Hyundai unveils flagship SUV Palisade, rolls out strong line-up in Lagos showcase

Hyundai Nigeria has unveiled the all-new Hyundai Palisade in Lagos, headlining a media showcase that also featured the Hyundai Accent, Hyundai Creta, Hyundai Tucson and Hyundai Santa Fe, as the automaker intensifies its push across key segments of the Nigerian market.

The event, held at the company’s Victoria Island showroom, offered journalists a first-hand view of Hyundai’s expanding portfolio, ranging from entry-level sedans to premium three-row SUVs.

Taking centre stage was the debut of the Palisade, Hyundai’s flagship SUV, positioned to strengthen the brand’s foothold in the premium segment.

With its bold exterior styling, spacious three-row layout, upscale interior and advanced safety and convenience features, the model is targeted at families and executive buyers seeking comfort, space and strong road presence.

Across the line-up, Hyundai showcased a broad spectrum of offerings. The Santa Fe reinforces its appeal as a refined, family-oriented SUV with generous cabin space and premium detailing, while the Tucson stands out for its blend of modern design, practicality and everyday versatility.

In the compact SUV category, the Creta was highlighted for its mix of style, efficiency and urban functionality, while the Accent sedan retains its positioning as a practical and cost-effective option for young professionals, fleet operators and first-time buyers.

Speaking at the event, Brand Head, Hyundai Nigeria, Gaurav Vashisht, said the launch underscores the company’s commitment to deepening its footprint in Nigeria with globally competitive products adapted to local needs.

“This introduction of the all-new Palisade strengthens our premium SUV offering while complementing a well-rounded line-up that delivers on design, safety, innovation and everyday usability,” he said.

The showcase also provided an avenue for media interaction with Hyundai executives and product specialists, alongside detailed vehicle walkarounds covering design, technology and safety features.

Hyundai Nigeria reaffirmed its focus on delivering globally benchmarked vehicles with strong local relevance, even as competition intensifies in Nigeria’s evolving passenger vehicle market.

The event also marked the launch of Hyundai’s Easter campaign, offering customers value-added benefits such as complimentary delivery, accessories, registration and service packages.

Relief in Sight as Dangote Refinery Lowers Petrol Price

Dangote Petroleum Refinery & Petrochemicals has announced a fresh reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, lowering its gantry price to N1,200 per litre and its coastal price to N1,153 per litre.

The latest adjustment represents a notable downward review in the refinery’s pricing structure and comes at a time of heightened geopolitical tensions in the Middle East, a development that continues to influence global crude oil markets and supply expectations.

Industry analysts say the price cut could have far-reaching implications across Nigeria’s downstream petroleum sector, particularly in easing supply costs for marketers who rely on the refinery for bulk purchases. The gantry price applies to fuel loaded directly at the refinery by distributors, while the coastal price is relevant for product lifted through marine channels.

The reduction is expected to gradually impact depot prices and, ultimately, retail pump prices at filling stations, although experts caution that the speed and extent of the trickle-down effect will depend on several factors, including transportation costs, existing stock levels, and foreign exchange dynamics.

“This is a significant development for the domestic market,” a petroleum industry analyst said. “Given the scale of the Dangote refinery, any adjustment in its pricing is bound to influence market trends, especially as marketers seek competitive pricing advantages.”

The move comes amid persistent volatility in international oil prices, driven largely by uncertainty in the Middle East—home to some of the world’s largest crude oil producers. Rising tensions in the region have historically led to fluctuations in global supply chains, often forcing refiners and traders to review their pricing strategies.

Despite the global uncertainty, the decision by the refinery to lower prices may be aimed at strengthening its position in Nigeria’s fuel supply chain, while also offering some measure of relief to consumers who have grappled with high fuel costs in recent months.

Marketers are expected to respond to the new pricing regime in the coming days, with competition likely to play a role in determining how much of the reduction is passed on to end-users. Some depot owners may also adjust their ex-depot prices to align with the refinery’s new rates.

However, stakeholders note that while the reduction is a positive signal, broader economic factors—such as exchange rate fluctuations, logistics, and regulatory policies—will continue to shape fuel pricing in the country.

As Nigeria continues its transition toward greater reliance on local refining, developments at the Dangote refinery are increasingly becoming a key determinant of market direction. Observers say sustained price moderation could help stabilise the sector and reduce the country’s dependence on imported petroleum products.

For now, consumers and industry players alike will be watching closely to see how the latest price cut translates into real savings at the pump in the days ahead.

Relief in Sight as Dangote Refinery Lowers Petrol Price

Nigeria Liberalises Forex Market as CBN Ends Repatriation Limits for Oil Firms

The Central Bank of Nigeria (CBN) has approved the full repatriation of export proceeds by International Oil Companies (IOCs), granting them unrestricted access to 100 per cent of their foreign exchange earnings through authorised dealer banks.

The directive, issued via a circular by the apex bank’s Trade and Exchange Department and signed by its Director, Musa Nakorji, marks a significant step in Nigeria’s ongoing foreign exchange (FX) market liberalisation.

According to the CBN, the policy forms part of broader reforms aimed at boosting FX liquidity, enhancing market transparency, and stabilising the naira amid persistent volatility.

The new framework replaces the 2024 arrangement, which allowed authorised dealer banks to pool 50 per cent of repatriated export proceeds on behalf of oil companies, while the remaining 50 per cent was held for 90 days before it could be accessed or repatriated.

Under the updated policy, IOCs now have unfettered access to their forex inflows, enabling them to repatriate the full value of their export proceeds without delays. Authorised dealer banks have been directed to ensure proper documentation and submit monthly compliance reports to the CBN.

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The apex bank stated that the decision overrides all previous guidelines on cash pooling and phased repatriation, effectively dismantling restrictions introduced in 2024 as part of earlier FX control measures.

The move is widely seen as a response to sustained pressure from investors and multinational oil firms seeking greater flexibility in managing their earnings. Analysts note that previous restrictions had created liquidity bottlenecks and discouraged foreign investment inflows into Nigeria’s oil and gas sector.

By restoring full access to export proceeds, the CBN aims to improve investor confidence, encourage capital inflows, and deepen participation in Nigeria’s FX market. The policy is also expected to ease operational constraints for IOCs, many of which rely on timely access to foreign exchange for offshore obligations and reinvestment decisions.

The development aligns with a series of recent reforms by the CBN to transition toward a more market-driven exchange rate system, reduce FX backlogs, and unify multiple exchange windows. These reforms have included clearing outstanding FX obligations, tightening documentation requirements, and enhancing transparency in FX transactions.

Economic experts say the decision could help attract fresh investment into Nigeria’s energy sector, particularly at a time when the country is seeking to boost crude oil production and maximise foreign exchange earnings. However, they caution that sustained impact will depend on broader macroeconomic stability, consistent policy implementation, and improved oil output levels.

In addition, stakeholders emphasise that strengthening domestic refining capacity—particularly through facilities like the Nigerian National Petroleum Company Limited refineries and private sector investments—remains critical to reducing long-term FX demand linked to fuel imports.

Overall, the policy signals a clear shift by the CBN toward greater FX liberalisation, with the potential to reshape how multinational oil companies operate within Nigeria’s financial system while supporting efforts to stabilise the economy.

Nigeria Liberalises Forex Market as CBN Ends Repatriation Limits for Oil Firms