FG Orders Fuel Marketers to Cut Petrol Prices, Warns Against Profiteering

The Federal Government has directed petroleum marketers to immediately reflect the recent drop in global crude oil prices by reducing the pump price of petrol, warning that Nigerians must not be exploited under the country’s deregulated downstream petroleum market.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive in Abuja on Monday while delivering the keynote address at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum.

He also tasked the NMDPRA to ensure that deregulation does not become a cover for excessive profiteering by marketers and fuel suppliers, stressing that the agency has a legal responsibility to protect consumers while promoting a competitive market.

The two-day forum has as its theme: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”

Lokpobiri said the recent easing of geopolitical tensions in the Middle East, particularly between Iran and the United States, had pushed global crude oil prices down from about $120 per barrel to around $72, creating expectations that petrol prices in Nigeria would also decline.

He, however, expressed concern that despite the significant fall in crude prices, refiners and marketers had continued to sell Premium Motor Spirit (PMS), popularly known as petrol, at high pump prices.

“Following the de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products. However, that has not yet happened,” the minister said.

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act.”

Lokpobiri further directed the NMDPRA to strengthen surveillance across filling stations to ensure motorists receive the exact quantity of fuel they pay for.

“Beyond allowing prices to be determined by market forces, the question is: what is the regulator doing to ensure that consumers receive the correct quantity of product? When someone pays for 10 litres of Premium Motor Spirit, they should receive exactly 10 litres, not less,” he said.

The minister added that despite the recent geopolitical tensions involving the United States and Iran, Nigeria did not experience fuel shortages, attributing the stability to the deregulation of the downstream petroleum sector and the growing contribution of domestic refineries.

The deregulation of Nigeria’s downstream petroleum sector gathered pace after the removal of petrol subsidy by President Bola Tinubu in May 2023. Since then, the prices of Premium Motor Spirit (PMS) have been determined largely by market forces, including international crude oil prices, foreign exchange rates and supply costs, resulting in frequent adjustments at filling stations across the country.

In recent weeks, global crude oil prices have dropped sharply following the easing of tensions in the Middle East, particularly after fears of a wider conflict involving Iran and the United States subsided. The decline in crude prices raised expectations among Nigerians that petrol pump prices would also fall, as marketers had previously increased prices when global oil prices surged.

However, many marketers have largely maintained existing pump prices despite the lower cost of crude oil, prompting criticism from consumers and labour groups. The Federal Government’s latest directive is aimed at ensuring that the benefits of lower international oil prices are passed on to Nigerians while preventing profiteering and sharp practices in the deregulated petroleum market.

Tinubu Approves Free CAC Registration for 250,000 MSMEs Nationwide – How to Apply

President Bola Ahmed Tinubu has officially approved the free formalization and corporate registration of 250,000 Micro, Small, and Medium Enterprises (MSMEs) across Nigeria’s 36 states and the Federal Capital Territory, in a move designed to remove financial barriers for small business owners and integrate them into the formal economy. The initiative, announced at the 8th National MSME Awards 2026, includes full business name registration through the Corporate Affairs Commission (CAC), specialized technical training, and aftercare support to ensure long-term business survival.

President Bola Ahmed Tinubu has officially approved the free formalization and corporate registration of 250,000 Micro, Small, and Medium Enterprises (MSMEs) across the 36 states of the federation and the Federal Capital Territory. The major announcement was made public on Saturday at the State House in Abuja during the prestigious 8th National MSME Awards 2026. This extensive intervention is targeted at removing financial bottlenecks for nano, micro, and small-scale entrepreneurs, effectively integrating them into Nigeria’s formal banking and regulatory ecosystem. Under this newly approved presidential directive, beneficiaries will receive full business name registrations without paying the standard statutory fees to the Corporate Affairs Commission (CAC).

The intervention represents a significant financial concession, with the CAC forgoing approximately ₦3 billion in registration fees to make this programme possible. Top officials within the regulatory agencies noted that the waiver is aimed entirely at driving down the high mortality rate of small businesses nationwide, a challenge that has long hindered economic growth and job creation in the country. The implementation of this policy is driven through a strategic partnership involving the CAC and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). This collaboration reflects President Tinubu’s Renewed Hope Agenda, which prioritizes economic inclusion, entrepreneurship, and job creation as key pillars of national development.

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Beyond the waiver of registration costs, the federal intervention package encapsulates moral support for business owners alongside specialized technical training for beneficiaries to ensure long-term corporate survival. Registered businesses will gain access to aftercare services, including grants, capacity-building programmes, technical support, and market linkages. According to SMEDAN Director-General, Dr. Charles Odii, formalisation is the gateway to support. He explained that by ensuring these businesses are registered and onboarded into the agency’s database, the government can provide continuous aftercare, whether that’s access to grants, training, or new markets. This comprehensive approach is intended not only to formalize businesses but also to help them grow and sustain operations in an increasingly competitive marketplace.

The CAC Registrar-General, Hussaini Ishaq Magaji, SAN, further explained that the initiative is intended to break down barriers that keep many businesses informal, giving entrepreneurs a clear pathway to growth and legitimacy. He noted that concerns about taxation have been addressed under the new tax framework taking effect in 2026, which raises exemption thresholds for small businesses, ensuring that registration will not become a tax burden for beneficiaries.

To access this federal government intervention, interested small business owners are required to log onto the official SMEDAN portal using the designation #SMEDANGov to complete their documentation and secure their onboarding slots. The application process is straightforward and designed to be accessible even to entrepreneurs with limited digital literacy. Interested applicants should visit portal.smedan.gov.ng and complete the registration form. When asked if they have a CAC number, they should select “No” and submit their details to complete the process. Once registration is complete, applicants will be contacted with the next steps to finalize their CAC registration. For entrepreneurs less familiar with digital platforms, SMEDAN State Offices nationwide and physical Business Clinics will provide onboarding assistance. MSMEs already on SMEDAN’s database without CAC registration automatically qualify for this free registration drive, making the process even more seamless for existing micro-enterprises.

The 8th National MSME Awards, which served as the platform for this announcement, is an annual event organized to recognize outstanding small businesses and promote entrepreneurship across the country. The awards also serve as a platform for unveiling new government policies aimed at strengthening Nigeria’s MSME sector, which remains one of the largest employers of labour in the nation.

Industry stakeholders have welcomed the initiative, describing it as a game-changer for small businesses that have long struggled with the cost and complexity of formal registration. Small business owners across the country have expressed optimism that the intervention will open doors to financing, government contracts, and broader market opportunities that were previously out of reach. The federal government has urged all eligible entrepreneurs to take advantage of this opportunity, emphasizing that the 250,000 slots will be allocated on a first-come, first-served basis. Interested business owners are advised to apply as soon as possible to avoid missing out on this transformative initiative.

Tinubu Approves Free CAC Registration for 250,000 MSMEs Nationwide – How to Apply

Oyeyemi, Nneji Seek Transport Revolution to Slash Business Costs, Boost Economy

Nigeria is paying a heavy economic price for decades of neglect of its logistics and transportation system, with poor infrastructure, policy inconsistency and rising operating costs eroding business competitiveness, driving up food prices and costing the nation billions of naira annually, leading industry experts have warned.

The President of the Chartered Institute of Logistics and Transport (CILT) Nigeria and former Corps Marshal of the Federal Road Safety Corps (FRSC), Dr. Boboye Oyeyemi, alongside Founder of ABC Transport Plc, Mr. Frank Nneji, made the call in Lagos, urging the Federal Government to embark on sweeping reforms capable of transforming logistics into a catalyst for economic growth.

They spoke at the 10th anniversary celebration of City Business News Online, themed “Logistics as the Engine Room of Nigeria’s Economy”.

Delivering the keynote address, Oyeyemi described logistics as the backbone of every thriving economy, stressing that efficient movement of goods and services is indispensable for production, trade, industrialisation and national development.

He noted that logistics extends beyond transportation to encompass warehousing, supply chain management, storage, distribution and coordination, making it one of the most strategic sectors for sustainable economic growth.

According to him, Nigeria’s logistics ecosystem is weighed down by poor road infrastructure, inadequate rail connectivity, weak inland waterway transport, multiple checkpoints, soaring diesel prices, poor storage facilities and inconsistent government policies.

Oyeyemi observed that over 90 per cent of freight and passenger movement in Nigeria still depends on roads, a situation that has overstretched the highway network, increased transportation costs and reduced operational efficiency across key sectors of the economy.

He lamented that about 40 per cent of agricultural produce harvested in the country never reaches consumers because of poor road networks, transportation delays and inadequate cold-chain infrastructure.

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“The Middle Belt remains the food basket of the nation, yet a significant percentage of agricultural products perish before reaching markets due to poor roads, transportation delays and inadequate storage facilities,” he said.

He warned that the huge post-harvest losses translate into billions of naira in wasted investments annually while worsening food inflation and reducing farmers’ incomes.

Oyeyemi also decried the burden of rising diesel prices, multiple checkpoints and illegal levies along transport corridors, saying the resulting delays and extortion significantly inflate logistics costs that are eventually transferred to consumers.

To reverse the trend, he called for the restoration of weighbridges on major highways, accelerated investment in rail and inland waterway transport, and stronger collaboration among government agencies, professional bodies and private-sector operators.

The former FRSC boss further urged successive governments to maintain policy continuity, warning that abandoned projects and frequent policy reversals discourage investment and slow national development.

While commending ongoing efforts to promote Compressed Natural Gas (CNG) and electric vehicles, he stressed the need for supporting infrastructure to ensure their long-term sustainability and widespread adoption.

Earlier, Publisher of City Business News Online, Mr. Moses Ebosele, said the anniversary theme was deliberately chosen to spotlight the strategic role of logistics in enhancing trade, industrialisation and national competitiveness.

Chairman of the occasion, Mr. Frank Nneji, described transportation and logistics as indispensable pillars of economic development and urged the Federal Government to prioritise the rehabilitation and expansion of the nation’s road infrastructure, which still carries the bulk of passenger and freight traffic.

He also advocated accelerated road concession programmes and greater private-sector participation in infrastructure development, arguing that modern transport networks would reduce logistics costs, improve productivity and strengthen Nigeria’s competitiveness.

Participants at the event unanimously agreed that eliminating logistics bottlenecks, modernising transport infrastructure and ensuring policy consistency are critical to reducing the cost of doing business and unlocking Nigeria’s full economic potential.

Oyeyemi, Nneji Seek Transport Revolution to Slash Business Costs, Boost Economy