Economy
Oil Adds $1 Per Barrel as Iraq Exports Deal Stall
By Adedapo Adesanya
Oil went up by more than $1 a barrel on Tuesday after a deal to resume exports from Iraq’s Kurdistan stalled, easing oversupply worries that had given investors some concerns.
Brent crude futures gained $1.06 or 1.6 per cent to trade at $67.63 a barrel and the US West Texas Intermediate crude futures rose by $1.13 or 1.8 per cent to end at $63.41 a barrel.
Pipeline oil exports from Iraq’s Kurdistan region to Turkiye had yet to restart on Tuesday despite hopes of a deal to end the deadlock, as two key producers asked for debt repayment guarantees.
The deal between Iraq’s federal and Kurdish regional governments and oil firms aims to resume exports of about 230,000 barrels per day of oil from Kurdistan to the global market via Turkey, halted since March 2023. The restart would exacerbate worries about global oversupply.
However, Turkiye, which holds the final decision, had not implement the move.
Turkiye shut the Iraq-Turkey pipeline after an international arbitration ruling ordered it to pay $1.5 billion to Baghdad for past unauthorized Kurdish shipments. The loss of export revenue has battered the KRG’s finances and complicated budget transfers from the federal government in Iraq.
Analysts noted that the market sold off on reports of a Kurdistan deal, and the lack of a deal has now taken those barrels out of the market.
Overall, the global oil market is bracing for elevated supply and slowing demand, hampered by the take-up of electric vehicles and economic pressures fueled by tariffs by the Donald Trump administration.
In its latest monthly report, the International Energy Agency (IEA) said world oil supply would rise more rapidly this year and a surplus could expand in 2026 as the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) members increase output and supply from outside the producer group grows.
Traders continue to monitor the European Union’s consideration of stricter sanctions on Russian oil exports, as well as any escalation of geopolitical tensions in the Middle East.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 3.821 million barrels in the week ending September 19. So far this year, crude oil inventories are up just 1.5 million barrels.
Petroleum (gasoline) inventories fell by 1.05 million barrels, while distillate inventories rose by 518,000 barrels from last week.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Aduragbemi Omiyale
If the assurance from the Dangote Petroleum Refinery is anything to take to the bank, then consumers of petroleum products in Nigeria have nothing to worry about in terms of availability.
The refinery has assured that it has the capacity to supply to them on a daily basis about 75 million litres of premium motor spirit (PMS), otherwise known as petrol; 25 litres of automated gas oil (AGO), also known as diesel; and 20 litres of jet fuel.
Nigeria is estimated to consume about 50 million litres of petrol per day, 14 million litres of diesel, and four litres of aviation fuel.
Dangote Refinery in a statement said the availability of volumes above prevailing demand provides critical supply buffers, enhances market stability and reduces reliance on imports, particularly during periods of peak demand or logistical disruption.
“The management of Dangote Petroleum Refinery would like to reiterate our capability to supply the underlisted petroleum products of the highest international quality standard to marketers and stakeholders,” it said in a public notice.
Industry analysts noted that supplying above estimated consumption reduces the need for emergency imports, strengthens inventory cover, enhances the resilience of the domestic supply chain, and boosts the foreign exchange ecosystem, thereby fortifying the value of the Naira in the currency market.
Dangote Refinery has also reaffirmed its commitment to full regulatory compliance and continued cooperation with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stating that its supply approach is aligned with ongoing efforts to ensure market stability and orderly downstream operations.
It said it remains fully engaged with regulators and industry stakeholders in support of Nigeria’s national energy security objectives, as the country deepens its transition from fuel import dependence to domestic refining. It added that it continues to work closely with market participants to ensure that the benefits of local refining, including reliable supply, competitive pricing and improved market discipline are delivered consistently to consumers nationwide.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has expressed concern over the renewed enforcement of a ban on the production and sale of alcoholic beverages in sachets and small PET bottles by the National Agency for Food and Drug Administration and Control (NAFDAC).
The group’s director general, Mr Wale-Smatt Oyerinde, warned that the action of the agency could have adverse economic and governance consequences.
NECA is the organisation expressing worry of this issue after the Manufacturers Association of Nigeria (MAN) raised concerns about it earlier this week.
Mr Oyerinde said the enforcement contradicts a directive from the Office of the Secretary to the Government of the Federation dated December 15, 2025, which suspended the ban, as well as a March 14, 2024 resolution of the House of Representatives calling for restraint and broader stakeholder engagement.
The NECA chief said the continued enforcement is already disrupting legitimate businesses, unsettling ongoing investments, and putting thousands of jobs at risk, while weakening confidence in Nigeria’s regulatory environment.
According to Mr Oyerinde, regulation should be based on evidence, proportionality and the rule of law. He noted that the affected products were tested, registered and periodically revalidated under NAFDAC’s regulatory procedures, with alcohol content clearly labelled in line with internationally recognised Alcohol by Volume standards.
He added that underage drinking is primarily an enforcement issue at the retail level rather than a packaging issue, and called for stricter licensing, monitoring, and sanctions for erring retailers rather than a blanket ban on certain product formats.
NECA boss also warned that sachet and small-pack formats reflect affordability realities for many adult consumers, and that eliminating them could push demand into informal, unregulated markets, increasing public health risks and shrinking the formal economy.
He further expressed concern that enforcement efforts are focused on a regulated segment of the beverage industry while more dangerous illicit narcotics and abused pharmaceuticals continue to circulate widely among young people.
On the economic impact, NECA said the wines and spirits value chain supports significant direct and indirect employment across manufacturing, packaging, distribution, transportation, retail and agriculture.
It cautioned that sudden regulatory actions could threaten livelihoods, reduce government revenue and undermine investor confidence.
Addressing environmental concerns, NECA said plastic waste issues should be tackled through improved waste management, recycling systems and extended producer responsibility frameworks, rather than selective product bans.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange lost 0.27 per cent on Thursday, January 29, weakening the Unlisted Security Index (NSI) by 9.79 points to 3,622.77 points from the previous session’s 3,632.56 points, as the market capitalisation recorded a N5.85 billion loss to end at N2.167 trillion compared with Wednesday’s closing value of N2.173 trillion.
Three securities were responsible for the downfall of the alternative stock market, with leaders being Okitipupa Plc, which shrank by N15.70 to end at N218.90 per unit versus the previous day’s N234.60 per unit. Afriland Properties Plc declined by 50 Kobo to close at N14.00 per share compared with the N14.50 per share it finished at midweek, and Food Concepts Plc dropped 9 Kobo to sell at N2.63 per unit versus N2.72 per unit.
Business Post reports that there were two price gainers yesterday led by Nipco Plc, which added N17.48 to its value to settle at N259.48 per share versus N242.00 per share, and Central Securities Clearing System (CSCS) Plc appreciated by 35 Kobo to N40.50 per unit from N40.15 per unit.
During the trading session, the volume of securities went down by 57.3 per cent to 1.9 million units from 4.7 million units, the value of securities decreased by 74.4 per cent to N13.4 million from N52.4 million, and the number of deals slipped by 50 per cent to 16 deals from 32 deals.
When the market closed for the day, CSCS Plc was still the most active stock by value on a year-to-date basis with 15.3 million units traded for N622.9 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units exchanged for N108.4 million, and Geo-Fluids Plc with 8.9 million units worth N60.4 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 15.3 million units valued at N622.9 million, followed by Mass Telecom Innovation Plc with 10.1 million units sold for N4.1 million, and Geo-Fluids Plc with 8.9 million units transacted for N60.4 million.
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