Nigeria’s sharp inflation decline signals reform gains, as monetary tightening, stronger reserves, and improved forex management reinforce naira stability and restore investor confidence, JUSTICE OKAMGBA writes

Nigeria’s inflation rate has fallen sharply from 27.61 per cent in January 2024 to 15.10 per cent in January 2026, reflecting the combined impact of monetary easing and structural reforms introduced by the Central Bank of Nigeria.

The moderation in price growth has coincided with improved foreign exchange stability, a rebound in foreign reserves to $46.8bn, and a steadier naira. As the Monetary Policy Committee prepares to meet on February 23 and 24, expectations are high that policymakers will maintain their focus on macroeconomic stability to accelerate the disinflation process, boost FX inflows, and strengthen the domestic currency.

Recent data signal that the economy may be entering a more stable phase. Headline inflation eased to 15.10 per cent in January 2026, down from 15.15 per cent in December, according to the National Bureau of Statistics.

The NBS report showed that the Consumer Price Index fell to 127.4 in January from 131.2 in December, representing a 3.8-point decrease. The decline was largely attributed to lower prices of tomatoes, garri, eggs, potatoes, carrots, millet, vegetables, plantain, beans, wheat grain, ground pepper, and onions.

The latest figures underscore a sustained easing of price pressures nationwide, offering relief to households and reinforcing policymakers’ confidence that current measures are gaining traction.

Inflation declining

The CBN maintains that structural reforms are gradually filtering through the broader economy, helping to stabilise the naira and moderate lending rates as inflation trends downward.

For the apex bank, recent monetary policy actions are part of a deliberate effort to restore macroeconomic balance after years marked by fiscal strain and external vulnerabilities. The bank’s leadership argues that its disciplined approach is yielding tangible outcomes, including easing borrowing costs and improved investor confidence.

The CBN also emphasised that closer alignment between fiscal and monetary authorities remains critical, especially as technological innovation and digital finance reshape the financial system.

At its last meeting in November, the CBN-led Monetary Policy Committee retained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening in a bid to consolidate recent gains in price stability, exchange rate management, and capital flows.

CBN Governor, Olayemi Cardoso, said the MPC voted by a majority “to maintain the monetary policy stance,” explaining that members believed more time was needed for earlier measures to work their way through the economy.

Despite calls from segments of the private sector for more aggressive easing to lower borrowing costs, Cardoso signalled that the bank would stay the course on its disinflation strategy.

The decision marked the fourth time in 2025 that the MPC kept the benchmark rate unchanged, following a 50-basis-point cut in September — the only reduction after the aggressive tightening cycle of 2024, during which rates were raised six times to curb inflationary pressures and defend the naira.

In addition, the committee adjusted the corridor around the benchmark rate to +50/-450 basis points. The Cash Reserve Ratio was retained at 45 per cent for deposit money banks, 16 per cent for merchant banks, and 75 per cent for non-TSA public-sector deposits. The liquidity ratio remained at 30 per cent.

According to the communiqué, the stance was driven by the need “to sustain the progress made so far towards achieving low and stable inflation,” while reaffirming that future decisions would remain “evidence-based and data-driven.”

The CBN attributed the inflation slowdown to sustained monetary tightening, improved FX market stability, stronger capital inflows, and relative calm in fuel prices.

Cardoso observed that investors who previously stayed on the sidelines due to volatility were returning to the market. “After stability comes investment, and after investment comes growth,” he said.

He added that Nigerians would “in the fullness of time” begin to experience the benefits of the current stability as increased investment translates into job creation and higher incomes.

MPC’s decision impact

The MPC’s decision to adjust the Standing Facility corridor around the Monetary Policy Rate from +250/-250 basis points to +50/-450 basis points is seen as a signal to banks to channel more funds into the real sector.

Under the revised framework, banks that choose to deposit excess liquidity with the CBN rather than lend to businesses will receive 450 basis points below the 27 per cent benchmark rate. Analysts interpret this as a move designed to discourage idle deposits and stimulate credit expansion.

The MPC reiterated that its actions are aimed at preserving progress toward low and stable inflation, with a continued commitment to data-driven policymaking.

Confirming the implications of the adjustment, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, recently said reducing the amount paid to banks for parking idle funds with the CBN would help accelerate lending to the economy.

For the MPC to alter the asymmetric corridor, he noted, means the apex bank is deliberately limiting the returns banks earn on funds held at the CBN rather than extending them to productive sectors.

Rewane explained that the policy shift, alongside positive yields on short-term assets, would strengthen portfolio inflows, support the naira, and reinforce the disinflation trajectory.

“The MPC’s decision also reflects current global trends emphasizing central bank autonomy and independence, as seen in most advanced economies,” he said.

Looking ahead, Rewane said the next MPC meeting in February 2026 is likely to adopt a cautious “wait-and-see” approach, with close monitoring of treasury bill rates and debt management strategies.

He projected that the naira would trade within a band of N1,450–N1,500/$ in the near term, while GDP growth is expected to reach 3.9 per cent in 2025 and 4.2 per cent in 2026. However, he warned that 2026 carries risks, including possible external shocks and a potential drop in Brent crude prices to $55 per barrel.

Rewane added, “We believe that the MPC will most likely cut the policy rate by 100bps to 26 per cent per annum at its February 2026 meeting. This dovish stance by the CBN should in no way undermine the current gradual decline in inflation.”

Other analysts noted that monetary policy works by influencing credit and liquidity conditions to achieve macroeconomic objectives, and that the corridor adjustment is intended to stimulate lending to the domestic economy.

Private sector credit

Recent CBN money and credit statistics indicate that N74.41tn was extended to the private sector in October, up from N72.53tn in September. The N1.88tn increase represents the strongest month-on-month expansion recorded so far in 2025.

On a year-on-year basis, private sector credit rose modestly from N74.07tn in October 2024 to N74.41tn in October 2025. While the annual gain appears limited, the short-term rebound following the September rate cut signals renewed lending momentum.

Cardoso stressed the importance of supporting smaller businesses, stating: “MSMEs remain central to our efforts. Last year alone, microfinance lending expanded by over 14 per cent, and new digital-credit products reached more than 1.2 million small enterprises — evidence of the sector’s growing depth and capacity. We are improving access to credit, supporting microfinance institutions, and expanding financial products tailored to smaller enterprises.”

He added: “The Central Bank of Nigeria will continue to steer monetary policy with discipline, anchored firmly to its core mandate of price stability. Stability remains the bedrock upon which investment flourishes, resources are allocated efficiently, and purchasing power is protected. In 2026, we will deepen engagement with stakeholders, strengthen collaboration with other regulators and international partners, and foster responsible innovation across the financial system.”

Reserves hit eight-year high

Nigeria’s gross external reserves climbed to $46.8bn as of February 4, the highest level in eight years, providing import cover for about 14 months. This marks an 18.9 per cent increase from $38.88bn in January 2025, driven by higher oil exports, diaspora remittances, and foreign portfolio inflows.

Rewane said the stronger reserve position has eased pressure on the naira, which appreciated by 0.65 per cent to N1,385/$.

“This is the strongest level of the naira in the last two years when it was N1,329.65/$ in May 2024.

Improved reserve buffers have also lifted import cover to 14 months, helping reduce exchange-rate pass-through to inflation, lower input-cost volatility for small and medium-sized businesses, and support household purchasing power and consumer confidence ahead of the pre-election year,” he said.

He estimated the fair value of the naira at approximately N1,257 to the dollar, arguing that the currency is undervalued by about 11 per cent based on the purchasing power parity model. According to him, exchange rates tend to converge toward PPP-implied levels over a five-year horizon, placing the appropriate rate at N1,256.79/$.

President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the naira has maintained relative stability across market segments in recent months, effectively ending years of volatility.

Analysts attribute the reserve build-up to improved FX inflows, stronger oil earnings, increased remittances through official channels, and renewed investor confidence following forex reforms introduced under Cardoso’s leadership.

Industry data show that reserves last approached this level on August 27, 2018, when they stood at $45.9bn. The accumulation of reserves provides a stronger buffer for import financing and currency management as Nigeria heads toward a general election.

Founder and Chief Executive Officer of the Centre for the Promotion of Public Enterprise, Dr Muda Yusuf, expressed optimism about the reserves outlook, noting that he does not foresee any reversal of the forex and fiscal reforms underpinning the current stability.

However, other analysts cautioned that sustaining reserve growth in 2026 will require disciplined FX management, restrained fiscal spending, and continuity of reforms.

They noted, “Historically, election cycles in Nigeria tend to introduce policy uncertainty, FX demand pressure, and capital flow reversals. So, while reserves can be sustained in the short term, maintaining this momentum throughout an election year will depend on discipline.”

In its 2026 Macroeconomic Outlook, the CBN projected that external reserves could rise further to $51.04bn in 2026, supported by stronger oil earnings, continued FX reforms, increased bond issuance, sustained diaspora inflows, and expanded domestic refining capacity.

For policymakers, the path ahead hinges on preserving macroeconomic stability, deepening structural reforms, and ensuring that the recent gains in inflation moderation, credit expansion, and reserve accumulation translate into durable and inclusive economic growth.

As members of the Monetary Policy Committee of the Central Bank of Nigeria prepare for their next meeting, fresh survey results indicate that most Nigerians want lending rates reduced, despite lingering anxiety over inflationary pressures.

This is contained in the apex bank’s January 2026 Household Expectations Survey, released ahead of the MPC’s 304th meeting scheduled for February 23 and 24, 2026. The committee retained the Monetary Policy Rate at 27.00 per cent at its November 2025 meeting, following a 50-basis-point reduction in September.

The survey showed that 65.0 per cent of respondents favour a cut in lending rates. In contrast, 12.2 per cent would prefer an increase, while 15.1 per cent want rates left unchanged. About 7.7 per cent expressed no opinion. The report read, “Majority of respondents prefer lower interest rates, with 65.0 per cent indicating a desire for rates to decline.”

Further responses point to a tilt towards looser monetary conditions, even where such a stance could complicate efforts to rein in inflation. When asked to choose between raising rates to curb inflation or keeping rates low even if inflation accelerates, 50.1 per cent opted for lower rates.

Meanwhile, 41.8 per cent supported tightening to contain inflation, and 8.2 per cent had no view. Notwithstanding this preference for cheaper credit, inflation concerns remain pronounced. About 66.6 per cent of respondents said the economy would be weak if prices rose faster than they are currently.

Only 9.6 per cent believe the economy would strengthen under that scenario, while 20.0 per cent said it would make no difference. The findings suggest that while households remain wary of rising prices, many are placing greater weight on access to affordable credit and short-term economic relief.

Consumer sentiment stayed positive for the third consecutive month in January, although it moderated. The Overall Consumer Sentiment Index stood at 2.8 points, compared with 4.8 points in December 2025.

The Economic Condition Index came in at 7.4 points, indicating continued optimism about general economic prospects, while the Family Income Sentiment Index rose to 9.1 points.

However, the Family Financial Situation Index remained negative at -8.2 points, indicating ongoing pressure on household finances.

Perceptions around price movements improved during the month. The Consumer Sentiment Index on price changes turned positive at 4.2 points, up from minus 1.4 points in December, suggesting that respondents expect price pressures to ease in the near term.

Spending patterns indicate that households are still prioritising essentials. Food and other household items recorded the highest expenditure outlook for the current month at 62.7 index points.

Education ranked second at 35.9 points, while transportation ranked third at 23.4 points. Food spending is projected to remain elevated over the next six months at 63.6 points.

Demand for high-value items remains subdued. The Buying Intention Index for big-ticket purchases was 22.8 points for the current month, rising marginally to 25.0 points over the next three months and 28.5 points over the next six months.

All three readings remain well below the 50-point threshold that signals balance between buyers and non-buyers, indicating continued caution in discretionary spending.

The PUNCH earlier in January 2026 reported that five members of the CBN’s MPC voted for a 50-basis-point reduction in the Monetary Policy Rate at the November 2025 meeting, citing sustained disinflation, stronger external buffers, and improving growth conditions.

This was according to their personal statements released by the apex bank on its website. The members are a former Executive Director at Fidelity Bank Plc, Aku Odinkemelu, an economist and policy expert, Aloysius Ordu, the Managing Director at EcoDonini Solutions Ltd, Bandele Amoo, a former Director-General of the Securities and Exchange Commission, Lamido Yuguda, and a renowned economist and university don, Prof Murtala Sagagi.

The dissenting members, who make up 41.7 per cent of the 12-member committee, proposed cutting the MPR from 27.0 per cent to 26.5 per cent and adjusting the asymmetric corridor to plus 50 and minus 450 basis points, while retaining all other prudential parameters.

The committee, however, voted to retain the benchmark rate at 27.0 per cent by a majority, reflecting continued caution about inflation risks.

Nigeria’s capital importation surged to $6.01bn in the third quarter of 2025, representing a 380.16 per cent increase compared to $1.25bn recorded in the corresponding period of 2024, the National Bureau of Statistics has said.

The NBS disclosed this in its latest Nigeria Capital Importation (Q3 2025) report published on its website on Saturday. The report showed that capital inflows also rose on a quarter-on-quarter basis, climbing by 17.46 per cent from $5.12bn recorded in the second quarter of 2025 to $6.01bn in Q3.

“In Q3 2025, total capital importation into Nigeria stood at $6.01bn, higher than $1.25bn recorded in Q3 2024, indicating an increase of 380.16 per cent. In comparison to the preceding quarter, capital importation increased by 17.46 per cent from $5.12bn in Q2 2025,” the report read.

A breakdown of the data indicated that Portfolio Investment dominated inflows during the period, accounting for $4.85bn or 80.70 per cent of the total capital imported.

Other Investment followed with $864.57m, representing 14.37 per cent, while Foreign Direct Investment recorded the least with $296.25m, accounting for 4.93 per cent of total inflows.

Further details from the report showed that within Portfolio Investment, money market instruments attracted $2.95bn, while bonds accounted for $1.58bn. Equity investment under the portfolio category stood at $328.10m.

Under Foreign Direct Investment, equity inflows amounted to $281.61m, while other capital recorded $14.64m. Sectoral analysis revealed that the Banking sector attracted the highest inflow at $3.14bn, representing 52.25 per cent of total capital imported in the quarter.

The Financing sector followed with $1.86bn or 30.85 per cent, while the Production/Manufacturing sector recorded $261.35m, accounting for 4.35 per cent. Other sectors that received notable inflows included Electrical ($244.86m), Telecommunications ($208.51m), and Shares ($94.89m). Trading attracted $80.94m, while Real Estate recorded $61.07m.

Lower inflows were recorded in Agriculture ($24.67m), Information Technology Services ($11.55m), and Transport ($5.23m). Oil and Gas received $4.60m, while Construction attracted $2.88m.

Public Administration and Defence accounted for $0.35m, Brewing $0.10m, Marketing $0.06m, Arts, Entertainment and Recreation $0.04m, and Health and Social Work $0.02m.

An analysis by banks showed that Standard Chartered Bank Nigeria Limited received the highest capital inflow at $2.12bn, representing 35.17 per cent of the total. Stanbic IBTC Bank Plc followed with $1.79bn or 29.75 per cent, while Citibank Nigeria Limited recorded $561.40m, accounting for 9.33 per cent.

Access Bank Plc received $385.03m, while Rand Merchant Bank recorded $306.92m. Ecobank Nigeria Plc attracted $299.91m, and First Bank of Nigeria Plc recorded $254.29m.

Zenith Bank Plc received $94.89m, Guaranty Trust Bank Plc $80.12m, and Fidelity Bank Plc $56.25m. First City Monument Bank Plc accounted for $49.27m, while United Bank for Africa Plc received $8.39m. Sterling Bank Plc recorded $3.10m, FSDH Merchant Bank Limited $2.87m, Union Bank of Nigeria Plc $2.30m, and Titan Trust Bank Ltd $1.94m.

Polaris Bank recorded $1.73m, Wema Bank Plc $1.16m, Keystone Bank Ltd $0.22m, and Providus Bank Plc $0.16m.

By country of origin, the United Kingdom emerged as the largest source of capital inflows into Nigeria during the quarter, accounting for $2.94bn or 48.80 per cent of total capital imported. The United States followed with $950.47m, representing 15.80 per cent, while the Republic of South Africa accounted for $773.95m or 12.87 per cent.

Other notable sources included Mauritius with $451.46m and the Netherlands with $282.90m. The NBS noted in its methodology that the data were provided by the Central Bank of Nigeria and capture fresh capital entering the economy as reported by commercial banks, excluding other components of foreign direct investment, such as reinvested earnings.

The strong rebound in capital importation in Q3 suggests renewed foreign investor appetite, driven largely by short-term portfolio flows into money market instruments and bonds. However, the relatively low share of Foreign Direct Investment indicates that long-term productive capital remains modest compared to more liquid investments.

The PUNCH earlier reported that the Federal Ministry of Industry, Trade, and Investment unveiled plans to deepen trade facilitation and tighten policy execution in 2026, following a sharp rebound in capital inflows and export performance in 2025.

According to the FMITI Outlook 2026, the ministry will focus on sustaining reform momentum while strengthening implementation frameworks to translate consolidation into sustained growth, exports, and jobs.

The Nigerian National Petroleum Company Limited (NNPCL) has launched a broader initiative that will increase the country’s gas development programme.

To achieve this new lofty target the Company has engaged the services of Chinese firms which will help in driving its liquefied natural gas development, spanning flare-gas-to-liquefied natural gas (LNG), floating LNG, and onshore LNG initiatives, alongside gas-fired power generation and industrial facilities utilising domestic gas feedstock.

In Abuja, the NNPCL signed a tripartite Memorandum of Understanding (MoU) with China Gas Holdings Limited and Peiyang Chemical Singapore PTE Ltd. (PCCS), to establish a framework for structured collaboration across key segments of Nigeria’s natural gas value chain.

Managing Director of PCCS, Tim Tian, said the MoU was signed in the presence of its Group Chief Executive Officer, Bayo Ojulari; the Executive Vice President for Gas, Power & New Energy, Mr. Olalekan Ogunleye; and the General Manager of NNPC Gas & Power Investment Services, Mr. Ibrahim Hamza.

The MoU serves as the primary vehicle to align international technical expertise with Nigeria’s domestic energy priorities, providing a formalised governance structure to transition identified opportunities from technical feasibility through to commercial operations.

“Our role is to combine proven modular engineering with locally grounded commercial structures that make projects investible and deliverable”, the PCCS MD said, adding that fast-tracking scalable gas infrastructure will be critical to converting resources into jobs, reliable power and industrial growth.

Tiam said the signing was followed by an extensive programme of engagement by the China Gas and PCCS delegation across Nigeria’s energy sector.

He said discussions with Heirs Energies Limited examined downstream compressed natural gas (CNG) and LNG opportunities, including a 15 million standard cubic feet per day (15MMSCFD) supply discussion and project delivery considerations, while separate meetings with refinery leadership focused on the integration of gas supply into refining and industrial operations.

The Chinese delegation also held discussions with the Ministry of Finance Incorporated (MOFI) regarding financing structures relevant to large-scale gas infrastructure development.

Alongside these meetings, PCCS said the delegation conducted site inspections at operational facilities, including CNG mother stations, the NGML-NIPCO refuelling station at the Port of Lagos, and logistics bases in Shagamu operating CNG and LNG-powered heavy-duty fleets.

The visits provided direct operational insight into compression systems, daily throughput levels, fleet utilisation, and transport-linked gas demand.

“With the framework now in place, the parties will proceed with technical evaluations and structured commercial discussions in line with the agreed scope”, PCCS said.

The Company said it had a proven track record in developing and operating refineries, LNG/CNG plants, and gas-to-power projects across Africa and Southeast Asia, facilitating the bridge between international technical standards and localised project delivery.

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has successfully concluded its strategic participation at the 2026 Wemabod Real Estate Outlook Confeence, which attracted over 1,800 participants to explore the theme ‘Unlocking land and infrastructure for inclusive housing’. The conference served as a vital platform for policy dialogue, partnership development and generation of actionable insights aimed at reshaping Nigeria’s real estate landscape.

Industry leaders and key stakeholders engaged in robust discussions pertaining to innovative strategies for affordable housing delivery; advancing infrastructure development; and promotion of sustainable economic growth. Noteworthy sessions included in-depth discussions on land acquisition processes, regulatory challenges, and financing frameworks essential to housing initiatives.

Speaking during a fireside chat, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, reaffirmed the bank’s commitment to advancing inclusive housing solutions. He stated, “Sustainable growth is impossible without inclusive assets, and inclusive housing cannot be achieved without purposefully unlocking land and aligning infrastructure from the outset. At Stanbic IBTC, we are committed to supporting frameworks that bring policy, capital, and execution together to deliver housing solutions that create dignity, opportunity, and long-term value for Nigerians.”

Tola Akinhanmi, Head of Real Estate Finance, Stanbic IBTC Capital, emphasised the importance of collaboration among institutions to deliver scalable housing solutions. “Inclusive housing cannot be achieved by any single stakeholder. It requires intentional cooperation among the government, regional development institutions, the private sector, financiers, professionals, and communities. Effectively unlocking land and strategically deploying infrastructure are essential for creating viable and scalable housing projects that align with regional economic priorities.”

Bashir Oladunni, Managing Director/Chief Executive Officer, Wemabod Limited, in his opening remarks, highlighted a significant shift needed in housing development strategies. For inclusive housing to flourish, he noted that there must be a migration from overcrowded urban centers to meticulously planned regional corridors. These corridors, facilitated by robust transportation links and coordinated land-use planning, should act as catalysts for economic activity.

The Wemabod conference undoubtedly set the stage for transformative change in Nigeria’s real estate sector; encouraging a shift towards a more equitable and sustainable approach to housing and urban development.

Stanbic IBTC is determined to be on the forefront of advancing Nigeria’s housing agenda and inclusive economic development through impactful partnerships. As Nigeria’s cities evolve, the Group focuses on empowering stakeholders, enhancing collaboration, and supporting solutions that provide accessible housing for a broader population.

The President of the Dangote Group, Aliko Dangote, on Thursday reaffirmed the conglomerate’s commitment to strengthening its supply chain, deepening digital capabilities, and sustaining customer-driven growth, as he addressed stakeholders at the Nascon 2025 Customers’ Dinner and Awards Night in Abuja.

Dangote, Africa’s richest man, told customers, board members, and executives that the event reflected both the group’s journey and its forward strategy. “This is an event that actually reflects not only how far we have come as a group, but also how we intend to move forward,” he said.

As Group President overseeing a diversified conglomerate operating across multiple markets and consumer segments, Dangote stressed that customer partnerships remain central to the group’s business model.

“As a group president, I have the privilege of overseeing the diversified group operating across multiple markets, brands, and consumer segments. Despite this diversity, our principle unites all our operations,” he said, adding, “Strong customers’ partnerships are the foundation of sustainable growth in our group.”

He noted that the group had undergone significant transformation in recent years, expanding manufacturing capacity, strengthening its brand portfolio, and modernising distribution systems.

“Over the past several years, our group has evolved significantly. We have expanded our manufacturing capacity, strengthened our brand portfolio, and modernised our go-to-market systems. Each of these milestones was influenced by customer needs and market realities,” he said.

Dangote acknowledged the role of distributors and trade partners in supporting product launches and market expansion, especially during difficult macroeconomic conditions.

“Many of the customers present tonight have walked this journey with us, supporting the new product launches, expanding distribution into new territories, and standing by our brands during periods of economic uncertainty. We must really thank you for always standing by us,” he stated.

According to him, the awards presented at the event recognise the breadth of excellence within the company’s customer base. He also commended the management team for organising the event, describing customer recognition as both a strategic and commercial imperative.

Looking ahead, Dangote outlined the group’s investment priorities, linking them directly to customer feedback and market realities.

“Looking ahead, we will continue to invest in brand equity, supply chain efficiency, sustainability, and digital capabilities. But these investments only create value when they are aligned with customer realities. Your continued engagement and feedback remain very, very critical to us,” he said.

Speaking earlier at the event, the Chairman of the Board of Nascon Allied Industries Plc and Dangote Group’s Vice President, Mr Olakunle Alake, said the company’s long-term growth depends on deep customer partnerships and consistent market execution in an increasingly competitive FMCG landscape.

Alake described the event as “both symbolic and strategic,” noting that it publicly affirms customer service as a core value while reinforcing collaboration as the basis for expansion.

He told attendees that “long-term growth is built on collaboration and not on transactions,” stressing that strong distribution networks and retail relationships remain critical to sustaining market performance and shareholder confidence.

Alake added that while the company is accountable to shareholders and regulators, its performance ultimately rests on customers who stock and promote its brands across markets.

He said the awards recognise partners that have delivered scale, consistency and growth over time, adding that customer service is “not just a core value, it is a strategic asset” in an environment of fragile loyalty and intense competition.

Also speaking at the event, the newly appointed Group Executive Director of Dangote Refinery and Petrochemicals, Fatima Aliko Dangote, thanked customers for what she described as years of loyalty and trust that have supported the company’s expansion.

She told distributors that their performance across markets had directly shaped the group’s results.

In her remarks, the recently appointed Group Executive Director, Commercial, Cement and Foods, at Dangote Industries Limited, Mariya Aliko Dangote, said her early days overseeing the foods business had reinforced the importance of trade partnerships.

“I recently assumed the responsibility of our food business in the capacity of Group Executive Director, Commercial operations, and one truth is already clear to me: our success is built with you and with your unwavering support,” she said, adding that performance in the market is ultimately driven by customer feedback and execution.

The Managing Director of NASCON Allied Industries Plc, Aderemi Saka, said the awards were designed to recognise customers whose growth has mirrored that of the company, stressing that NASCON’s performance is closely linked to the strength of its distribution network.

Saturday PUNCH learnt that the company, also known as Dangote Salt, honoured 50 customers at the 2025 dinner. Speaking on behalf of the awardees, Ali Balarabe commended the board and management for what he described as consistent engagement with distributors, after receiving a 20-tonne truck and a cash credit.

He pledged to sustain his support for the brand, while other recipients of truckload awards and cash credits included Alhaji Ibrahim Achida, Muabsa Integrated Services, Fanisau Enterprises, Idris Saleh Nigeria Limited, Sani Adamu Trader and GIA Global Concept.

The PUNCH earlier reported in August 2025 that Nascon Allied Industries Plc recorded a profit of N15.6bn for the half-year ended June 30, 2025, representing a 222 per cent increase from the N4.8bn posted in the corresponding period of 2024.

The company’s revenue rose by 55 per cent to N78.2bn from N50.4bn in the same period last year, according to its unaudited financial statements released on Monday.

Operating profit surged 196 per cent to N21.3bn in the first half of 2025, up from N7.2bn in the previous year. Profit before tax stood at N23.3bn, more than tripling the N7.2bn reported in the corresponding period of 2024.

Price competition among fuel marketers has intensified as SGR Filling Station in the Mowe axis of the Lagos-Ibadan Expressway reduced its petrol price to N805 per litre.

Saturday PUNCH reports that SGR cut its pump price from N812 on Monday, retaining its position as the cheapest retailer in the axis. It was gathered that SGR slashed its price after a NIPCO outlet near Lotto reduced its rate from N828 to N812 per litre.

As of Friday, several stations were seen adjusting their prices to match those of competitors. The PUNCH had earlier reported that petrol retailers along the Lagos-Ibadan Expressway were stepping up competition, trimming pump prices in a bid to retain customers.

Along Ibafo, Alade Filling Station still dispensed petrol at N820 per litre, while Habeeb Filling Station maintained its price at N819 per litre. SAO stations in Mowe and Lotto sold PMS at N825 per litre, while Akiavic AP and other outlets across the axis adjusted their prices to remain competitive.

The Dangote-partnered MRS filling station at Olowotedo was forced to reduce its pump price to N825 per litre from N839 as motorists flocked to outlets offering lower rates. However, the MRS outlet near the Redeemed Christian Church of God camp continued to sell petrol at N839 per litre, even as a neighbouring AP station reduced its price to N834 per litre.

Similarly, Nigerian National Petroleum Company Limited outlets in Lagos and Ogun dispensed petrol at rates ranging from N837 to N840 per litre, depending on location and the level of competition in the area.

On Tuesday, the Dangote refinery reduced its petrol gantry price by N25 per litre, from N799 to N774 per litre. The refinery communicated the adjustment to marketers, stating that the new rate took immediate effect.

In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE said, “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”

However, despite the reduction in gantry price, MRS and other partners have yet to reflect the cut in their pump prices. Many MRS stations continued to sell petrol at N839 per litre, retaining the same margin as when the ex-depot price was N799. It will be recalled that pump prices were adjusted immediately when ex-depot rates increased.

In a comparison, Dangote said the latest price adjustment further strengthened the competitiveness of locally refined products, noting that “the current landing price of imported PMS from Lome stands at about N793 per litre, compared to Dangote Refinery’s ex-depot price of N774 per litre.”

However, the Major Energies Marketers Association of Nigeria put the landing cost of imported petrol at an average of N722.08 per litre, about N52 lower than Dangote’s ex-depot price.

Meanwhile, Dangote Refinery said it had attained its full nameplate capacity of 650,000 barrels per day following the restoration and optimisation of its crude distillation unit and motor spirit production block, marking what it described as a global first for a single-train refinery of its scale.

In a statement on Wednesday, the firm said the milestone signalled a critical phase in the ramp-up of Africa’s largest oil refining facility, adding that it had commenced a 72-hour intensive performance test run in collaboration with its licensor, UOP, to validate operational stability, efficiency, and compliance with global standards.

The refinery stated that the feat followed a scheduled maintenance exercise on the Crude Distillation Unit and MS Block, after which both units were fully stabilised and optimised for steady-state operations.

Nigeria failed to meet its crude oil production quota of 1.5 million barrels per day approved by the Organisation of the Petroleum Exporting Countries in the first month of 2026, extending its streak of underperformance to six consecutive months.

According to OPEC’s Monthly Oil Market Report, Nigeria produced about 1.46 million barrels of crude oil per day in January 2026. Specifically, output rose from 1.422 mbpd in December 2025 to 1.459 mbpd in January, representing an increase of about 38,000 barrels per day.

Despite the marginal improvement, production remained below the 1.5 mbpd quota, marking the sixth straight month the country has missed its OPEC target, spanning August 2025 to January 2026.

Crude oil output had dipped in December 2025 by 14,000 barrels per day, despite government efforts to ramp up production. Data from the Nigerian Upstream Petroleum Regulatory Commission showed that production fell from 1.436 mbpd in November to 1.422 mbpd in December, instead of rising to meet the OPEC quota

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months, meeting or slightly exceeding the target only in January, June, and July. Year-on-year, crude production declined by over 80,000 barrels per day. Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation.

Output, however, slipped below the quota in February at 1.47 mbpd and weakened further in March, when production averaged 1.40 mbpd, representing one of the widest shortfalls of the year.

Although output recovered modestly in April at 1.49 mbpd and May at 1.45 mbpd, Nigeria remained under its OPEC ceiling until June, when crude production edged up to 1.51 mbpd, marginally exceeding the quota. The country sustained this momentum in July, producing 1.51 mbpd, before slipping below the threshold again in the following months.

As 2026 progresses, expectations are that Nigeria will ramp up crude production, especially as the Dangote refinery announced it has reached its full capacity of 650,000 barrels per day.

Meanwhile, the new Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, has pledged to increase oil production. In a statement issued by the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, the NUPRC boss said her vision for the upstream sector rests on three pillars: production optimisation and revenue expansion; regulatory predictability and speed; and safe, governed and sustainable operations.

According to her, the agenda aligns with President Bola Tinubu’s Renewed Hope Agenda and the administration’s plan to grow Nigeria’s crude oil production to 2 mbpd by 2027 and 3 mbpd by 2030.

Eyesan said the commission would pursue production and revenue growth by recovering shut-in volumes with economic value, arresting natural field decline, reducing losses, and accelerating time-to-first oil, without imposing additional regulatory burdens or transaction costs on operators.