Economy
Ways to Achieve Energy Security in Nigeria—Saraki
By Dipo Olowookere
Senate President, Mr Bukola Saraki, has listed steps needed to be taken to achieve energy security in the country, which will eventually lead to safe environment and uplift the social economic wellbeing of the people.
Mr Saraki, while speaking on Friday at a one day workshop on the State of Energy Security in Nigeria, organized by the Konrad Adenauer Stiftung (KAS) climate policy and energy security programme for sub-Saharan Africa in Lagos, said Nigeria must look inwards to provide the required capital to invest in energy infrastructure by reforming the administration of current major source of revenue, improving other revenue generating sectors and instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway.
The Senate President, represented by his Chief of Staff, Mr Hakeem Baba Ahmed, noted that it was key for the country to deepen strategic partnerships with countries that have more experience and resources to build capacity for policy coherence and technology transfer in order to generate made in Nigeria energy access innovations to grow the Naira.
While further giving the recommendations in his speech, Mr Saraki said the 8th National Assembly firmly believes that the supply of adequate and affordable energy mix was essential and should be a complimentary means to achieve energy security.
He said, “Nigeria must deepen strategic partnerships with countries that have more experience and resources to build our capacity for policy coherence and technology transfer to generate made in Nigeria energy access innovations to grow the Naira.
“The 8th National Assembly and the Senate under my leadership believes that the supply of adequate and affordable energy mix is essential in the 21st century, and there cannot be any pretense about this.
“But it should be a complimentary means to achieve energy security because energy security can only be achieved through adequate investments that are coherent and consistent.
“Looking inwards to provide the required capital to invest in energy infrastructure means reforming the administration of our current major source of revenue, improving other revenue generating sectors, and instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway. I believe that this is the best way to go if we truly want to achieve sustainable energy security in Nigeria.”
He further stated that since revenue derived from oil is highly volatile, fixing gaps leading to revenue leakages in the petroleum industry need to be addressed before implementing any policy for energy sufficiency and sustainability.
He said that the passage of the Petroleum Industry Governance Bill (PIGB) by the 8th Senate is meant to reform the oil industry and make it more revenue efficient and investment friendly.
“Nigeria’s mono-economic revenue profile derived from oil is highly volatile as it depends on global oil price shocks thereby affecting government budgetary framework and by extension, the entire economy,” Saraki said. “Therefore, fixing the lacuna in the oil and gas sector have to be tackled first before implementing any policy frameworks and reforms that can give a robust energy base for the nation.
“As a result, last week Thursday, the 8th Senate made history by breaking a 17 years jinx by passing the first part of the Petroleum Industry Governance Bill for the reform of the petroleum industry.
“The bill established a framework for the creation of commercially oriented and profit-driven petroleum entities that fosters a conducive business environment for the petroleum industry operations that ensures value addition, promote transparency and accountability in the administration of petroleum resources of Nigeria.
“The bill applies to the rights, interests, obligations and liabilities of the petroleum industry in Nigeria and establishes a regulatory commission, the Ministry of Petroleum Incorporated, the National Petroleum Company, the Nigeria Asset Management Company and a Fund which shall defray expenditures of the commission,” he said.
The Senate President stated that if a village of less than 10000 inhabitants in Feldheim can cooperate to achieve 100 per cent renewable energy supply, states in Nigeria can replicate the feet by partnering with the private sector.
He said that his vision is for the country to liberalize the energy situation in such a way that all segments of the populace can have uninterrupted access to power to support and uplift their social, economic and educational wellbeing.
He said further that, “In March this year, I visited the 100% Renewable energy village of Feldheim near Berlin and was impressed by the fact that a small village of less than 1000 people was able to form an energy cooperative that generate energy from renewable sources such that surpluses are sold to the national grid. That experience was an eye-opener for my delegation that if a small village in Germany can develop such an energy model, why can’t one state in Nigeria do it in partnership with the private sector?
“The 8th National Assembly is working hard to pass the necessary laws to achieve energy security and we will continue to do this with effective support from partners like everyone in this room.
“We acknowledge that in order to fundamentally create a robust and secure energy base, strategic and deliberate government policy both short and long terms that will guarantee the present and future energy needs is necessary.
“Together we can help liberalize the energy situation in Nigeria in such a way that the rural woman can cook with a clean cookstove and fuel; the school pupil can wake up at night and have light to do his/her home-work; the farmer can power coolers to preserve his/her milk and prevent post-harvest losses; the barber and hair-dresser can make more money with regular energy access; the industrialist will no longer want to close shop and move to Ghana,” he said.
By Adedapo Adesanya
The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Mohammed, has revealed that bold economic reforms by President Bola Tinubu’s administration saved the country over N6 trillion on petroleum product imports in just the first nine months of 2025.
Mr Mohammed disclosed this while speaking at the Nigeria International Energy Summit (NIES) in Abuja, said the savings were the result of full downstream deregulation, harmonisation of the forex market, and the trading of crude and petroleum products in Naira.
He added that these bold moves have created stability in the downstream petroleum market, encouraged investment, and ensured a sufficient supply of petroleum products across the country.
The NMDPRA boss also revealed that the nation’s refining capacity is expected to surpass 1 million barrels per stream day (bpsd) in the medium term.
He said the surge in domestic refining capacity is being driven by a combination of new refinery investments, the rehabilitation of existing Nigerian National Petroleum Company (NNPC) Limited refineries, and strategic private-sector participation.
According to him, the planned investments in other refineries, along with issued Licences to Establish (LTEs) for new facilities, will continue to expand Nigeria’s refining footprint, reducing dependence on imported products and stabilising domestic supply.
He said: “For decades, our downstream value chain has been associated with negative sectoral performance indicators such as infrastructural deficit, weak market structures, sub-optimal supply chain efficiency, inadequate investment, poor regulatory compliance, and unacceptable operational safety and environmental indices.
“Today, I am pleased to affirm that this narrative is rapidly changing and that the sector is truly witnessing the early but irreversible signs of a renaissance-type transformation that is driven by bold reform; enabled by investment; and sustained by effective market and operational regulatory enablement.
“In the few years of the operationalisation of the new legal framework of the Oil and Gas sector in Nigeria (PIA 2021), Nigeria’s downstream sector has evolved into a fully liberalised market and is no longer defined by scarcity and supply uncertainty.
Supply stability has consistently ensured sufficiency of all Petroleum products. The pricing structure of the downstream sector is becoming more driven by the fundamentals of the market and generally attaining the stability level required for encouraging investment in this expansive sector of the economy.
“The supply chain landscape of the sector, which depended significantly on import of nearly all Petroleum Products for a long time, is rapidly transforming with growing supply through the nation’s domestic refining capacity, expanding gas-based alternative fuels, improved logistics, and increased private-sector participation.
“At the heart of this transformation stands the Dangote Petroleum Refinery, the largest single-train refinery in the world with an installed capacity of 650,000 barrels per stream day (bpsd), which is currently contributing a significant portion and in some cases 100 per cent of our domestic requirement of Petroleum Products. The optimal operationalisation of the plant’s installed capacity and future upscaling of the plant is undoubtedly needed to fulfil the national aspirations of making Nigeria a regional and continental energy hub.
“The capacity for enhanced domestic supply of Petroleum product in Nigeria will continue to grow as the planned investments in our refinery sector mature. We are optimistic that the issued Licences to Establish (LTEs) refineries, which are being progressed through various levels of completion, coupled with the rehabilitation of the NNPCL refineries, will improve the overall installed refining capacity in Nigeria to well over 1 million bpsd in the medium term.
“The bold economic reforms of President Bola Tinubu have created the renaissance that the downstream sector is enjoying and would continue to leverage upon for sustained sectoral growth in the future. The cumulative impact of the full deregulation of the downstream sector, the harmonisation of the forex market, the incentivization and deepening the use of gas and the trading of crude and product in Naira has reduced the fiscal economic losses of importing Petroleum Product by over N6 trillion in the 1st nine months of 2025.”
By Adedapo Adesanya
The federal government says Nigeria is targeting gas production of 10 billion standard cubic feet per day (bscfd) by 2030, positioning natural gas as a cornerstone of national energy security and economic prosperity.
The Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, said this while delivering a ministerial address at the ninth Nigeria International Energy Summit (NIES) 2026 in Abuja.
The Minister said the government’s efforts were yielding tangible results, with Nigeria’s gas production maintaining an upward trajectory in 2025, averaging between 7.5 and 7.6bscfd.
He disclosed that domestic gas supply exceeded two bscfd for the first time, marking a historic milestone for power generation, industrial use and household consumption.
The Minister also said significant progress in environmental performance, with gas flaring reduced to some of the lowest levels recorded in recent years, in line with Nigeria’s commitment to end routine gas flaring by 2030.
He noted that investor confidence in the gas sector had been strengthened, citing Final Investment Decisions (FIDs) in key upstream gas projects supported by improved regulatory clarity under the Petroleum Industry Act (PIA).
“Across the midstream and downstream segments, pipeline infrastructure, processing facilities and gas-to-power projects have expanded, improving connectivity, boosting domestic utilisation and supporting cleaner cooking solutions, job creation and industrial stability.
“Under President Bola Tinubu’s Renewed Hope Agenda, government policy prioritises the expansion of domestic gas infrastructure while strengthening Nigeria’s presence in regional and global gas markets.
“This includes facilitating investments in gas processing, storage and distribution, as well as accelerating gas-to-power projects aimed at addressing energy poverty and enhancing industrial competitiveness,” he said.
The minister emphasised that Nigeria’s energy future was inseparable from peace, partnership and shared responsibility, calling on governments, investors, development partners, host communities and civil society to move from dialogue to decisive action.
“Our collective task is to build an energy system that powers prosperity, strengthens stability and supports regional integration,” he said.
He said Nigeria’s energy strategy is firmly aligned with global energy transition realities while responding to Africa’s unique development challenges, including widespread energy poverty, limited industrial capacity and inadequate access to reliable power.
“While the world moves towards lower-carbon systems, Africa must pursue a transition that is not only green, but also just, inclusive and development-driven.
“Nigeria is leveraging its abundant natural gas resources to balance climate responsibility with economic development, positioning gas as the backbone of industrial growth, job creation and expanded energy access,” he said.
By Aduragbemi Omiyale
The 2025 Made of Africa Awards, hosted by Nigerian Exchange (NGX) Group Plc, paraded an array of winners, including brokers, issuing houses, trustees, fund managers, listed companies, and other market participants.
The event was to reward excellence in value delivery, compliance, and market impact, with Transcorp, the Debt Management Office, CardinalStone, Chapel Hill Denham, and MTN Nigeria Communications as recipients.
Business Post reports that the other recipients were First Trustees Limited as the Best Trustees in Terms of Deal Value, Legend Internet as the Market Debut Excellence award winner.
Further, CardinalStone Securities emerged as Equity Trader of the Year and Broker of the Year, Capital Express Securities won ETPs Trader of the Year, and Stanbic IBTC Stockbrokers was named Fixed Income Trader of the Year. Chapel Hill Denham received awards for Fund Manager with the Largest Listed Fund Size and Market Operator with the Highest Value of Foreign Portfolio Investment Transactions.
Mainstreet Capital and APT Securities and Funds jointly won Issuing House with the Highest Number of Primary Market Equity Transactions, while Anchoria Advisory Services led in corporate bond issuances. Dangote Cement was named Best Issuer in Terms of Fixed Income Listings, BUA Cement received the award for Most Compliant Listed Company, and Transnational Corporation Plc was honoured for Capital Market Excellence in Equity. Network Capital was named the Most Compliant Trading License Holder, United Capital Securities won the Best Sponsoring Trading License Holder and Banwo and Ighodalo received recognition for legal advisory value in capital market transactions.
Special recognition went to the Debt Management Office for fixed income market development and to the Capital Markets Correspondence Association of Nigeria for capital market reporting, and Lambeth Capital/Bamboo Systems Technology were recognised for onboarding the highest number of new retail investor accounts.
The chairman of NGX Group, Mr Umaru Kwairanga, said the awards underscore the role of market stakeholders in strengthening investor confidence and improving market standards.
“Their achievements set a benchmark for performance, integrity and innovation across the capital market,” he said, adding that sustaining this level of discipline and transparency is essential to maintaining the trust of both domestic and international investors in Nigeria’s financial markets.
The chief executive of NGX Group, Mr Temi Popoola, said, “Operational efficiency and cooperation across the ecosystem are increasingly important as trading activity diversifies and investor expectations continue to rise.”
On his part, the Executive Commissioner for Operations at the Securities and Exchange Commission (SEC), Mr Bola Ajomale, said the awards underscore the value of compliance and transparency in market development.
“Recognition through the Made of Africa Awards reinforces the importance of adherence to market rules and standards. When operators demonstrate accountability and professionalism, it strengthens investor confidence, ensures market integrity, and supports sustainable growth across Nigeria’s financial markets,” he said.
The chief executive of NGX Limited, Mr Jude Chiemeka, said recognising strong performance across the ecosystem supports deeper market participation and long-term capital mobilisation.
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