Nigeria earned N998.50bn from petrol exports, known as motor spirit (ordinary) or Premium Motor Spirit, in the first six months of 2026. Analysts say the Dangote Petroleum Refinery’s ramp-up and the war in Iran turned a commodity that once topped the import bill into one of the country’s leading exports.

The National Bureau of Statistics’ trade statistics report, released in the second quarter of 2026, showed that N621.72bn of earnings came from African trading partners.

In Q2 2026, PMS ranked seventh among Nigeria’s top exports with N546.02bn, a 2.02 per cent share of total exports. Crude oil led with N12.91tn (47.79 per cent), followed by kerosene-type jet fuel at N2.94tn, natural gas at N2.82tn, urea at N2.12tn, other petroleum gases at N1.89tn and gas oil at N1.32tn.

Nigeria’s fuel export story was different a year earlier. PMS did not rank among the top exports in Q1 2025 but featured among the top imports, as Nigeria spent N1.76tn buying the product. It resurfaced on the export list in Q2 2025 with earnings of N85.83bn, meaning Q2 2026 receipts were more than six times higher.

In separate interviews with The PUNCH, experts explained how Dangote Refinery eased the need to import PMS and powered the export drive. Investment research analyst Abeeblahi Rufai said the limited exports in Q1 2025 reflected a lack of surplus product.

Rufai said, “The limited PMS exports in Q1’25 reflected the absence of an exportable refined product surplus. Nigeria remained a heavy importer of petrol, spending N1.76trn on PMS imports in the quarter, which indicates that domestic demand was still absorbing Dangote Refinery’s output.”

He noted that outages and maintenance at the refinery’s Residue Fluid Catalytic Cracking unit also constrained gasoline production. An RFCC unit is an advanced secondary conversion unit in an oil refinery that breaks down extremely heavy, low-value residual oils into high-value products like gasoline, diesel, and liquefied petroleum gas.

The analyst added that domestic supply obligations under the naira-for-crude arrangement and political pressure to prioritise the local market further limited export opportunities.

He explained that the export surge that followed had two causes: the ramp-up of the Dangote Refinery and the impact of the Iran war on global refined-product availability.

According to the analyst, African countries had depended heavily on refined products from suppliers in the Middle East, Asia and Europe. These included the United Arab Emirates through ADNOC, Saudi Arabia through Saudi Aramco, Oman and India, which supplied East African markets such as Kenya and Tanzania.

Rufai said the Dangote Refinery’s proximity to African markets gave it a logistical edge, as shorter shipping distances cut freight and logistics costs.

Explaining how the Iran war catalysed the fuel export surge, he said, “The Iran war of H1’26 was a second catalyst. Disruptions to energy flows via the Middle East, including the closure of the Strait of Hormuz, have constrained supplies to key Asian and European markets, prompting some countries to curb refined-product exports.”

He said sanctions limited Russia’s ability to fill the gap, while Ukrainian attacks on its refining infrastructure reduced the availability of its products. This tightened global refined-product markets and raised demand for supplies from refineries outside the conflict area.

“In this respect, Dangote became an emerging alternative source of PMS to the African markets. Its geographic proximity also lowered the logistics premium compared with supplies from Europe and the Middle East, making Nigerian-origin refined products more attractive to regional buyers,” Rufai said.

Similarly, a Senior Analyst at CardinalStone Securities, Tomiwa Adeniji, said Nigeria’s decades-long reliance on imported fuel, despite being a crude producer, reflected inadequate refining capacity and low utilisation.

She said the country’s refining capacity had moved from about 400,000 barrels per day at roughly one per cent utilisation before the Dangote Refinery began operations to 1.1 million barrels per day at about 62 per cent utilisation.

Adeniji said the refinery began PMS production in September 2024, but low capacity utilisation during its ramp-up constrained availability. “Nigeria has now transitioned to being a net exporter of refined petroleum products,” Adeniji said.

An economist and Chief Executive Officer of Economic Associates, Dr Ayo Teriba, affirmed that the trend followed the refinery’s initial focus on the domestic market.

“Dangote Refinery started with import substitution. So you find that it is now supplying at least more than 50 per cent of local requirements. It is now therefore easing the need to import PMS and in the medium term eliminates importation of PMS,” Teriba said.

He said the refinery then began exporting PMS, diesel and aviation fuel, all of which Nigeria previously imported. “Such that an item that had dominated our import list is now beginning to diminish in our import list and is now emerging as a dominant commodity in our export story,” Teriba said.

Teriba said the energy and petroleum resources refining story was evolving and would not differ across PMS, diesel, aviation fuel and urea.

The surge may expand further as the Federal Government deepens oil exploration to increase supply, which in turn feeds the refineries. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said policies under President Bola Tinubu had increased local participation in Nigeria’s hydrocarbon production. He spoke to journalists in Abuja on Monday.

Lokpobiri said indigenous companies now account for 60 per cent of oil production, against the 80 to 90 per cent once held by international oil companies. “Before now, it used to be 90 per cent IOCs. Right now, we have 60 per cent indigenous companies accounting for the production we have in Nigeria. That means 60 per cent retention of value in the country,” Lokpobiri said.

He said the international oil companies had not left Nigeria but had divested from onshore, swamp and shallow-water assets to focus on deep offshore operations, with Nigerian firms taking over the divested assets.

The minister said active drilling rigs had risen from between 10 and 14 to over 65, and that the country aims to produce at least three million barrels of crude oil per day in the coming years.

Money market rates declined on Wednesday as increased liquidity in the banking system pushed short-term funding costs lower.

The development followed the Central Bank of Nigeria’s 350-basis-point cut in its policy rate to 23 per cent and the adjustment of the standing deposit facility floor to 20 per cent.

AIICO Capital Limited said the overnight policy rate fell by one percentage point to 21 per cent, while the overnight lending rate declined by 51 basis points to 21.76 per cent.

The average Treasury bill rate also fell to 18.38 per cent.

Banking system liquidity rose 7.92 per cent to N7.45tn from N6.91 trillion, marking the fourth consecutive weekly increase. Liquidity has now risen by 95.30 per cent since the beginning of the year.

The increase was supported by a N2.27tn inflow from matured Open Market Operation bills, alongside higher utilisation of the Standing Deposit Facility, which reached N7.34tn.

The liquidity build-up came as banks also participated heavily in the midweek Treasury bills auction, where subscriptions exceeded N4.2tn against allotments of less than N500bn.

Nigerian Interbank Offered Rates reflected the stronger liquidity position, with the overnight rate falling 123 basis points to 20.93 per cent.

The Open Repo rate also declined by 100 basis points to 21 per cent, while the overnight rate in the money market fell by 51 basis points to 21.76 per cent, according to market data.

Treasury bills also recorded strong buying interest in the secondary market, with yields declining across maturities.

The average T-bill yield dropped by 43 basis points to 18.38 per cent, according to AIICO Capital.

Analysts expect short-term rates to remain under downward pressure as surplus liquidity persists in the banking system.

AIICO Capital expects overnight rates to move closer to the 20 per cent deposit facility floor, given the N7.45tn liquidity surplus.

However, market participants said the size of the next OMO auction would be important in determining how quickly the excess liquidity is absorbed.

UAC of Nigeria Plc has announced an agreement to sell its entire 43 per cent shareholding in DP World Logistics Limited, formerly known as MDS Logistics Limited, to 22 Plus Invest Limited, a member of the Tropical General Investments Group.

This was contained in an official filing submitted to the Nigerian Exchange Limited on Thursday, signed by the Company Secretary and Group General Counsel of UAC of Nigeria Plc, Ayomipo Wey.

The company noted that the completion of the transaction remains subject to obtaining the requisite regulatory approvals.

Commenting on the transaction, the Group Managing Director of UAC of Nigeria Plc, Fola Aiyesimoju, said, “UAC has worked closely with DP World’s management to support the significant growth and expansion of the Company over the years.

“We believe TGI, following completion of the proposed transaction, will be a strong long-term partner for DP World, its management and employees, bringing deep market knowledge and a strong track record of building businesses in Nigeria. We look forward to seeing the Company continue to grow and strengthen its contribution to Nigeria’s logistics sector.”

Similarly, the Vice Chairman of TGI Group, Farouk Gumel, highlighted that the strategic acquisition aligns with their shared ambition to reshape trade and supply chain operations across Africa by combining DP World’s global reach with TGI’s extensive distribution strength.

Nigeria’s total available electricity generation rose to 5,403.3 megawatts on Tuesday, coming within about 399MW of the country’s all-time generation peak of 5,801.84MW recorded in March 2025.

The latest figure was contained in the Daily Load Allocation Table released by the National Control Centre of the Transmission Company of Nigeria for September 22, 2026. The table showed that 4,379.07MW of the available generation was allocated for delivery to electricity distribution companies across the country.

The development comes as the Federal Government continues efforts to increase generation and improve the transmission network, with the Minister of Power, Joseph Tegbe, saying the sector had recorded generation and transmission levels above 5,000MW in recent weeks.

The 5,403.3MW available generation recorded on Tuesday represents about 93 per cent of the 5,801.84MW all-time peak generation milestone listed by the Nigerian grid operator.

According to the electricity grid milestones data from the system operator, the 5,801.84MW peak was attained at 9:15 pm on March 4, 2025. The milestone remains the highest instantaneous generation level recorded on the Nigerian electricity grid.

The latest generation figure also exceeds the 5,330MW generation peak disclosed by Tegbe as having been recorded during August and September 2026. The minister had said operational reports showed that generation and transmission had risen above 5,000MW in the weeks preceding his 100-day media briefing, compared with a generation range of between 3,700MW and 4,700MW before June.

However, the 5,403.3MW figure represents available generation in the load allocation schedule and should not be treated as the same measurement as the all-time instantaneous peak of 5,801.84MW.

The National Control Centre allocated 4,379.07MW to the DisCos, while 1,024.18MW was classified under exempted loads and other system requirements.

Of the allocation to the distribution companies, Abuja Electricity Distribution Company received the highest allocation at 700MW, representing 15.20 per cent under the Nigerian Electricity Regulatory Commission percentage allocation.

Ikeja Electricity Distribution Company followed with 581MW, representing 15.01 per cent, while Ibadan DisCo received 550MW, equivalent to 11.93 per cent. Benin DisCo was allocated 531MW, with an 8.04 per cent NERC percentage.

Other allocations included 519MW for Eko DisCo, 512MW for Enugu DisCo, 466MW for Port Harcourt DisCo, 161MW for Kano DisCo, 155MW for Kaduna DisCo, 134MW for Jos DisCo and 70MW for Yola DisCo.

The remaining 1,024.18MW in the table was not available for direct allocation to DisCos. It included 108.07MW for power stations and auxiliary consumption, 367.87MW for transmission losses and substation services, as well as supplies covered by bilateral and international arrangements, including allocations to Niger and local industrial consumers.

Nigeria has an installed generation capacity of 13,014.40MW, according to the NigGrid electricity grid milestones data. However, the grid’s highest recorded generation of 5,801.84MW remains substantially below the installed capacity.

The gap reflects the long-standing challenge of converting Nigeria’s installed generation assets into sustained electricity production. NERC’s sector data has similarly shown that generation output fluctuates according to factors including the operational availability of generating units, grid demand and the availability of fuel.

Tegbe had said the Federal Government’s diagnosis of the electricity sector found constraints across the entire value chain, including gas supply, generation, transmission and distribution.

“Upon assuming office, the diagnosis we undertook at the onset revealed constraints at every segment of the electricity value chain. Gas supply to power stations was limited by damaged pipelines and commercial terms that discouraged investment,” the minister stated.

He added that the generation fleet was heavily dependent on thermal plants, while ageing equipment, deferred maintenance and stalled projects had affected the ability of available capacity to reach consumers.

“Our generation fleet was heavily dependent on thermal plants, with ageing equipment, deferred maintenance, stalled projects and capacity unable to reach consumers. The sector diagnosis revealed payment of only 27 per cent of generation companies’ bills, undermining their ability to maintain plants and pay gas suppliers,” Tegbe stated.

The minister also disclosed that the 375MW Alaoji open-cycle power plant had been restored to the national grid after being offline for three years.

He said transformers commissioned at Apapa, Ijora, Alausa and Lekki in Lagos had unlocked 672MW of transmission capacity, while a 300MVA transformer at Katampe, Abuja, unlocked another 240MW.

The latest 5,403.3MW figure therefore represents another period of relatively high generation for the national grid, but it remains about 398.54MW short of the 5,801.84MW all-time peak. It could be recalled that power generation fell below 3,000MW in the first quarter of 2026 due to gas constraints

Access Bank Plc, the flagship banking subsidiary of Access Holdings Plc, has redeemed its $500m senior unsecured Eurobond that matured on 21 September 2026.

The bank said the repayment was funded entirely from its own foreign-currency liquidity, in line with its asset-liability management framework and the maturity profile established when the bond was issued.

The Eurobond was issued in September 2021 with a five-year tenor and a 6.125 per cent coupon rate.

Access Bank said it made all semi-annual coupon payments on the bond as they fell due throughout the five-year period.

The redemption discharges the bank’s obligations under the Eurobond and marks the maturity of one of its major international debt instruments.

According to the bank, the repayment was incorporated into its liquidity management framework and will have no adverse impact on its operations or regulatory liquidity requirements.

Managing Director and Chief Executive Officer of Access Bank, Roosevelt Ogbonna, said the redemption demonstrated the bank’s funding and liquidity management capacity.

“Meeting this maturity from our own balance sheet affirms the strength of our funding position and the discipline with which we manage our capital and liquidity,” Ogbonna said.

The repayment also comes as Nigerian banks continue to manage foreign-currency funding obligations amid tighter requirements around liquidity, capital and balance-sheet management.

Access Bank said it would continue to maintain a diversified funding base to support growth across its markets.

The bank’s parent company, Access Holdings, said the transaction underscores the group’s approach to balance-sheet management and meeting its obligations to investors.

The $500 million bond was a senior unsecured obligation, meaning it was not backed by specific collateral and ranked as a senior claim against the issuing bank.

With the maturity now settled, Access Bank has removed the $500 million principal obligation from its outstanding Eurobond liabilities, experts said.

The Manufacturers Association of Nigeria has called on the Federal Government to regulate foreign nationals’ participation in Nigeria’s retail trade, amid concerns over the activities of Chinese traders in last-mile retail.

Director-General of MAN, Segun Ajayi-Kadir, made the call on Tuesday on the sidelines of a press briefing for the association’s 54th Annual General Meeting, weeks after traders protested against the alleged involvement of Chinese manufacturers in retail operations at the Lagos Trade Fair Complex.

Ajayi-Kadir said several countries have already operated frameworks that limit the extent of foreign companies’ engagement in certain sectors, and urged the press to scrutinise the matter.

“I think some countries actually have a measure of the level of engagement for foreign companies. I think there was a decision on that, and I believe that the press can continue to interrogate because the issue of trade is very important. The issue of immigration is very important.

“The issue of why you have come into a foreign country, what you have come to do, is important. So, if you get into that space and you start to engage in other levels of activities, then it calls into question what the relevant regulatory agencies are doing,” the MAN DG said.

He said MAN supported the patronage of made-in-Nigeria products, but faulted the encroachment of foreigners into spaces reserved for local businesses without adequate regulatory oversight.

“Of course, we support that our made-in-Nigeria products are treated and patronised, but the situation where foreigners are venturing into areas where they intrude as if the regulatory agencies are minding them. And if there are no extant laws to deal with that kind of thing, I think this is the time that should be considered,” Ajayi-Kadir said.

Meanwhile, the Centre for the Promotion of Private Enterprise has, in a policy document, also raised concerns about the increasing participation of foreign nationals, particularly Chinese traders, in Nigeria’s retail and distributive trade sector.

Chief Executive Officer of CPPE, Dr Muda Yusuf, said the trend threatened employment protection, fair competition and the integrity of the country’s immigration and business-permit regime.

“Retail trading is generally not a specialised activity requiring scarce foreign expertise. The increasing presence of non-nationals in such activities therefore raises legitimate questions about the effectiveness of the regulatory and immigration architecture,” Yusuf said.

The CPPE noted that the distributive trade sector employs an estimated 27.5 per cent of Nigeria’s workforce, and urged the government to review business permits and expatriate quotas granted to foreign nationals in the retail segment.

However, the think tank clarified that its position was not directed against Chinese investment generally, as China remains one of Nigeria’s leading trading partners.

It called on the government to strengthen enforcement of immigration and investment regulations, investigate complaints from Nigerian traders over direct foreign competition at the retail level, and encourage foreign businesses to invest upstream in manufacturing and other productive sectors instead.

The Dangote Petroleum Refinery and other petroleum marketers have reduced the prices of Premium Motor Spirit (petrol) across major depots in Lagos, Port Harcourt, Calabar and Warri, following a decline in international crude oil prices.

The reductions were recorded in the latest depot price report published by Petroleumprice.ng, with the biggest adjustments seen in Lagos, where several operators cut their petrol prices by between N20 and N24 per litre.

The reductions came as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, also declined to $91.17 per barrel.

In Lagos, the Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, representing a N25 reduction. Ascon, Integrated, Pinnacle and Sahara also cut their prices by N24, with their products now selling between N1,326 and N1,327 per litre.

MRS reduced its petrol price by N20 to N1,332 per litre, while Wosbab recorded a current price of N1,330.

The latest reductions followed a mixed movement in the international crude market.

According to Oilprice.com, Brent crude fell to $99.77 per barrel, while WTI dropped by $1.20, or 1.30 per cent, to $91.17 per barrel. Recall that Brent hit $109 last week.

However, Murban crude moved in the opposite direction, gaining $4.18, or 3.80 per cent, to $114.20 per barrel.

The movement in crude prices is significant for Nigeria’s downstream petroleum market because international oil prices influence the cost of imported refined products and the pricing of locally refined petroleum products.

The softer Brent and WTI prices provided room for downward adjustments in depot prices.

The decline in petrol prices was also recorded outside Lagos. In Port Harcourt, Masters reduced its PMS price by N2 to N1,328 per litre, while Stockgap recorded a N7 reduction to N1,323. Bulk Strategic and Sigmund listed petrol at N1,328, while Matrix retained its price at N1,330.

In Calabar, Mainland recorded the lowest petrol price among the locations covered, reducing its rate by N7 to N1,320 per litre.

Alkanes cut its price by N2 to N1,325, while Matrix maintained N1,330. Sobaz, however, increased its price marginally by N1 to N1,328. In Warri, mixed movements were also recorded, although most of the changes were downward.

Keonamex reduced its PMS price by N3 to N1,327, while Nepal and Prudent cut their prices by N1 and N2, respectively, to N1,329 and N1,328. Matrix and Optima, however, increased their petrol prices by N3 and N1, respectively, taking them to N1,330 and N1,328.

On the automotive gas oil market, commonly known as diesel, prices also declined in some locations. In Lagos, Chipet reduced its AGO price by N15 to N1,815 per litre, while Ascon, Duport and Integrated each cut their prices by N5 to the same level.

Ibachem, Ibeto, Dangote, Obat and Pinnacle offered diesel prices at between N1,815 and N1,860 per litre. Port Harcourt recorded a sharper movement in diesel prices, with Masters reducing its AGO price by N35 to N1,900 per litre.

In Warri, Matrix cut its AGO price by N0 to N2,000 per litre, while Prudent and Rain Oil reduced theirs by N10 to N1,940.

The latest depot price movements come amid continued volatility in the international oil market, with crude benchmarks responding differently to developments affecting global supply and demand.

Natural gas prices also moved higher, gaining 2.96 per cent to $2.92, according to the market data.

The latest PMS adjustments suggest that the recent decline in crude prices is beginning to filter into the domestic wholesale market, although the extent of further reductions will depend on movements in crude prices, foreign exchange and the cost of refined petroleum products.

The lower depot prices could also influence retail petrol prices as marketers replenish their stocks at the reduced rates, although pump prices vary according to location, transportation costs and individual marketers’ margins. Petrol now trades between N1,370 and N1,450, depending on the location.