Economy
Nipco Commits to Nigeria’s Energy Diversification, Transition Plans
By Adedapo Adesanya
The Nigerian Independent Petroleum Company (NIPCO) Plc has confirmed that its investment, put at $50 million, is helping push Nigeria’s energy diversification and transition plans, with more in the pipelines.
According to Mr Suresh Kumar, the company’s Managing Director, “We have spent more than $50 million on natural gas infrastructure over the years. We believe that there are lots of potential in Nigeria that can be explored for gas utilisation, and this will further boost our economy.”
Mr Kumar said that the organisation had deepened gas usage and market penetration in the country through massive investment in the sector.
He said that as the federal government plans to put an end to fuel subsidy, natural gas by Compressed Natural Gas (CNG) and Auto CNG were bound to be the preferred fuel of choice as the natural gas is safe, environment-friendly, and economical.
Mr Kumar said that the company had invested massively in gas infrastructure, in line with Federal Government declaration of 2021 to 2030 as Nigeria’s Decade of Gas.
He said that NIPCO was intensifying investment in gas infrastructure to bolster the gas agenda of the federal government, which was getting a booster.
According to him, already, the company has established Compressed Natural Gas (CNG) facilities across the country to make cars run on gas.
He also said that NIPCO had been expanding its scope on the supply of Liquefied Natural Gas (LNG) and constructing new pipeline infrastructure to strategic locations in the country.
Mr Kumar said, “By using indigenous gas, we can reduce the subsidy burden on the federal government.
“We can also reduce the importation burden, and that will directly or indirectly reduce capital flight and create more employment opportunities for Nigerians.
“We are the pioneers. We always dream about the future. So, we dreamt of natural gas utilisation in Nigeria right from 2008, and we started investing.
“We introduced this model to the government. Nigeria is a country that has abundant natural gas, and instead of wasting subsidy on petrol, we should be looking at a blueprint that can change the petrol market to CNG market.”
According to him, NIPCO is an integrated company that supplies the Nigerian market with petrol, diesel and gas, adding that the company currently has about 19,500 metric tonnes of combined storage capacity for Liquified Petroleum Gas (LPG) or cooking gas with 10 loading bays, which could truck-out over 4,000 tons per day.
By Aduragbemi Omiyale
Analysts at Meristem Research have projected that the inflation rate in Nigeria for March 2026 should further moderate to 13.59 per cent on a year-on-year basis from the 15.06 per cent recorded in February 2026.
The company, in a note sighted by Business Post, explained that easing in the average prices of goods and services for last month would be impacted by a high base from the same period of 2025, but noted that on a month-on-month basis, the rate will spike.
Last month, energy prices soared after the price of crude oil on the global market soared as a result of the war in Iran, with prices of items growing in Nigeria.
“However, month-on-month pressures are likely to pick up, driven by the renewed increases in energy prices, which should nudge headline inflation higher.
“Core inflation is also likely to edge higher, reflecting second-round effects from higher transportation and production costs, although the relative stability of the Naira should help moderate the pace of increase.
“Food inflation is also expected to rise on a month-on-month basis, driven by higher logistics and distribution costs, as well as recent increases in staple food prices,” a part of the report noted.
The National Bureau of Statistics (NBS) is expected to release the inflation numbers later today.
Nigeria’s headline inflation rate moderated marginally by 0.04 per cent to 15.06 per cent in February 2026 from 15.10 per cent in January 2026, though on a month-on-month basis, inflationary pressures accelerated.
By Adedapo Adesanya
Nigeria’s total public debt rose from N153.29 trillion at the end of September 2025 to N159.28 trillion in December 2025, according to the latest data released by the Debt Management Office (DMO) on Tuesday.
The increase indicates a quarter-on-quarter increase of N5.98 trillion or 3.9 per cent.
The debt office noted that the December 2025 figures are provisional and were converted using the Central Bank of Nigeria’s official exchange rate of N1,435.25/$, while the September 2025 figures were converted using N1,474.85/$.
On a year-on-year basis, the debt profile marked an increase of N14.61 trillion or 10.1 per cent, from N144.67 trillion in December 2024 to N159.28 trillion in December 2025, representing a rise from $94.23 billion to $110.97 billion, an increase of $16.75 billion, in Dollar terms.
Domestic debt remained the largest, rising from N81.82 trillion in September 2025 to N84.85 trillion in December 2025.
This represents a quarter-on-quarter increase of N3.03 trillion or 3.7 per cent compared to December 2024, when domestic debt stood at N74.38 trillion – the figure increased by N10.47 trillion or 14.1 per cent year-on-year.
In Dollar terms, domestic debt rose from $55.47 billion in September 2025 to $59.12 billion in December 2025, and from $48.44 billion in December 2024. This highlights a sustained reliance on the domestic market for financing.
The federal government accounted for the bulk of domestic debt at N80.49 trillion, representing 50.53 per cent of total public debt, while states and the Federal Capital Territory (FCT) accounted for N4.36 trillion.
Nigeria’s external debt stood at N74.43 trillion as of December 2025, representing 46.73 per cent of total public debt.
This reflects a quarter-on-quarter increase of N2.95 trillion from N71.48 trillion in September 2025, and a year-on-year increase of N4.14 trillion from N70.29 trillion recorded in December 2024.
In Dollar terms, external debt rose from $48.46 billion in September 2025 to $51.86 billion in December 2025, and from $45.78 billion in December 2024.
The federal government continued to dominate external borrowing, accounting for N66.27 trillion of the total external debt, while states and the FCT accounted for N8.16 trillion.
However, the structure of Nigeria’s debt portfolio remained broadly stable despite the increase in overall debt.
While domestic debt accounted for 53.27 per cent of total debt in December 2025, compared to 53.37 per cent in September 2025 and 51.41 per cent in December 2024, external debt stood at 46.73 per cent in December 2025, compared to 46.63 per cent in September 2025 and 48.59 per cent a year earlier.
By Dipo Olowookere
The volume of premium motor spirit (PMS), commonly known as petrol, consumed daily in Nigeria stood at 47.3 million litres in March 2026 compared with the 56.9 million litres recorded in February 2026.
This information was revealed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its latest factsheet.
The decline in daily petrol consumption in Nigeria coincided with a hike in the price of the product, triggered by a rise in global crude oil prices as a result of the Middle East crisis.
The United States and Israel launched airstrikes in Iran in late February, with crude oil rising above $100 per barrel and even above $110 per barrel at one point.
The price is currently below $100 per barrel on the global market after the President of the United States, Mr Donald Trump, signalled his intention to negotiate with Iran amid the blockage of the Strait of Hormuz.
Data by NMDPRA also showed that diesel consumption eased to 14.5 million litres per day from the previous month’s 20.3 million litres per day, while aviation fuel stood at 2.1 million litres per day versus 2.9 million litres per day in February 2026.
It was also disclosed that PMS daily supply for the month under review increased to 40.1 million litres per day from the preceding month’s 39.5 million litres per day.
From this, domestic supply came down by 6.30 per cent to 34.2 million litres per day from 36.5 million litres per day, while imported petrol stood at 5.9 million litres per day versus 3.0 million litres per day a month earlier.
Business Post observed that Dangote Refinery supplied about 34.2 million litres per day of PMS into the Nigerian market from the 48.2 million litres per day it produced. The private refiner produced 16.5 million litres of diesel per day in March 2026, supplying 2.2 million litres per day into the domestic market.
In the period, the Warri and Kaduna refineries were totally shut down, while the Port Harcourt refinery, according to the report, though it was shut down, witnessed the evacuation of about 0.048 million litres of diesel per day while it was operational.
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