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Petrol Imports Hit 105% To ₦15.42trn In 2024 — NBS

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By Kayode Sanni-Arewa

The latest data by the National Bureau of Statistics (NBS) on the foreign trade statistics, said the increase was from N7.51trn recorded in 2023.

The development comes despite current increasing domestic refining capacity, especially at the 650,000 barrels-per-day Dangote Refinery and the ongoing rehabilitation of state-owned refineries.

In December 2024, the Nigeria National Petroleum Company Limited (NNPCL) announced the restart of the 125,000 barrels per day (bpd) Warri Refinery and Petrochemical Company (WRPC), which was approved for rehabilitation in 2021 for $897 million.

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The Port Harcourt Refining Company (PHRC), with a total installed capacity of 210,000bpd, recently restarted operations at its old plant, which currently produces 60,000bpd.

Nigeria spent N2.01trn on fuel imports in 2020. By 2021, this figure more than doubled, rising by 126.9% to N4.56trn, indicating a sharp increase in import dependence and global price fluctuations. The upward trend continued in 2022, with import costs jumping by 69.1% to N7.71 trillion, driven by rising crude oil prices and Nigeria’s inability to refine a significant portion of its fuel needs locally. In 2023, petrol import expenditure recorded a marginal decline of 2.6% to N7.51 trillion, suggesting a temporary easing, possibly due to factors such as forex adjustments and lower global oil prices.

However, riding on the back of a 40.9% depreciation of the naira, 2024 saw a 105.3% increase to N15.42 trillion, the highest on record.

Despite the rise in local refining, production remains insufficient in meeting demands, necessitating continuous dependence on importation.

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Supply chain inefficiencies, and persistent demand-supply imbalances, Foreign exchange fluctuations, among other factors, have also militated against meeting local demands, as the rising cost of petrol imports continues to strain government finances and consumer purchasing power.

Nigeria operates four national refineries: one in Kaduna, one in Warri, and two in Port Harcourt.

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DAY 9 of Projects Commissioning in the FCT: Watch moment Wike arrives Karu(Video)

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Arrival of the FCT Minister, Nyesom Wike, at the venue of the commissioning of the Water Supply Network To Karu Satellite Town .

#FCTRenewedHope
#FCTProjectsCommissioning

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Nigeria-Côte d’Ivoire Reaffirm Strong Ties as Ambassador Nwaobiala Presents Credentials

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By Gloria Ikibah

Nigeria and Côte d’Ivoire have reaffirmed their commitment to deepening bilateral relations and advancing regional cooperation following the formal presentation of Letters of Credence by Nigeria’s Ambassador to Côte d’Ivoire, His Excellency Ezenwa Chukwuemeka Nwaobiala.

The ceremony, held at the Presidential Palace in Abidjan on 18 June 2026, officially marked the commencement of Ambassador Nwaobiala’s diplomatic assignment after his appointment by President Bola Ahmed Tinubu. The envoy was accompanied by his wife, Lady Chidinma Nwaobiala, during the presentation to President Alassane Ouattara.

During the event, Ambassador Nwaobiala conveyed the goodwill of the Nigerian President to his Ivorian counterpart and reaffirmed Abuja’s commitment to strengthening the long-standing relationship between the two West African nations.

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According to a statement issued by the Ministry of Foreign Affairs, President Ouattara welcomed the Nigerian envoy and underscored the importance of the enduring friendship between both countries, expressing his willingness to work closely with the ambassador to expand cooperation in areas of shared interest, particularly regional integration and economic development.

The ceremony highlighted the strong diplomatic ties between Nigeria and Côte d’Ivoire and reinforced their common resolve to promote peace, stability and prosperity across the West African sub-region.

Speaking later at a reception organised in his honour by members of the Nigerian community in Côte d’Ivoire, Ambassador Nwaobiala reflected on the deep historical and cultural links between the two countries.

The ambassador also expressed appreciation to President Bola Ahmed Tinubu and the leadership of the Ministry of Foreign Affairs for the confidence placed in him, pledging to serve Nigeria with dedication and integrity.

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“Nigeria and Côte d’Ivoire are bound not only by geography, but by history, shared aspirations and an unwavering commitment to the ideals of African unity and prosperity.

“I express gratitude to President Bola Ahmed Tinubu and the leadership of the Ministry of Foreign Affairs for the confidence reposed in me and pledge to undertake my responsibility as Ambassador with humility, a sense of duty and firm resolve to advance the enduring interests of Nigeria while strengthening the bonds of friendship and partnership between the two brotherly nations”, he said.

Ambassador Nwaobiala further assured Nigerians and his host country of his determination to promote stronger cooperation and mutual understanding throughout his tenure.

He pledged his “commitment to fostering greater understanding, mutual respect and productive collaboration for the benefit of the peoples of the two countries,” while urging the international community to embrace dialogue and partnership as the foundation for global progress.

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“Nations around the world should continue to build bridges and partnerships, in place of walls and partitions”, he added.

His presentation of credentials comes as Nigeria continues to strengthen diplomatic engagement across Africa, with renewed emphasis on regional integration, economic cooperation and collective efforts to advance peace, security and sustainable development within the Economic Community of West African States (ECOWAS) and beyond.

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Nigeria Needs Policy and Legislative Resilience to Turn Reforms into Results, Says Hajiya Fatima Usman-Katsina

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Head Federal and National Assembly Affairs, Hajiya Fatima Y. Usman-Katsina has called on federal and state governments to adopt Policy and Legislative Resilience (PLR) as a practical framework to strengthen institutions, improve fiscal discipline, deepen citizen participation, and ensure that Nigeria’s ongoing reforms deliver measurable results.

Usman-Katsina said Nigeria is at a critical governance moment, with major reforms moving from legislation into implementation amid rising fiscal, political, security and development pressures.

She noted this in a statement she personally signed stating that” while laws and policies are important, their real value depends on the capacity of institutions to sustain implementation, adapt to changing realities, and remain focused on citizen-centred outcomes.

“Nigeria does not only need new laws and policies. It needs institutions that can sustain reforms, adapt under pressure and deliver measurable outcomes for citizens,” she said.

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According to her, Policy and Legislative Resilience refers to the ability of governments, particularly sub-national governments, to respond effectively to political, fiscal and development challenges through stronger policies, laws, regulations and implementation systems.

She explained that many well-intentioned policies fail not because they lack vision, but because the institutions responsible for implementation often lack the resilience, coordination, accountability and feedback mechanisms required to turn policy ambitions into results.

“Resilience is not a passive state, it is a matter of inner strength, determination, persistence and the willingness to look inward and move forward with clarity of purpose,” Usman-Katsina stated.

She observed that PLR is especially important for Nigerian states as they confront revenue pressures, rising expenditure obligations, service delivery gaps, security concerns and growing citizen expectations.

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She added that state governments must look inward, optimise existing revenue systems, eliminate bottlenecks, improve the quality of expenditure, and strengthen the link between budgets, laws, and visible development outcomes.

Usman-Katsina identified four core pillars of Policy and Legislative Resilience.The first is inclusive representation, communication and coordination, ensuring that governors, budget planners, legislators, MDAs and citizens are connected through credible consultation and feedback mechanisms.

The second is sustainable policy and legislative support, which requires continuous review, advocacy, regulatory stability and institutional routines that preserve reform objectives beyond political cycles.

The third is strengthened oversight, involving joint monitoring by communities, legislators and implementing agencies to improve accountability, reduce wastage and ensure that public spending produces tangible benefits.

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The fourth is internal optimisation and consolidation, which requires governments to identify savings, improve revenue collection, remove bottlenecks, streamline regulations and align state-level policies with national development priorities.

She stressed that citizen engagement must move beyond ceremonial consultation to become a standard part of policy design, budgeting, legislative review, implementation tracking and public accountability.

“Citizens are no longer passive recipients of policy. They are active stakeholders whose priorities, experiences and feedback must shape how laws are designed, budgets are prepared, and projects are implemented,” she said.

Usman-Katsina also called for community-led needs assessments to be institutionalised as part of legislative and budget processes, noting that policies become more resilient when they are rooted in the lived realities of communities.She further stated that Nigeria’s ongoing reform environment provides a timely opportunity to embed PLR into governance systems. She said reforms in taxation, public finance, social investment, security, health, human capital development and sub-national governance will only achieve lasting impact if supported by resilient institutions and measurable implementation frameworks.”PLR is about turning reforms into systems that last. Done right, it creates governance value chains that improve service delivery, attract investment, support local enterprise, strengthen inclusive security, raise incomes and expand employment,” she added.She urged governments, legislatures, MDAs, development partners, and civic actors to adopt PLR as a practical tool to improve policy implementation, legislative effectiveness, fiscal accountability, and citizen trust.Usman-Katsina concluded that Nigeria’s reform momentum must now be matched with resilient institutions, inclusive governance, evidence-based decision-making and a stronger culture of accountability.

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About Hajiya Fatima Y. Usman-Katsina

Hajiya Fatima Y. Usman-Katsina is Head, Federal and National Affairs. She is also the Pioneer Female Head of Peace and Inclusive Security at the Nigeria Governors’ Forum.

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