By Adedapo Adesanya

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Nigerian National Petroleum Company (NNPC) Limited to urgently strengthen domestic refining capacity to shield the country from global petroleum market shocks.

The National President, PETROAN, Billy Gillis-Harry, on Monday called on the Group Chief Executive Officer of the state oil company, Mr Bayo Ojulari, to facilitate the immediate commencement of production at Nigeria’s local refineries.

Mr Gillis-Harry said that production at the refineries was paramount, particularly the Area five Plant at Port Harcourt Refinery and the Warri Refinery, which previously operated briefly before shutdown for profit index evaluation.

He said that this had become imperative due to the ongoing conflict involving Israel, the United States and Iran, which was pushing global petroleum prices to alarming levels.

Projecting future trends, he warned that Premium Motor Spirit (PMS) could rise close to N2,000 per litre while Automotive Gas Oil (AGO) may approach N3,000 per litre if the situation persists.

He said that sustained drone and missile attacks now threaten critical oil routes and infrastructure, creating uncertainty in global supply chains.

“With no clear end to the conflict, petroleum product prices in both international and domestic markets are expected to rise sharply in the coming days.

“Before the crisis, PMS, known as fuel sold at N774 per litre, but now sells above N1,000 per litre, representing an increase of about 30 per cent.

“Diesel, previously sold at N950 per litre, has risen to N1,400 per litre and above, an increase of about 49 per cent,” he said.

Mr Gillis-Harry said that rehabilitating Nigeria’s refineries for immediate domestic production was critical.

On local refining, he said that it would reduce exposure to international market volatility, especially as Nigeria had abundant crude oil resources under the custody of NNPC Limited.

He said that government-owned refineries were less vulnerable to global supply disruptions compared to privately owned refineries dependent on imported crude.

The PETROAN president said that continued fuel price increases would worsen inflation, cause job losses, deepen economic hardship, increase transportation costs, and raise prices of goods and services nationwide.

“Fuel remains essential for daily mobility, while diesel is vital for manufacturing and industrial operations,” he said.

He commended President Bola Tinubu for the ongoing bold policies to reform the oil and gas sector, and called on Tinubu to direct the immediate rehabilitation and commencement of production at the government-owned refineries.

According to him, this will ultimately bring relief to citizens and stimulate economic growth.

By Adedapo Adesanya

The Governor of Cross River State, Mr Bassey Otu, has imposed a statewide ban on illegal mining, directing all unlicensed operators to immediately shut down their activities.

The directive followed a strategic meeting with stakeholders in the mining industry, where the governor expressed concern over the growing security and environmental risks associated with unregulated mining operations.

Mr Otu said the ban takes immediate effect and applies to all operators without legitimate approvals from the Federal Government of Nigeria, while those with proper documentation will be allowed to continue their activities.

“This sector is strategic to the economic future of our state,” the governor said. “But instead of bringing prosperity to our communities, it is gradually becoming a source of serious concern. We believe wealth can still be created from mining, but it must be done ethically, legally and with full responsibility.”

He revealed that intelligence reports had shown an increasing influx of unregulated mining operators, including foreign nationals whose identities and operations remain largely unknown to the state authorities.

“I have been receiving reports about the influx of strangers and aliens into our various communities,” Otu said. “The truth is that we do not even know the number of these operators. We must know those who are in our state and what exactly they are doing in our environment.”

The governor also accused some local actors of aiding illegal mining activities.

“Some of the people complicating this situation are unfortunately within our own communities,” he said. “Some clan heads and village heads have become part of the problem by facilitating activities that are not properly regulated.”

Mr Otu revealed that the state government had initially attempted to address the problem through dialogue with federal authorities and security agencies responsible for monitoring mining operations, but noted that progress had been slow.

“I personally initiated discussions with federal authorities and security agencies to strengthen monitoring in the sector,” he said. “There were assurances that rangers would be deployed to assist us, but the process has taken far too long.”

He said the state could no longer wait, adding that the government had now decided to act decisively.

“We have given enough time of grace,” the governor declared. “There comes a point where government must act decisively. That time has now come.”

Announcing the directive, he said all illegal mining activities must stop immediately across the state.

“I am imposing a total ban on illegal mining in this state,” he said. “Let everyone return to their locations. When you are ready to come back, you must first report to the ministry and be properly profiled before any activity resumes.”

Mr Otu stressed that only operators with verifiable federal approvals and proper documentation would be allowed to continue operating.

“Those who have legitimate approvals from the federal government and whose activities are already known to the ministry will not be affected,” he said. “But anybody entering our communities to mine without proper authorisation should understand that those days are over.”

He warned that unregulated mining had begun to threaten public safety and agricultural livelihoods in many communities.

“This situation is affecting our security,” he said. “It is affecting our farmers and creating too many problems for our communities. Cross River is a hospitable state, but there is a limit to what we can continue to manage.”

To enforce the directive, the governor ordered the State Security Adviser to coordinate immediate enforcement operations and directed the Anti-Illegal Mining Task Force to commence round-the-clock surveillance in mining areas.

“There must be 24-hour monitoring to ensure that nobody goes behind the government to continue these activities illegally,” he said.

By Adedapo Adesanya

Nigeria will position the Intra-African Trade Fair 2027 (IATF 2027) as a major catalyst for accelerating trade and investment across the continent under the African Continental Free Trade Area (AfCFTA) framework.

This was disclosed by the Minister of Trade and Investment, Mrs Jumoke Oduwole, while speaking at the IATF 2027 Hosting Signing Ceremony in Lagos on Monday.

Representing President Bola Tinubu at the landmark event, she noted that preparations for the 2027 Trade Fair came as Nigeria marked more than five years since the commencement of AfCFTA implementation, adding that the country became the first AfCFTA state to complete its five-year implementation review in 2025, in line with obligations under the agreement.

Setting some expected benchmarks for the event, Mrs Oduwole noted that the event would witness strong performances, with over 100,000 physical and virtual attendees projected to take part in the trade fair, and will top that of the 2025 edition.

The fourth edition of the fair (IATF 2025) was held in Algiers, Algeria, from September 4 to September 10, 2025, and recorded $48.3 billion in trade and investment deals.

“We’re expecting to host over 100,000 physical and virtual guests. We’re expecting to have over $50 billion worth of deals from IATF 2027.

“The IATF has made connections with the Caribbean and the diaspora, and we are positioning Nigeria to lead economically in this renaissance,” she stated.

Mrs Oduwole noted that in line with President Tinubu’s Renewed Hope Angle, the fair will provide an important instrument for advancing economic cooperation, boosting intra-African trade and fostering shared prosperity across the continent.

She described the trade fair as a major platform for advancing the objectives of the African Continental Free Trade Area (AfCFTA), which aims to create a unified African market.

The Minister added that the Federal Ministry of Industry, Trade and Investment (FMITI) is leading the coordination efforts for the event, working with agencies such as the Nigerian Export Promotion Council (NEPC) and other stakeholders to ensure successful delivery.

Also speaking at the event, Nigeria’s former president and Chairperson of the IATF Advisory Council, Mr Olusegun Obasanjo, said the hosting of the fifth edition of the Intra-African Trade Fair 2027 in Lagos represents a major milestone for the country and the continent’s drive toward deeper economic integration.

Mr Obasanjo noted that the agreement formally grants the country the right to stage the trade fair, which is scheduled to take place from November 5 to November 11, 2027, in Lagos.

“The signing of this host agreement marks a momentous milestone for Nigeria and for the continent. Bringing IATF2027 to Lagos is historically significant, as this city hosted the Lagos Plan of Action adopted in 1980, which championed Africa’s industrialisation and economic self-sufficiency. We have to work hard to keep moving towards the Africa we want. I am confident that IATF 2027 will surpass all previous editions in both scope and impact as we advance our shared goal for a unified African marketplace under the AfCFTA,” he remarked.

Also speaking at the event, the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Mr George Elombi, expressed confidence that hosting IATF 2027 in Lagos, Nigeria.

He noted that the trade fair has generated an average of $40 billion in deals across its previous four editions.

Mr Elombi said such success stories demonstrate the transformative power of the trade fair in creating partnerships, driving innovation, and improving Africa’s global economic image.

“Nigeria’s vibrant entrepreneurial spirit gives us confidence that IATF2027 in Lagos will be a remarkable event that strengthens trade and investment across the continent. The trade fair is about building a strong pan-African single market and expanding intra-African trade beyond the levels we see today,” he said.

As the host, Lagos State Governor, Mr Babajide Sanwo-Olu, said the event would be a defining time for Africa to take its rightful place in the comity of nations, assuring that Lagos State would put every necessary thing in place to ensure the event would be the best IATF to be hosted in Africa.

Business Post reports that while the fair will hold next year, Lagos will also play host to Afreximbank’s Creative Africa Nexus (CANEX), scheduled for November 5-8, 2026