Economy
Ten completed refineries in Nigeria and their production capacity
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Commercial crude oil production started in Nigeria in 1956 but local crude oil refining did not start until 1965 when the first crude oil refinery was commissioned.
The first set of refineries in Nigeria were government-owned.
However, since 2013, the federal government has been providing private sector players with licenses to build and own petroleum refineries.
The administration of President Buhari introduced the modular refinery initiative to ramp up the nation’s refining capacity and meet local demand.
Below is a list of the completed refineries in Nigeria and their capacity
Edo Refinery and Petro Chemical Company– This project is a wholly owned subsidiary of AIPCC Energy. It operates in two phases with capacities of 1,000 BPSD and 5,000 BPSD and has been commissioned and is fully operational. Work on Phase 2, which will have a capacity of 12,000 BPD, has already begun, with full operations expected to start in 2024.
Duport Midstream– Located in Edo State, this is a 2,500-BPD refinery that was completed in 2022 and started production in 2023.
Walter Smith refinery– The Walter Smith refinery is a 5,000-bpd oil refinery located in Imo State. The refinery started operations in 2020, with plans to expand its capacity to 50,000 bpd in the coming years.
OPAC Refinery, Delta state– This 10,000-bpd modular refinery located in Kwale, Delta state was completed in 2021 as part of the federal government’s effort to improve local crude oil refining.
Niger Delta Petroleum Refinery (Aradel)– The initial 1,000 bbls/day AGO topping plant was commissioned in 2010. Currently, the 3-train, 11,000 bbls/day modular refinery produces Automotive Gas Oil, Dual Purpose Kerosene, Marine Diesel Oil, High-Pour Fuel Oil, and Naphtha.
Old Port-Harcourt refinery– Built and commissioned in 1965 with a refining capacity of 60,000 barrels of oil per day. Then, it cost Shell BP around £12 million to build. The refinery operated above 50% of its design capacity, and throughout the 1990s, it experienced a gradual decline in output.
In March 2021, the federal government awarded the repair of the refinery to Tecnimont SPA- an Italian company that would carry out repair works in phases. In December last year, the Minister of Petroleum Resources, Sen.Keineken Lokpobiri announced the mechanical completion and flare startup of the refinery.
Kaduna refinery– This refinery has a capacity of 110,000 barrels per day (bpd). It was built in 1976 at a cost of $525 million. Like all other government-owned refineries, it has, over time, produced below its capacity. In 2021, the federal government approved a contract for the turnaround maintenance of the refinery at a cost of $586 million
Warri Refinery and Petrochemical Company (WRPC)– The 125,000-bpd capacity WRPC was built and commissioned in 1978 at a cost of around $478 million. The refinery has never achieved full capacity utilization as production has declined steadily except in the early 1990’s, during which there was a brief upswing in production.
In 2021, the federal government awarded the contract for the repair of the decrepit refinery to Saipem SPA at a cost of $897 million.
New Port-Harcourt refinery– In 1985, the federal government commissioned the New Port Harcourt refinery, built at a cost of $850 million. It has the capacity to refine 150,000 barrels of oil daily. The commissioning of the New Port Harcourt refinery increased the total refining capacity of the plants to 210,000 barrels per day.
Recent processing performance has fallen significantly below design capabilities in both refinery throughput and the yield of higher-value products. The refinery has rarely operated above 50% of its design capacity. During the 1990s, it experienced a gradual decline in throughput, resulting in a proportionate increase in the yields of lower-value fuel oil products.
The refinery was part of the $1.5 billion turnaround maintenance awarded by the federal government to Tecnimont SPA in 2021 to be fully completed in about 44 months.
Dangote Refinery and Petrochemicals FZE- This is a 650,000-bpd refinery located in Lekki, Lagos state. The refinery cost around $19 billion and was commissioned in May 2023. Oil refining started in late December 2023, and it started dispensing products to local and international markets as of May 2024.
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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