Energy and economic experts have commended Dangote Petroleum Refinery & Petrochemicals for cushioning Nigeria from the full force of the global oil shock triggered by escalating tensions in the Middle East.

International developments highlight the scale of disruption across global markets. In the United Kingdom, The Mirror reported petrol prices climbing to 169.9 pence per litre, with long queues forming at filling stations amid fears of supply shortages linked to the crisis.

Analysts argue that without the refinery’s 650,000 barrels per day capacity, Nigeria would have faced acute product scarcity and significantly sharper increases in petrol prices as crude oil surged on the international market.

Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, noted that crude prices have risen by over 32.39 per cent since the crisis began, climbing above $84.5 per barrel. In contrast, the Dangote Refinery implemented a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12 per cent.

“The price of crude has gone up about 32% but the price of PMS has gone up about 12%, so the Dangote Refinery has absorbed over half of the increase,” Rewane said. He added that in China, which operates a 10-day averaging pricing window, petrol prices have risen by about 15% within the same period.

Also speaking, Dr Muda Yusuf, former Director General of the Lagos Chamber of Commerce and Industry, described the refinery as a major stabilising factor for Nigeria’s energy security.

“We are fortunate as a country to have the Dangote Refinery because many countries are currently in crisis as far as energy is concerned, occasioned by skyrocketing prices and product shortages,” he said. “Yes, there has been some increase in price, but that is inevitable because crude feedstock is the major cost variable. The increase cannot be compared to what would have happened if we did not have a functioning local refinery. The volatility has been moderated because we are more energy secure.”

Development economist, Prof Ken Ife, observed that the Middle East tensions would have wider implications for Africa, where refining capacity remains limited. He noted that the continent spends over $120 billion annually importing petroleum products, despite concerns over quality in some markets.

Citing data from OPEC, Ife said Nigeria has about 445,000 barrels allocated for domestic refining under existing arrangements. However, the Dangote Refinery requires about 13 vessels of crude to meet local consumption needs but currently receives only five. He called for stricter enforcement of domestic crude supply obligations to strengthen local refining capacity.

On his part, a university lecturer and public affairs analyst, Dr Abimbola Oyarinu, said the refinery came on stream at a critical moment, particularly as tensions around the Strait of Hormuz, which accounts for roughly 20 to 30 per cent of global oil supply, continue to exert upward pressure on crude prices.

“The strategic value of the Dangote Refinery lies in supply security and reduced scarcity risk,” he said. “However, stabilisation is not the same as insulation. Because crude is priced at international market rates, global volatility will still transmit into the domestic economy, particularly through fuel price induced inflation. Sustainable economic stability will require complementary policy discipline, transparency in pricing and the development of strategic reserves.”

Managing Director and Chief Economist at Analysts’ Data Services and Resources (ADSR) Limited, Afolabi Olowookere, said the issue of inadequate crude supply to Dangote Petroleum Refinery & Petrochemicals by domestic producers must be urgently addressed, given the strategic benefits the facility offers to both Nigeria and the wider African region.

Olowookere explained that although Nigerians expect refined products from the refinery to be significantly cheaper, prevailing market realities such as global crude oil prices, the cost of crude supply and refining margins make substantial price reductions unlikely in the short term. He stressed that improving domestic crude allocation to the refinery would strengthen supply stability and enhance the long term benefits of local refining for the economy.

Turkish Airlines recorded a core operating profit of $2.2bn in 2025, as strong passenger demand and premium travel helped the global carrier navigate geopolitical tensions, trade disputes and supply chain disruptions.

The airline disclosed in a statement that its total revenue rose 6.3 per cent year-on-year to $24.1bn, supported largely by growth in passenger operations, particularly in international and premium travel segments.

Financial results released by the carrier showed that fourth-quarter revenue climbed 12 per cent compared with the same period in 2024 to $6.3bn, while profit from core operations increased 23 per cent to $534m.

According to the airline, earnings before interest, tax, depreciation, amortisation and rent stood at $5.7bn in 2025, while the EBITDAR margin reached 23.7 per cent, exceeding the midpoint of the company’s long-term target.

Despite rising costs linked to global inflation and supply constraints affecting aircraft engines and deliveries, the airline said it maintained strong operational performance throughout the year.

The company reported that its consolidated assets rose to $46.6bn during the period under review, while total employment across its subsidiaries exceeded 101,000 workers.

As part of its expansion drive, Turkish Airlines invested $6bn in 2025, bringing its total investments over the last five years to about $20bn.

Operationally, the airline expanded its fleet by five per cent year-on-year to 516 aircraft by the end of 2025. It also transported 92.6 million passengers and handled 2.2 million tonnes of cargo, marking its highest operational performance in history.

Passenger revenue grew 7.4 per cent on the back of strong international demand and increased premium travel. Although global trade slowdowns and tariff pressures reduced cargo unit yields, the airline said it offset the impact with a 16.6 per cent rise in cargo volumes, generating $3.4bn in cargo revenue.

The Chairman of the Board and Executive Committee of the airline, Ahmet Bolat, said the results demonstrated the carrier’s ability to adapt to changing global conditions.

“Despite an exceptionally challenging and unpredictable operating environment, the financial success we achieved in 2025 once again showed our ability to adapt to rapidly changing commercial and geopolitical conditions,” Bolat said.

He added that investments and strategic partnerships established during the year strengthened the airline’s global reach and supported its long-term development objectives.

The airline noted that strong operational performance recorded toward the end of 2025 continued into the early months of 2026, with positive results in January and February supporting expectations that its 2026 EBITDAR margin would remain within the long-term target range of 22 to 24 per cent.

The airline said it would continue expanding its global footprint while supporting sustainable growth in the aviation industry to maintain its claim as the network carrier operating the most flights in Europe.

It added that its long-term “Centennial Strategy” would guide future investments to strengthen its fleet, expand routes and improve service quality across its global network.

Nigerian deposit money banks disbursed a total of N60.35tn in credit to the manufacturing sector in the first nine months of 2025, a 20.44 per cent decline from the N75.86tn recorded in the corresponding period of 2024, The PUNCH has found.

An analysis of the Central Bank of Nigeria’s Quarterly Statistical Bulletin for the third quarter of 2025 indicated that lending to manufacturers slowed significantly during the period, reflecting the tight credit conditions the sector faced amid elevated borrowing costs.

Manufacturers have long called for a deeper rate cut that “can meaningfully lower the cost of credit and stimulate real sector investment”, as the apex bank gradually eased the interest rate benchmark.

The data showed that banks extended N60.35tn to manufacturers between January and September 2025, down from N75.86tn in the same period of 2024.

Monthly disbursement in 2025 revealed that January (N8.31tn) and February (N8.03tn) recorded the highest credit allocations to the sector.

On the other hand, September (N7.09tn) and June (N7.09tn) posted the lowest disbursements during the period.

In 2024, however, credit flows were significantly stronger. The highest disbursements were recorded in February (N10.88 tn) and January (N10.02 tn), while the lowest allocations were in September (N8.67 tn) and March (N8.70 tn).

Further analysis showed that the average monthly credit to manufacturers dropped to approximately N6.71tn in 2025, compared to approximately N8.43tn in 2024, signifying the tightening financial conditions that constrained industrial financing.

The 20.44 per cent decline came despite recent monetary policy easing by the apex bank. After maintaining a tight stance for years, the CBN made its first interest rate reduction in five years in 2025, cutting the Monetary Policy Rate by 50 basis points to 27 per cent from a historic high of 27.5 per cent.

In February 2026, the Monetary Policy Committee again reduced the benchmark interest rate by 50 basis points to 26.5 per cent, signalling the start of a gradual easing cycle.

Private sector groups have welcomed the signal which the easing came with while staying cautiously optimistic for a real impact. In an interview with The PUNCH, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said the interest rate reduction could stimulate the real sector if banks transmit the lower policy rate to borrowers.

“The Monetary Policy Committee of CBN announced the reduction of the benchmark interest rate by 50 basis points from 27 per cent to 26.5 per cent at the end of the committee’s 304th meeting, held on 23 and 24 February 2026. Although the 50 basis points cut looks inconsequential, the implication for the economy, especially in the manufacturing sector, is significant,” Ajayi-Kadir said.

He noted that the benefits of the policy shift would depend on the willingness of banks to pass the lower rates to businesses and the stability of key macroeconomic indicators.

Ajayi-Kadir stated, “Currently, the lending rates from the commercial banks hover around 32 per cent to 37 per cent. A reduction in the Monetary Policy Rate by the Central Bank of Nigeria will have positive impacts on the real sector through several key channels, including lower borrowing costs for businesses, increased investment and employment, expansion of SMEs, increased demand for locally produced goods and stimulation of economic growth.”

MAN had earlier urged the apex bank to adopt more aggressive easing to support industrial growth. “The time has come for the apex bank to take a bolder step by introducing a deeper rate cut that can meaningfully lower the cost of credit and stimulate real-sector investment. Growth cannot thrive where capital remains prohibitively expensive,” the association stated in its Manufacturers CEO’s Confidence Index report for the third quarter of 2025.

MAN is not alone in holding the position that executing more actions to improve the flow of easing interest rates is necessary. The Centre for the Promotion of Private Enterprise has called for improved transmission of the MPR easing at the level of commercial banks.

The Chief Executive Officer of the CPPE, Dr Muda Yusuf, said in a policy document that the gradual interest rate easing cycle could improve investor sentiment and support credit expansion in the economy.

“This policy direction is appropriate and growth-supportive. It reflects improving macroeconomic fundamentals and reinforces confidence in the economy’s stabilisation trajectory,” Yusuf said.

He, however, warned that structural challenges within the financial system could limit the impact of the policy easing. “A major concern remains the weak transmission mechanism between monetary policy adjustments and actual lending rates in the real economy. Despite reductions in the MPR, lending rates to businesses remain elevated due to structural factors including high cash reserve ratio, elevated cost of deposits, risk premiums and crowding-out effects from government borrowing,” Yusuf added.

He stressed that unless these constraints are addressed, the benefits of lower policy rates may not translate into cheaper credit for manufacturers and other productive sectors.

Industry stakeholders have repeatedly argued that high interest rates, alongside rising energy costs, logistics bottlenecks and exchange rate volatility, have constrained production and investment across the country’s manufacturing sector.

The Managing Director of 11Plc, Mr Adetunji Oyebanji, will retire from the company after 45 years of service.

The development was contained in a notice signed by the Company Secretary and addressed to NASD Plc and the investing public, dated March 3, 2026. The retirement will take effect from March 31, 2026, after over 45 years of dedicated service to the organisation.

The Board of Directors of 11Plc expressed its profound gratitude to Oyebanji for his leadership and invaluable contributions to the company and wished him the best in his future endeavours.

Adetunji Oyebanji was appointed Chairman and Managing Director of then Mobil Oil Nigeria Plc in October 2008 and, following the divestment of ExxonMobil, became the Managing Director/Chief Executive Officer of 11Plc in April 2017.

The Board of Directors acknowledged Oyebanji’s remarkable career with the company, describing it as a testament to his unwavering commitment, passion, and expertise in the oil and gas industry.

He joined Mobil Oil Nigeria Plc in 1980 as a Marketing Representative Trainee and progressed through various leadership positions, demonstrating exceptional leadership and strategic vision. These include Planning Associate, Pricing Manager, District Manager, Branch Manager, Manager, Fuels Services, and Executive Director, Fuels.

His appointment as Managing Director/CEO in 2017 marked a significant milestone in his illustrious career, and he has steered the company through a period of significant transformation and growth.

Apart from his role in the company, Oyebanji has played significant roles in the oil and gas industry and the economy at large. He is currently the President and Chairman of the Council of the Chartered Institute of Directors, Nigeria.

He was a past Chairman of the Major Energy Marketers Association of Nigeria, as well as the Petroleum Downstream Group of the Lagos Chamber of Commerce and Industry. He was also a past Council member of the Nigerian Institute of Management and the LCCI. He was a board member of the Society for Corporate Governance, Nigeria, for over 10 years.

Oyebanji’s career extended well beyond Nigeria’s shores. He served at various points in his career as a Project Associate at Mobil Oil Corporation’s headquarters in Fairfax, Virginia, United States, as well as Manager, Planning of Mobil Africa Sales Inc.

He also served as an Executive Director at Mobil Oil Cameroon and later at Mobil Oil Ethiopia. Eventually, he took on a global leadership role as Manager, Industrial and Wholesale Fuels, Africa and the Middle East, based in Belgium and reporting functionally to the Global I&W Manager.

The Board of Directors thanked Oyebanji for his tireless efforts and dedication to 11 Plc and wished him a happy and healthy retirement. The board also appreciated his contributions to the company’s success and said it was grateful for his legacy, which will continue to inspire future generations