Economy
NLNG to replace steam-powered vessels with modern fleet in next 10 years
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Nnamdi Anowi, general manager of production at Nigeria LNG (NLNG), says the company plans to replace all its steam-powered vessels with modern ships within the next decade.
Anowi announced the plans at the World Leaders’ Panel session on Tuesday in Berlin, Germany, as part of the 2024 World LNG Summit and Awards.
The 2024 summit is themed ‘Achieving the Balance Between Energy Security and Decarbonisation’.
“We are making significant strides in our shipping operations. Over the next 10 years, we aim to transition from our current steam-powered vessels to modern ships,” he said.
“Earlier this year, we took a major step by entering into a long-term chapter of our first modern ship Aktoras, and we are already planning to acquire a second ship next year.”
Anowi said NLNG’s target is to achieve net zero emissions by 2040.
He said the goal is attainable through the implementation of a combination of solutions that include operational efficiency, natural sinks/offset projects, carbon capture and storage (CCS), net zero expansion, digital solutions and shipping efficiency.
“Our pathway to net zero aligns with Nigeria’s target of reaching net zero by 2060, while many major players in the industry are aiming for 2050,” Anowi said.
“We are actively expanding our initiatives in this area, including several low-carbon projects.”
Furthermore, he said the company had committed 100 percent of its liquefied petroleum gas (LPG) production (propane and butane) to the Nigerian market.
The GM pointed out the urgent need for cleaner energy, citing a report which showed that not less than 100,000 Nigerians died yearly from smoke inhalation caused by cooking with firewood — predominantly affecting women and children.
“This underscores our commitment to sustainability. It’s important to recognise that about 80 percent of Africans lack access to cleaner energy,” Anowi said.
“When discussing sustainability, we can not overlook the necessity of providing energy to these communities.”
He noted that NLNG was working tirelessly to improve its production capacity from 23 million tonnes to 30 million tonnes through its ”Train 7 Project”.
“We are actively engaging with stakeholders and the government to ensure our LNG trains are filled by the end of next year,” he said.
On sustainability, Anowi explained that 75 percent of NLNG’s emissions result from its operations, with shipping activities accounting for the remaining 25 percent.
He highlighted the significance of measurement, reduction, avoidance, and mitigation strategies in their sustainability efforts.
Anowi said the company was also exploring carbon capture and storage (CCS) opportunities through collaboration with the government and other international oil companies.
“We are in the early stages of CCS implementation, assessing potential reservoirs for this purpose,” he said.
In terms of renewable energy, Anowi said NLNG was investigating solar power projects at its offices in Abuja and Port Harcourt as part of its broader sustainability initiatives.
The Nigerian naira traded within a relatively stable range on Wednesday, May 13, 2026, as the Central Bank of Nigeria (CBN) continued interventions in the foreign exchange market.
Market analysts linked the recent stability to improved dollar inflows from exporters, foreign investors, and oil companies. In addition, the narrowing gap between the official and parallel market rates has boosted confidence in the forex market.
Meanwhile, traders said demand for foreign exchange remains high due to import payments, foreign tuition fees, medical expenses, and travel-related transactions.
Nigeria Exchange Rates – Wednesday, May 13, 2026
Currency Official Market Rate (₦) Parallel / Black Market Rate (₦) Mid-Market / Indicative Rate (₦)
US Dollar (USD) ₦1,355 – ₦1,365 ₦1,395 – ₦1,410 ₦1,360
Euro (EUR) ₦1,470 – ₦1,490 ₦1,590 – ₦1,630 ₦1,525
British Pound (GBP) ₦1,710 – ₦1,740 ₦1,850 – ₦1,900 ₦1,790
Chinese Yuan (CNY) ₦188 – ₦192 ₦195 – ₦202 ₦190
Japanese Yen (JPY) ₦9.7 – ₦10.1 ₦10.4 – ₦10.8 ₦10.0
Canadian Dollar (CAD) ₦995 – ₦1,020 ₦1,050 – ₦1,085 ₦1,015
Swiss Franc (CHF) ₦1,480 – ₦1,510 ₦1,560 – ₦1,610 ₦1,520
Saudi Riyal (SAR) ₦360 – ₦365 ₦372 – ₦380 ₦364
UAE Dirham (AED) ₦365 – ₦370 ₦378 – ₦385 ₦368
Market Insight
Financial analysts believe the recent appreciation of the naira reflects stronger forex liquidity and improving investor confidence in Nigeria’s official FX market.
However, experts warned that inflation, global oil prices, and external economic pressures could still affect the naira in the coming weeks.
Important Notice
Exchange rates may vary depending on location, transaction volume, and market conditions. Therefore, rates quoted by banks and Bureau de Change operators could differ slightly during the day.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that in April 2026, Nigeria met 99.2% of its Organization of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.5mb/d.
This was revealed in the X handle of the commission, which stressed that the output rose to 1.48b/d of crude oil and 174,873b/d of condensate.
The total crude oil and condensate production, according to NUPRC, was 1.66mb/d.
“Nigeria’s production increased in the month of April to 1,488,540 barrels of crude oil and 174,873 barrels of condensates totaling 1, 663, 413 barrels per day. This implies that Nigeria met 99.2% of its 1.5mbpd OPEC quota of crude oil.”
The report revealed the that the figure also represents a 7.58% increase when compared to the month of March. NUPRC said the peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.
Dollar To Naira Exchange Rate
The Black Market Dollar-to-Naira Exchange Rate for 12th May 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, 12th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1387 on Tuesday, 12th May, 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 ₦1387
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1367
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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