Fresh pressure is mounting on household energy costs as marketers on Monday warned that the price of Liquefied Petroleum Gas, popularly known as cooking gas, could rise further following a new price adjustment by the Dangote Petroleum Refinery and worsening global crude oil dynamics.

The Nigerian Association of Liquefied Petroleum Gas Marketers said retail prices have already climbed sharply to N1,000 per kilogramme, driven by higher ex-depot prices, surging logistics costs, and the ripple effects of rising crude oil prices.

This comes as the Dangote refinery increased its LPG ex-gantry price from N760 and N800 last week to N825 per kilogramme on Monday, a development seen by industry players as a key trigger for downstream price adjustments across the country.

Speaking in an interview on Monday, the association’s Publicity Secretary, Damilola Owolabi-Osinusi, confirmed that consumers should expect higher prices at retail outlets nationwi

She said, “Yes, definitely. The price of cooking gas will rise. The prices have already increased to N1,000 per kg at retail stations. This is because of the cost of logistics. It has increased too, haulage and other loading costs, particularly haulage. Even the Dangote refinery has increased its price. It’s N825 from Dangote as of today.”

Her comments signal a widening gap between ex-depot and retail prices, underscoring the cumulative impact of supply chain costs on final consumer pricing.

Operators explained that, beyond the refinery price adjustment, rising transportation costs, fuelled by higher diesel prices and operational bottlenecks, are significantly compounding the situation.

The latest hike is closely linked to the sustained increase in global crude oil prices, which directly influences LPG pricing, as both products are derived from hydrocarbon processing.

As crude prices climb in the international market, the cost of propane and butane, the primary components of LPG, also rises, leading to higher import parity prices and upward pressure on domestic supply.

Nigeria, despite being a major gas producer, still relies partly on imports and market-linked pricing, making local LPG prices vulnerable to global energy shocks.

The anticipated increase is expected to further strain Nigerian households already grappling with rising food and energy costs, as LPG remains a critical cooking fuel for urban and semi-urban populations.

Over the past year, the Federal Government has promoted LPG adoption as part of its clean energy transition strategy, encouraging a shift away from firewood and kerosene. However, recurring price spikes have continued to threaten affordability and slow adoption rates.

Marketers warned that unless there is a significant drop in crude prices or targeted interventions to ease logistics and distribution costs, the upward trend may persist in the near term.

Stakeholders attribute the situation to a combination of factors, including foreign exchange volatility, high vessel and terminal charges, and infrastructure gaps in the domestic gas distribution network.

With the Dangote refinery now playing a more prominent role in domestic LPG supply, its pricing decisions are increasingly shaping market trends. Despite the concerns, marketers insist that the current adjustments are market-driven and necessary to sustain supply.

For now, consumers may have to brace for higher cooking gas prices, as the interplay between crude oil markets and local supply realities continues to dictate the cost of clean cooking energy in Africa’s largest economy.

Meanwhile, Ukraine’s President, Volodymyr Zelenskyy, said on Monday that Ukraine is exploring plans to import liquefied natural gas from Mozambique, as it grapples with energy shortages caused by years of Russian attacks on its production infrastructure.

Before the war, Ukraine met almost all of its gas needs through domestic production. However, Russian strikes have meant that Ukraine has lost about half of its gas output, Central Bank Governor Andriy Pyshnyi said late last year.

Last autumn, Russia intensified its attacks on Ukrainian gas production facilities, most of which are located in frontline regions in northeast and central Ukraine.

Speaking on the Telegram messaging app after meeting with Mozambique’s President, Daniel Chapo, Zelenskyy suggested that Kyiv could offer the southern African nation—which is battling an Islamist insurgency—support in countering its security challenges.

“Ukraine is interested in additional energy supplies. Mozambique is interested in Ukraine’s experience and technologies to strengthen its internal security and protect people from terror,” Zelenskyy said, without providing details of the volumes of gas that might be involved in any deal.

Mozambique is a major African gas producer, and in January, the country and TotalEnergies announced that they would relaunch an LNG project previously halted by the insurgency.

With the capacity to produce 13 million metric tonnes of LNG annually, the project is expected to make Mozambique a major gas exporter. Ukraine has not imported Russian gas since 2015.

In recent years, Kyiv has also been expanding its LNG supplies, establishing access to U.S. LNG from terminals in Poland and the Baltic countries.

Ukraine also imports U.S. LNG via the so-called Vertical Corridor of pipelines from Greece. European AGSI official energy data showed last week that Ukraine had begun storing gas in its underground facilities in preparation for the next heating season.

Energy minister Denys Shmyhal has said that Ukraine intends to start the 2026–2027 heating season with at least 13 billion cubic metres of gas in underground storage, roughly the same volume as in the previous season. Since the start of the war with Russia, Ukraine has not disclosed full details of its gas imports.

The Nigerian Exchange Limited witnessed an extraordinary surge in activity as investors traded 8.761 billion shares valued at N267.253bn in 193,473 deals, despite a shortened trading week.

This massive turnover, which occurred in just three business days due to the Federal Government declaring public holidays on 19 and 20 March to commemorate the Eid-el-Fitr celebration, stood in stark contrast to the previous week’s total of 3.321 billion shares valued at N164.845bn.

The ICT industry dominated the activity chart by volume, accounting for 5.330 billion shares worth N46.825bn and contributing a staggering 60.84 per cent to the total equity turnover. This momentum was largely driven by heavy trading in E-Tranzact International Plc, FCMB Group Plc, and Wema Bank Plc, which together represented nearly 70 per cent of the week’s total volume.

The market’s primary benchmarks reflected this bullish sentiment, with the NGX All-Share Index and Market Capitalisation both appreciating by 1.39 per cent to close the week at 201,156.86 points and N129.126tn respectively.

While the broader market flourished, sectoral performance was mixed; the NGX Insurance, Oil & Gas, and Commodity indices recorded depreciations, while the NGX Sovereign Bond index remained flat. Amidst this volatility, the exchange also expanded its offerings with the listing of NGX30U6 and NGXPENSIONU6 Futures Contracts, alongside new commercial paper issuances from NGN Gram Limited totalling billions in value.

Market analysts have noted that the rush into equities and the tightening of yields in the fixed-income space suggest a strategic shift among institutional players. In their weekly review, analysts at Meristem Securities observed that investors are moving with increased urgency to secure positions before market conditions shift further.

According to the firm’s perspective on the current climate, “As yields begin to trend lower, investors move quickly to lock in still-attractive rates before further declines materialise, a behaviour evident in the significant rise in subscriptions and the downward trend of average Treasury bill yields.”

This aggressive positioning indicates that despite the holiday-shortened window, the appetite for both high-volume equities and debt instruments remains at a peak for the first quarter of 2026.

The current surge in the ICT sector is not just a weekly anomaly; it represents a significant structural shift in the Nigerian Exchange that has been gaining momentum since 2024. Historically, the Financial Services industry has been the traditional heavyweight of the Nigerian market, often accounting for 50 per cent to 70 per cent of total trading activity.

However, the data from March 2026 shows the ICT sector contributing 60.84 per cent of total volume and 17.52 per cent of value, a stark contrast to its historical standing.

The dominance seen in the third week of March 2026 is driven by several critical factors, including the ‘Fintech’ surge. Companies like E-Tranzact have seen their market capitalisations nearly double in the last 12 months, hitting N180bn in March 2026, reflecting the massive adoption of digital payment infrastructure in Nigeria.

The growth is no longer limited to just telecom giants like MTN and Airtel; mid-cap technology firms specialising in cloud computing and data centres are seeing unprecedented trading volumes as Nigeria’s “Digital Public Infrastructure” expands.

The ICT sector’s 58 per cent year-on-year market capitalisation growth in 2025 set the stage for the high-conviction trading seen this month. While the Financial Services sector still leads in value with N95.892bn compared with ICT’s N46.825bn this week, the sheer volume of shares changing hands in ICT indicates that retail and institutional investors are increasingly viewing technology as the primary engine for future growth.

MTN Nigeria has reported a staggering N1.1tn profit for the 2025 financial year. This turnaround marks a significant departure from the fiscal headwinds of 2024, signalling a robust resurgence in the country’s digital economy.

Speaking on Channels Television, the Chief Financial Officer of MTN Nigeria, Modupe Kadri, broke down the numbers that defined the company’s “impressive” performance. He revealed that the firm achieved a 22.9 per cent increase in service revenue, reaching N392.2bn, fuelled by a surge in third-quarter activity.

The recovery was not a matter of chance but the result of aggressive capital expenditure. Kadri disclosed that the company’s investment in the sector has reached unprecedented levels. “We spent about N1tn in 2025, significantly higher than our 2024 investment levels. We will continue now that we have a business case to make this investment,” he explained.

Despite the massive profit and the deployment of over 2,850 new network sites, the CFO offered a grounded perspective on when consumers will feel the full impact of these billions.

He addressed the recurring question of whether increased income immediately equates to better service quality. “The telecommunications industry is capital-intensive. Even when the capital is available, improvements in network infrastructure take time to materialise. We are not out of the woods yet, but the impact of such investments will be fully realised in time,” he said.

Looking towards the future, MTN is shifting its focus toward the “unconnected” segments of the Nigerian population. With the industry’s total investment exceeding $1bn, the company is eyeing a 70 per cent broadband penetration rate through a mixture of traditional and frontier technologies.

“There is a growing need to expand connectivity as Nigeria’s population increases. Areas previously classified as rural require improved population coverage. Our goal is to exceed 2025 investment levels with the Bridge Project and a ‘satellite revolution’ aimed at closing the rural connectivity gap,” he added.

Nigerians and Petroleum marketers are bracing for another round of price increases after the Dangote Petroleum Refinery announced a fresh hike in the price of Premium Motor Spirit (petrol), citing escalating global geopolitical tensions.

In a notice sent to marketers on Friday night and obtained by our correspondent, 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 hike 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.

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.