Business
FG must end fuel subsidy now, says Dangote
FG must end fuel subsidy now, says Dangote
Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, has called for the complete removal of fuel subsidies in Nigeria.
He believes that ending these subsidies will provide a clearer picture of the country’s actual petrol consumption.
During a recent 26-minute interview with Bloomberg Television in New York, Dangote confirmed his ownership of two oil blocks in the upstream sector, with production expected to commence next month.
He emphasized that fuel production from his $20 billion mega refinery in Lagos, which has the capacity to refine 650,000 barrels of crude oil daily, will significantly alleviate pressure on the naira.
Dangote argued that now is the ideal time to eliminate fuel subsidies, stating that doing so would greatly benefit the economy by reducing reliance on petrol imports and easing currency pressures.
He said, “Subsidy is a very sensitive issue. Once you are subsidising something then people will bloat the price and then the government will end up paying what they are not supposed to be paying. It is the right time to get rid of subsidies.”
“But this refinery will resolve a lot of issues out there, you know, it will show the real consumption of Nigeria, because, you know, nobody can tell you. Some people say 60 million litres of gasoline per day.
“Some say, it’s less. But right now, if you look at it by us producing, everything can be counted. So everything can be accounted for, particularly for most of the trucks or ships that will come to load from us. We are going to put a tracker on them to be sure they are going to take the oil within Nigeria, and that, I think, can help the government save quite a lot of money. I think it is the right time, you know, to remove the subsidy.”
Dangote who recalled the challenges faced after the project’s launch in 2013, experiencing a five-year delay due to issues with state government and host communities and a running loan of $2.4bn, said he is personally proud to achieve the feat.
On whether the subsidy will make the refinery viable, Dangote said, “Well, you see, we have a choice of either one. We produce, we export, and when we produce, we sell locally. But we are a big private company. And yes, it’s true, we have to make a profit. We build something worth $20bn so definitely we have to make money.
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“The removal of subsidies is totally dependent on the government, not on us. We cannot change the price, but I think the government will have to give up something for something. So I think at the end of the day, this subsidy will have to go.”
President Bola Tinubu removed the subsidy when he took office in May 2023, exacerbating a cost-of-living crisis that sparked protests, but quickly reinstated it as inflation spiked.
Another step to ending it was taken in early September when the gasoline cap was eased — though the price remains below the market level.
Nigeria, until Dangote’s refinery came on stream was fully dependent on imported petroleum products, and has been taking tentative moves to finally end the nation’s pricey fuel subsidies, which in 2022 cost $10bn.
Dangote, who has the option of either exporting his fuel or selling it domestically, said the decision on subsidies was the government’s, but added that ending gasoline imports will have a huge upside in easing currency pressures.
The naira has lost around 70 per cent of its value against the dollar since rules that pegged the currency at an artificially high level were relaxed last year.
But the scarcity of the greenback in the Nigerian foreign exchange market continues to weigh on the naira and is made worse by the need to pay for imported gasoline in dollars.
“Petroleum products consume about 40 per cent of our foreign exchange,” Dangote said, adding that fuel from his refinery, which started supplying gasoline on Sept. 15 to the state-owned oil company for domestic sale, “can actually stabilize the naira.”
Continuing in the interview, the businessman revealed the details of the pricing disagreement that occurred with the Nigerian National Petroleum Company Limited.
He said the national oil company bought its current stock from the refinery at a cheaper price than its imported fuel but gave a uniform price for all products.
“There wasn’t really a disagreement, per se. NNPC bought from us on the 15th of September at the international price, which they also bought, about 800,000 metric tons of gasoline imported. So the one that they bought from us actually is cheaper than the one they are importing.
“And so when they announced our price, the guy, I don’t know whether he was authorized. It wasn’t really the real price. What they have announced is most likely that is what it cost them, including profit and other expenses.
“And then the other one is one that they imported. But the people don’t know how much they spend in terms of imports, but their importation is almost, maybe about 15 per cent more expensive than ours, you know.
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“So what they are supposed to do is to sell at a basket price, or if they want to remove subsidy, they can announce that they will remove subsidy, which is okay, everybody you know will adjust it.”
On the planned crude oil sales anticipated to begin in October, Dangote said that discussions are still ongoing and a detailed agreement will be finalised this week.
Revealing details of the deal, he explained, “We will sell the crude in naira after we have bought in naira. So now we are currently working out with the committee that the exchange rate is going to be priced. It is going to be normal pricing, you know, if crude is at $80, we will pay that price at an agreed exchange rate.
“And then we will also sell in the domestic market. What that will do is that it’s going to remove 40 per cent pressure on the naira. So because, see, the petroleum products consume about 40 per cent of foreign exchange, so you know, and then, you know, it’s like you have 40 per cent of demand been taken out so that can actually stabilize the naira and even if they subsidise, they would know what they are paying for.
“The deal is to give the government something that they want. It’s also a win-win situation for all and it would benefit the country.
“Currently, discussions are still ongoing to determine the details of the agreement. They are working out something that I think would be a win-win between us and the NNPCL.
“The agreement is very robust. Well, first of all, we would have energy security where they will give us crude. For example, in October, they’re going to give us 12 million barrels, which is on average, about 390,000 barrels a day, which will sell both gasoline, diesel, and aviation fuel.”
He also confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month.
Dangote tankers’ park
Meanwhile, the Federal Government has said that it is providing land for interested entities to build an expansive park for tankers lifting petrol and other products from the Dangote refinery.
This followed a routine inspection on Sunday by the Minister of Works, Dave Umahi, who raised concerns about over 3,000 fuel tankers queueing up on the new concrete pavement road.
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Umahi noted that though the pavement is made of concrete the current road was not designed to handle static load and may soon deteriorate like the ever-busy Apapa road.
This minister revealed this to State House Correspondents after Monday’s Federal Executive Council meeting at the Aso Rock Villa, Abuja.
He said, “From my inspection yesterday, we discovered that we had over 3,000 fuel trucks queuing for the Dangote fuel lifting, and they were all parked on the newly constructed road.
“Technically and by design, the roads were never built for static loads. And so it has a lot of effects. So, we will have the same thing we had in Apapa that damaged the entire road until it was constructed on concrete.”
“So what FEC approved today is that the land that we have, the Federal Government land, we should put it for concession so that concessionaires would bid and whoever wins will be able to build a park. The park will be tolled so all those trucks can safely park there. And the pavement of such a park is quite different from the pavement of the road.”
Umahi also announced that the council approved various road projects. He said, “The council approved several road projects. One is a new contract for rehabilitating Maraban-Kankara-Funtua Road in Katsina state. The second is the award of a contract for the construction of a 258km three-lane carriageway, a component of the 1,000 Sokoto-Badagry superhighway section two, phase 2A in the Kebbi Section. It is to be done with continuous reinforced concrete pavement. It excludes all bridges and flyovers.
“The third one is the contract for the construction and dualisation of Afikpo-Uturu-Okiwe in Ebony, Abia, and Imo State, Section Two. The next one is the Bodo-Bonny road in Rivers State under Julius Berger. The Federal Executive Council approved an additional N80bn to complete that project, bringing the total cost to N280bn.
“The next is the third mainland bridge. The third mainland Bridge was executed under emergency work. When you have emergency work, you have to get going, measure the work, and send all your measurements and quotations to the BPP. And that’s what we did. So that has been done, and it’s also extended to Falamo and Queens Drive. It also came with solar-powered light. The essence is that all through the length and breadth of the road, the security agencies will be able to check everything happening within the length and breadth of this bridge. And we give response time to respond to any eventuality for 10 minutes. So the contract covers about four security vans and one-speed boat.”
Other contracts include the N158bn contract approved for the Lekki Port service lanes by Dangote Industries, linking Epe to Shagamu-Benin Expressway. The council also approved the N740.79bn Abuja-Kaduna-Zaria-Kano Road re-scoped with solar lighting under a 14-month completion by Julius Berger.
Umahi also named about 14 road projects and bridges affected by floods, including Ado-Ekiti-Afe Babalola in Ekiti State and Lafia-Shendam Road in Plateau State.
FG must end fuel subsidy now, says Dangote
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Brains, Innovation as Young minds Steal Spotlight at Toyota Show Mobility Challenge
Brains, Innovation as Young minds Steal Spotlight at Toyota Show Mobility Challenge
The future of mobility took centre stage at the Toyota Motor Show in Lagos on Wednesday as brilliant young Nigerians showcased their intellect, creativity and passion for innovation in a thrilling debate and quiz competition organised by Toyota Nigeria Limited.
The highlight of the event held at The Podium Lekki was a fiercely contested debate between two teams of young participants who impressed judges and spectators alike with their eloquence, confidence and ability to marshal convincing arguments.
After a closely fought contest, Team A, comprising Robinson Goodness, Esabu Blessing and Igbayisemore Tony, emerged victorious, narrowly defeating Team B made up of Akinware Breakthrough, Yusuf Rahimat and Dawn Ijaware.
The winning team received a cash prize of N600,000, while the runners-up went home with N300,000.

The quiz competition also generated excitement, with six contestants battling through multiple rounds of questions. Three participants were eliminated in the opening stages before the contest narrowed to a gripping final round focused largely on Toyota vehicle models and automotive knowledge.
The audience watched in admiration as the finalists displayed remarkable speed, accuracy and composure in their efforts to outsmart one another.
At the end of the contest, Feyisetan Tolase Emmanuel emerged champion and received N250,000, while Ayorinde Bolarinwa secured second place and was rewarded with N150,000.

Award-winning actor/social advocate, Kate Henshaw, who chaired the panel of judges, praised the contestants for their impressive performances and commitment to learning.
She expressed delight at the confidence, intelligence and creativity displayed by the young people, adding that the future remained bright when knowledge and innovation are encouraged.
Also on the panel was Toyota Nigeria Limited’s Head of Dealer Development and Special Duties, Henry Ojuoko, who said the programme reflected Toyota’s commitment to nurturing future innovators.
According to him, beyond selling vehicles, the TNL wants to inspire curiosity and encourage young Nigerians to explore opportunities in technology, mobility and innovation.
According to the organisers, the second day of the exhibition was deliberately dedicated to students and young professionals as part of efforts to raise awareness about automotive innovation and stimulate youth participation in discussions around the future of transportation.

The day’s activities also featured Somadina Anyama popularly called Soma – TV personality/brand influencer/actor, who joined the panel and Toyota team in the interactive section.
The Toyota Motor Show, which commenced on June 2, is the third edition of the exhibition organised by Toyota Nigeria Limited. The four-day event offers visitors opportunities to explore the company’s latest vehicle models, participate in interactive sessions, enjoy test drives and access free vehicle diagnostic services.
Visitors also experienced Toyota’s latest mobility solutions while test-driving selected models including the Camry, RAV4 and Hilux, among others.
The exhibition will conclude on Saturday with another live recording of Toyota’s PodCARst, featuring social media influencer Ride With Mee, alongside entertainment activities, outdoor games, prizes and additional test-drive sessions.
Toyota Nigeria said the event underscores its commitment to deepening engagement with customers and the wider public through education, innovation and direct interaction with the brand.
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Business
NERC Launches Net Billing Scheme, Allows Nigerians to Sell Excess Solar Power to DisCos
NERC Launches Net Billing Scheme, Allows Nigerians to Sell Excess Solar Power to DisCos
The Nigerian Electricity Regulatory Commission (NERC ) has officially commenced the Net Billing Regulations 2026, a landmark framework that allows electricity consumers with qualifying solar power systems to generate electricity for their own use and sell any surplus energy back to distribution companies. The commission announced the rollout of the framework on Wednesday, June 3, 2026, describing it as a major step towards expanding renewable energy adoption and improving electricity access across the country. Under the new arrangement, eligible electricity consumers — now officially designated as “prosumers” (consumers who both consume and produce power) — can generate electricity primarily through solar photovoltaic systems for their own consumption and export any surplus energy to the distribution network under a net billing arrangement.
According to NERC, the regulations are designed to achieve five core objectives: promote the adoption of renewable energy technologies, enhance energy security and reliability for electricity consumers, encourage private sector participation in distributed generation, support the reduction of greenhouse gas emissions, and facilitate efficient integration of renewable energy systems into distribution networks. “The Regulations establish a framework that enables eligible electricity customers (Prosumers) to generate electricity from renewable energy sources, primarily solar photovoltaic systems, for their own consumption and export surplus energy to the distribution network under a Net Billing Arrangement,” the commission stated. The net billing regulations arrive as Nigeria continues to grapple with significant electricity supply challenges. According to recent NERC data, average available generation stood at just 4,286 megawatts in April 2026 out of a total installed capacity of 13,625 megawatts across 28 grid-connected plants — meaning generation companies operated at only 31 per cent of installed capacity. The country also experienced its first national grid collapse of 2026 on January 23, when total generation fell to 0.00 megawatts, plunging large parts of the country into darkness. The gap between supply and demand — estimated national demand stands at about 20,000 megawatts — has forced millions of households and businesses to rely heavily on petrol and diesel generators.
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To participate in the net billing scheme, applicants must meet several eligibility conditions established by the commission. Prospective prosumers must already be connected to a distribution company’s network and install renewable energy systems that comply with applicable technical and regulatory standards. They must also obtain approval from the relevant DisCo, execute a net billing agreement, and register with NERC. The commission specified that eligible renewable energy installations must have a minimum installed capacity of 50 kilowatt peak (kWp) and a maximum capacity of 1.5 megawatt peak (MWp). This capacity threshold indicates that the scheme is targeted primarily at medium-to-large scale consumers — including commercial and industrial customers, factories, shopping complexes, office campuses, hospitals, and telecommunications facilities — rather than small residential customers with modest rooftop solar installations. Industry observers note that the 1.5-megawatt upper limit suggests NERC intends to stress-test the framework with a defined initial cohort before potentially expanding eligibility in the future.
NERC has outlined a clear procedural framework for interested customers seeking to participate in the net billing arrangement. Interested customers are required to apply to their respective distribution companies for a technical feasibility assessment. Upon receiving a complete application, the distribution licensee must conduct a technical feasibility study and issue a report. Where an application is approved, both parties must execute a Net Billing Agreement. Following the execution of the agreement, applicants must register with NERC in accordance with the provisions of the regulations before they can commence electricity export to the grid. “Interested customers are required to apply to their Distribution Licensee for a technical feasibility assessment,” the commission stated. “Upon approval and execution of a Net Billing Agreement, the applicant shall register with NERC in accordance with the provisions of the Regulations.”
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Approved participants will receive bidirectional net metering facilities capable of separately measuring electricity imported from the distribution network and electricity exported to it. This metering infrastructure is essential for accurately tracking both the power consumed from the grid and the surplus solar energy supplied back. The regulations mandate that distribution companies install revenue-grade import/export meters with time-of-use capability to ensure accurate measurement and billing. The commission disclosed that electricity exported to the grid will attract credits based on an export tariff approved by NERC, creating a financial incentive for consumers investing in solar energy systems. Monthly electricity bills issued to participating customers will indicate imported energy, exported energy, applicable tariffs, export credits, and the net amount payable for the billing period. A significant feature of the framework allows unused export credits to be carried forward to subsequent billing cycles, enabling customers to offset future electricity costs with accumulated credits from excess renewable energy supplied to the grid. The initiative is expected to boost distributed renewable energy generation while helping consumers reduce electricity costs and improve power reliability. For many large-scale organisations, solar installations often generate excess electricity during peak sunshine hours, especially on weekends or during periods of reduced operational activity. The new framework allows such surplus generation to be utilised productively rather than wasted.
The Net Billing Regulations 2026 complement other recent NERC initiatives aimed at improving electricity access across Nigeria. In April 2026, the commission issued the Mini-Grid Regulations 2026, which raised capacity thresholds for mini-grids to 5 megawatts for isolated systems and 10 megawatts for interconnected systems, providing a comprehensive framework for the development, operation, and oversight of mini-grids, with a focus on attracting investment and ensuring consumer protection in underserved and unserved communities. Industry groups representing renewable energy developers had lobbied for clearer rules governing grid-tied solar for commercial customers for several years, arguing that regulatory ambiguity was suppressing investment even among companies willing to commit capital. Together, these regulatory reforms represent a concerted effort to decentralise electricity generation, attract private capital into distributed energy projects, and accelerate Nigeria’s transition toward a more sustainable and reliable power sector.
NERC advised stakeholders and interested participants seeking additional information on the programme to consult the Net Billing Regulations 2026, which are available on the commission’s official website. The commission urged interested customers to begin the process by applying to their distribution company for a technical feasibility assessment. Once approved, participants must execute a Net Billing Agreement and register with NERC before they can begin exporting power. The launch of the Net Billing Regulation marks a significant shift in Nigeria’s electricity landscape, opening the door for businesses, industries, and larger households to become active participants in the country’s energy supply rather than passive consumers — and to be compensated accordingly.
NERC Launches Net Billing Scheme, Allows Nigerians to Sell Excess Solar Power to DisCos
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Nigeria Must Build, Not Just Import Vehicles, Oyeyemi Tells FG as Auto Policy Review Begins
Nigeria Must Build, Not Just Import Vehicles, Oyeyemi Tells FG as Auto Policy Review Begins
The Federal Government has commenced a fresh review of Nigeria’s automotive policy to accommodate emerging technologies such as electric vehicles (EVs), compressed natural gas (CNG)-powered vehicles and other alternative energy solutions, even as stakeholders have called for a more consistent policy framework that prioritises local manufacturing and value creation.
The development was disclosed at the 30th anniversary celebration of Motoring World International in Lagos, where industry leaders highlighted the urgent need to reposition Nigeria’s automotive sector for sustainable growth and global competitiveness.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented by the ministry’s Desk Officer for the Auto Industry, Samuel Adetoro, said the ongoing policy review is aimed at aligning Nigeria’s automotive ecosystem with global trends in sustainable mobility and industrial development.
According to the minister, the automotive industry remains a critical pillar of Nigeria’s industrialisation agenda with the capacity to generate employment, attract investments, deepen local manufacturing and reduce dependence on imported vehicles.
She explained that while the existing automotive policy had provided a framework for vehicle assembly operations, rapid technological advancements and changing global realities made it necessary to update the policy to address current and future transportation needs.
“The Ministry is working closely with stakeholders on the review of the National Automotive Industry Development Framework to ensure that it responds effectively to emerging realities, including electric mobility, CNG vehicles, automotive software development, smart manufacturing and green transportation technologies,” she said.
Oduwole added that the government is seeking to create an enabling environment that will encourage local production and assembly of alternative-fuel vehicles, while strengthening local content development, technology transfer, research and development, and the competitiveness of Nigerian automotive manufacturers.
She stressed that collaboration between government and the private sector would be crucial to building an automotive ecosystem capable of serving both domestic and regional markets under the African Continental Free Trade Area (AfCFTA).
The review comes amid the prolonged delay in the passage of the National Automotive Industry Development Plan (NAIDP) Bill, which is intended to provide a legislative and regulatory framework for investors in the sector.
The bill, passed by the Eighth National Assembly, was denied presidential assent and has remained in limbo for more than a decade.
Speaking at the event, former Corps Marshal of the Federal Road Safety Corps (FRSC), Dr. Boboye Oyeyemi, urged the Federal Government to adopt a long-term and consistent automotive industry policy focused on domestic manufacturing rather than revenue generation through vehicle import duties.
Oyeyemi, who chaired the occasion and is also President of the Chartered Institute of Logistics and Transport (CILT), said Nigeria possesses one of Africa’s largest automotive markets, supported by a population of over 240 million people, an estimated vehicle fleet of 21 million and more than 204,000 kilometres of road network.
However, he lamented that policy inconsistencies and weak support for local manufacturers had prevented the country from fully harnessing its vast potential.
He noted that repeated reviews of the National Automotive Industry Development Plan and related regulatory frameworks had failed to generate sustained industrial momentum, forcing investors to enter and exit the sector while several assembly plants struggled to survive.
According to him, Nigeria remains heavily dependent on imported used vehicles despite its enormous capacity for vehicle assembly, component manufacturing, automotive financing and electric vehicle infrastructure development.

Also speaking, Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, represented by the council’s Director of Press and Public Affairs, Susan Bisong-Taiwo, called for stronger collaboration among government, industry stakeholders and the media to accelerate automotive industrialisation.
He said the council is implementing initiatives in electric vehicle development, CNG conversion, local content promotion, component manufacturing, skills acquisition and strategic partnerships aimed at transforming Nigeria from a vehicle-consuming nation into a leading automotive manufacturing hub in Africa.
Osanipin said the automotive industry is at a critical turning point globally, with innovations in electric mobility, alternative fuels, smart manufacturing and digital technologies redefining the future of transportation. He stressed that Nigeria must move swiftly to position itself as a key player in the evolving automotive landscape rather than remain a passive consumer of imported technologies.
According to him, the NADDC is pursuing strategic programmes designed to deepen local capacity, strengthen the automotive value chain and create employment opportunities for Nigerians. These initiatives, he noted, include support for local component manufacturing, skills development, research and innovation, as well as partnerships aimed at accelerating the adoption of cleaner and more efficient vehicle technologies.
“The future of mobility is already here, and it is being driven by innovation, sustainability and collaboration. Nigeria must not be left behind. Through deliberate policies, strategic investments and strong partnerships among government, industry players and the media, we can transform our nation from a vehicle-consuming market into a competitive automotive manufacturing and innovation hub for Africa,” Osanipin said.
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