Economy
Nigeria Hit with the Worst Fuel Scarcity Yet
Nigeria is the main oil producer in Africa and is currently the continent’s largest crude oil exporter. This status however holds no value for Nigerians who have now been accustomed to fuel scarcity in varying degrees being a constant challenge.
In 2024 alone, the country has been hit with two fuel scarcity crises. The first occurred from April to May when the fuel cost increased by 68.01% on a year-on-year basis from N842. 25 per litre in April 2023 to N1415. 06 per litre in April 2024. The second crisis is ongoing. It has seen the petrol price rise to N1,050 per liter in a matter of days from the average of N770.54 recorded in July 2024. This fuel scarcity is another addition to the ongoing cost of living crisis Africa’s largest economy is experiencing.
Nigeria’s Cost of Living Crisis Continues to Soar
During his inaugural speech on May 29, 2023, President Tinubu announced an end to fuel subsidies in the country, citing that continuing subsidies were unsustainable and a drain on public finances. The president acknowledged in another address on June 12, 2023, that although halting the subsidies added a burden on the people of Nigeria it was crucial to the country’s economic survival. Over a year after this bold move by the government, most Nigerians are struggling to make ends meet sparking protests across the country.
NOIPolls, an independent pollster in West Africa disclosed in 2023 that 63% of adult Nigerians surveyed across the country desire to relocate to other countries. The lack of economic opportunities is the primary motivator for leaving Nigeria. As the “Japa”— a colloquial term for emigration— itch among Nigerians intensifies, the youth who can’t leave have sought to earn an income remotely working for foreign companies, gambling on international online casinos, and working multiple low-level jobs.
The prices of food, cooking gas, medication, and public transport have risen since President Tinubu assumed office in May 2023. This rising cost of living has been a result of the naira’s poor performance against the dollar and the instability of the country’s economy. Nigerians have had to survive through high levels of inflation not experienced before in the country for three decades.
According to the World Food Programme, 26.5 million people across the country are projected to face acute hunger between June and August 2024. This is an almost 40% increase from the 18.6 million Nigerians recorded to have faced food insecurity at the end of 2023. This new fuel scarcity crisis has seen Nigerians make long queues at filling stations to access petrol, led to significant increases in transport fares, and resulted in losses for businesses that rely on fuel to power them.
NNPC Explains Cause of Current Fuel Scarcity
In response to rising concerns about fuel scarcity in the country, the Nigerian National Petroleum Corporation Limited (NNPCL) through Dapo Segun, the Vice President, attributed the ongoing fuel scarcity to the impact of the recent heavy rains, lightning, and thunderstorms across the country. Mr Segun explained that the rains had caused saltation in the Estragos channel making navigation difficult and thus hindering the transportation of petroleum products across the country. Additionally, Seun reported that fuel discharge from both onshore and tankers had been suspended occasionally due to lightning and thunderstorms. These three natural extreme weather conditions have made distributing petroleum products across the country challenging.
As the NNPCL vows to resolve the fuel scarcity crisis soon, Nigerians are looking to two other refineries that were set to begin operations to ease the cost of fuel burden. The Dangote Refinery is expected to begin selling petrol in Nigeria by the end of this August. The chairman of the Dangote Group, Aliko Danknote, who had committed to this milestone is positive that his company will meet the target. Additionally, the Port Harcourt refinery is expected to be operational and supplying petroleum products across the country by September 2024 as assured by the group chief executive officer of the NNPCL, Mele Kyari. This will be the third time the refinery’s operational month has been moved this year following its mechanical completion in December 2023.
The Independent Petroleum Marketers Association of Nigeria (IPMAN), on the other hand, has accused the NNPCL of actively contributing to fuel scarcity by failing to provide petroleum products to its members even after payment. IPMAN disclosed that even though payment to the state oil company was made three months ago members have been forced to purchase petroleum products from private depots whose prices are significantly higher. IPMAN is now calling on the government and other key stakeholders in the oil industry to intervene in the situation to lessen these hardships.
Citizens of Africa’s largest crude oil producer and exporter are now no longer surprised by fuel scarcity in their cities. While many try to find ways to survive under the new economic hardships, others opt to leave the country in search of greener pastures. It is evident that Africa’s largest economy is on the brink of collapsing should the government not turn around the economic situation soon.
By Adedapo Adesanya
NASD Plc, which operates Nigeria’s Over-the-Counter (OTC) securities exchange, has reaffirmed its commitment to reinforcing its long-term strategic direction and governance framework.
The exchange recently convened its major shareholders, board members, and executive management at a high-level stakeholder retreat in Lagos.
NASD said, “The retreat held in Lagos brought together key institutional stakeholders for in-depth discussions on NASD’s evolving role within Nigeria’s capital market ecosystem.
“The engagement provided a structured platform for shareholders and management to align on strategic priorities necessary to deepen institutional strength, enhance market relevance, and support sustainable growth.”
The company noted that deliberations focused on the importance of strong shareholder collaboration, disciplined strategy execution, and equitable governance practices to further strengthen investor confidence and long-term value creation.
The statement added that participants exchanged views on navigating market complexity, adapting to regulatory and economic changes, and ensuring that the Exchange continues to operate in line with global best practices while addressing the specific needs of Nigeria’s over-the-counter market.
NASD emphasised that the retreat highlighted the critical role of close alignment among shareholders, the Board, and executive leadership in shaping the Exchange’s next phase of development. By encouraging open dialogue and shared strategic intent, the engagement reaffirmed NASD’s commitment to transparency, institutional resilience, and leadership within the capital market.
The session concluded with a group engagement reflecting the depth of experience, governance oversight, and collective responsibility guiding NASD’s strategic outlook as it continues to enhance its contribution to Nigeria’s financial market architecture.
NASD posted a standout performance in 2025, with its market diversification strategy delivering a surge in listings, deeper market activity, and a sharp expansion in market value across its alternative trading platforms.
Last year, the market capitalisation on the exchange more than doubled to N2.12 trillion, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.
The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.
Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.
The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.
The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading.
By Bon Peters
The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers State, surpassed its 2025 revenue target by generating about N288.8 billion.
In the preceding financial year, the command generated N200.8 billion as revenue, indicating a year-on-year growth of 43.83 per cent.
Addressing journalists in Port Harcourt, the Customs Area 1 Controller, Comptroller Salamatu Atuluku, disclosed that the target for the command last year was N216.9 billion, indicating that this was surpassed by N71.8 billion or 33.1 per cent.
She attributed this achievement to the effectiveness of improved compliance monitoring, enhanced cargo examination processes, automation-driven controls, and sustained stakeholder sensitization.
According to her, the monthly revenue performance remained consistently strong throughout the year, with the highest collection recorded in October 2025 at N33.7 billion.
On export trade facilitation, she hinted that in line with the federal government’s economic diversification agenda, the command intensified efforts toward facilitating legitimate export trade, adding that within the year under review, it processed a total export volume of over a million metric tons, comprising both oil and non-oil commodities with a Free on Board (FOB) value of $463.6 million, which she said contributed meaningfully to Nigeria’s foreign exchange earnings.
In addition, Ms Atuluku stated that N838.02 million was paid as Nigeria Export Supervision Scheme (NESS) charges for both oil and non-oil exports during the year, noting that this reflected an increased exporter participation, improved documentation compliance, and the command’s deliberate efforts to streamline export procedures while ensuring adherence to extant regulations.
On anti-smuggling and enforcement activities, it was disclosed that the command sustained vigorous enforcement operations throughout 2025, deploying intelligence-led interventions, risk profiling, and routine cargo examinations to curb smuggling and protect national interests, resulting in the interception of undeclared pharmaceutical products at the NACHO shed.
The items intercepted included Progesterone 100mg/2ml, and Isifrane IP 250ml among others, discovered in three packages without the mandatory NAFDAC regulatory certification, contrary to import guidelines governing pharmaceutical products, the Controller stated.
In the year under review, the personnel of the command benefitted from periodic training programs, sensitization sessions, operational briefings, and system-focused engagements, particularly in areas of customs automation, risk management, enforcement procedures, and trade facilitation.
On infrastructural development, the command renovated the Quarter Guard, thereby enhancing access control, security coordination, and command presence at the main entry point, including the Command Staff Clinic which was renovated and upgraded to improve healthcare delivery and working conditions for medical personnel, and beneficiaries.
Also, the command executed a Corporate Social Responsibility (CSR) intervention on December 11, 2025, at the Model Primary School I and II, Orominike, D-Line, Port Harcourt, with the donation of customs-branded notebooks, school bags, and school uniforms, aimed at supporting basic education and easing the burden on pupils and parents within the host community.
By Adedapo Adesanya
Five securities caused the NASD Over-the-Counter (OTC) Securities Exchange to experience a setback of 0.64 per cent on Monday, February 2.
During the first trading session of February 2026, FrieslandCampinaWamco Nigeria Plc shrank by N4.46 to end at N63.54 per unit versus the previous session’s N68.00 per unit, as Okitipupa Plc depreciated by N3.83 to close at N230.77 per share versus last Friday’s N234.60 per share.
Further, Central Securities Clearing System (CSCS) dropped 50 Kobo to sell at N40.00 per unit compared with the previous closing price of N40.50 per unit, UBN Property Plc dipped by 21 Kobo to N1.99 per share from N2.20 per share, and Acorn Petroleum Plc lost 3 Kobo to end at N1.35 per unit versus N1.38 per unit.
As a result, the market capitalisation went down by N13.98 billion to settle at N2.158 trillion, in contrast to the previous value of N2.171 trillion, and the NASD Unlisted Security Index (NSI) contracted by 23.35 points to settle at 3,606.76 points compared with last Friday’s closing value of 3,630.11 points.
Amid the loss, Geo-Fluids Plc managed to finish green after it chalked up 9 Kobo to sell at N6.84 per share versus the N5.75 per share it ended in the last trading day.
Yesterday, the volume of securities traded by investors surged by 1,238.5 per cent to 3.9 million units from 287,618 units, the value of securities increased by 1,075.2 per cent to N36.0 million from N3.1 million, and the number of deals soared by 90.5 per cent to 40 deals from 21 deals.
At the close of trades, CSCS Plc remained the most traded stock by value (year-to-date) with 15.4 million units valued at N623.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.2 million, and Geo-Fluids Plc with 10.6 million units sold for N69.9 million.
CSCS Plc was also the most active stock by volume (year-to-date) with 15.4 million units traded for N623.9 million, trailed by Geo-Fluids Plc with 10.6 million units worth N69.9 million, and Mass Telecom Innovation Plc with 10.1 million units transacted for N4.1 million.
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