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Petrol, diesel vessels arrive Nigeria amid price surge

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As Nigerians contend with rising petrol prices, vessels carrying 129,000 metric tonnes of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) are expected to dock at Lagos Ports between March 14 and 17, 2026, The PUNCH reports.

This came as officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority explained why some importers were still importing PMS despite the agency’s position that no petrol import licence had been issued this year.

According to the Nigerian Ports Authority’s Shipping Position Daily obtained on Monday, a vessel, Mosunmola, carrying 20,000MT of PMS, arrived at Lagos Ports via the Bulk Oil Plant on Sunday, March 14, 2026. Another vessel, Kobe, with 22,000MT of AGO, docked at Kirikiri Lighter Terminal Phase 2, Tin Can Island Port, on the same day.

On Tuesday, March 17, Bora is scheduled to arrive at Kirikiri Lighter Terminal 3B with 27,000MT of PMS, while Ashabi will bring 30,000MT of AGO to the same terminal.

Additionally, Oluwajuwonlo offloaded 15,000MT of PMS at Calabar Ports through Ecomarine Nigeria Limited on Sunday, March 15. Mosunmola will also deliver 15,000MT of PMS to Calabar Ports via a North West Petroleum Gas Co Limited terminal on March 17.

The vessel arrivals coincide with ongoing fuel price hikes nationwide. Nigerians currently face surging petrol costs after Dangote Petroleum Refinery raised its gantry price for PMS to N1,175 per litre, pushing retail prices above N1,200 per litre. The increase has affected transport fares and driven up the cost of goods and services nationwide.

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Economic analysts, labour unions, and private sector leaders have called on the Federal Government to provide relief measures, citing rising crude oil prices driven by escalating tensions between the United States and Iran. Some stakeholders suggested subsidising petrol to mitigate the impact on citizens and businesses, warning that continued price increases could exacerbate inflation.

Petrol prices have reached between N1,200 and N1,300 per litre in several areas, with projections suggesting costs could exceed N1,500 or approach N2,000 per litre if the Middle East crisis persists.

Marketers speak

The Independent Petroleum Marketers Association of Nigeria confirmed that independent marketers are prepared to lift imported products to ensure availability and competition.

IPMAN spokesperson Chinedu Ukadike said, “We, the independent marketers, are always on the receiving side. Wherever the product is coming from, and it is in the tanks of depot owners or NNPC, we will buy it. The most important thing is availability.

“If NMDPRA made a statement categorically that there is no import licence, I don’t know where this one is coming from. But we are ready to receive the products and sell. Maybe that will also breed competition, and this price volatility may have sustainability. So, I think it is also a welcome development.”

Ukadike added that the vessels might be operating under licences issued long ago and that delays at sea—particularly around the Strait of Hormuz—may explain their late arrival.

“It might also be an old importation licence issued since last year. It is acceptable. The imported products would not have any impact on prices unless the price of crude oil declines. The price depends on the volume and cost of the product because there is nothing like a reduction in prices when Brent is still selling for over $100,” he said.

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NMDPRA explains imports

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has clarified that no import licences were issued in the first quarter of 2026, asserting that shortfalls in February were covered by leftover stocks from January and existing refinery output.

While IPMAN and other stakeholders supported the halt on fuel import licences, major dealers and importers argued that imports were still necessary to meet national demand. February figures show Dangote refinery produced an average of 36 million litres per day, while national consumption was about 56 million litres per day, leaving an apparent gap.

A source within NMDPRA, speaking on condition of anonymity due to the lack of authorisation to speak on the matter, explained that the refinery’s unsold stocks were rolled over due to weather-related export delays in Europe at the end of 2025, closing the supply gap in February.

“The shortfall rolled over from previous stocks. These things are simple. Our fact sheets are published monthly. There were rollover stocks. Dangote didn’t export for a long time towards the end of last year. So, it was those rolled-over stocks that it supplied. Both marketers and Dangote are only jostling for market shares. Has there been a shortage? No!” the source said.

The regulator also refuted online claims that new licences had been issued, noting that licences are granted quarterly. “Those that were issued towards the end of last year were still being used. A licence for importation is not like taking money to the supermarket. It takes time for vessels to arrive. We have not issued any import licence this year,” the official said.

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Nigeria has historically relied on imported refined petroleum products due to limited domestic refining capacity. However, the operational Dangote refinery, producing 650,000 barrels per day, has shifted the downstream dynamics. NMDPRA confirmed that domestic refineries supplied 36.5 million litres per day in February 2026, with imports contributing just three million litres, representing roughly 92 per cent of the national daily supply.

Chief Executive of NMDPRA, Saidu Mohammed, warned against returning to heavy import dependence. “We have not issued a single licence for petrol importation this year. Some interests still push for large-scale importation despite our progress in domestic refining,” he said during a meeting with a PUNCH delegation at the agency’s Abuja headquarters.

The recent vessel arrivals, while ensuring availability, largely reflect past import licences and logistical delays, rather than new authorisations from NMDPRA.

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Oshiomhole seeks ban on MTN, DSTV, read why

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The senator representing Edo North, Adams Oshiomhole, on Tuesday called for the revocation of licences of South African companies operating in Nigeria, including MTN and MultiChoice, owners of DSTV, following renewed xenophobic attacks against Nigerians in South Africa.

The call came as the National Assembly condemned the latest wave of attacks, urging the Federal Government to take immediate diplomatic and protective measures to safeguard Nigerian citizens abroad.

Speaking during plenary, Oshiomhole said Nigeria must respond firmly, invoking the principle of reciprocity in international relations.

He said, “I don’t want this Senate to be shedding tears, to sympathise with those who have died. We didn’t come here to share tears.

“If you hit me, I’ll hit you. I think it is appropriate in diplomacy. It’s an economic struggle.”

The former Edo State governor proposed that Nigeria should nationalise MTN and withdraw its operating licence, arguing that the company repatriates significant revenue while Nigerians face hostility in South Africa.

“This Senate should adopt a position that MTN, a South African company that is cutting away millions of dollars from Nigeria every day, should have Nigeria nationalise it and withdraw its licence,” he said.

According to him, such action would not only serve as a deterrent but also create opportunities for indigenous firms, amid what he described as economic and social targeting of Nigerians abroad.

He extended the call to MultiChoice, urging the Federal Government to revoke DSTV’s licence over alleged exploitative practices.

“I call on the Federal Government to revoke DSTV, which is also a South African company that is cutting away millions of dollars,” he said.

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Oshiomhole linked the recurring tensions to domestic political dynamics in South Africa, noting that anti-immigrant rhetoric had become a feature of its politics and was shaping public attitudes toward foreign nationals, including Nigerians.

“When we hit back, the president of South Africa will go on his knees to recognise that Nigerians cannot be intimidated,” he said.

The senator made the remarks while contributing to a motion sponsored by Osita Izunaso, which was read on the floor by Aniekan Bassey under Senate rules on matters of urgent public importance.

Titled “A call for urgent national diplomatic and humanitarian action to defend the dignity, safety and honour of Nigerian citizens,” the motion highlighted growing concerns over the safety of Nigerians in South Africa.

Also speaking, Senator Victor Umeh described the situation as alarming, warning that Nigerians were living in fear.

“It is worrisome. They are hiding for their lives. They can’t move freely. This is a situation where people are paying good with evil,” he said, referencing Nigeria’s historical support for the anti-apartheid struggle.

Umeh called on the African Union to intervene and impose sanctions, warning that Nigeria could no longer tolerate attacks on its citizens.

“The AU, of which South Africa is a member, should rise now and impose necessary sanctions,” he said, adding that “we cannot allow this to continue.”

Oshiomhole, however, doubled down on calls for economic retaliation, arguing that Nigeria must move beyond rhetoric.

“I don’t want this Senate to be shedding tears to sympathise with those who have died. We didn’t come here to shed tears. I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

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He further argued that Nigerians should take advantage of opportunities in the local economy, currently dominated by foreign firms.

Senator Abdul Ningi warned South Africans over recent attacks on Nigerians, threatening that the country would take the fight to their territory.

“If a crime has been committed under the South African law, they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that.

“If these things continue, we have alternatives, we have options, and therefore, these words should be sent across South Africa. We know where South Africans are, not only in Nigeria but all over Africa, and we can take this fight to their territory,” he said.

Speaking, the Senate President, Godswill Akpabio, decried the attack, adding that the National Assembly would send a joint team to meet with the South-African parliament on the matter.

“This is just not acceptable, this is barbaric, this is cruel, this is unheard of, this is strange behaviour, and we’re not seeing action from the government of South Africa. These are aspects that annoy me,” Akpabio said.

The development underscores mounting pressure on the Federal Government to adopt a tougher stance, as recurring xenophobic violence in South Africa continues to strain diplomatic relations and provoke calls for both economic countermeasures and stronger protections for Nigerians abroad.

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Naira gains, trades 1,365/$ at official FX market

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…NFEM rate — N1,365.2474/$

…Naira strengthens by at least N9

…Black market (Buying and selling rates) — N1,390 — N1,400

The Nigerian naira strengthened against the United States (US) dollar, trading at N1,365.2474 at the Central Bank of Nigeria (CBN) official foreign exchange window on Monday, 4th May, 2026.

According to the data shared on the official platform of the Central Bank of Nigeria (CBN), the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,365.2474 per dollar and closed at N1,367.5000 per dollar.

Tribune Online reports that the Nigerian currency traded at an NFEM rate of N1,374.9431 on 30th April 2026, which was the previous trading date. Comparing this with the trading rate on Monday, the naira strengthened by at least N9.

At the parallel market, the naira-to-dollar buying rate decreased by N3, while the selling rate increased by N2, compared with the previous trading rate on 30th April, 2026.

According to Aboki FX, the Naira-to-dollar exchange rate at the black market on Monday, 4th May, 2026, was N1,390 for the buying rate and N1,400 per dollar for the selling rate.

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Experts promote rabbit value chain investment

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Experts in animal production have identified rabbit farming as a viable avenue for economic growth, job creation, and improved nutrition in Nigeria.

The experts made this known during a public lecture held at the Bauchi State College of Agriculture on Friday as part of activities marking Rabbit Appetite Day.

Speaking at the event, a registered animal scientist and lecturer at the Federal Polytechnic Damaturu, Sani Muazu, said there was a need to promote both the consumption and commercial production of rabbits across the country.

He described rabbit production as a largely untapped but promising sector capable of contributing significantly to Nigeria’s economy.

“Rabbit farming in Nigeria is still underdeveloped, with only about three to five per cent of the population engaged in the enterprise, mostly at small-scale family levels where farmers keep an average of two to seven breeding females. Despite this, the sector offers vast opportunities for expansion and commercialisation,” he said.

Muazu noted that rabbits are highly productive animals, with a gestation period of about 30 days and the capacity to produce up to 20 or more offspring annually.

He added that their low feeding and housing requirements make them suitable for students, smallholder farmers, and urban residents seeking alternative sources of income.

According to him, rabbit production extends beyond farming to other economic activities such as breeding, feed supply, veterinary services, processing, and marketing.

He also highlighted the nutritional value of rabbit meat, describing it as rich in protein, low in fat, and suitable for addressing protein deficiency in the country.

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On environmental sustainability, Muazu said rabbits require less land and water and emit fewer greenhouse gases compared to larger livestock, making them suitable for climate-smart agriculture, particularly in semi-arid regions.

However, he identified low public awareness and high mortality rates among young rabbits as major challenges hindering the sector’s growth.

He urged students and youths to take advantage of opportunities in rabbit farming by starting small-scale ventures that could grow into profitable agribusinesses, while calling on government and private sector players to invest in the development of the rabbit value chain.

In his remarks, the Provost of the Bauchi State College of Agriculture, Dr Ahmed Isah, described the event as timely and impactful, noting that it would encourage students to embrace self-employment through agriculture.

“Such initiatives are critical in addressing unemployment. Graduates can become employers of labour through ventures like rabbit farming,” he said.

He also encouraged members of the public to engage in rabbit production, describing it as a profitable and easy-to-start enterprise with the potential to improve livelihoods and boost the nation’s economy.

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