General
Lokpobiri Counsels African Producers to End $120bn Fuel Import Bill
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has called for urgent collaboration among African nations to reduce the continent’s annual $120 billion expenditure on fuel imports.
He said the continent must retain more value by building refining capacity and energy infrastructure.
Mr Lokpobiri, who made the call in a statement shared on X, said Africa’s growing energy demand presents enormous opportunities that must be strategically harnessed to achieve regional self-sufficiency and long-term economic stability.
“The African energy market is vast, our resources are abundant, and the demand for energy continues to grow exponentially,” the Minister said.
“Therefore, we must leverage every available measure and strategy to diversify our energy mix, address supply challenges, and attract more investment into our energy sector,” he added.
According to him, Nigeria is leading the charge through sweeping energy reforms and fiscal incentives aimed at creating an investor-friendly environment that supports local refining, cleaner fuels, and cross-border collaboration.
“Nigeria is championing this cause through far-reaching reforms and fiscal incentives that continue to make the Nigerian energy market increasingly competitive and attractive to investors.”
The Minister said that Africa’s dependence on imported petroleum products remains unsustainable and undermines the continent’s economic resilience.
He described the $120 billion annual fuel import bill as a wake-up call for leaders to act decisively in building regional refining networks and value chains.
“For Africa to be spending over $120 billion annually on the importation of hydrocarbon products clearly indicates how vast and promising our energy market is,” he said. “This reality calls for deliberate efforts to retain a significant portion of that value within the continent by developing our refining capacity, infrastructure, and market systems.”
Mr Lokpobiri emphasized that Nigeria’s energy policy reforms, including incentives for modular refineries, investments in gas monetization, and the rehabilitation of state-owned refineries, are part of the country’s strategy to reduce dependency on imports and support regional trade.
He highlighted that the West Africa Reference Market, WARM, initiative, which seeks to harmonize fuel standards, prices, and logistics across the subregion, is a major step toward achieving energy integration and sustainability.
“This is precisely what the West Africa Reference Market seeks to achieve,” he explained, “creating a framework that enhances regional self-sufficiency, competitiveness, and collaboration.”
The Minister also reiterated Nigeria’s strategic role as a continental leader in energy production, refining, and trade, stressing that cooperation across borders is vital to unlocking Africa’s full potential.
“Nigeria remains strategically positioned to continue playing a leading role in realizing this vision for Africa’s energy future,” he said.
This stance reflects growing consensus among African producers to prioritize refining and value retention, especially following the planned expansion of Dangote Refinery to 1.4 million barrels per day that could define Africa’s downstream dynamics.
Mr Lokpobiri’s remarks come as the continent intensifies talks on harmonizing petroleum policies under the African Continental Free Trade Area (AfCFTA) aiming to create a single, competitive market for oil and gas products.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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