Economy
Fuel Scarcity Will Soon Become History in Nigeria—NNPC
By Dipo Olowookere
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has assured citizens that the perennial fuel scarcity in the country would soon become “a thing of the past.”
Mr Baru gave this assurance while delivering a goodwill message during the ‘NNPC Day’ held at the 39th Kaduna International Trade Fair, in Kaduna on Wednesday.
He said the state-owned oil firm was committed to providing the necessary assistance for Nigeria to attain competitive edge in non-oil sectors of the economy.
“NNPC is suited to providing the enabling environment for the nation to optimise its commercial, industrial and agricultural potentials to attain competitive edge in these sectors. This is a commitment which we shall continue to abide by,” Mr Baru stated.
To further demonstrate NNPC’s commitment on this goal, Mr Baru explained that the corporation had set up the Renewable Energy Division which is focused on not only developing solar and other renewable energy sources but also on developing Biofuels that are heavily dependent on agricultural produce as feedstock.
According to him, the multiplayer effects of such ventures are enormous. These include reviving the nation’s agricultural sector, generating millions of jobs, contributing significantly to power generation, producing high volume of animal feed, starch and other by-products, in addition to the biofuels that will be blended to our Refineries’ petroleum products that will significantly reduce imports of petroleum products into the country.
Mr Baru, who spoke on the theme ‘NNPC and Promotion of Industry, Commerce and Agriculture for International Competitiveness,’ noted that to aid the course of focusing on industry, commerce and agriculture, Nigeria needed to begin with the end in mind by first undertaking a holistic policy actions towards rebuilding the nation’s infrastructure.
In this regard, the GMD observed that that key infrastructure sectors that were expected to be upgraded include electric power, transport, information and communication, roads, water and sanitation as well as rehabilitation of existing oil and gas pipeline facilities.
“It is my sincere belief that revitalising these critical infrastructures will emplace efficiency in the new focus areas of Commerce, Industry and Agriculture to buoy the national economy and enable the country’s entrepreneurs compete favourably with their peers across the globe,” he added.
The GMD also lauded President Muhammadu Buhari’s economic agenda which he said had saved the country from the vagaries of monoculture.
“Every Nigerian, individual or corporate, has the onerous responsibility to ensure this vision becomes a reality,” he maintained.
On the recent fuel supply issues witnessed in some cities across the country, Mr Baru said NNPC had, over the last few months, been engaging with relevant stakeholders to ensure the challenge remains “a thing of the past.”
Mr Baru, who insisted that fuel scarcity was caused by greedy marketers, explained that the corporation had been collaborating with sister agencies towards addressing products profiteering, diversion, hoarding and smuggling.
Above all, he said, the corporation was working hard to get the nation’s refineries back to their optimal levels.
He listed some of the key stakeholders engaged by the corporation to include the Department of Petroleum Resources (DPR), Federal Ministry of Power, Works and Housing, the Nigerian Security & Civil Defence Corps, the Nigerian Customs Service as well as Nigerian Ports Authority (NPA).
Earlier in his speech, President of the Kaduna State Chamber of Commerce, Mines & Agriculture (KADCCIMA), Dr Farida Dankaka, said this year’s theme was chosen to complement the efforts of the Federal Government in promoting economic growth through commerce and industry.
Dankaka, who was represented by Mr Tijjani Musa, also commended the Federal Government on its economic diversification which has led to sufficiency in rice production, stressing that such effort should also be extended to other cash crops like cotton, groundnut, wheat, rubber, palm oil etc.
The Kaduna International Trade Fair is one of the most important events in the business calendar of KADCCIMA.
Alongside Lagos and Enugu, it is one of the three local trade fairs attended by the corporation not only to enlighten the public on its various services, but also to educate them on the safest way of handling its products.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
