Business

Shell not leaving Nigeria, investing more in deep water — MD

Published

2 years ago

October 16, 2024

Shell not leaving Nigeria, investing more in deep water – MD

Managing Director, Shell Petroleum Development Company and Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, has insisted the company is not leaving Nigeria despite moves to divest its onshore assets.

Okunbor spoke on Tuesday during a high-level panel session at the ongoing Nigeria Economic Summit.

He said the company was concentrating more on the deep water where it has significant technological and financial advantage.

‘Fuelling growth: The Future of Oil and Gas’ was the theme of the session.

According to him, the company is investing more money in Nigeria with a single project in the deep offshore costing as much as $5 billion.

“Shell is not leaving Nigeria. We are not going anywhere and we will be together for a long time. Our onshore assets shares are being divested to a consortium of four companies which had gone through rigorous selection process,” he stated.

He noted that despite pessimism around the industry, Nigeria’s petroleum sector is not in decline.

He said:l, “Let us not go away from here with the thought that our industry is in decline; it is not.

“I make bold to say that since the enactment of the PIA (Petroleum Industry Act), and the supporting regulations, we are actually in a much better place.

“The Presidential directives that have come out are providing the degree of coherence that we hadn’t seen in a long time in the industry.”

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Also speaking at the panel session, the Managing Director, Nigeria Liquefied Natural Gas Limited, NLNG, Mr. Philip Mshelbila, said it had become critical that Nigeria must grow its economy and diversify the economy.

According to him, Nigerians have to lead the drive to achieve both the growth and diversification of the economy.

He said, “If I go back on the need for the economy to grow, it is key that the oil and gas industry participate in that growth as well. We have huge potential and it is important that we diversify.

“But the way that I see diversification in Nigeria is that it needs to be addictive rather than a replacement.

“If you go back to the 50s and 60s, what happened then was that we had agriculture based economy but it then got replaced with oil and gas as the primary driver of the economy. What we are asking for is not a reversal of that but that both must grow.”

He explained that the insecurity in the Niger Delta region has limited the growth of the oil and gas industry, noting that it was responsible for driving international oil companies away from onshore operations.

Mshelbila said this has also impacted the operations of Nigeria LNG with the company’s six trains operating at 62 percent capacity, stressing that Nigeria has not addressed insecurity challenges in Niger Delta.

“To date NLNG has never had problem with financing but our capacity utilisation was in the 40s and year to date our capacity utilisation is 62% which means that roughly about 40 capacities has largely been empty. This is a result of a number of different things; one of them is that investment has slowed over the past decade within the upstream. Coupled with this is the insecurity in the environment,” he stated.

On her part, the Group COO, MRS Holdings, Amina Maina assured that the ongoing petrol shortage in the country would ease in the coming days as more supply comes from the Dangote Refinery.

“I think over the next few days those queues will disappear because I’m aware that there are a lot more products that have come into the system. Dangote Refinery has started selling petrol and I’m aware that trucks are going out and a vessel is currently loading. So by the end of this week we should have more petrol from Dangote Refinery,” she added.

Shell not leaving Nigeria, investing more in deep water — MD

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Auto

Soueast Enters Nigeria with Robust SUV Portfolio, Sets Sights on Q3 Local Assembly

Published

17 hours ago

April 21, 2026

Trends Admin

Soueast Enters Nigeria with Robust SUV Portfolio, Sets Sights on Q3 Local Assembly

Nigeria’s automotive landscape witnessed a significant shift on Wednesday as Soueast formally entered the Nigerian market, courtesy of the Kewalram Chanrai Group. The entry was marked by a media launch followed by a test drive of its full range of SUVs along the scenic Coastal Highway in Lagos, signalling a fresh wave of competition in the fast-evolving mobility space.

The high-profile event brought together dealerships, media, and auto enthusiasts, offering first-hand experience of the brand’s capabilities in real driving conditions.

Speaking at the launch, Chief Operating Officer, Mobility Division of Kewalram Chanrai Group, Mr. Anil Sahgal, described the move as a strategic response to changing consumer expectations in Nigeria.

“For over 165 years, Kewalram Chanrai Group’s reputation has been built on trust delivered through consistency,” he said. “Our decision to bring Soueast into Nigeria is deliberate. Today’s Nigerian customer is more informed and focused on long-term value. There is a growing demand for vehicles that combine modern design, safety, technology, durability, and affordability — and Soueast fits precisely into this space.”

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The COO emphasized that the company is not merely introducing a new brand but backing it with robust infrastructure, including a structured dealership network, strong after-sales systems, skilled technical teams, and a long-term investment approach.

He noted that the SUVs unveiled had been engineered with Nigerian realities in mind, addressing road conditions, fuel efficiency concerns, durability needs, and total cost of ownership.

“This is not just a product launch; it is the beginning of a long-term commitment to a market that demands resilience, value, and consistency,” he added. “Our vehicles are built on three pillars — product integrity, adaptability, and value sustainability.”

Sahgal also disclosed plans to commence local assembly of the vehicles by the third quarter of 2026, underscoring the group’s long-term commitment to the Nigerian market.

The highlight of the event was the test drive session along the Coastal Road, where participants assessed the performance, comfort, and handling of the Soueast range under real traffic and road conditions — a move widely seen as a confidence-building step by the company.

Soueast Enters Nigeria with Robust SUV Portfolio, Sets Sights on Q3 Local Assembly

Business

FX Update: Dollar to Naira Exchange Rate for April 20, 2026

Published

2 days ago

April 20, 2026

Trends Admin

FX Update: Dollar to Naira Exchange Rate for April 20, 2026

The Nigerian Naira started the new trading week on Monday, April 20, 2026, with a slight adjustment across the foreign exchange market as demand for the US Dollar to Naira exchange rate continued to shape trading activity in both official and parallel markets.

In the Nigerian Foreign Exchange Market (NFEM), the official FX window, the Naira traded at an average rate of about ₦1,347.33 per $1 during early trading hours. This represents a mild depreciation compared to the previous week’s close, driven by increased demand at the start of the trading week and routine market adjustments.

Market analysts say the official market remains relatively stable due to continued monitoring and liquidity management efforts by the Central Bank of Nigeria (CBN), although pressure persists from importers and businesses requiring foreign exchange for transactions.

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In the parallel market (black market), the Dollar traded between ₦1,395 and ₦1,405 per $1, with rates varying slightly depending on location and transaction size. In major FX hubs such as Lagos, Abuja, and Kano, Bureau De Change operators reported steady activity, with demand largely driven by personal travel, school fees payments, and small-scale imports.

Despite ongoing pressure, the gap between the official and parallel market rates remains relatively narrower compared to previous periods of extreme volatility. Traders attribute this to improved dollar supply flows and reduced speculative activity in the market.

Financial experts note that the current Dollar to Naira exchange rate trend is influenced by a mix of domestic economic policies and global factors. Stabilising crude oil prices have helped support Nigeria’s external reserves, providing some cushion against sharper currency fluctuations.

However, persistent demand for foreign currency—especially in sectors such as importation, healthcare abroad, education, and remittances—continues to exert pressure on the Naira.

Analysts expect the currency to remain within a relatively stable range in the short term, barring any major policy changes or global economic shocks, as authorities continue efforts toward a more unified and transparent foreign exchange market in Nigeria.

FX Update: Dollar to Naira Exchange Rate for April 20, 2026

Business

Nigeria Bans Poultry, Cement, Pharma Imports from Non-ECOWAS Countries

Published

2 days ago

April 20, 2026

Trends Admin

Saudi Arabia Bans Poultry, Egg Imports from Nigeria, 39 Other Countries

Nigeria Bans Poultry, Cement, Pharma Imports from Non-ECOWAS Countries

The Federal Government of Nigeria has announced a sweeping ban on the importation of poultry, cement, pharmaceutical products, and agricultural goods from countries outside the Economic Community of West African States (ECOWAS).

The directive, contained in a circular issued by the Federal Ministry of Finance and signed by the Minister of Finance, Wale Edun, took effect from April 1, 2026, as part of the 2026 Fiscal Policy Measures (FPM) and tariff amendments.

According to the circular, the restriction affects 17 items listed under a revised import prohibition list, which applies strictly to goods originating from non-ECOWAS countries.

Full List of Restricted Imports

The items affected by the Nigeria import ban include:

Live or frozen poultry
Pork and beef products
Bird eggs (except for breeding and research)
Refined vegetable oils (with specific exemptions)
Sugar and sucrose products
Cocoa butter, powder, and cakes
Tomatoes and processed tomato products
Sweetened and flavoured beverages
Bagged cement
Pharmaceutical products (medicaments)
Waste pharmaceuticals
Fertilisers (NPK)
Soaps and detergents
Corrugated paper, cartons, and packaging materials
Hollow glass bottles above 0.15 litres
Flat-rolled steel products
Ballpoint pens and parts

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90-Day Grace Period for Importers

To ease the transition, the government approved a 90-day grace period beginning from April 1, 2026. Importers who had already opened Form ‘M’ and entered into irrevocable trade agreements before the policy took effect can clear their goods under the previous duty regime.

However, all new import transactions initiated after the effective date must comply with the updated import duty rules.

Additional Measures: 2% Green Tax on Vehicles

As part of the broader fiscal reforms, the government also introduced a 2 percent green tax surcharge on motor vehicles with engine capacities of:

2000cc to 3999cc
4000cc and above

This measure is aimed at promoting environmental sustainability and reducing emissions from high-capacity vehicles.

Why the Government Introduced the Ban

The Federal Government said the import prohibition policy is designed to:

Boost local production and manufacturing
Reduce dependence on foreign goods
Strengthen intra-ECOWAS trade
Protect Nigerian industries and create jobs

Officials also noted that the measures will help improve Nigeria’s economic self-reliance and support long-term industrial growth.

Economic Implications

While the policy is expected to stimulate domestic industries, experts warn it could lead to short-term price increases and supply gaps, especially in sectors reliant on imports.

The new measures replace the 2023 Fiscal Policy Measures and are expected to be published in the Official Federal Government Gazette.