The Barge Operators Association of Nigeria has decried what it described as a systematic and deliberate plot to push its members out of business at the Apapa Port by some terminal operators.

In a statement on Friday, the National President of BOAN, Olubunmi Olumekun, alleged that the terminal operators have effectively cornered barge operations at the Apapa Port by denying indigenous operators access to berthing windows.

“Some terminal operators are taking over the barge operations and not allowing local content to thrive. They are trying to determine the price by bringing their barges and taking over every aspect of business at the port. This would affect the common man on the streets and the price of goods at the market,” Olumekun said.

Olumekun mentioned that maritime law mandates that every terminal must leave 50 metres available for emergency evacuation or barge operations, a provision he said is being flagrantly violate

“According to international laws on port operations, 50 metres is designed for emergency evacuation. Every terminal must leave 50 metres for emergency operations or barge operations, and even in the concession agreement the terminal operators signed with the Federal Government, the clause is stated there,” Olumekun stated.

Olumekun accused the terminal operators of directly sabotaging President Bola Tinubu’s local content and blue economy agenda.

Also speaking, the Director of Enforcement and Operations at BOAN, Nura Wagani, drew a sharp contrast between the situation at Apapa and Tincan Island Port, noting that the crisis is largely localised at Apapa Port.

“We as barge operators have been thrown out of business; nobody is patronising us because of these exorbitant rates. This is only happening in Apapa Port. If you go to the Tincan Island Port, the cost is not the same; Tincan Island is far cheaper than Apapa,” he said.

Meanwhile, an official with one of the terminal operators, who requested not to be mentioned due to the sensitive nature of the matter, stated that terminal operators would not want to join issues with BOAN.

“We don’t want to join issues with the barge operators; when we want to speak on that, we will issue an independent statement,” the official stated.

Dangote’s refinery is currently being flooded with inquiries as African governments scramble to secure fuel supplies after the Iran war disrupted flows.

Dangote Petroleum Refinery and Petrochemicals has been approached by South Africa and other governments in the region, as well as from countries outside the continent, a company executive said in a text message.

This is coming as the refinery announced an upward review of the price of petrol citing escalating global geopolitical tensions.

In a notice sent to marketers on Friday the refinery disclosed that its ex-depot (gantry) price had been raised from N1,175 per litre to N1,245 per litre, while the coastal price was also adjusted upward.

“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry & coastal price has been reviewed and updated as outlined below,” the notice read.

The document showed that the gantry price increased by N70 per litre, while the coastal price rose from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

According to the refinery, the new pricing regime will take effect from midnight on March 21, 2026.

“The refinery raised its coastal price from N1,512,648 per metric tonne to N1,606,518 per metric tonne, while the gantry price increased from N1,175 per litre to N1,245 per litre.

“Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” it stated.

The refinery also clarified that marketers with existing supply arrangements backed by bank guarantees would still be allowed to lift products under previous approvals, subject to certain conditions.

“For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any) provided the BG credit balance covers the price change differential,” the notice added.

It further explained that the cost difference arising from the new pricing would be recovered from marketers.

“The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, 23-March-2026,” the company said.

The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.

The latest adjustment underscores the continued vulnerability of Nigeria’s fuel market to international crude oil price volatility and supply chain disruptions, despite the coming on stream of the Dangote refinery, which was expected to stabilise domestic supply.

The development comes amid heightened global uncertainty driven by ongoing tensions in key oil-producing regions, particularly in the Middle East, which has pushed up crude oil prices and freight costs.

The refinery, however, maintained that the adjustment was necessary to reflect prevailing market realities, stressing that the pricing review was driven by external factors beyond its control.

Meanwhile, South Africa is seeking a standard contract for 12 months with Nigeria, people with knowledge of the matter said, asking not to be identified as the discussions are private, reports Bloomberg.

From cooking gas shortages in India to dwindling naphtha supplies in Japan, the US-Israel war on Iran is exposing vulnerabilities across the global economy.

In Africa, the strain may be most acute in east and southern parts of the continent, where about 75 per cent of refined-fuel imports come from the Middle East, according to Elitsa Georgieva, executive director at energy consultancy CITAC.

South Africa “is actively coordinating with industry stakeholders to secure both crude oil and refined petroleum products from a diversified range of sources,” the government said in a statement on Wednesday. “A comprehensive plan is in place to manage potential supply risks.”

About 75 per cent of Dangote’s 650,000 barrel-a-day facility is reserved for Nigeria, with the remainder available for export. Ghana and Kenya have also reached out to Dangote, one of the people said.

“Right now it is not about pricing, it’s about availability,” Dangote said in an interview with the Economist. “I think the situation will continue for a while.”

South Africa said it had enough for the “coming weeks,” while Kenya requires oil marketing companies to keep three weeks of stock and officials said there’s no immediate concern over shortages.

As a benchmark, the International Energy Agency requires members to hold at least 90 days of net oil imports. No African country is a member of the global energy watchdog.

In Ethiopia, authorities ordered fuel stations to prioritize public-transport providers and asked citizens to use energy sparingly. Meanwhile, in the Somali capital fuel prices have almost doubled.

South Africa has about 8 million barrels of strategic crude oil stocks, according to the state-owned Central Energy Fund, but virtually no dedicated fuel reserves. Lawmakers last year found such stockpiles lacking.

Africa’s biggest economy has lost about half its refining capacity in recent years after accidents and years of underinvestment left plants unable to meet cleaner-fuel standards, increasing a reliance on imports.

Fuel marketers do hold some stocks as a distribution buffer, Jacob Mbele, director-general at South Africa’s Department of Mineral Resources, said in an interview Monday. The government has been looking into keeping its own strategic reserves since the country has become a net importer of oil products, but the process is at an early stage, he said.

For now, supplies remain stable, with availability of all major petroleum products nationwide, the Fuels Industry Association of South Africa, an industry lobby group, said in a statement on Friday.

Some businesses are taking measure to avoid shortages. That’s resulted in a surge in demand for coal. Exxaro Resources Ltd., biggest producer of the dirtiest fuel in South Africa, said prices have shot up about 20 per cent to $112 a ton, according to Chief Executive Officer Ben Magara.

At the same time, the miner faces higher freight and insurance prices to ship manganese, along with potential fuel supply issues across operations, he said.

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“Making sure we have enough fuel inventories for a crisis like this is also quite important,” Magara said. “So we are putting a lot of business continuity management plans in place because you just, you never know.”

Rising fuel prices driven by escalating tensions in the Middle East may disrupt Nigeria’s manufacturing sector and broader economy, with operators warning of mounting pressure on supply chains, production costs, and consumer prices.

The Manufacturers Association of Nigeria warned that surging fuel prices pose a significant risk to manufacturing operations, stressing that heavy reliance on trucks for logistics and generators for power makes the sector highly vulnerable to energy shocks.

The Lagos Chamber of Commerce and Industry also cautioned that Nigeria remains exposed to global oil market volatility, noting that any spike in crude prices would directly impact domestic fuel costs and the wider economy despite local refining efforts.

MAN noted that rising fuel prices, triggered by the conflict involving the United States, Israel, and Iran, including reported attacks on vessels along the Strait of Hormuz, could worsen inflationary pressures and disrupt supply chains nationwide.

In a telephone interview with The PUNCH, the Director-General of MAN, Segun Ajayi-Kadir, said the surge in fuel prices would have far-reaching consequences for manufacturers and the broader economy.

He stated, “Fuel is a major input in production, transportation, and energy supply, and it has a significant impact on the citizens and the whole sector of the economy. The recent hike in the prices of fuel as a result of the conflict in the Middle East has a negative implication on the Nigerian economy, including the manufacturing sector.”

Ajayi-Kadir stressed that manufacturers’ reliance on trucks for logistics makes them particularly vulnerable to fuel price increases, warning that distribution costs could surge and disrupt supply chains nationwide.

He explained, “Manufacturers depend on trucks for the movement of raw materials and finished products across the country. Increases in the price of fuel raise the transport fare, making distribution expensive and affecting the supply chain.”

The MAN DG further noted that rising fuel costs would significantly increase production expenses, as many manufacturers continue to depend on generators due to unreliable electricity supply.

He said, “The Nigerian manufacturing sector relies heavily on generators for production due to the inadequate supply of electricity over the years. The increase in fuel prices will increase the cost expended on power generation, thereby increasing the cost of production and reducing the profit margin.”

Ajayi-Kadir added that the higher cost burden would inevitably be transferred to consumers through increased prices of manufactured goods, worsening inflationary pressures, and weakening purchasing power.

He explained, “The extra cost will lead to an increase in the cost of finished products, thereby increasing the rate of inflation across the country, reducing the consumer purchasing power, and lowering the volume of sales of manufacturers’ products.”

He also warned that Nigerian manufacturers risk losing competitiveness to imported goods as production costs rise locally. “Whenever there is an increase in production cost in the country, Nigerian goods will be more expensive compared to their competitors. This will make imported goods cheaper, and as an alternative, consumers will shift their demand to foreign products, reducing the competitiveness and patronage of Nigerian products within and outside the country,” he said.

Ajayi-Kadir cautioned that small and medium-scale manufacturers could face severe strain, with some potentially forced to scale down operations or shut down entirely.

He stated, “The small and medium-scale manufacturers may find it difficult to cope with the fuel price increase, which may lead to reduced output or total shutdown of production. The multiplier effect will be slow industrial growth, an increase in unemployment rate, a reduction in revenue generation, and the contribution of the manufacturing sector to GDP.”

Energy prices in Nigeria have fluctuated since the full-scale attacks by the United States and Israel on Iran began on February 28, with the price of petrol exceeding N1,000 per litre on some days. Labour associations and organised private sector groups have, as a result, urged the government to provide relief to Nigerian consumers.

Meanwhile, The PUNCH reported that the landing cost of imported petrol is N94.53 cheaper than the domestic gantry price, citing the Major Energies Marketers Association of Nigeria. MEMAN disclosed that the landing cost of imported petrol as of 16 March 2026 stood at N1,080.47 per litre, while the domestic gantry price was N1,175 per litre, reflecting a N94.53 difference.

Also speaking, the President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, urged entrepreneurs to adopt survival strategies, including increased use of local inputs and expansion into export markets. Egbesola said, “The first thing is for us to begin to look inward, to look at how we can begin to use raw materials and how we can begin to use locally made inputs to replace imported ones.”

He maintained that boosting exports could help businesses earn foreign exchange and cushion the impact of inflation. “We can target doing more exports, and that is by becoming export-ready with our business. When there is inflation like this, it puts our products and services in a competitive position in the global markets. Our products are cheaper, so it makes it possible for us to sell more,” Egbesola added.

He further highlighted the need for alternative energy sources to reduce dependence on expensive fuel, stating, “Energy is one thing that is taking away a bulk sum of our profits. Sometimes up to 40 per cent of our profit margin is taken away by energy costs. So we can also begin to look at an alternative source of energy to power our businesses.”

The ASBON president also called for diversified funding options and government support through low-interest intervention funds. Egbesola said, “It is important for us to begin to look at other sources of funding beyond the commercial bank. The government too should release more intervention funds at a single-digit interest rate to help alleviate this time.”

On the broader oil market outlook, the Chairman of the Oil Producers Trade Sector of the Lagos Chamber of Commerce and Industry warned that Nigeria could face serious economic consequences if tensions in the Middle East disrupt crude shipments through the Strait of Hormuz and push global oil prices to $200 per barrel.

Speaking on behalf of Collins Ogbu, the sector’s chairman, the outgoing Managing Director of 11PLC, Adetunji Oyebanji, said Nigeria must urgently attract more investors into oil exploration and production to increase output and achieve its target of surpassing two million barrels per day.

His warning follows reports that Iran threatened to block oil shipments through the strategic Strait of Hormuz, a key route for global crude exports.

According to Iran’s Khatam al-Anbiya military command spokesperson, Ebrahim Zolfaqari, “We will never allow even a single litre of oil to pass through the Strait of Hormuz for the benefit of the US, the Zionists, and their partners.”

Oyebanji said a spike in global oil prices would directly affect Nigeria despite the presence of local refining capacity. “We all have to understand that one of the problems Nigeria has always had is that we always feel we are an island. We are not affected by what is happening in the global economy, and that is not the case. Everybody is affected, more so we are a monoproduct country,” Oyebanji said.

He explained that the country’s heavy reliance on crude oil revenues means any price shock in the international market will inevitably impact the local economy.

“So once crude goes to $200, by definition, even what it produces locally is going to go up. At the end of the day, if petrol or crude goes to $200, it is going to affect the price at the pump in Nigeria,” Oyebanji noted.

The energy executive also questioned claims that domestic refining alone would shield Nigeria from global price volatility. “Even when refining locally, it does not shield us from what is happening with international crude prices. If it is 100 barrels we have to sell, let us sell it in dollars and maximise dollar revenue for the country,” Oyebanji remarked.

He warned that Nigeria’s crude production should already be far higher than current levels if sufficient investments had been made in exploration.

“Nigeria today should even have been at four million barrels. But to achieve that, you have to invest in exploration and production, and the people that have the financial muscle are the international oil companies,” Oyebanji said.

He added that Nigeria must improve security, attract large-scale investment, and implement policies that encourage exploration if the country hopes to increase output and cross the two-million-barrel production threshold.