electricity to 17.5 million Nigerians within three years while positioning the country as a renewable energy hub in Africa.

Nigeria has already installed more than 1,000 mini-grids, while the World Bank-backed Distributed Access through Renewable Energy Scale-up programme continues to support rural electrification and reduce dependence on diesel generators.

The Federal Government aims to increase renewable energy’s share of the electricity mix to 30 per cent by 2030 and 82 per cent by 2050 as part of its net-zero emissions target for 2060