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OIL AND GAS SECTOR
Nigeria to Launch 2025 Licensing Round on December 1
The NUPRC will commence the 2025 Licensing Round on December 1, 2025, following President Tinubu's approval under the Petroleum Industry Act. With crude output averaging 1.71 MMBOPD, over 60 rigs active, and 46 FDPs approved this year, the move signals strong upstream momentum and new investment opportunities in Nigeria's oil and gas sector.
Nigeria to Deploy 500 CNG Stations in 3-Year Clean Energy Push
Nigeria plans to establish 500 new CNG refueling stations nationwide within three years through a partnership between MDGIF, Endurance Group, BOI, and Séquor Investment Partners. The initiative, backed by a government-led SPV, aims to accelerate the shift to cleaner fuels by building integrated CNG infrastructure and virtual pipelines across all states.
Federal Government Suspends Implementation of 15% Import Duty on Petrol
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently announced the suspension of the previously approved 15 percent ad-valorem import duty on imported Premium Motor Spirit (PMS), or petrol, and diesel
Dangote Refinery Partners with Honeywell for $250m Expansion to 1.4m bpd by 2028
Dangote Petroleum Refinery has partnered with US-based Honeywell to expand capacity to 1.4 million barrels per day by 2028, aiming to become the world's largest single-location refinery. Honeywell will provide advanced catalysts, equipment, and technology, including Oleflex for petrochemicals, enabling Dangote to process more crude grades, improve efficiency, and scale polypropylene production to 2.4 million MT annually.
NNPC Sets June 2026 Deadline for Refinery Technical Partners, Signals Major Upgrades
Nigerian National Petroleum Company Limited (NNPCL) aims to finalise technical partners for the Port Harcourt, Warri, and Kaduna refineries by June 2026, focusing on private entities with operational refinery experience to lead upgrades while NNPC complements capacity. Plans may include hybrid plant redesigns to meet global fuel standards, with details expected by mid-2026. Alongside this, Nigeria's crude output is projected to rise to 1.7mbpd in 2025, 1.8mbpd in 2026, and 2mbpd by 2027, supported by stronger JV financing and new upstream investments. NNPCL also reported a record N5.4tn profit under its full commercial CAMA structure.
NNPCL Reports 64% Profit Surge, Eyes $60bn Investment Drive to 2030
NNPCL posted a Profit After Tax of N5.4 trillion for 2024, up 64% from 2023, supported by higher production, cost controls, downstream reforms, and operational efficiency. Revenue reached N45.1 trillion, reflecting the success of its commercial transformation under the PIA. The company unveiled a 2030 growth roadmap, targeting $60bn in investments across upstream, midstream, and downstream sectors, with crude output set to reach 2 million bpd by 2027 and 3 million bpd by 2030, and gas supply rising to 10– 12 bscf/d. For clients, this highlights a more commercially driven NOC, expanded investment capacity, and growing opportunities in upstream projects, gas infrastructure, and energy transition partnerships.
ELECTRICITY SECTOR
Nigeria's Metering Rate Hits 55% as Discos Add Over 147,000 Meters in Two Months
Nigeria's metering rate rose slightly to 55.01% in August as Discos installed 147,671 meters in two months, NERC data shows. While Ikeja, Eko, and Abuja lead with rates above 70%, northern Discos like Yola and Jos remain below 30%, leaving 45% of customers on estimated billing. Client Impact: Persistent gaps signal revenue risk and consumer dissatisfaction, creating opportunities for meter financing, deployment partnerships, and techdriven rollout solutions.
States Set to Sign Power Deals with Gencos to Utilise 9,000MW Stranded Electricity
Nigeria's 36 states plan bilateral contracts with generation companies (Gencos) to tap into over 9,000MW of stranded capacity out of the country's 13,000MW generation potential, currently underutilized due to transmission bottlenecks. Under the Electricity Act 2023, states are moving to establish regulatory frameworks and guarantee full-cost payment for delivered power, eliminating subsidies to attract private investment. This approach aims to bypass the Nigerian Bulk Electricity Trading Plc (NBET) and create direct Power Purchase Agreements (PPAs) with Gencos, unlocking modular energy projects and improving supply reliability at the subnational level.
Solar Energy: Experts Push $2.5 Billion Carbon Market Opportunity for Nigeria
Energy and climate experts are urging the Federal Government to accelerate large-scale solar deployment, citing a potential $2.5 billion annual carbon market opportunity. They argue that solar expansion is Nigeria's fastest route to reducing emissions, achieving its net-zero target by 2060, and monetizing avoided emissions through carbon credits. Despite strong solar potential, installed capacity remains below 2% of demand.
FG, Quaint Energy Partner on 8MW Hydropower Projects in Oyo and Kogi
The Federal Government and Quaint Energy have signed a concession agreement for two hydropower projects totaling 8MW, the 6MW Ikere Gorge project in Oyo State and the 2MW Omi-Kampe project in Kogi State. The partnership aims to attract private investment, unlock renewable energy potential, and provide reliable, sustainable electricity to surrounding communities. The projects are expected to stimulate local economic activity, support agricultural processing, small industries, and social infrastructure, while advancing rural transformation.
MINING SECTOR
Benue Discovers Gold, Aluminium Deposits, Moves to End Illegal Mining and Court Investors
Benue State has confirmed the discovery of gold in Kwande LGA and aluminium along riverine areas, positioning the state for a stronger role in Nigeria's solid minerals sector. The government, which previously imposed a ban on mining due to insecurity, is now setting up a regulatory board to curb illegal operations and attract credible investors. Officials describe the find as a potential game-changer for revenue generation and job creation, urging partnerships to establish industries and ensure compliance with global best practices. The administration plans strict oversight to balance economic growth with environmental protection.
Ministry of Steel Development Launches Stateof-the-Art Enterprise Content Management System
The Ministry of Steel Development has officially launched its Enterprise Content Management System (ECMS) and gone live on the 1-Gov Platform, marking a major step toward digital governance. The system will digitize records, automate workflows, and enhance secure data access, reducing reliance on paper-based processes and improving collaboration. Minister Prince Shuaibu Abubakar Audu described the initiative as pivotal for efficiency, transparency, and service delivery in revitalizing Nigeria's steel sector. The move aligns with the One-Gov reform, enabling integrated operations across MDAs for better data sharing and accountability.
FG Signs MoU to Produce Military Hardware, Build Military Industrial Complex at Ajaokuta
The Federal Government has signed a landmark MoU between the Ministry of Steel Development and the Ministry of Defence to commence local production of military hardware and establish a Military Industrial Complex at Ajaokuta Steel Territory, Kogi State. The agreement, also involving DICON and Ajaokuta Steel Company, will repurpose engineering workshops for manufacturing bullets, helmets, vests, and rifles, while allocating land for defence facilities. Ministers Prince Shuaibu Audu and Bello Matawalle described the move as historic, aligning with the Renewed Hope Agenda to boost security, create jobs, and drive industrialisation. Officials say the initiative will position Nigeria for self-sufficiency in defence production and strengthen its security architecture.
INFRASTRUCTURE SECTOR
Lagos Begins Eight-Month Overhaul of LekkiAjah Corridor
The Lagos State Government has commenced an eight-month reconstruction of the Lekki-Ajah corridor, a critical route plagued by heavy traffic. The project, running from November 15, 2025, to July 15, 2026, will be executed in two phases to minimize disruption. Phase One covers the stretch from the first to second toll gate, divided into seven segments, while Phase Two spans from the second toll gate to Ajah under-bridge, split into four sections. During repairs, one lane will remain open to maintain traffic flow.
SEC, FMBN Launch Sharia-Compliant Home Financing to Address 28 million Housing Deficit
The Securities and Exchange Commission (SEC) and Federal Mortgage Bank of Nigeria (FMBN) have unveiled a Non-Interest Mortgage (NIM) initiative to tackle Nigeria's housing shortfall of over 28 million units. The scheme introduces Sharia-compliant financing to enable millions excluded by traditional interest-based systems to access homeownership. SEC will provide a regulatory framework for Sukuk issuances and non-interest mortgage-backed securities, attracting ethical investors and unlocking longterm housing finance.
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