As Nigerians contend with rising petrol prices, vessels carrying 129,000 metric tonnes of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) are expected to dock at Lagos Ports between March 14 and 17, 2026, The PUNCH reports.

This came as officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority explained why some importers were still importing PMS despite the agency’s position that no petrol import licence had been issued this year.

According to the Nigerian Ports Authority’s Shipping Position Daily obtained on Monday, a vessel, Mosunmola, carrying 20,000MT of PMS, arrived at Lagos Ports via the Bulk Oil Plant on Sunday, March 14, 2026. Another vessel, Kobe, with 22,000MT of AGO, docked at Kirikiri Lighter Terminal Phase 2, Tin Can Island Port, on the same day.

On Tuesday, March 17, Bora is scheduled to arrive at Kirikiri Lighter Terminal 3B with 27,000MT of PMS, while Ashabi will bring 30,000MT of AGO to the same terminal.

Additionally, Oluwajuwonlo offloaded 15,000MT of PMS at Calabar Ports through Ecomarine Nigeria Limited on Sunday, March 15. Mosunmola will also deliver 15,000MT of PMS to Calabar Ports via a North West Petroleum Gas Co Limited terminal on March 17.

The vessel arrivals coincide with ongoing fuel price hikes nationwide. Nigerians currently face surging petrol costs after Dangote Petroleum Refinery raised its gantry price for PMS to N1,175 per litre, pushing retail prices above N1,200 per litre. The increase has affected transport fares and driven up the cost of goods and services nationwide.

Economic analysts, labour unions, and private sector leaders have called on the Federal Government to provide relief measures, citing rising crude oil prices driven by escalating tensions between the United States and Iran. Some stakeholders suggested subsidising petrol to mitigate the impact on citizens and businesses, warning that continued price increases could exacerbate inflation.

Petrol prices have reached between N1,200 and N1,300 per litre in several areas, with projections suggesting costs could exceed N1,500 or approach N2,000 per litre if the Middle East crisis persists.

Marketers speak

The Independent Petroleum Marketers Association of Nigeria confirmed that independent marketers are prepared to lift imported products to ensure availability and competition.

IPMAN spokesperson Chinedu Ukadike said, “We, the independent marketers, are always on the receiving side. Wherever the product is coming from, and it is in the tanks of depot owners or NNPC, we will buy it. The most important thing is availability.

“If NMDPRA made a statement categorically that there is no import licence, I don’t know where this one is coming from. But we are ready to receive the products and sell. Maybe that will also breed competition, and this price volatility may have sustainability. So, I think it is also a welcome development.”

Ukadike added that the vessels might be operating under licences issued long ago and that delays at sea—particularly around the Strait of Hormuz—may explain their late arrival.

“It might also be an old importation licence issued since last year. It is acceptable. The imported products would not have any impact on prices unless the price of crude oil declines. The price depends on the volume and cost of the product because there is nothing like a reduction in prices when Brent is still selling for over $100,” he said.

NMDPRA explains imports

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has clarified that no import licences were issued in the first quarter of 2026, asserting that shortfalls in February were covered by leftover stocks from January and existing refinery output.

While IPMAN and other stakeholders supported the halt on fuel import licences, major dealers and importers argued that imports were still necessary to meet national demand. February figures show Dangote refinery produced an average of 36 million litres per day, while national consumption was about 56 million litres per day, leaving an apparent gap.

A source within NMDPRA, speaking on condition of anonymity due to the lack of authorisation to speak on the matter, explained that the refinery’s unsold stocks were rolled over due to weather-related export delays in Europe at the end of 2025, closing the supply gap in February.

“The shortfall rolled over from previous stocks. These things are simple. Our fact sheets are published monthly. There were rollover stocks. Dangote didn’t export for a long time towards the end of last year. So, it was those rolled-over stocks that it supplied. Both marketers and Dangote are only jostling for market shares. Has there been a shortage? No!” the source said.

The regulator also refuted online claims that new licences had been issued, noting that licences are granted quarterly. “Those that were issued towards the end of last year were still being used. A licence for importation is not like taking money to the supermarket. It takes time for vessels to arrive. We have not issued any import licence this year,” the official said.

Nigeria has historically relied on imported refined petroleum products due to limited domestic refining capacity. However, the operational Dangote refinery, producing 650,000 barrels per day, has shifted the downstream dynamics. NMDPRA confirmed that domestic refineries supplied 36.5 million litres per day in February 2026, with imports contributing just three million litres, representing roughly 92 per cent of the national daily supply.

Chief Executive of NMDPRA, Saidu Mohammed, warned against returning to heavy import dependence. “We have not issued a single licence for petrol importation this year. Some interests still push for large-scale importation despite our progress in domestic refining,” he said during a meeting with a PUNCH delegation at the agency’s Abuja headquarters.

The recent vessel arrivals, while ensuring availability, largely reflect past import licences and logistical delays, rather than new authorisations from NMDPRA.

Nigeria’s digital finance ecosystem recorded about $96bn in cryptocurrency and other virtual asset transactions, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, has disclosed.

Agama revealed this during a Citizens and Stakeholders Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, stressing that the scale of activity in the digital asset market makes it necessary for regulators to place the sector under stronger oversight.

“As we speak today, it is a known fact from research and statistics that the virtual asset service providers and indeed the digital space, cryptocurrency operation is within the range of $96bn in transaction flow in Nigeria, and that is important for us to manage,” he said.

According to him, the regulatory framework governing the space has been reinforced with the enactment of the Investment and Securities Act 2025, which gives the commission powers to regulate digital assets and other emerging financial technologies.

He explained that the legislation also reaffirmed the SEC as the apex regulator of the Nigerian capital market while introducing provisions aimed at monitoring systemic risks and aligning the country’s market operations with global standards.

Agama stated that the capital market has continued to support investment across key sectors of the economy, noting that the commission approved about N3.68tn worth of new capital market issues in 2024, covering both equity and fixed income instruments.

He added that the market also played a major role in strengthening the banking sector during the recent recapitalisation exercise, with more than 31 banks raising funds through the capital market to meet new capital requirements.

The SEC boss noted that the overall performance of the market has improved significantly in recent years, with total market capitalisation rising from about N55tn in 2024 to roughly N127tn currently.

He further stated that the capital market’s contribution to the economy has increased, as the ratio of market capitalisation to gross domestic product rose from about 13 per cent to roughly 33 per cent.

Agama said the commission has also intensified efforts to strengthen investor protection and sustain confidence in the market. He disclosed that the SEC had issued more than 90 advisory notices warning Nigerians about suspicious investment schemes and risky financial offers.

According to him, the regulator has also stepped up its crackdown on fraudulent investment operations, including Ponzi schemes, while working with the Nigeria Police Force to investigate and prosecute offenders.

He warned that many victims of such schemes often invest through unregistered platforms promising unrealistic returns, advising investors to verify whether any investment opportunity has been approved by the SEC.

The SEC Director-General also noted that the capital market has helped support infrastructure development through bond issuances by state governments. He explained that several public projects, including markets, stadiums, and other infrastructure, have been financed through subnational bonds raised in the capital market.

Agama added that investors in state bonds are protected through the Irrevocable Standing Payment Order system, which allows repayments to be deducted directly from states’ allocations from the Federation Account.

He disclosed that the commission has established an Office of Municipal Fund Development to assist state and local governments in accessing capital market funding for development projects at the grassroots level.

Agama also said the SEC supported the launch of the Mortgage Refinancing and Infrastructure Fund to help address Nigeria’s housing deficit by providing long-term funding that enables Nigerians to obtain mortgages at single-digit interest rates.

Looking ahead, he said the commission plans to deepen the capital market by increasing the market capitalisation-to-GDP ratio from about 30 per cent towards levels seen in emerging markets such as India, where the ratio stands at about 92 per cent.

Also speaking at the session, the Permanent Secretary of the Federal Ministry of Finance addressed concerns about the implementation of the federal budget.

He explained that several factors have affected budget performance, including Nigeria’s difficulty meeting its oil production benchmark of about 2.1 million barrels per day and fluctuations in global crude oil prices.

According to him, the budget benchmark was set at $75 per barrel, but oil prices at some point dropped below $60 per barrel, reducing government revenue. He added that rising debt servicing obligations and increased salary commitments have also placed pressure on available funds.

The Permanent Secretary said the government is taking steps to address the situation through closer monitoring of revenue and expenditure. He disclosed that the ministry now holds weekly cash management meetings every Monday to review government finances and identify measures to improve revenue performance.

He added that budget implementation is expected to improve once Nigeria returns to operating a single budget cycle, noting that efforts are underway to collapse overlapping budgets so that the country will run only one national budget from 2026 onward.

Transcorp Energy Limited has emerged as the successful bidder for selected lots in the Federal Capital Territory under the World Bank–supported Utility Enabled Projects coordinated by the Rural Electrification Agency.

According to a statement on Monday, Transcorp Energy, the integrated energy development and services subsidiary of Transnational Corporation Plc, will deploy renewable energy solutions through interconnected mini-grids designed to integrate with existing distribution networks and deliver reliable electricity to underserved communities across Abuja, the Federal Capital Territory of Nigeria.

The initiative forms part of REA’s broader strategy to accelerate sustainable energy access through innovative public–private sector collaboration.

The Utility Enabled Projects programme, supported by the World Bank, is designed to catalyse private sector participation in delivering decentralised renewable energy solutions that complement the national grid, improve reliability of supply, and expand electricity access for businesses and households.

Speaking on the development, the Managing Director/Chief Executive Officer of Transcorp Energy, Chris Ezeafulukwe, said, “This renewable energy project marks a significant milestone for Transcorp Energy as we continue to expand access to clean and reliable energy across Nigeria. It demonstrates our commitment to driving renewable energy growth while supporting economic development and environmental sustainability.

“Through this initiative and in collaboration with our consortium partners, we are confident that we will deliver impactful energy solutions that strengthen local economies and improve livelihoods.”

In his remarks, the Managing Director/Chief Executive Officer of the Rural Electrification Agency, Dr Abba Aliyu, congratulated Transcorp Energy on its successful bid and reaffirmed the agency’s commitment to enabling credible private sector participation in Nigeria’s electrification drive.

“The Utility Enabled Projects are a critical component of REA’s strategy to empower capable private sector developers to deliver sustainable electricity solutions at scale.

“Transcorp Energy’s emergence as a successful bidder reflects the strength of this programme in attracting strong partners who share our commitment to accelerating Nigeria’s electrification and energy transition goals through innovative solutions such as interconnected mini-grids,” Aliyu stated.

The statement added that the deployment of interconnected mini-grids in the FCT will support Nigeria’s broader efforts to modernise its power sector by integrating renewable energy systems with existing distribution infrastructure, reducing reliance on expensive self-generation, lowering energy costs for consumers, and improving power reliability.

Transcorp Energy said it remains committed to investing in sustainable energy solutions and building strategic partnerships that expand access to electricity while contributing to Nigeria’s socio-economic development.