Economy
FG grants licenses for 3 new petroleum refineries
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The Nigeria Midstream and Downstream Petroleum Resources Authority has issued refining licenses to three companies to build new refineries in Abia, Delta, and Edo States.
The three proposed refineries are expected to have a combined refining capacity of 140,000 barrels per day.
According to an X post by the NMDPRA on its official page, the proposed refineries that have issued licenses include:
Eghudu Refinery Ltd in Edo state issued a 100,000 bpd refining license.
MB Refinery and Petrochemicals Company Ltd in Delta State issued a License to establish a 30,000 bpd refinery.
HIS Refining and Petrochemical Company Ltd. in Abia state issued a license to establish a 10,000 bpd refinery.
The statement read: “The Authority Chief Executive, Engr. Farouk Ahmed presented a License to construct a 100,000 bpd refinery to Eghudu Refinery Ltd in Edo state, a License to establish a 30,000 bpd refinery to MB Refinery and Petrochemicals Company Ltd in Delta state, and a License to establish a 10,000 bpd refinery to HIS Refining and Petrochemical Company Ltd. in Abia state.
“These Licenses, which would add 140,000 barrels per day to Nigeria’s domestic refining capacity, were presented to the MDs of the companies.”
According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria has nine operational refineries, which include the Dangote Petroleum Refinery and Petrochemicals FZE, the Warri Refinery and Petrochemical Company, the Kaduna Refinery and Petrochemical Company, and the Port Harcourt Refinery Company Limited.
Others are the Aradel Refinery, OPAC Refineries, Waltersmith Refinery and Petrochemical Company, Duport Midstream Company Limited, and the Edo Refinery and Petrochemical Company.
These refineries have a combined refining capacity of 974,500 barrels per day, with the Dangote refinery having the largest capacity of 650,000 bpd. However, the majority of the refineries are not producing at full capacity.
According to the NUPRC, the nine refineries would require a combined daily crude supply of 770,500 bpd and 123,480,500 barrels in the first half of 2025.
This number is growing with more new refineries under construction and licensed by the NMDPRA.
Nairametrics reported that in January, the NMDPRA issued a license for the construction of a 10,000 bpd refinery in the Ughelli area of Delta State to MRO Energy Limited.
The growing number of refineries has positioned Nigeria as a major refining hub in Africa.
However, local refineries told Nairametrics that they struggle to secure crude locally despite assurances given by the Federal Government.
Credit: Nairametrics
The Nigerian Communications Commission (NCC) has unveiled a package of incentives aimed at encouraging the local manufacture of smartphones, tablets and other telecommunications equipment as part of efforts to make digital devices more affordable and expand access to technology across the country.
Chairman of the NCC Governing Board, Chief Idris Ibikunle Olorunnimbe, said the Commission was taking a more active role in driving industrial growth by creating an enabling environment for investors to establish device manufacturing plants in Nigeria.
He said the initiative would be backed by policy measures, including tax holidays and streamlined customs processes, to lower production costs and boost local manufacturing capacity.
According to Olorunnimbe, effective regulation remains essential to ensuring consumers have access to quality and affordable digital devices.
“Regulation and market integrity are what make a market affordable in the first place. They are the precondition for it. A phone is only truly cheap if it is real, if it is safe, if it connects properly, and if it carries a warranty the buyer can rely on,” he said.
He observed that while Nigeria has recorded significant improvements in telecommunications coverage, the high cost of smartphones continues to limit digital participation for many citizens.
The NCC chairman said reducing the cost of devices would complement ongoing investments in network infrastructure and help bridge the country’s digital divide.
He also called for a shift from the traditional model of outright phone purchases, saying more flexible financing arrangements would make devices accessible to a larger segment of the population.
“Retire the assumption that a Nigerian must buy a phone outright, in one payment, on the day. That is not how it works anywhere else in the world,” he added.
As part of the broader strategy, Olorunnimbe said locally manufactured smartphones, routers and MiFi devices would be integrated into the Commission’s digital inclusion initiatives.
He explained that the devices are expected to come with built-in links to educational platforms under the NCC’s zero-rated education programme, allowing students and other users to access learning materials without incurring data charges.
The devices will also feature direct access to key government digital services, including civic registration, tax administration and e-health platforms, to improve citizens’ access to essential public services.
According to him, the initiative is designed not only to expand internet access but also to ensure that digital connectivity translates into better educational opportunities, improved public service delivery and greater economic participation.
The NCC said the policy reflects its commitment to promoting indigenous technology development while supporting Nigeria’s drive towards a more inclusive and self-reliant digital economy.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 24th June 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.
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, 24th June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1385 on Wednesday, 24th June, 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 ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1365
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
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