FirstBank has officially announced the introduction of the first-ever private premium seating area at the Carnival Calabar & Festival 2025, which it is sponsoring.

According to the bank, the highlight of its sponsorship is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.

Speaking on the sponsorship, Acting Group Head, Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria.

He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection, and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.

“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees.”

The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship, saying, “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal.”

The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, which is responsible for brand partnerships, promotional engagements, and ticket sales.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has assured investors that the country’s recent joint security operation with the United States in Sokoto will not destabilise markets, but rather reinforce economic confidence.

Speaking in a statement on Sunday, Edun emphasised that the operation, conducted on Christmas Day, was intelligence-led and targeted solely at terrorist elements threatening national stability and communities.

The PUNCH reports that US President Donald Trump had made good on his threat of military action against terrorists in Nigeria — a threat he made in November that financial markets reacted to negatively.

Trump, on his Truth Social platform, had said, “Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist scum in northwest Nigeria, who have been targeting and viciously killing, primarily, innocent Christians, at levels not seen for many years, and even centuries.

‘I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was. The Department of War executed numerous perfect strikes, as only the United States is capable of doing.

“Under my leadership, our country will not allow radical Islamic terrorism to prosper. May God bless our military, and Merry Christmas to all, including the dead terrorists, of which there will be many more if their slaughter of Christians continues.”

The military strikes have since been framed as an operation approved by the Federal Government, with more strikes likely.

In his statement on Sunday, Edun stressed that Nigeria is not at war with itself or any other country, and that the action is part of ongoing efforts to safeguard citizens and protect economic activity.

“The operation in question was precise, intelligence-led, and focused exclusively on terrorist elements that threaten innocent lives, national stability, and economic activity. Far from destabilising markets or weakening confidence, such actions strengthen the foundations of peace, protect productive communities, and reinforce the conditions required for sustainable growth. Security and economic stability are inseparable; every effort to safeguard Nigerians is, by definition, pro-growth and pro-investment,” he said.

The finance minister also underscored Nigeria’s solid macroeconomic performance, noting GDP growth of 3.98 per cent in the third quarter of 2025, following a 4.23 per cent expansion in Q2. Inflation has continued its downward trend for the seventh consecutive period, falling below 15 per cent reflecting improving price stability.

He maintained, “Our financial markets remain resilient. Domestic and international debt markets are stable and functioning efficiently, supported by prudent fiscal management. Over the past year, Nigeria has received credit rating upgrades from Moody’s, Fitch, and Standard & Poor’s—clear, independent endorsements of the strength of our reforms and the credibility of our economic direction. We have maintained fiscal discipline, prioritised efficiency, and protected macroeconomic stability—demonstrating resilience in the face of external shocks.

“As President Bola Tinubu noted in his address last week, our overarching objective for 2026 is to consolidate the gains of 2025, strengthen Nigeria’s economic resilience, and continue building a sustainable, inclusive, and growth-oriented economy.

“The actions we take today—on security, reforms, and fiscal discipline—are aligned with that goal. As markets reopen on Monday, 29 December 2025, investors can be confident that Nigeria remains focused, reform-driven, and committed to stability. The fundamentals are strengthening, the policy direction is clear, and the resolve of this administration—to protect lives, secure prosperity, and grow the economy—is unwavering.”

As markets reopen on Monday, Edun reassured investors that Nigeria remains open for business, anchored in peace, and firmly focused on the future.

The PUNCH reports that when Trump issued the threat of a military strike in early November, both the naira and the Nigerian Exchange reacted bearishly. The naira slid from its 2025 peak of N1,421.73/$ to N1,436.34/$ — a sharp 1.03 per cent decline, or N14.61, on November 3, 2025. At the parallel market, the naira also weakened to N1,455.00/$.

On the same day, the Nigerian Exchange Limited’s All-Share Index contracted by 0.25 per cent to settle at 153,739.11 points, bringing year-to-date gains to 49.37 per cent. The trading trend also led to a loss of N245.88bn in market capitalisation.

At the bond market, Cowry Assets Management indicated that appetite for Nigerian Eurobonds weakened, with average yields expanding by five basis points to 7.70 per cent. This was indicative of bearish sentiment and defensive positioning in the offshore debt space, driven by prevailing macroeconomic headwinds and heightened geopolitical risk aversion across emerging market credit.

Ecobank Nigeria has assured customers of uninterrupted access to banking services throughout the year-end holiday period via its secure and robust digital platforms.

In a statement on Friday, the bank also urged customers to remain vigilant against fraud and scams during the festive season.

Speaking on the development, the Head, Products & Analytics, Consumer & Commercial Banking, Ecobank Nigeria, Victor Yalokwu, said the bank’s digital channels and over 35,000 Ecobank Xpress Point (agency banking) locations nationwide will remain fully available to support customers throughout the yuletide and year-end holiday period.

He noted that customers will continue to enjoy a wide range of services during the period, including local and international funds transfers, bill payments and airtime top-ups, merchant and QR payments, balance inquiries and account statements, as well as cardless cash withdrawals via ATMs.

“Ecobank encourages customers to leverage these digital solutions for safe, fast, and efficient banking, especially during the festive season when convenience and reliability are essential. While physical branch operations may be subject to adjusted working hours in line with public holidays, customers can be assured that Ecobank’s digital platforms are designed to deliver uninterrupted service and enhanced security at all times.

“Ecobank remains committed to providing innovative financial solutions and exceptional customer service, and we wish all our customers a joyful festive season and a prosperous New Year,” he said.

Yalokwu also cautioned customers to remain vigilant against fraudsters and scammers during the period.

“Before you wrap up the year, tighten your security. December brings online sales, travel, and year-end distractions—this is exactly when scammers are most active. From fake festive deals to cloned merchant sites and suspicious messages, staying vigilant helps keep your money safe,” he said.

He advised customers to shop only on trusted websites, never share their PINs, passwords, or one-time passwords, avoid banking on public Wi-Fi networks, be cautious of urgent or emotionally charged messages, and regularly review their account activity.

The PUNCH reports that Ecobank Nigeria is a member of the Ecobank Group, the pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai.

States and Local Government councils reduced their bank borrowings by about N547.52bn in one year, as Federation Account inflows surge, according to findings by Saturday PUNCH.

Figures from the Central Bank of Nigeria’s latest Quarterly Statistical Bulletin reveal that the banking sector’s “claims on state and Local Governments” fell from N2.68tn in June 2024 to N2.13tn in June 2025.

This means sub-national governments collectively cut their indebtedness to commercial and merchant banks by 20.4 per cent year-on-year.

Further analysis shows that in January 2024, banks’ exposure to states and councils stood at N2.73tn. One year later, in January 2025, the figure had dropped to N2.44tn, indicating that about N292bn was cleared during that period.

The outstanding balance then ticked up slightly in February 2025 to N2.59tn and eased again to N2.55tn in March 2025. By April and May 2025, exposure steadied around N2.44tn–N2.45tn, before a sharp decline to N2.13tn in June 2025, representing the largest single-month adjustment during the year.

Year-on-year, June provided the clearest shift. The banks were owed N2.68tn in June 2024, but the balance had fallen by more than half a trillion naira a year later.

Month-on-month, the drop from May 2025’s N2.45tn to June 2025’s N2.13tn amounted to about N313bn, signalling an aggressive push to unwind bank obligations at the end of the second quarter amid high interest rates and rising FAAC allocations.

It was observed that throughout 2024, the Central Bank of Nigeria’s Monetary Policy Committee aggressively tightened policy, lifting the Monetary Policy Rate from 18.75 per cent at the start of the year to about 27.50 per cent by November, through multiple successive hikes to rein in inflation and stabilise the exchange rate.

In 2025, the MPC largely held rates steady at 27.50 per cent for much of the year, signalling a cautious pause after the earlier tightening cycle as inflation began to moderate. However, in September 2025, the committee delivered its first rate cut in five years, trimming the MPR to 27.00 per cent, reflecting slowing price pressures and a gradual shift toward supporting broader economic activity.

By November 2025, the CBN reaffirmed the 27.00 per cent benchmark, balancing the need to sustain disinflation with financial stability concerns as borrowing costs remained high but gradually more accommodative.

The high interest rate likely pushed sub-nationals to reduce borrowing as FAAC allocations rise. Further analysis of FAAC records shows a jump in what state governments and local government councils jointly received in 2025 compared with 2024, reflecting the scale of the revenue windfall now flowing through the federation account.

Data from the Office of the Accountant-General of the Federation show that states and local governments jointly received N12.67tn in 2025, up from N8.96tn in 2024. These figures exclude the 13 per cent derivation fund for oil-producing states. The difference of N3.71tn represents a 41.4 per cent surge in year-on-year statutory inflows to the two tiers of government.

When the 13 per cent derivation fund is added, the gap remains just as stark. States and councils together received N14.28tn in 2025, compared with N10.31tn in 2024, meaning an extra N3.98tn, or about 38.6 per cent more than the previous year.

The derivation component alone rose from N1.35tn in 2024 to N1.62tn in 2025. A closer look at the breakdown shows that states were the biggest beneficiaries in absolute terms.

State governments’ FAAC share rose from N5.19tn in 2024 to N7.31tn in 2025, an increase of N2.13tn, equivalent to a 41 per cent rise year-on-year. Local government councils followed the same pattern, with allocations rising from N3.77tn in 2024 to N5.35tn in 2025 — a jump of N1.58tn, or 41.8 per cent.

The trend was visible month after month. In January 2024, states received N396.69bn, but by January 2025, this had risen to N498.50bn. The figures continued to climb through the year, peaking at N727.17bn for states in October 2025, before closing the year at N601.73bn in December 2025, still well above the N549.79bn recorded in December 2024.

Local governments recorded the same step-change. Councils received N288.93bn in January 2024, compared with N361.75bn in January 2025. Allocations crossed the N500bn mark in the final quarter of 2025, reaching N529.95bn in October, the highest for the year, before ending at N445.27bn in December 2025, higher than the N402.55bn shared in December 2024.

The 2024 figures show that allocations to councils typically sat in the N267bn–N294bn band for much of the first half of that year, while state allocations hovered around N366bn–N403bn.

In contrast, the 2025 data show that councils rarely received below N387bn and states seldom below N498bn in any month. Overall, total FAAC allocations to all three tiers of government rose from N13.91tn in 2024 to N20.28tn in 2025, while the total distributable revenue, including derivation, climbed from N15.26tn to N21.89tn. States and councils together accounted for the bulk of that increase.

The surge in inflows also seems to drive the decrease in the bank debt of states and councils. In a recent statement by the acting Director of Communication and Stakeholders Management at the Nigeria Extractive Industries Transparency Initiative, Mrs Obiageli Onuorah, the agency noted that the report highlighted the financial strain on states due to debt repayments, despite record-high disbursements from the Federation Accounts Allocation Committee.

According to the statement, a report by NEITI showed that several states with high debt burdens also ranked lower in FAAC allocations, raising concerns about their fiscal sustainability and ability to fund critical projects.

“The report noted that many states with high debt ratios were in the lower half of the FAAC allocation rankings but ranked higher for debt deductions, raising concerns about their debt-to-revenue ratios and overall fiscal health,” the statement read.

The Director-General of Nigeria’s Debt Management Office, Ms Patience Oniha, recently called on state governments to adopt Public-Private Partnerships and prioritise tax revenue generation over borrowing to fund infrastructure projects.

She made these remarks during a one-day workshop in Lagos, organised under the States Action on Business Enabling Reforms Programme with World Bank support. Oniha said, “Borrowing should not be the major way to source funds.  You must increase your revenues by increasing your tax revenues.

“Public-private partnerships can help improve Nigeria’s economy by attracting private sector investment and expertise to develop infrastructure and deliver public services. This reduces the financial burden on the government, accelerates project delivery, and often results in higher quality outcomes. PPPs can also create jobs, stimulate local businesses, and foster innovation.”

The Lagos Chamber of Commerce and Industry has warned that the country cannot industrialise or expand manufacturing without solving its electricity challenges. It called on the Federal Government to refocus Nigeria’s development strategy on engineering, technical skills and a reliable power supply.

The President of the LCCI, Leye Kupoluyi, said Nigeria’s failure to prioritise engineering capacity and technical competence continues to weaken the manufacturing sector and slow industrial growth.

In an interview with The PUNCH, Kupoluyi stated that countries classified as developed earned that status through their engineering strength, manufacturing capacity and skilled human capital, despite mineral resources.

He said, “When an economy is an industrial economy, we say this country is a developed country. For a country to qualify as a developed country, it must have strength in engineering and technical knowledge. That is basic.”

Kupoluyi, an engineer, said nations that dominate global trade built their influence on manufacturing and technical skills, stressing that no country can become developed by relying on imports.

“You can’t take over the world without having that skill, without having that technical edge, without having engineering capacity. It’s not just possible,” he said.

The LCCI president noted that excessive dependence on imports prevents any country from being regarded as developed, regardless of its natural resource endowment.

“When you have to import everything that makes your economy tick, nobody will ever refer to that country as a developed country. Mineral resources would not qualify any country to be a so-called developed country,” Kupoluyi said.

He added that global examples show that countries with limited mineral resources but strong manufacturing bases are consistently ranked as developed economies.

“It is human resources, it is technical, it is engineering, it is skill, it is manufacturing. We don’t need to contest that at all,” he said.

Kupoluyi also linked engineering development to youth empowerment, citing Nigeria’s success in technology-driven sectors such as financial technology.

He said, “Take FinTech in Nigeria. That has been 100 per cent taken over by our youth. We have more than five unicorns in FinTech.”

He added that young Nigerians are driving innovation and wealth creation through technology-based enterprises, highlighting digital platforms transforming services such as food delivery and logistics.

“That is the power of technology. That is the power of knowledge. That is what we just need to focus on,” Kupoluyi said.

On power supply, the LCCI president said electricity remains a major constraint to manufacturing and engineering businesses but noted that the decentralisation of power is a positive step.

He said, “What the government has done to decentralise power is a good step in the right direction. Sub-nationals should take advantage of it, being able to provide power in their own environment.”

Kupoluyi urged the government to encourage off-grid and renewable energy solutions, arguing that leaving the national grid is not necessarily a sign of failure but an economic decision.

“You can go off the grid for economic reasons. When you can produce power cheaper than what you are getting from the grid, what do you do? You move out,” he said.

He disclosed that his organisation operates off-grid using solar energy, with significant installed capacity, stating, “We are off the grid here. Everything is here. I have close to 100 kVA solar power.”

Kupoluyi called for incentives to support the adoption of renewable energy, including tax reliefs, import incentives for batteries and possible cashback schemes.

“There might be an incentive to go green. There might be an incentive for bringing those batteries to Nigeria. In some cases, they will give you a cashback incentive,” he said.

He argued that widespread adoption of decentralised power solutions would boost production and support industrialisation.

“That is where they need this power. Tomorrow, at your apartment, you will put it on solar. I think that is the way to go,” Kupoluyi added.

Meanwhile, power sector challenges undermined industrial growth, according to a policy brief by the Director of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf.

Yusuf said Nigeria’s power sector remains one of the most difficult areas of economic reform, despite several interventions.

“Nigeria’s power sector remains one of the most challenging areas of the country’s economic reform agenda,” he said.

He noted that the sector faces “deep structural, financial, and governance challenges,” including tariff distortions, weak investor capacity, transmission bottlenecks, and a persistent liquidity crisis.

Yusuf said the failure to implement cost-reflective tariffs has entrenched subsidy dependence and widened the sector’s financing gap, pushing sector debt to about N4tn.

“The current trajectory, characterised by rising sector debt, is fiscally unsustainable without deeper structural corrections,” he warned.

He added that weaknesses across the power value chain, from gas supply to distribution, continue to limit electricity supply and reliability.

Yusuf called for phased tariff reforms, stronger governance, recapitalisation of distribution companies, transmission reforms and greater support for decentralised and renewable power.

He said, “Power sector reform remains central to Nigeria’s economic competitiveness, industrial growth and social welfare.”

International Money Transfer Operator inflows into Nigeria fell by 11.78 per cent in the first half of 2025 compared with the same period of last year, according to new figures from the Central Bank of Nigeria’s latest Quarterly Statistical Bulletin.

An analysis of the data showed that IMTO receipts totalled $2.07bn between January and June 2025, down from $2.34bn recorded in the corresponding period of 2024. This represents a decline of about $275.93m year-on-year, showing pressure in an important non-oil foreign exchange source at a time the monetary authorities are banking on remittances to support market liquidity.

A monthly breakdown of the figures seen by our correspondent showed that the decline was uneven over the period, with only one month recording growth. In January 2025, IMTO inflows dropped to $281.97m from $390.86m in January 2024, a 27.86 per cent decline.

February receipts also weakened, declining by 11.65 per cent to $288.82m from $326.91m a year earlier. The downward trend continued in March, when inflows fell to $317.60m compared with $363.76m in March 2024, representing a 12.69 per cent decline.

However, April bucked the trend. Inflows through IMTOs rose sharply to $597.44m in April 2025 from $466.11m in April 2024, indicating a 28.18 per cent year-on-year increase. This was the strongest month in the six-month period and the only month to record positive growth.

The rebound did not last. In May 2025, inflows fell back to $288.17m from $404.75m recorded in the same month of the previous year, a 28.80 per cent drop. June also posted a decline of 25.02 per cent, with receipts slipping to $292.25m from $389.79m in June 2024.

The April spike helped to moderate the scale of the half-year fall but was not enough to offset weaker inflows across the other five months. International money transfers from Nigerians in the diaspora form a key plank of the country’s external receipts.

Remittances support household consumption, savings, investment, and foreign exchange supply. They have also become more important in recent years as the economy sought to diversify away from volatile oil earnings.

Fluctuations in the FX market, global economic conditions, and domestic purchasing power may all be playing a role in shaping remittance behaviour. While the bulletin did not provide reasons for the decline, the pattern suggests that inflows remained sensitive to both domestic and international economic headwinds.

The dip in IMTO receipts comes despite wider policy reforms aimed at stabilising the foreign exchange market and rebuilding confidence. In January 2024, the central bank removed the cap on exchange rates quoted by IMTOs, which had previously limited rates to within ±2.5 per cent of the previous day’s closing rate.

The CBN also increased the IMTO licence application fee from N500,000 in 2014 to N10m in the updated guidelines, representing a nearly 1,900 per cent increase over 10 years. Also, a minimum operating capital requirement of $1m was set for both foreign and local IMTOs.

While IMTOs were initially barred from purchasing foreign exchange from the domestic market, recent circulars indicate that this restriction has been lifted, allowing them to trade on the official market.

The CBN established a Collaborative Task Force reporting directly to CBN Governor Olayemi Cardoso, aiming to double remittance inflows by increasing competition, engaging diaspora communities, and improving transparency in FX transactions.

Also, the CBN recently granted 14 new Approval-in-Principle licences to IMTOs, as confirmed by the Bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali. The reforms have streamlined regulatory procedures, onboarded more IMTOs, and enhanced measures to increase the supply of foreign currencies.

However, while these steps likely contributed to the significant growth in remittance inflows in 2024, the increase has not been sustained in 2025. Although the CBN has repeatedly emphasised its commitment to attracting non-oil FX, the latest figures indicate that the remittance pipeline remains uneven.

The Petroleum Products Retail Outlets Owners Association of Nigeria has renewed its call for the privatisation of Nigeria’s four state-owned refineries, urging the Federal Government to transparently conclude the process by the first quarter of 2026.

The association said the timely privatisation of the refineries operated by the Nigerian National Petroleum Company Limited would eliminate the recurring fiscal burden on the government, improve operational efficiency, attract private capital and technical expertise, and align Nigeria’s refining sector with global best practices.

In a statement, the PETROAN National President, Billy Gillis-Harry, said sustained public funding of the refineries has failed to deliver optimal results over the years, making private sector-led management inevitable if the country is to achieve energy security and stability in the downstream petroleum sector.

Gillis-Harry stressed that privatisation, if properly executed, would encourage competition, ensure sustainable refinery operations, reduce Nigeria’s dependence on imported petroleum products, conserve foreign exchange, and support job creation across the value chain.

PETROAN also linked refinery reform to broader sectoral growth, noting that increased domestic refining capacity would complement ongoing investments in upstream production and strengthen the country’s overall energy outlook.

“PETROAN renewed its call for the privatisation of Nigeria’s four state-owned refineries, advocating that the process be transparently concluded by the first quarter of 2026. The association noted that timely privatisation will improve efficiency, encourage competition in the sector, eliminate recurrent fiscal burdens on government, attract private capital and technical expertise, and ensure sustainable refinery operations in line with global best practices,” the statement said.

The association expressed confidence that the 2026 Budget, which is based on a crude oil production target of 1.84 million barrels per day and an oil price benchmark of $64–65 per barrel, provides a strong framework for implementing key reforms, including refinery privatisation.

It maintained that decisive action on refineries, alongside improved security for oil and gas infrastructure, effective host community engagement under the Petroleum Industry Act, and adequately funded regulators, would significantly enhance investor confidence and sector performance.

PETROAN further argued that the successful privatisation of the refineries would free government resources for critical areas such as security and infrastructure, while allowing the private sector to drive efficiency and innovation in refining and petrochemical development.

The association concluded that refinery privatisation remains central to achieving a stable downstream sector and maximising the benefits of Nigeria’s oil and gas resources under the 2026 budget framework.

“PETROAN expressed confidence that a well-implemented Nigeria 2026 Budget, anchored on security, host community inclusion, regulatory efficiency, private sector participation, and decisive refinery sector reforms, will strengthen the oil and gas sector, enhance national energy security, boost government revenue, and support sustainable economic development,” the statement concluded.

Calls for the privatisation of the refineries intensified following the shutdown of the 60,000-barrel-per-day Port Harcourt refinery in May this year, six months after it was declared operational.

The Warri refinery was also shut down one month after the former Group Chief Executive Officer of the NNPC, Mele Kyari, declared it open in December 2024. The Manufacturers Association of Nigeria said the refineries were a drain on the country’s economy, calling on the Federal Government to sell them off.

The PUNCH reports that the Federal Government has consistently expended resources on the Port Harcourt, Warri, and Kaduna refineries, which became moribund many years ago. It was gathered that $1.4bn was approved for the rehabilitation of the Port Harcourt refinery in 2021, $897m was earmarked for Warri, and $586m for the Kaduna refinery.

N100bn was reportedly spent on refinery rehabilitation in 2021, with N8.33bn monthly expenditure. A total of $396.33m was allegedly spent on turnaround maintenance between 2013 and 2017. Despite all the financial allocations, the refineries remain unproductive as of the time of this report.

The new GCEO of NNPC, Bayo Ojulari, rejected calls for the sale of the refineries, expressing confidence that the three plants would be revamped. When the President of the Dangote Group, Alhaji Aliko Dangote, said the government refineries might never work again, Ojulari said the plants would come back to life.

Ojulari recently said the company was assessing the operational and commercial viability of its three refineries to determine whether to overhaul or repurpose them for enhanced efficiency and profitability.

According to him, the ongoing technical and commercial review is part of a broader plan to reposition the refineries as sustainable, revenue-generating assets that can meet Nigeria’s fuel demand and align with international operational standards.

He stated that the review marks the beginning of a new era in Nigeria’s refining sector. According to Ojulari, NNPC Limited is currently in the “Technical and Commercial Review” phase, aimed at assessing the operational state of all three refineries and determining whether to upgrade or repurpose the facilities for optimal performance and long-term sustainability.

In November, the Nigeria Midstream and Downstream Petroleum Regulatory Authority said the NNPC imported a significant quantity of petrol. Marketers said this was largely due to the dormancy of the government refineries.