Economy
Nigeria to Become Urea Exporter in 2028—NMDPRA Chief
By Adedapo Adesanya
The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Aliyu Mohammed, has declared that Nigeria would become a urea-exporting nations within the next 24 months.
Mr Mohammed made the assertion during an operational visit to key midstream and downstream facilities in Port Harcourt, including the Indorama Eleme Petrochemicals Complex, as part of an executive regulatory activity mandated by the Petroleum Industry Act (PIA), 2021.
According to him, the expansion of facilities at Indorama and other major investments, such as the Dangote Fertiliser Plant, signal a turning point for Nigeria’s oil and gas value chain.
“We have no business importing any of those things,” the NMDPRA chief said. “With the expansion of what is going on today at Indorama and many other places, including Dangote Fertilisers, I am sure that in the next 24 months Nigeria will join the league of urea-exporting countries, and that is where we should be.”
He described the midstream segment of the oil and gas industry as a critical but capital-intensive area that requires between $30 billion and $50 billion in investments to position Nigeria as a regional hub, not only for oil and gas, but also for secondary derivatives and value-added products. These, he said, include fertilisers, urea, and other products derived from hydrocarbon resources.
“What we have seen in Indorama is really a manifestation of what Nigeria needs to have. We need a lot of these in the midstream—fertiliser plants and every value-addition opportunity from our hydrocarbon sources. That is what the nation needs to propel growth.”
He acknowledged that while such ambitions had existed for years, progress had been slow due to various challenges; however, he noted that effective partnerships with the private sector were now yielding tangible results.
“Today, we have found the right footsteps in partnership with the private sector. Indorama has really shown us that growth is growth, and we can continue to grow in that same direction,” he said.
The NMDPRA boss explained that the visit to facilities in Rivers State was aimed at assessing the operational status and availability of critical midstream and downstream infrastructure, reviewing alignment between the regulator and its licensees, and engaging investors to ensure optimal regulatory support. Other objectives include improving regulatory operational excellence, promoting health and safety standards, and presenting the Nigerian public with an accurate assessment of sector operations.
He noted that Rivers State remains a strategic hub for the industry, with diverse facilities spanning gas processing, manufacturing, and refining. “There is no sample that we cannot take here,” he said.
“If we want to see gas processing, manufacturing, or refining, we can. We selected just a few facilities to have an overview of what is going on, but we cannot do that in only three days. I will be coming back because there are many industries within Rivers State that we still need to cover,” he added.
Mr Mohammed stressed that the role of the Authority is to facilitate investments by creating an enabling environment that allows operators to expand while attracting new investors.
He added that the executive regulatory exercise, which has commenced in the South-South region, will be replicated across the country under his leadership.
The CEO of Indorama, Mr Munish Jindal, described the visit by the NMDPRA leadership as timely and highly significant. He said regulatory visits help authorities gain a firsthand understanding of operations and the progress made on the ground.
“These visits are always very important,” Jindal said. “It is important for the regulator to come and see with their own eyes what is happening and understand the changes that have been brought. We are highly appreciative that since assuming office, Engr. Saidu Aliyu Mohammed has visited with his full team to see and visualise what has been delivered here in the last 20 years.”
Mr Jindal recalled that the NMDPRA chief had been involved in the sector since the early days of the Eleme Petrochemicals Company Limited (EPCL), when plans for Phase 2 and Phase 3 expansions were conceived. “Those dreams have been delivered today by Indorama,” he noted.
He also commended regulatory authorities for their improved understanding of the midstream industry over the years, describing it as critical to the sector’s growth. While expressing support for the new regulatory leadership, Jindal disclosed that Indorama had raised concerns over certain regulatory requirements which, in the company’s view, are no longer relevant to manufacturing-focused midstream operators.
“We have made a keen request to the Authority to kindly look into some issues that may not be relevant to the manufacturing industry and consider granting exemptions where necessary,” he said.
The NMDPRA said it remains committed to ensuring that the objectives of the Federal Government and the Nigerian people are fully reflected in the business outlooks of key industry stakeholders, as the country pursues its ambition of becoming both an energy hub and a centre for oil and gas derivatives in Africa.
By Dipo Olowookere
The first trading session of this week on Customs Street ended on a positive note, with a 0.36 per cent leap on Monday buoyed by buying pressure in some stocks.
Business Post reports that 50 equities ended on the gainers’ chart yesterday, offsetting the selling pressure on 30 other equities, indicating a positive market breadth index and strong investor sentiment.
Market participants are gradually getting accustomed to the extended trading window introduced last Monday, which stretched the closing hour to 4 pm from 2:30 pm.
The duo of FTN Cocoa and Consolidated Hallmark gained 10.00 per cent each to quote at N6.05 and N5.72 apiece, as CAP grew by 9.99 per cent to N159.70, Dangote Sugar increased by 9.97 per cent to N76.65, and RT Briscoe surged by 9.96 per cent to N11.70.
On the flip side, International Energy Insurance declined by 9.82 per cent to N2.48, UPDC shrank by 9.18 per cent to N4.45, Learn Africa moderated by 8.06 per cent to N8.55, NEM Insurance retreated by 8.02 per cent to N28.10, and Guinea Insurance tumbled by 7.83 per cent to N1.06.
Yesterday, the insurance index was up by 1.25 per cent, the industrial goods space expanded by 1.08 per cent, the consumer goods industry improved by 0.83 per cent, and the banking sector jumped by 0.41 per cent, while the energy counter contracted by 0.89 per cent.
At the close of business, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited went up by 883.71 points to 243,161.52 points from 242,277.81 points, and the market capitalisation soared by N64 billion to N156.058 trillion from N155.994 trillion.
A total of 967.5 million shares worth N43.8 billion were traded by investors in 122,041 deals during the session compared with the 1.9 billion shares valued at N104.3 billion in 92,353 deals last Friday.
This indicated a leap in the number of deals by 32.15 per cent, and a drop in the trading volume and value by 49.08 per cent and 58.01 per cent, respectively.
Closing the day on top of the activity chart was Access Holdings with 182.7 million units sold for N4.7 billion, AIICO Insurance transacted 58.1 million units worth N264.2 million, Fidelity Bank exchanged 57.5 million units valued at N1.1 billion, Zenith Bank traded 48.9 million units worth N6.4 billion, and Chams sold 45.9 million units valued at N149.4 million.
By Aduragbemi Omiyale
The Stanbic IBTC Purchasing Managers’ Index (PMI) for April 2026 stood at 52.4 points compared with the 51.9 points recorded in March 2026, a statement from the lender on Monday revealed.
Though the Nigerian private sector remained in growth territory, it was stunted by higher fuel costs because of the war in Iran, triggered by the United States and Israel, which led to the closure of the Strait of Hormuz. The rising fuel prices have limited expansions in new orders and business activity.
Companies took on extra staff in April in response to rising workloads, but the rate of job creation was only marginal and the softest in three months. Some organisations reported that staff shortages had been behind the latest accumulation of backlogs of work, while others cited customer payment delays and issues securing raw materials. Outstanding business increased for the third consecutive month in April.
Further efforts were made to secure materials, with purchasing activity increasing for the seventeenth month running in April. Stocks of purchases also rose amid improving customer demand, and at a marked pace that was the sharpest in five months. When companies placed orders for materials, they often made sure to pay on time in order to secure deliveries. As a result, supplier lead times shortened again, albeit to the least extent in 2026 so far.
“The health of Nigeria’s private sector improved in April – remaining above the 50-point growth threshold for the third consecutive month – as new orders increased in line with higher customer numbers and rising demand even as price pressures remain prevalent.
“Accordingly, the headline PMI increased to 52.4 points in April from 51.9 points seen in March,” the Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, commented.
He further said, “Despite the improvement in new orders, we understand that lingering inflationary pressures limited the pace of expansion.
“Notably, companies increased their selling prices in April to the highest level since December 2024 in response to rising fuel and raw material costs. Staff costs also increased modestly as some companies increased their staff pay so as to help them with increasing transportation fares.
“Business expectations also improved in April compared to March as businesses plan to expand their operations through the opening of new branches, stock building, and entry into new markets.”
“The improved start of the second quarter of the year by Nigerian businesses continues to support our view of improved growth expectations in 2026 relative to 2025.
“Hence, we still maintain our expectation that the Nigerian economy is likely to grow by 4.22 per cent y/y in 2026, from 3.87 per cent y/y in 2025.
“We estimate the non-oil sector’s growth at 4.24 per cent y/y in 2026, from 3.71 per cent y/y in 2025, likely driven primarily by services, which we see growing by 5.64 per cent y/y in 2026 (vs 2025: 4.14 per cent y/y).
“The government’s continuous investment attraction across oil & gas, solid minerals, electricity, agriculture and general manufacturing should continue to support sentiment on production activity.
“However, the oil sector’s growth is likely to moderate to 3.01 per cent y/y (vs 2025: 8.50 per cent y/y), as we now expect crude oil production (including condensates) to average 1.70m bpd, from 1.64m bpd in 2025,” he added.
By Adedap0 Adesanya
Nigerian businessman, Mr Femi Otedola, has dismissed reports suggesting he has a stake and financed the Dangote Petroleum Refinery, describing the allegation as completely false.
The billionaire, who is a close ally of Mr Aliko Dangote, the owner of the $20 billion oil facility, clarified in a statement on Monday that those behind such claims were spreading misinformation and attempting to create division among leading Nigerian business figures.
His clarification came a day after the Dangote Group addressed viral claims suggesting a financing rift between its president, Mr Dangote, and fellow businessman, Mr Tony Elumelu.
He wrote, “Let’s set the record straight. Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira.”
He added that, “The real story, which those peddling these lies conveniently ignore, is that Mr Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer.”
Mr Otedola further explained that Mr Dangote did not request financial support from Mr Elumelu, Mr Mike Adenuga, or himself, a statement that aligns with a clarification issued by the Dangote Group’s Chief Branding and Communications Officer, Mr Anthony Chiejina.
The company also warned individuals, organisations, and platforms involved in creating, publishing, or disseminating such false content to desist immediately.
Mr Otedola said, “I can categorically state that at no point did Alhaji Dangote request financing from Mr Elumelu, Mr Adenuga and me. The Dangote Group is a well-structured organisation that is well-versed in raising structured capital for its operations.
“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership. These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication.”
“To those behind this: desist immediately.. And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed up as insider information,” Mr Otedola warned.
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