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Energy Crisis Looms as Experts Push Reforms, Cash Support for Nigerians
Energy experts have raised fresh concerns over a looming crisis in Nigeria’s energy sector, urging urgent reforms and targeted cash transfers to cushion the impact of rising fuel prices on vulnerable citizens.
The warning comes amid continued volatility in global oil markets, driven by geopolitical tensions between the United States and Iran, which have pushed up crude oil prices and worsened domestic fuel costs.
The call was made ahead of the 19th annual international conference of the Nigerian Association for Energy Economics, scheduled to hold in Lagos from April 26 to 29, 2026.
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The event will bring together policymakers, regulators, investors, academics, and development partners to deliberate on the implications of global energy shocks on African economies.
A former president of the association, Adeola Adenikinju, described the situation as a “two-edged sword,” noting that while Nigeria could benefit from increased oil revenues, the same trend is deepening economic hardship for citizens.
According to him, rising petrol prices have triggered increases in transportation fares and inflation, placing significant pressure on low-income households.
“This is the time that Nigeria should say, ‘Look, we are sending some cash to those poor people who are vulnerable,’” he said.
Adenikinju, however, identified the absence of a reliable and comprehensive database of vulnerable Nigerians as a major policy gap, warning that it continues to hinder the effective implementation of targeted social interventions.
“If we have the data of all the poor people, this is the time that Nigeria should send some cash to those who are vulnerable, but we don’t have the data,” he added.
He further noted that recent increases in allowances for civil servants may provide limited relief but exclude millions of Nigerians in the private and informal sectors, stressing the need for coordinated efforts between federal and state governments to design broader and more inclusive support mechanisms.
Beyond immediate intervention, the economist called for structural reforms aimed at strengthening Nigeria’s social protection systems and improving its capacity to respond to external economic shocks.
Also speaking, the association’s president, Hassan Mahmud, said the conference comes at a critical time when Africa faces the challenge of balancing energy security, affordability, and sustainability amid a global transition to cleaner energy.
He noted that discussions would explore how emerging technologies such as renewable energy, energy storage, and digital systems can shape the continent’s energy future, alongside economic frameworks and public policies needed to attract investment and drive industrialisation.
Mahmud highlighted concerns that Africa, despite contributing less than four per cent of global carbon emissions, is facing increasing pressure to decarbonise without adequate financing or technological support.
According to him, the conference is designed to reposition the energy transition as an opportunity for economic growth, job creation, and poverty reduction rather than a constraint on development.
Participants are expected to engage in high-level plenary sessions, technical discussions on energy markets and policy reforms, industry showcases highlighting innovation across the energy value chain, and strategic dialogues aimed at producing actionable policy recommendations for governments and institutions across the continent.
The event will also feature a technical visit to the Dangote Refinery, described as the largest single-train refinery in the world, to provide first-hand insight into Nigeria’s refining capacity and its role in strengthening energy security in West Africa.
High-profile participants expected at the conference include billionaire businessman Tony Elumelu; the Chief Executive of the Dangote Group, David Bird; a former Minister of Power, Barth Nnaji; alongside energy regulators and other key stakeholders.
Adding to the policy debate, another former president of the association, Yinka Omorogbe, called for a fundamental shift in Nigeria’s energy strategy, particularly towards strengthening the downstream sector.
She criticised the country’s overreliance on crude oil exports, describing the upstream sector as an enclave industry with limited job creation potential.
“When you now open up the downstream and really make it functional and viable, you have industries throwing in hundreds of thousands of jobs into Nigeria,” she said.
Omorogbe emphasised that boosting domestic refining capacity would reduce dependence on fuel imports, create employment opportunities, and stabilise energy costs, warning that failure to act could expose Nigerians to even higher fuel prices.
Stakeholders are also expected to examine how Africa can leverage its vast hydrocarbon resources alongside its renewable energy potential to drive a pragmatic and inclusive energy transition.
The association further called on members of the media, private sector players, and development institutions to actively participate in amplifying the outcomes of the conference, noting that its resolutions are expected to influence policy direction and investment decisions across Africa’s energy sector.
The Nigeria LNG Limited (NLNG) has honoured former Minister of Power, Prof. Bart Nnaji, on the occasion of his 70th birthday, for his enduring contributions to science, innovation and the development of The Nigeria Prize for Science and Innovation.
At a colloquium organised in his honour, the company highlighted Nnaji’s more than two decades of involvement in the growth, governance and international recognition of the Prize, describing him as one of its earliest advocates and a key figure in its evolution.
Speaking at the event, the Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, represented by the General Manager, External Relations and Sustainable Development, Sophia Horsfall, said Nnaji had remained a pillar of the initiative since its inception in 2004.
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According to Horsfall, the renowned engineer and academic has provided intellectual leadership, strategic direction and sustained advocacy that have helped shape the Prize’s vision, strengthen its credibility and advance its role in promoting scientific innovation and national development.
She recalled that Nnaji delivered the keynote address at the inaugural Grand Award Night held in Abuja on October 9, 2004, where he spoke on “Leapfrogging Science and Technology in Nigeria.” She noted that the address reinforced the founding objective of the Prize and helped raise awareness of the initiative among scientists, policymakers and other stakeholders.
Sahara Group is convening policymakers, industry leaders, investors, academia, and media professionals to advance practical solutions for Africa’s evolving energy landscape.
Scheduled for Wednesday, July 22, 2026, in Lagos, this year’s Asharami Square, a flagship thought leadership platform, is themed “Energising Africa’s Future: Legacy, Impact, and Transformation.”
The platform will spotlight the ideas, partnerships, and policy frameworks required to accelerate sustainable energy development across the continent.
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Building on the success of previous editions, Asharami Square 3.0 will examine how collaboration across government, industry, finance, and the media can unlock investment, strengthen infrastructure, and expand access while supporting Africa’s energy transition.
According to Bethel Obioma, Head, Corporate Communications, Sahara Group, the platform reflects Sahara Group’s commitment to driving impactful conversations that translate into real outcomes.
“Africa’s energy future will be shaped by the strength of our partnerships and our ability to turn dialogue into action. Asharami Square continues to provide a platform for convening diverse perspectives, advancing informed discourse, and driving the decisions that will influence policy, investment, and long-term development across the continent.
As we look Beyond XXX, our focus remains on investing in the ideas, partnerships, and platforms that will help shape a sustainable energy future for Africa.”
Also speaking, Ejiro Gray, Director, Governance and Sustainability, Sahara Group, emphasised the importance of grounding energy conversations in context and practical realities.
“Africa’s energy transition must be defined by solutions that reflect our unique realities. Asharami Square plays a critical role in bridging technical expertise and public understanding, ensuring that conversations around energy, sustainability, and development are anchored in evidence, context, and impact.
Through initiatives like Asharami Square, we continue to advance our Beyond XXX philosophy by supporting credible dialogue and strengthening the ecosystems that drive sustainable progress.”
The event will feature a keynote address by Sadiq Wanka, Special Adviser to the President of Nigeria on Power Infrastructure, alongside a high-level panel including Professor Abigail Ndisika, Director, Institute of Continuing Education (ICE), University of Lagos; Temitope George, CEO, Lagos State Electricity Regulatory Commission (LASERC); Adebiyi Olusolape, Associate Editor, Africa, Argus Media; and Kemi Awodein, Managing Director, Investment Banking, Chapel Hill Denham.
A key highlight of this year’s programme will be the unveiling of the Asharami Square Energy Reporting Fellowship Judging Panel, reinforcing Sahara Group’s commitment to strengthening credible, solutions-focused journalism that deepens public understanding of Africa’s energy transition.
Since its maiden edition in 2024, Asharami Square has facilitated informed dialogue and effective media advocacy to enhance energy transition and sustainability in Africa.
Through the platform and the newly launched Asharami Energy Reporting Fellowship, Sahara Group continues to advance its Beyond XXX vision by investing in the ideas, people, and platforms that will help shape Africa’s energy future, while reinforcing its commitment to bringing energy to life responsibly.
Critical stakeholders are lamenting that fuel importers, licensed by the Nigerian government, are selling imported premium motor spirit (PMS) also known as petrol around N200 per litre, above what local refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP) is selling.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that the importers including Matrix, AA Rano, Hayden among others have started pricing imported petrol significantly above the rates offered by the DPRP, raising concerns over the effectiveness of the government’s import licensing policy.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, said independent marketers had expected the import licences to serve as a check on domestic fuel pricing but are now shocked to find out that the policy had failed to deliver the desired outcome.
“The independent marketers of Nigeria have looked at the price volatility, the issue of the import license, the issue of sales of petroleum products and dollar, and holistically I will want to use the opportunity to urge the federal government to look into this thing transparently through NMDPRA, who is the authority of the industry,” he said.
According to him, the recent import licences issued to marketers have not helped reduce fuel prices as anticipated.
“The recent import licenses, which are termed to be used as a guiding principle or a check to domestic petroleum products being refined here in Nigeria, is not yielding the results as was expected by the independent marketers,” he stated.
Ukadike expressed surprise that some importers were reportedly selling imported petrol at about N1,350 per litre, despite lower prices from the DPRP.
“We were shocked, even as I am talking to you now, that the licenses that have been given to AA Rano, Matrix and all the rest of them to be able to import petroleum products are trying to peg the price of petroleum products at N1,350, which is far, far distant from what Dangote has been selling to us,” he said.
He further questioned the quality and pricing of imported products, insisting that the policy was undermining the purpose for which the licences were granted.
“The essence of NNPC or NMDPRA or the federal government opening up this import license is also to checkmate the domestic price of petroleum products, whereas where we find out that these products are being brought into this country, one, their qualities are questionable, two, their prices are higher,” Ukadike added.
The IPMAN spokesman also warned that continued fuel importation at higher prices was increasing pressure on Nigeria’s foreign exchange market, with the naira approaching N1,400 to the US dollar.
He argued that imported petroleum products priced using the international PLATTS benchmark were about 20 percent more expensive than products supplied by the DPRP, making imports less competitive.
Ukadike urged the Federal Government to sustain the sale of crude oil to the Dangote refinery in naira, saying the arrangement would help stabilise domestic fuel prices, reduce demand for foreign exchange and ease pressure on the local currency.
He also cautioned against what he described as the indiscriminate issuance of import licences, warning that such a policy could ultimately lead to higher pump prices for consumers instead of promoting competition.
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