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Nigeria Imports Refined Petroleum Products Worth $28bn Yearly, Says Energy Consultant

By Derrick Bangura
The cost of importing petroleum products of all kinds into Nigeria has soared to over $28 billion on an annual basis, Blackgold Energy Authorities, an oil and gas consulting and advisory firm, has revealed.
The Principal Consultant, Blackgold, Dr. Oladunni Owo, disclosed this. Monday in Lagos at the ongoing two-day Nigerian Content Midstream/Downstream Oil and Gas Summit, with the theme: “Towards Maximising Potential in the Midstream and Downstream Oil & Gas Sector – A Local Content Perspective.”
This was just as the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, also disclosed at the event that Nigerian firm, Temile Development Company Limited, would this week sign an agreement with a South Korean shipbuilder, Hyundai Heavy Industries, for the construction of the second Liquefied Petroleum Gas (LPG) vessel under the $120 million contract earlier signed in 2018.
In her presentation at the summit, on the topic, “Challenges and opportunities in the Nigerian petroleum refining sector”, Owo put Nigeria’s per capita refining at 0.002 barrels per day, describing the situation as embarrassing.
“Nigeria’s total import for petroleum products is about $28 billion per annum. Nigeria is the largest producer of crude in Africa and the third-largest importer of refined products in Africa.
“Nigeria’s per capita refining is about 0.002 barrels per day, that’s very embarrassing,” she stated.
Owo stated that the country had not done enough in building refining capacity, saying in 2015, about 65 modular refinery licenses were approved by the federal government.
According to her, of those 65, only a few including Waltersmith Refinery and Niger Delta Refinery have commenced production.
She said the refining sector had been tainted with, “uncertainty due to adverse effect of regulator, subsidy, poor maintenance, general operational failure, inconsistencies, supply of feedstock, vandalization, piracy, all sorts, and all kinds.
“The objective of this is just to bring out the fact that our consumption is high and our import is also very high.”
Meanwhile, after the delivery of the first Liquefied Petroleum Gas (LPG) vessel in 2020, out of a two-vessel-building contract valued at over $120, signed in July 2018 between Nigerian oil and gas company, Temile Development Company Limited and South Korean shipbuilder, Hyundai Heavy Industries, will this week sign agreement for the construction of the second vessel.
Wabote, who disclosed this in his welcome address at the summit, said the agreement signing for the vessel construction between the two companies would be one of the key highlights of the World Gas Conference held this week in South Korea.
Wabote said that the vessel owned by a local indigenous company would further enhance the supply capability of the LPG across the country.
He explained that the agreement for the first vessel was signed in 2018 and that the vessel was delivered in 2020, noting that the agreement for the second vessel was a sign of self-propelled growth for Nigerian indigenous companies in the midstream and downstream sectors of the oil and gas industry.
“As you may be aware, the World Gas Conference is holding this week in South Korea. One of the key highlights of the event is the signing of the agreement to construct the 2nd LPG Vessel owned by a local indigenous company to further enhance the supply capability of the LPG across the country.
“Agreement for the first vessel was signed in 2018 and the vessel was delivered in 2020. I am pleased to note that agreement for the second vessel is being executed which is a sign of self-propelled growth for our indigenous companies in the midstream and downstream sectors of the industry”, Wabote stated.
He, however, said the initiatives put in place by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in line with the Decade of Gas declaration of the federal government was the National Gas Expansion Programme (NGEP) with three key elements namely Domestic LPG Expansion, Autogas, and Power Generation.
He said the Domestic LPG Expansion element of the program targeted 20 million homes to increase the country’s LPG penetration currently estimated at a national average of 13 percent.
He said a glimpse of the LPG value chain in the country presented another plethora of opportunities for which the board had also gone into partnership with some investors to develop different areas of the value chain.
The website maintained that the NCDMB’s touchpoints in the LPG value chain covered inland LPG production, LPG jetties/terminals, storage facilities, inland transportation, cylinders manufacturing, bottling, and retail.
He added that their partnership investments in the gas value-chain included a Partnership with NEDO Gas Processing Company in Kwale, Delta State, for the establishment of 80 million standard cubic feet per day (mmscfd) of gas processing plant and a 30mmscfd Kwale Gas Gathering hub.
Others, according to him included “partnership with Triansel Gas Limited in Koko, Delta State, for the 5,000MT LPG Storage and Loading Terminal Facility; Partnership with Brass Fertiliser for the development of a 10,000MT/day Methanol Plant at Odiama in Brass
“Partnership with Butane Energy to roll out LPG Bottling Plants and Depots in Abuja and 10 Northern States of Kano, Kaduna, Katsina, Bauchi, Nassarawa, Zamfara, Niger, Plateau, Gombe, and Jigawa states; Partnership with Southfield Petroleum for the establishment of 200MMscfd gas processing plant at Utorogu, Delta State to produce 123,000MTPA of LPG.
“This represents about 10 percent of current LPG demand nationwide which will be produced in-country instead of being imported; Partnership with MOB Integrated Services for the construction of the 500MT Inland LPG terminal which is currently in operation at Dikko, Niger State.
“The partnership includes the construction of a Cylinder Refurbishment plant, procurement of 80,000bottles of LPG Cylinders, and acquisition of distribution assets consisting of Bridgers, bobtails, and cylinder distribution trucks to enhance LPG penetration across the target catchment areas.”
The executive secretary said the board also had a partnership with Amal Technologies to set up a plant in Abuja for the production of Smart Gas/Smoke Detector Alarm devices that monitors and detects smoke and all types of gas leakages thereby enhancing the safe usage of LPG in our homes.
He expressed delighted that the African Petroleum Producers Organisation (APO) had signed a Memorandum of Understanding (MOU) with the African Export-Import Bank (Afreximbank) to set the ball rolling in addressing the funding challenge in the continent’s oil and gas sector
Wabote said that based on the board’s 10-year Strategic Roadmap to achieve the 70 percent Nigerian Content target in the Nigerian oil and gas industry by the year 2027, the midstream and downstream sectors of the industry represented key areas to derive and extract value to meet their set target.
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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
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Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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