Business
Subsidy: Tinubu to fix one refinery before December — Kyari
Subsidy: Tinubu to fix one refinery before December — Kyari
The Group Managing Director of Nigerian National Petroleum Company Limited, Mele Kyari, has revealed that the administration of President Bola Tinubu has concluded an arrangement to have one of the four refineries repaired and operating at an optimal level before the end of the year.
Kyari made the revelation when he visited the party secretariat for a meeting with the National Chairman of the All Progressives Congress, Senator Abdullahi Adamu.
The NNPC boss, who arrived at the premises at about 12.30 pm, was warmly received by the chairman and members of the National Working Committee.
Addressing newsmen after the session, Kyari explained that following the hike in pump price and the resultant effect on commercial fares, the president is working out some palliative measures to ease the pains of Nigerians.
He also added that there is an ongoing process of rehabilitation to ensure one of the refineries is ready this year.
“I’m aware that Mr president has directed some engagements and some palliatives will be put in place. I am very sure this will happen. There is an ongoing process of rehabilitation. One of them will come this year, the second one will come on stream next year and then the third will follow thereafter.
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“Of course, it is very obvious that we can no longer afford subsidy. Subsidy bills have piled up. The country is not able to settle NNPC for the money we are spending on subsidy. Therefore pricing this petroleum at the market price is the right thing to do at this point in time and I believe it would benefit the country in the long term,” he said.
Recall Tinubu had affirmed during his swearing-in ceremony that his administration would not continue to pay subsidy on petroleum products.
He said the Federal Government was struggling to fund subsidies, noting that it was no longer justifiable to continue.
The development had triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.
To worsen the situation, many outlets shut down their facilities and refused to dispense fuel to motorists, further creating scarcity and panic buying at the fuel stations that were opened to customers.
But Kyari confessed on Thursday that the country can no longer sustain such an expensive regime.
According to him, over 38 per cent of the total fuel distributed in this country is consumed by four states namely Lagos, Abuja, Kano and Rivers.
He said, “There was subsidy in 2022 but in 2023, not a single naira was provided for the purpose. And ultimately while we held back our fiscal obligations, we still have a net balance of over N2.8trn that the federation should have given back to the NNPC. For any company, when you have negative N2.8 trn, there is no company in the whole of Africa that will lend to you. You cannot have receivables. The provision of subsidy is there but absolutely there is no funding for it. It means it is only on paper. It doesn’t exist.
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“We can no longer bear it. If we continue, we will run into defaults and the defaults of NNPC is the default of Nigeria. Once NNPC goes into defaults and liquidity, it affects every borrowing done by the country. Even the subnational. Your lenders will come back to you and say your country can no longer pay. The only way you can stop this is to stop this conversation around subsidy. It is why Mr President announced that the subsidy is gone. In 24 hours, the bond market appreciated. It is nothing else other than the statement around subsidy and balancing of the apex market. These two elements are major concerns that every investor all over the world, and every partner that we have is worried about.
“Before today, the average subsidy level was N400bn every month. There is nothing anybody can do about it. There is this common argument that the masses will suffer. I agree that once you increase prices of this proportion, as it has happened, it will have an impact on inflation. There is no doubt about it. The market determines what happens next. Even inflation in very many countries goes up when you have the economic indices become difficult.
“Mr president’s target is to have seven per cent growth of GDP. You cannot have it if you have this disruption in your demands and consumption pattern. Very many of us here have at least two cars in our houses including myself. When you buy fuel of 100 litres in an SUV, you are literally subsidising three litres with 100 naira for all of us.
“Even the consumption itself is clearly skewed in locations and states where the level of economic activities are higher than the others. It is very understandable and that is why people can afford it in Abuja, Lagos, Port Harcourt, and Kano. So over 38 per cent of the total fuel distributed in this country ends up in these places. All the other parts of the country suffer for it and you can see the relativity. Imagine the per capita basis?
Subsidy: Tinubu to fix one refinery before December — Kyari
Entertainment
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
A team of leading Nigerian artistes and entertainment executives has paid a courtesy visit to the Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, ahead of the 2026 Valentine Love Train experience.
The delegation included celebrated musician Sunny Neji, Managing Director of Ojez Entertainment Limited, Joseph Odobeatu, and veteran vocalist Yinka Davies.
The high-profile visit formed part of final preparations for the Valentine-themed train ride scheduled for Saturday, February 14, 2026, at the Mobolaji Johnson Train Station.
Dr. Opeifa received the artistes and commended the creative industry for choosing the national rail system as the venue for the annual Valentine event. He noted that the partnership reflects growing public confidence in the corporation’s safety standards, operational improvements, and renewed focus on customer experience.
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“The 2026 edition aims to deliver an unforgettable experience while deepening public engagement with the rail service,” Opeifa said, reaffirming the NRC’s commitment to providing secure and efficient transport for passengers during special events.
Organisers disclosed that this year’s edition will feature an expanded entertainment lineup, including performances and appearances by Charles Inojie, Yinka Davies, Sunny Neji, and Segun Arinze. Guests are expected to enjoy live music, comedy, a couple’s game show, fashion showcases, and special performances throughout the Lagos–Ibadan–Lagos train ride, culminating in a Valentine banquet ball.
The Valentine Love Train has in recent years become a fixture on the NRC’s festive calendar, attracting couples, families, and leisure seekers with its blend of travel, romance, and entertainment. The initiative also aligns with ongoing efforts by the corporation to promote rail transportation as a viable and enjoyable alternative for intercity travel.
With final logistics being fine-tuned, organisers say the 2026 edition promises to combine safety, comfort, and premium entertainment for participants.
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
Auto
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
The 20th edition of the Lagos International Motor Fair and the 13th Africa Autoparts Expo is set to spotlight investment, technology transfer and industry collaboration as organisers intensify efforts to position Nigeria as a major automotive hub in West Africa.
The three-day event, which will also incorporate the Africa Motorcycle and Tricycle Expo, is scheduled to hold from March 17 to 19, 2026, at the Federal Palace Hotel in Lagos.
Organisers said the upcoming edition would focus strongly on accelerating the development of the country’s automotive sector by creating platforms that connect global manufacturers with local industry players.
“Nigeria has all it takes to become a global automotive industry giant,” the organisers stated, noting that the fair remains a strategic contribution toward driving growth despite prevailing industry challenges.
Chairman of the Organising Committee, Ifeanyichukwu Agwu, said the exhibitions had over the years evolved into a key platform for attracting investment into automobile spare parts and accessories manufacturing while strengthening aftermarket activities across the region.
“We have consistently used these events to attract investment into auto components manufacturing and to showcase the enormous capacity and potential of this critical sector of the economy,” he said.
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Agwu, who also serves as Managing Director of BKG Exhibitions Limited, disclosed that the 2026 edition would place emphasis on business-to-business engagement between original equipment manufacturers (OEMs) and auto parts dealers from Nigeria and neighbouring countries.
According to him, the goal is to foster partnerships capable of leading to the establishment of component manufacturing plants locally.
He added that the exhibition is expected to support government policies aimed at building a sustainable automotive industry by stimulating the emergence of companies involved in component production.
Calling for policy adjustments, Agwu urged the Federal Government to prioritise spare parts and components manufacturing over vehicle assembly, arguing that deeper technology transfer and innovation occur within the components segment.
“Spare parts manufacturing is where real technology transfer occurs. It involves precision engineering, planning and innovation—far beyond the coupling processes involved in assembly,” he said, while also advocating a review of the existing automotive policy to better support local production.
Despite the challenges associated with hosting large-scale industry events, Agwu reaffirmed the organisers’ commitment to sustaining the platform, warning that neglecting the automotive sector could have far-reaching consequences for the economy and employment.
The organisers said more than 100 original components manufacturers from countries including China, India, South Korea, South Africa, Singapore and Turkey, alongside major automobile distribution and manufacturing companies operating in Nigeria, are expected to participate.
In addition to product exhibitions, the event will feature seminars and technical workshops focusing on policy, investment opportunities, technology transfer and industry best practices, with each day structured to deliver value to exhibitors, investors, policymakers and other stakeholders.
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
Business
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Billionaire businessman Femi Otedola has projected that the naira could strengthen to trade below ₦1,000 per US dollar as the Dangote Petroleum Refinery achieves full operational capacity. The prediction comes as Nigeria anticipates a major boost in domestic fuel production, potentially reducing import dependence and easing pressure on the foreign exchange market.
Otedola made the projection in a post on X, congratulating Aliko Dangote on the refinery reaching its designed processing capacity of 650,000 barrels per day (bpd). He described the milestone as a historic moment for Nigeria’s energy sector, saying it could positively impact the naira exchange rate, foreign reserves, and overall economic stability.
According to Otedola, the refinery’s capacity to produce up to 75 million litres of Premium Motor Spirit (PMS) daily positions Nigeria to meet domestic fuel demand and even generate surplus for export. He highlighted that this would reduce the country’s reliance on imported petroleum products, which historically exerted heavy pressure on the naira and foreign exchange resources.
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“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly, potentially pushing the naira below ₦1,000/$ before year-end,” Otedola said. He also noted that the EFCC and monetary authorities’ support in maintaining a conducive economic environment would complement these gains.
The Dangote Refinery, located in the Lekki Free Zone, Lagos, is Africa’s largest single-train refinery. Experts say that reaching full production will conserve billions of dollars previously spent on importing refined petroleum products and strengthen Nigeria’s foreign exchange reserves. Plans are also underway to expand refining capacity to 1.4 million bpd, with increased production of petrochemicals like polypropylene and linear alkyl benzene, further reducing industrial import dependence.
Economic analysts have welcomed the refinery’s milestone but caution that naira stability will still depend on broader macroeconomic reforms, oil prices, foreign capital inflows, and Central Bank of Nigeria (CBN) policies. Nevertheless, Otedola’s projection reflects renewed optimism that domestic refining capacity could be a turning point for the Nigerian economy, energy security, and the foreign exchange market.
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
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