Business
Oil price projected to reach $80 as Nigeria suppresses brewing crisis
Goldman Sachs Commodities Research has raised its forecast for crude price, projecting that the price of Brent crude would hit $75 by the second quarter and $80 by the third quarter.
It stated this shortly after the price of Brent crude, against which Nigeria’s crude oil is priced, rose to $68.03 per barrel on Thursday.
Goldman’s prediction also followed the decision of the Organisation of Petroleum Exporting Countries at its meeting on Thursday to leave production quotas unchanged.
The $80 prediction shows an increase from the previous $70 per barrel by the second quarter of 2021.
Goldman said, “OPEC’s supply strategy is working because of its unexpectedness and suddenness.
“We believe it is now clear that OPEC+ is in fact pursuing a tight oil market strategy, with our updated supply-demand balance pointing to OECD (inventories) falling to their lowest level since 2014 by the end of this year.”
At the 14th OPEC and non-OPEC ministerial meeting that held virtually on Thursday, ministers approved a continuation of the production levels of March for the month of April, with the exception of Russia and Kazakhstan, which will be allowed to increase production by 130 and 20,000 barrels per day respectively.
Saudi Arabia also agreed to extend its voluntary one million barrels supply cut till April 2021.
“The meeting extends special thanks to Nigeria for achieving full conformity in January 2021 and compensating its entire overproduced volumes,” a statement released at the meeting also stated.
“The ministers thank the Minister of State for Petroleum Resources, Chief Timipre Sylva, for his shuttle diplomacy as Special Envoy of the JMMC to Congo, Equatorial Guinea, Gabon and South Sudan to discuss matters pertaining to conformity levels with the voluntary production adjustments and compensation of over-produced volumes.”
The ministers agreed to extend the compensation period for countries that exceeded their supply quota till the end of July 2021.
It also cautioned all participating countries to remain vigilant and flexible given the uncertain market conditions and to remain on the course which had been voluntarily decided and which had hitherto reaped rewards.
The next OPEC and non-OPEC ministers’ meeting has been scheduled for April 1, 2021.
Back in Nigeria, the regulators of the oil industry such as the Nigerian National Petroleum Corporation and the Department of Petroleum Resources have continued to measures including persuasion, threats and clampdown to address artificial fuel scarcity in Abuja, Oyo and other states over possible pump price hike.
Just as the NNPC assured the dealers and final buyers that it had enough fuel and had no plans to increase the ex-depot price of petrol, the DPR warned against hoarding and arbitrary hike and went ahead to close down some found to have flouted the instructions.
Operators in the oil sector said the rise in crude oil price meant more revenue for Nigeria but could cause further hike in the fuel prices.
This is because the bulk of the fuel consumed in Nigeria currently is imported.
Petrol queues that surfaced in Abuja and environs last week had spread to other major cities, resulting in over 100 per cent hike in transport fares in some areas.
Oil marketers attributed the scarcity of petrol in the affected areas to the alleged moves by government to hike the price of the commodity.
The NNPC dismissed reports of an upward review in ex-depot prices of petrol. Indeed, it ruled out any increase this month (March).
Major Oil Marketers of Nigeria (MOMAN) also said its members had not increased the pump price of petrol.
But the independent marketers said they could only get the product between N160 and N162 per litre at the depot instead of N148 per litre.
Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru, said there was no immediate plan to increase the pump price of fuel, adding that there was enough fuel to last for 40 days nationwide.
The fuel queues are fast disappearing as more filling stations get supply and are opening for business.
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Auto
Beyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
Beyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
Nigeria’s automotive industry must look beyond vehicle prices, specifications and flashy new models if it hopes to win lasting customer confidence. The real test of competition increasingly lies in what happens after the sale — when a vehicle needs servicing, spare parts, repairs or warranty support.
A car purchase is not a one-off transaction. It marks the beginning of an ownership journey that could last several years, during which the quality of after-sales service can determine whether a customer remains loyal to a brand or regrets the decision to buy it.
When customers struggle to obtain genuine parts, secure timely repairs or get clear answers to warranty claims, their frustration can damage confidence not only in a dealer but also in the manufacturer and the wider automotive market.
After-sales service must therefore move from the background to the centre of automotive competition in Nigeria.
Promises must translate into performance
Effective customer care starts with clear, credible commitments. Buyers deserve to understand warranty coverage, servicing schedules, access to genuine parts, repair procedures and the support available when problems arise.
But promises alone are not enough. A warranty has limited value if customers cannot access a competent service centre. A roadside assistance number means little without an effective response system. And a repair-time guarantee is only as good as the technicians, parts and processes supporting it.
Automotive distributors and dealers must ensure that their marketing promises are matched by the operational capacity to deliver.
Buyers, on their part, should ask questions before committing their money, examine warranty conditions and establish what support they can realistically expect throughout the vehicle’s lifespan.
Competing on ownership experience
Nigeria’s automotive market would benefit enormously if brands competed not only on the vehicles they sell but also on the quality of ownership experience they provide.
Such competition could drive improvements in service delivery, warranty transparency, spare-parts availability, technical training, repair turnaround and customer communication.
Some players are already putting more structured after-sales propositions before buyers. Carloha’s CarlohaCare 6-6-7 programme, for instance, combines a six-year warranty, six years of free servicing and a seven-day repair promise, subject to applicable terms and conditions. Its CarlohaCare Rescue service extends the proposition to assistance beyond the workshop.
These offerings illustrate how clearly defined service commitments can become part of a vehicle’s value proposition, rather than an afterthought.
However, the objective should not be to crown a permanent winner or single out one company as the industry benchmark. Every provider must demonstrate that its commitments are practical, transparent and consistently delivered.
The wider industry should embrace continuous improvement, with customers ultimately judging brands by their real-world experiences.
Automotive journalism must ask tougher questions
Automotive journalism has a critical role in broadening the conversation.
Coverage of the sector often focuses on vehicle launches, new technologies, prices, specifications and expansion plans. These remain important, but consumers also need independent reporting on the realities of vehicle ownership.
Journalists can examine warranty conditions, investigate spare-parts availability, interview service managers and fleet operators, document consumer experiences and assess how effectively companies resolve complaints.
They should celebrate genuine improvements while holding businesses accountable when their public commitments fall short.
The Nigerian Automotive Journalists Association (NAJA) is well positioned to encourage this conversation through informed reporting, industry analysis, interviews and stakeholder engagement.
The goal should be to bring manufacturers, distributors, dealers, fleet operators and consumers around a fundamental question: What level of care should Nigerians reasonably expect after buying a vehicle?
That conversation must remain independent, balanced and evidence-led, rather than becoming a promotional platform for individual brands.
Make after-sales service a buying criterion
The shift towards stronger customer care will gather momentum when Nigerians begin to assess after-sales support as seriously as they consider engine performance, fuel economy, safety features and purchase price.
A private buyer should ask about warranty coverage, servicing costs and the location of authorised workshops. A fleet operator should evaluate parts availability, repair turnaround and vehicle downtime alongside acquisition costs. Families should know what assistance is available when a vehicle breaks down far from home.
Dealers that offer transparent terms and dependable support should earn a competitive advantage. Those that fall short should have a clear incentive to improve.
This is particularly important in a market where vehicle ownership involves significant financial commitment and prolonged exposure to maintenance costs. A seemingly attractive purchase can become expensive if parts are difficult to source or repairs take too long.
The industry must therefore recognise that customer care is not merely a cost centre. Properly managed, it can build loyalty, strengthen brand reputation, generate repeat business and encourage referrals.
The real test begins after payment
Nigeria does not need an automotive market in which businesses compete only to sell more vehicles. It needs one in which they also compete to keep customers satisfied long after the keys have been handed over.
The true measure of a brand is not simply how attractively it markets a vehicle or how efficiently it closes a sale. It is how responsibly it responds when the customer needs help most.
As competition intensifies, the companies that combine good products with reliable service, accessible parts and transparent customer support will have a stronger foundation for lasting success.
For buyers, the message is equally clear: look beyond the showroom, ask the difficult questions and compare the support behind the badge.
Buy the car. Demand the care.
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Auto
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
Chinese automotive brands strengthen foothold in UK, Spain, Italy and France as new-energy vehicles drive growth
Omoda and Jaecoo are accelerating their European expansion, buoyed by surging demand in key markets and a growing appetite for electrified vehicles, as the automotive brands recorded a 123 per cent year-on-year increase in global sales to 73,421 units in September 2026.
The latest performance underscores the brands’ growing international reach, with cumulative sales for the first nine months of the year reaching 587,846 units, according to figures released by the company.
The United Kingdom emerged as a major growth driver, with the brands recording 22,296 registrations in September, more than double their performance in the corresponding period of 2025. The volume translated into a 6.37 per cent market share and second place among automotive brands in the country for the month.
A standout performer was the Jaecoo 7, which recorded 10,813 registrations in the UK during September to become the country’s best-selling new-car model for the month. Its cumulative registrations for the first nine months of the year stood at 39,473 units.
The model’s performance highlights the growing competitive presence of the Chinese automotive brands in a market traditionally dominated by established European, Japanese and South Korean manufacturers.
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Beyond sales, Omoda and Jaecoo are also deepening their long-term commitment to the UK through plans to establish a research and development centre at UTAC Millbrook in Bedfordshire. The proposed facility will focus on areas such as chassis tuning and advanced driver-assistance systems, enabling the brands to tailor their vehicles more closely to European driving conditions and customer expectations.
Spain, Italy and France also delivered strong performances, reinforcing the brands’ broader European growth strategy.
In Spain, September registrations increased by 91.5 per cent year-on-year to 4,010 units, lifting the brands’ market share to a record 4.3 per cent. Electrified vehicles accounted for 98 per cent of their sales in the country, highlighting the importance of alternative-powertrain models to their European strategy.
Italy recorded 4,678 registrations in September, giving the brands a 3.31 per cent market share. Their cumulative registrations between January and September rose by 256.23 per cent to 32,945 units, reflecting a rapid expansion in one of Europe’s important automotive markets.
France, another market in which the brands are building their presence, recorded combined September registrations of 3,003 units. Jaecoo contributed 2,589 units, an impressive showing approximately six months after its entry into the French market.
The gains across these countries point to an increasingly coordinated European push, with Omoda and Jaecoo seeking to translate their expanding product portfolios into stronger market positions.
Electrification drives global growth
New-energy vehicles (NEVs) remained a major contributor to the brands’ worldwide performance, with sales reaching 53,957 units in September, representing an 184 per cent increase year-on-year.
The volume accounted for approximately 73.5 per cent of total monthly sales, underlining the growing contribution of electrified models to the brands’ global business.
The figures suggest that electrification is becoming central to Omoda and Jaecoo’s expansion, particularly in markets where consumers are increasingly considering hybrid and other electrified powertrains alongside conventional petrol vehicles.
With rising registrations in major European markets, expanding technical development plans and strong demand for the Jaecoo 7, the brands are seeking to consolidate their position in an increasingly competitive automotive landscape.
Sustaining the momentum will depend on their ability to maintain product appeal, strengthen dealer and after-sales networks, and respond to the differing regulatory requirements and consumer preferences across Europe.\
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
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Railway
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
The Nigerian Railway Corporation has denied allegations that it deliberately creates artificial scarcity of tickets on the Abuja-Kaduna Train Service to facilitate their resale at exorbitant prices, blaming the persistent shortage on surging passenger demand and the activities of ticket touts exploiting the system.
The corporation, in a statement signed by its Chief Public Relations Officer, Callistus Unyimadu, said demand for rail services on the corridor had exceeded available capacity by more than 10 times, creating a severe imbalance between the number of passengers seeking tickets and the limited seats available.
The clarification followed a viral social media video by Instagram blogger Faizah Raji, operating under the handle @wearegst, who accused the NRC of withholding tickets from its official electronic booking platform and reselling them through unnamed agents at prices reportedly twice the approved fares.
However, the NRC described the allegations as misleading, insisting that the corporation neither buys nor sells train tickets but facilitates passenger access to the railway service through approved ticketing arrangements.
According to the management, Raji had acknowledged in her account that the corporation warned passengers to purchase tickets exclusively through authorised platforms but subsequently bought a ticket from an agent after failing to secure one through the official portal.
The NRC said while her experience might be genuine, patronising unofficial ticket sellers despite repeated warnings did not establish the corporation’s involvement in the alleged racket.
It warned passengers that tickets obtained through unauthorised agents, particularly those purchased with another person’s identification details, could be invalid and expose travellers to financial losses or denial of boarding.
The corporation explained that electronic ticketing across its standard-gauge railway operations was handled by private concessionaires under public-private partnership arrangements approved by the Infrastructure Concession Regulatory Commission and the Federal Executive Council before 2023.
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It identified SecureID/TPS as the ticketing service provider for the Abuja-Kaduna Train Service, Global Software Digital Solutions for the Lagos-Ibadan Train Service, and Fane Warri-Itakpe Ticketing Solutions Limited for the Warri-Itakpe Train Service.
NIN verification introduced to combat ticket fraud
The NRC traced the growing challenge of ticket racketeering to fraudulent practices that persisted despite measures introduced to strengthen passenger identification and railway security.
It said the government introduced the use of the National Identification Number as a condition for purchasing train tickets following the 2022 train attack, partly to curb ticket racketeering.
However, according to the corporation, fraudsters subsequently devised ways of obtaining multiple NINs to purchase tickets in bulk for resale to unsuspecting passengers.
To tackle the practice, the NRC introduced an additional verification procedure in 2025, modelled on the system used at the Murtala Muhammed International Airport Terminal 2 in Lagos.
Under the arrangement, passengers’ NIN details are checked against the information used to purchase their tickets, while personal identification cards are also required before boarding.
The corporation said its verification system at Idu and Kubwa in Abuja, as well as Rigasa in Kaduna, is integrated with the National Identity Management Commission database, enabling officials to retrieve the photograph associated with the NIN used for a ticket purchase.
This, it explained, helps officials identify passengers attempting to travel with tickets purchased using another person’s identity.
The NRC, however, acknowledged that security challenges at the Rigasa station, which it described as having been hurriedly adopted, had occasionally made enforcement difficult because of limitations in its access-control infrastructure.
NRC vows crackdown on racketeering
Despite the challenges, the corporation declared zero tolerance for ticket racketeering, warning that any employee found participating in or colluding with fraudulent ticket sellers would face summary disciplinary action.
It also said the electronic ticketing concessionaires had been directed to improve the accessibility and ease of use of their booking platforms to ensure passengers could obtain tickets more conveniently while complying with established procedures.
The management maintained that the growing preference for train travel among Nigerians had placed considerable pressure on available capacity, reinforcing the need for passengers to use only approved booking channels.
It described the purchase of tickets through third parties using another person’s NIN or name as unacceptable and an act of economic sabotage that undermines the integrity of the railway system.
The corporation assured passengers that it remained committed to improving customer service, strengthening security and ensuring that rail travel became a preferred alternative for Nigerians.
It reiterated its commitment to providing safe, affordable, reliable and convenient train services across the country’s railway corridors while intensifying efforts to prevent criminal activities and protect the corporation’s reputation.
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
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