Economy
NipeX GM Lauds Nigerdock Activities on SIIFZ
By Dipo Olowookere
Operations of leading indigenous energy services provider, Nigerdock, and the available facility at the Snake Island Integrated Free Zone (SIIFZ) have been described as a paradigm of Nigeria’s great prospects and impact on Africa.
General Manager of Nigerian Petroleum Exchange (NipeX), Mr Kanayo Odoe, identified this during his recent courtesy visit to SIIFZ, the location of Nigerdock’s world class facility.
Mr Odoe noted that Nigerdock and its activities on SIIFZ represent the prospects of Nigeria across Africa. In his words: “Snake Island is a manifestation of all that is good in this great country Nigeria. It is my earnest hope on behalf of the people of this great nation that all the support we can muster to make the organisation great will be given to your good organisation. Be reassured of our highest support and commitment in bolstering your organisation for the overall benefit of Nigeria. Keep up the good work.”
He was conducted on a tour of the facility by Group Corporate Affairs Director, Mrs Joy Okebalama; Nigerian Content Manager, Nigerdock, Ifeanyi Chime; Senior Project Manager, Nigerdock, Temitope Odulate, among others.
The tour covered various areas of Nigerdock’s diverse business operations such as Logistics Base Infrastructure (Quaysides, Marshalling Yard, Water and MGO Storage, Laydown areas, Warehouses, Accommodation, Related Equipment, etc.); Ship Repair and Maintenance Facilities (Dry Dock and Floating Dock, Cranes, Workshops, etc.), Offshore Fabrication Facilities (Covered Fabrication Workshops, Coating Shops, Warehouses, Laydown and Erection Areas, etc.), the recently rebranded Nigerdock Training and Development Academy and a significant array of equipment such as various specifications of Cranes, SPMTs, Fabrication Equipment, etc.
Mr Odoe was impressed with the in-country capacity and capability available at Nigerdock and noted that: “The facility is great and offers world class standards. It is quite remarkable that apart from the fact that Nigerdock is impacting on Local Content through the training and development academy, it is also gratifying to know that a lady who heads the Machining Workshop has spent over 24years in the organisation.”
During a brief presentation to the NipeX GM, Mrs Okebalama explained that SIIFZ has a significant number of Free Zone Enterprises currently operating within the zone. These enterprises provide a wide range of activities including full EPCIC contract delivery, manufacturing, offshore logistics support services, pollution management and recycling, aviation services, engineering/design services, construction, fabrication, ship maintenance & repairs along with an array of maritime support services thereby making it a one stop shop for oil and gas related activities. These enterprises operating in SIIFZ have brought and will continue to bring significant added value to SIIFZ and the Nigerian Economy.
SIIFZ is strategically located at Snake Island Apapa, with immediate access to the open sea, and within proximity to Tin Can Island Port Apapa. SIIFZ was established in January 2005 when Presidential Approval was granted for the commencement of Free Trade Zone operations on Snake Island.
While commenting on the impact of NipeX to the oil and gas industry, Mr Odoe noted that free and fair tendering process, healthy competitive environment and high confidence and trust have been established in the oil and gas industry through NipeX.
NipeX is an electronic one-stop transaction centre that improves on value procurement in the oil and gas industry and institutionalizes world-class contracting processes in Nigeria. NipeX is a division of NAPIMS, a Corporate Service Unit of NNPC.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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