Nigeria is set to begin exporting a new light, sweet crude grade known as Cawthorne in March as part of efforts to boost oil production and consolidate the recent recovery in output, the Nigerian National Petroleum Company Limited has disclosed.

The development, which was confirmed by a spokesperson of the Nigerian National Petroleum Company Limited to Reuters on Tuesday, is expected to strengthen the country’s position within the Organisation of the Petroleum Exporting Countries as it seeks a higher production target amid improving output levels.

According to the report, the launch of the new grade is part of Nigeria’s broader push to lift production, which has been constrained for years by crude oil theft, pipeline vandalism, and security challenges in the Niger Delta. A source familiar with the development said the first export cargo is expected in the third week of March.

Cawthorne crude, which has an API gravity of 36.4, is similar in quality to Nigeria’s flagship Bonny Light, a grade widely valued by refiners for its high yields of gasoline and diesel. The report disclosed that NNPC issued a tender last week for the new grade for loading between March 24 and 25.

Analysts at energy intelligence firm Kpler noted that the crude is expected to be exported through the Floating Storage and Offloading vessel Cawthorne, which has a storage capacity of about 2.2 million barrels.

The facility is designed to enhance crude transportation and production from Oil Mining Lease 18 and surrounding assets in the eastern Niger Delta.

The introduction of the grade could increase Nigeria’s crude and condensate supply from about 1.65 million barrels per day to roughly 1.7 million barrels per day for the rest of the year, depending on operational stability and market demand.

Nigeria’s crude production quota under the OPEC+ framework currently stands at 1.5 million barrels per day. Data from the cartel showed that the country produced about 1.48 million barrels per day in January.

The country has, in recent months, ramped up security efforts across oil infrastructure and pipelines, leading to improved output and reduced losses from theft. Cawthorne is the third new crude grade introduced by Nigeria in recent years as the government and industry players work to diversify export streams and attract more buyers.

Other new grades launched include Obodo in 2025 and Utapate in 2024. Experts say the introduction of additional crude streams helps Nigeria target different market segments, improve pricing flexibility, and strengthen resilience in global oil trade.

Nigeria, Africa’s largest oil producer, is intensifying reforms in the oil and gas sector under President Bola Tinubu, with a focus on improving production, increasing investment, and boosting government revenue.

The country’s oil output had declined in recent years due to operational disruptions and divestments by international oil companies. However, recent improvements in pipeline security and upstream activity are gradually restoring production levels.

A sustained growth in output and the introduction of new crude grades could enhance Nigeria’s earnings at a time when global oil prices remain volatile but supportive of energy-exporting economies.

The Dangote Petroleum Refinery has concluded an offtake agreement with 12 major petroleum marketing companies to distribute between 60 million and 65 million litres of Premium Motor Spirit (petrol) daily across the country, in a move expected to stabilise supply and deepen Nigeria’s fuel self-sufficiency.

President of the Dangote Group, Aliko Dangote, disclosed this in Lagos, noting that the structured framework would guarantee nationwide availability of petrol while exporting surplus volumes.

According to a statement issued, Dangote said, “We have agreed an offtake framework to supply up to 65 million litres daily for the domestic market. Any surplus, estimated at between 15 and 20 million litres, will be exported.”

Dangote stated that the initiative marks a major shift in the country’s downstream petroleum sector, as Nigeria’s daily consumption currently ranges between 50 million and 60 million litres.

This means the refinery is expected to supply about 1.8 billion to over 2 billion litres of petrol monthly, depending on daily output and the number of days in the month.

The latest offtake and distribution arrangement follows an earlier agreement reached in October 2025 between the Dangote Petroleum Refinery and downstream operators aimed at stabilising fuel supply and curbing volatility in pump prices.

At the time, independent petroleum marketers disclosed that the refinery had set a target to release up to 600 million litres of Premium Motor Spirit monthly to the domestic market as part of efforts to address supply disruptions and rising costs across the country.

Under the arrangement endorsed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, selected marketers will handle nationwide distribution to prevent supply disruptions and eliminate speculative practices.

The marketers include MRS Oil Nigeria Plc, Nigerian National Petroleum Company Limited Retail, 11 Plc, TotalEnergies Marketing Nigeria, Rainoil Limited, Northwest Petroleum & Gas Company Limited, Ardova Plc, Bovas & Company Limited, AA Rano Nigeria Limited, AYM Shafa Limited, Conoil Plc, and Masters Energy.

The statement noted that the structured offtake model is designed to ensure efficient logistics, reduce hoarding, and support price stability. It added that the refinery would export between 15 million and 20 million litres daily once domestic supply obligations were met.

“This would conserve foreign exchange, improve the country’s trade balance and strengthen external reserves, as Nigeria will no longer rely heavily on imported fuel,” the statement explained.

For decades, Africa’s largest oil producer depended on imported refined products, exposing the economy to exchange rate volatility, global supply disruptions and recurring shortages.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Bashir Ojulari, recently described the refinery as a transformative national asset capable of redefining the country’s energy security architecture.

He said, “This plant was designed for 650,000 barrels per day. None of us thought it would even touch 550,000. What we saw live today was 661,000. These are live parameters, not reports or photographs.”

Ojulari added that the refinery represents a new era of industrial capability and technological advancement for Nigeria.

Nigeria has intensified reforms in the oil and gas sector following the deregulation of the downstream market and removal of fuel subsidy under President Bola Tinubu.

The Dangote refinery, Africa’s largest, is expected to play a central role in ending decades of petrol importation, stabilising prices, and positioning Nigeria as a net exporter of refined petroleum products across West and Central Africa.

The success of the structured offtake model could usher in a more stable fuel supply chain and reduce the risk of shortages that have plagued the country for years.

The Monetary Policy Committee of the Central Bank of Nigeria has reduced the benchmark interest rate to 26.5 per cent, a move members of the Organised Private Sector described as minimal but a positive signal for businesses and the broader economy.

At the end of its 304th meeting in Abuja, the MPC cut the Monetary Policy Rate by 50 basis points from 27 per cent to 26.5 per cent. All 11 members of the committee were in attendance.

The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday. “The committee decided to reduce the monetary policy rate by 50 basis points to 26.5 per cent,” Cardoso said.

He added that the MPC also resolved to “retain the Standing Facilities Corridor around the MPR at +50/-450 basis points” and to “retain the Cash Reserve Requirement for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and 75.00 per cent for non-TSA public sector deposits.

The latest move marks the second rate cut under the current leadership of the apex bank, following a similar 50-basis-point reduction in September 2025 and a hold at the November 2025 meeting.

Cardoso said the decision was based on “a balanced evaluation of risks to the outlook,” which indicates that “the ongoing disinflation trajectory would continue, largely supported by the lagged transmission of previous monetary tightening, sustained exchange rate stability, and enhanced food supply.”

He disclosed that headline inflation eased to 15.10 per cent in January 2026 from 15.15 per cent in December 2025, marking the eleventh consecutive month of year-on-year decline. According to him, “Food inflation declined markedly to 8.89 per cent from 10.84 per cent,” while “core inflation declined to 17.72 per cent from 18.63 per cent.”

On a month-on-month basis, headline inflation fell to -2.88 per cent in January from 0.54 per cent in December, signalling what the committee described as “a continued softening of price pressures.”

The governor referenced the newly issued Presidential Executive Order 09, which redirects oil and gas revenues into the Federation Account. The committee “welcomed” the order and “acknowledged the potential impact of this Order in improving fiscal revenue and accretion to reserves.”

He reaffirmed the MPC’s commitment to “an evidence-based policy framework, firmly anchored on the Bank’s core mandate of ensuring price stability, while safeguarding the soundness and resilience of the financial system.” The next MPC meeting is scheduled for May 19 and 20, 2026.

Reacting to the decision, members of the Organised Private Sector described the 50-basis-point reduction as cautious but a welcome development. In separate interviews with The PUNCH, private sector leaders said the cut, though modest, signalled a gradual shift toward supporting growth.

Director-General of the Nigeria Employers’ Consultative Association, Adewale Oyerinde, said the marginal cut indicated that monetary authorities were responding to sustained pressures facing businesses.

“The marginal reduction in the benchmark interest rate represents a cautious but noteworthy signal that monetary authorities are beginning to respond to the sustained pressures facing businesses and the productive sector,” Oyerinde said.

He added, “While the 50 basis point reduction may not immediately translate into significantly lower lending rates, it reflects a gradual shift toward supporting economic growth without undermining price stability.”

Oyerinde stressed that the overall policy stance remained tight due to the retention of the Cash Reserve Ratio at 45 per cent for commercial banks and other liquidity controls. “With a substantial portion of bank deposits still sterilised, the capacity of financial institutions to expand credit to the real sector may remain constrained in the near term,” he remarked.

He noted that inflation, particularly in food, energy, and transportation, continued to pressure employers and households. “For the modest easing in policy rate to have a meaningful impact, it must be complemented by coordinated fiscal and structural reforms that address supply-side constraints, improve infrastructure, and enhance productivity,” Oyerinde said.

National Vice President of the National Association of Small-Scale Industrialists, Segun Kuti-George, described the move as a conscious adjustment to preserve recent monetary gains.

“What this interest rate cut means to me is a conscious adjustment to prevent botching the country’s monetary achievements,” Kuti-George said. “With these reasonable adjustments, there will hopefully be relative stability.”

He added that there had been some improvement in inflation trends, stating, “Prices of consumable goods, particularly foods, have generally stayed below what it used to be in the corresponding time of last year. We hope that the trend will be maintained.”

On his part, Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, described the rate cut as growth-supportive but warned that weak policy transmission and fiscal vulnerabilities could blunt its impact.

“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 cautioned that lending rates might remain elevated due to structural constraints, stressing, “Unless these structural rigidities are addressed, the benefits of monetary easing may not fully translate into lower borrowing costs for manufacturers, SMEs, agriculture, and other productive sectors.”

Yusuf added that fiscal consolidation remained the missing anchor. “Without fiscal consolidation, monetary easing could be undermined by continued fiscal pressures and crowding-out effects in the financial system,” he stated.

The Lagos Chamber of Commerce and Industry welcomed the rate cut as “cautious” and a signal of Nigeria’s shift to stabilisation and investment-led growth.

Director-General of the LCCI, Dr Chinyere Almona, said, “This move signals a significant shift from aggressive monetary tightening toward a stabilisation phase anchored on disinflation, exchange rate convergence, and improving supply-side conditions. It is a cautious, positive step in the right direction.”

The LCCI observed that, whereas the CBN’s decision to retain other monetary parameters suggests that liquidity conditions remain restrictive, the rate cut sends a critical confidence signal to the Organised Private Sector and establishes a pathway toward a gradual reduction in the cost of capital.

But Almona stressed that businesses still require tangible relief in financing costs to restore production, expand capacity, and preserve jobs.

The Central Bank of Nigeria (CBN) slowed naira appreciation at the official window and mopped up about $190 million from the local currency market last week.

The local currency had appreciated speedily at the official window, but the exchange rate retreated for the last three trading sessions that closed on Friday.

Some analysts warned that the naira’s successive rally would force foreign investors to exit the fixed-income market. Selling down their interest in investment securities will lead to a spike in demand for the US dollar.

This could plunge the market into abysmal conditions and increase US dollar outflow from the economy. Despite the absence of FX intervention, the local currency has been relatively stable versus the dollar.

Last week, CBN purchased $189.80 million to absorb excess supply and moderate naira gains, TrustBanc Financial Group Limited said in a report.

The investment firm said the currency strengthened across both segments, appreciating N9.09 week-on-week in the official window to N1,346.32/$, while the parallel market gained N60.00 to N1,340/$.

TrustBanc reported that the FX spread narrowed sharply to 0.47% from 3.29% last week, reflecting improved convergence between both markets.

On the macro front, analysts said firmer oil prices, rising reserves and reform-driven inflows continue to support currency stability despite lingering geopolitical risks.

Nigeria has moved to attract major foreign investment as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, received a delegation from GCL Group in Abuja to discuss projects valued at up to $5.7 billion across key sectors of the economy.

The delegation was led by Orji Uzor Kalu, according to a statement released Monday by the Finance Ministry on its X handle.

The ministry said the proposed investments would focus on large-scale power generation, local processing of mineral resources and the establishment of new manufacturing plants.

The statement added that the planned projects are designed to expand job opportunities, increase exports and encourage value addition within Nigeria rather than exporting raw materials

Officials explained that the engagement reflects growing interest from international investors, which they link to ongoing economic reforms introduced under the administration of Bola Ahmed Tinubu. The ministry said these reforms are helping to improve investor confidence and create conditions for long-term economic growth.

According to the statement, the discussions also support Nigeria’s broader goal of moving from dependence on raw commodity exports to a production-driven economy built on domestic processing and manufacturing.

The ministry added that strengthening electricity supply, expanding industrial capacity and improving local production remain central to the government’s economic strategy, noting that investments in these areas are expected to play a major role in boosting productivity and stabilising growth over time.

Moniepoint Inc., Africa’s leading all-in-one financial ecosystem, has released a new case study titled “The Business of Community Nightlife in Nigeria,” providing a rare, data-driven look into the country’s informal night economy.

While high-end “Detty December” venues grab headlines with daily revenues of ₦360million and table prices reaching ₦1.2million, Moniepoint’s research shifts the spotlight to the “community nightlife” where roadside bars, suya spots, and neighborhood joints form the bedrock of social life for millions of Nigerians.

The robust study was drawn from transaction data across more than 27,000 clubs, bars, and lounges sitting on Moniepoint’s payment rails alongside fieldwork with nightlife operators and workers across the country. Combining anonymised transaction data processed by Moniepoint with field interviews and observational research across multiple Nigerian cities, the study provides a rare, ground-level view of how money, labour, and social life intersect after dark.It is the latest in a series of sector-specific studies by the company aimed at bringing data visibility to Nigeria’s informal economy.

According to the report, in a stark contrast from wider informal economy trends, cash plays a diminishing role in nightlife payments. The report shows that bank transfers dominate, followed closely by card payments, with cash actively discouraged due to security concerns. Moniepoint’s data shows that transfers outpace card payments by nearly 2 million transactions during peak nighttime hours across its network.

One of the study’s most operationally significant findings concerns the timing of spending. Nightlife in Nigeria runs long but economically, the night is decided early. Transaction volumes begin climbing sharply from 8pm, peak before midnight, and then decline steadily even as venues remain full. By the time the night is at its longest, purchasing activity has already wound down. However, for bar operators, this has clear practical implications – the most critical hours for staffing, stocking, vendor payment and cash flow management are the earliest hours of the day between midnight and 6am.

The report further underscores the sector’s role in employment, noting that local bars typically expand their workforce by 30-50% on peak nights. Conservative estimates suggest at least 54,000 people are engaged in nightlife labor every night across Nigeria.

“Nigeria’s local bars and night-time operators are not peripheral to the economy, they are a critical part of its architecture. We see a substantial and sustained economic sector that employs hundreds of thousands of Nigerians every night and deserves the same attention we give to agriculture, healthcare, and retail. Our goal is to make sure every one of those businesses has the tools to grow. From giving credit to finance renovations and sound systems to providing same-day settlement that allows vendors to restock and with tools like Moniebook that power inventory management and reconciliation, Moniepoint is ensuring that this vital artery of the nation’s economy remains viable and empowering,” said Tosin Eniolorunda, Co-Founder and Group CEO, Moniepoint Inc.

Other key interesting findings include:

The most common transaction narrations from the data sourced – “food”, “pay”, “sent”, “pos”, “cash” – reflect the full breadth of nightlife spending: street food, club entry, lounge tabs, transport, and afterparties. Digital payments have gained huge traction in Nigeria’s social space.

While alcohol remains a key revenue driver, the data shows that food is the quiet stabiliser of Nigeria’s night economy, particularly in local and informal settings. In several neighbourhood venues, bottled water and meals outsell beer and spirits, especially early in the evening.

Lagos leads in sheer concentration of nightlife establishments, with 4,856 bars, clubs, and lounges on the Moniepoint network. FCT follows with 2,515, then Rivers (2,362), Delta (1,930), and Edo (1,574).

Katsina leads the country in nighttime food truck payment value, with vendors pulling in over ₦130 million in the last 12 months. Kwara State leads in transaction count. Nigeria’s nightlife economy is distributed, not overly elitist.

On the lending side, the report notes that a significant share of loan requests from bar and lounge operators is directed toward renovations, furniture, lighting, and sound systems showing that investments intended to attract and retain customers in a competitive sector where ambience plays a decisive role.

Moniepoint continues to fuel this sector through innovative features like “POS Transfers” and by assigning a dedicated bank account to each terminal, the system provides an instant “audio-visual” confirmation, a signature “ping”, that allows service to continue without the friction of waiting for SMS alerts or verifying screenshots. Furthermore, in addressing the unique safety needs of consumers, Moniepoint cards are designed without visible card numbers, expiry dates, or CVVs, ensuring that a customer’s financial information remains secure.

As Nigeria’s largest distributor of financial services, Moniepoint’s ongoing commitment to financial inclusion and economic development has positioned it as a catalyst for growth across Nigeria and beyond. The company processes billions in transactions monthly and continues to expand its reach, supporting millions of businesses with payments, banking, credit, and business management solutions.

The Petroleum and Natural Gas Senior Staff Association of Nigeria on Sunday renewed its call for the Federal Government to divest majority shares in the nation’s state-owned refineries, urging authorities to adopt the Nigeria LNG model by selling at least 51 per cent equity to core investors.

Under this arrangement, the government would retain a minority stake while selling a majority shareholding to core investors.

The National President of PENGASSAN and the Trade Union Congress, Festus Osifo, made the recommendation when he featured as a guest on Politics Today on Channels Television.

Osifo said the union had consistently canvassed partial privatisation of the refineries over the past two decades, insisting that government ownership structure had hindered efficiency and commercial viability.

He said, “We have always advocated in PENGASSAN in the last 20 years that the government should bring about the NLNG model in the refinery. And what is that? The government should take a minority stake in the refinery and sell the majority stake.

“At least, the government should sell a minimum of 51 per cent to investors. And these investors should be refiners. They shouldn’t just be portfolio investors or politicians or friends of the political class.

“But sell at least 51% of this refinery, you sell it to refiners. So we are not against the government selling a majority stake in the refinery. That is what we have advocated in recent years. If you check the NLNG model, it has worked. A combination of ENI, Total Energy and Shell has 51 per cent in NLNG.”

According to the union, divesting majority shares to private refiners would depoliticise refinery management, encourage fresh investment and promote profitability.

While expressing support for the current NNPCL management’s move to attract investors and divest, Osifo maintained that the government should still retain a minority stake to safeguard energy security.

“So when they are making decisions, their decisions are not subjected to any political whims and caprices. That is actually what we have advocated. The government should divest its interest in the refineries and allow a minimum of 51 per cent of its shareholding.

“Give it to private investors, let them invest, and allow them to come around the refineries. The advantage of it is that it will not be politicised. Businessmen will make business decisions that will impact and help them make a profit. That has been our position.

“Thank God, that is the direction this new NNPC management has said they are driving it to bring in investors and divest from it. But they should not sell it 100 per cent. The reason is because of energy security,” he assured.

Osifo’s position comes amid renewed debate over the future of Nigeria’s moribund state-owned refineries and the broader reform of the oil and gas sector following the commercialisation of the Nigerian National Petroleum Company Limited.

His comments also followed remarks by the Group Chief Executive Officer of the NNPC, Bayo Ojulari, who on Saturday praised Africa’s largest single-train refinery, the Dangote Petroleum Refinery, describing it as a symbol of “technological audacity and national pride.”

Ojulari spoke during a landmark visit to the 650,000 barrels-per-day facility alongside members of the NNPC board and executive management team — the first official tour of the refinery by the senior leadership of the state oil firm. NNPC currently holds a seven per cent equity stake in the privately owned refinery.

The call by PENGASSAN signals organised labour’s conditional support for majority private participation in the country’s refining sector, provided the government retains a minority stake to safeguard energy security while insulating operations from political interference.