Business
Fuel Scarcity: Apprehension grips Nigerians as MTN, Airtel issues 24 hours shutdown ultimatum
…Banks and domestic airline activities disrupted
By Yemie ADEOYE
LAGOS-THE lingering petrol scarcity in Nigeria which is swiftly grinding the economy to a halt seems about to take a new dimension as major mobile telecoms operators in the country have announced a shutdown of operations in 24 hours if the situation is not reversed.
Their counterparts in the banking and aviation sectors have also commenced major disruption of activities due to lack of requisite fuel to power their operations.
Several Nigerians took to the social media over the weekend to express their apprehension over news making the rounds that MTN and Airtel, two major telecoms operators in the country have started notifying their subscribers of the imminent shutdown within the next 24 hours if the fuel situation remains the same.
Reacting to the lingering fuel crises, Airtel said yesterday that the situation was impacting negatively on its commitments to delivering quality services and seamless telephony experience to Nigerians.
“We are currently doing everything within our means, as well as going the extra mile, to ensure that all our base stations and switches are up and running.
“It is sad to note that it is becoming increasingly difficult to replenish current stock of diesel due to the lingering scarcity of the products.
“We are also concerned that, if the situation persists, it may have adverse effects on our network, impacting both voice and data services.
“Airtel, therefore, wishes to assure all customers that we will continue working with all our partners and stakeholders to mitigate any negative impact, as we remain committed to our promise of providing exceptional services just as we seek the cooperation and understanding of all while apologising for any inconvenience at this time.”
Similarly, MTN, Nigeria’s largest mobile telecoms provider has warned that its network faces imminent shutdown due to fuel shortages that have crippled the nation.
“If diesel supplies are not received within the next 24 hours, the network will be seriously degraded and customers will feel the impact,” it added on its Twitter account, @MTNNG, at the weekend.
“Diesel generators power most of MTN’s base stations and switches across the country, but fuel supplies are running low,”
Some Nigerians who responded to our enquiry opined that for the telecoms industry to shutdown would result in dire consequences for the already suffering masses.
Jerry Inyang, a Lagos based lawyer noted on his twitter handle that with the shutdown of every other means of living, the only practical aid that helps people get by in this emergency situation is mobile telephony. “The moment this subscribers shutdown it’s going to be horrendous for millions of Nigerians. Don’t forget that between MTN and Airtel alone they control about 80 million subscribers and this could lead to further discomfort as people will no longer be able to communicate especially during emergencies and that could lead to frustration and chaos.
Already Arik Air and Aero Contractors two leading Airline companies in the country disrupted flight activities for several of their passengers over the weekend as several of their scheduled flights from various airports in the country were suspended, while there are strong indications that their other counterparts have started canceling and suspending flights accordingly due to lack of Jet Fuel.
The Banking sector is not left out as not a few banks have had reason to alert their customer of an imminent shutdown in the next couple of days.
GT Bank, a leading commercial bank in the country has already notified its staff and customers of a 1p.m closure in all its branches with effect from Monday due to fuel scarcity.
Meanwhile, the National Union of Petroleum and Natural Gas Workers, Nupeng, Lagos state chapter has placed the blame of the scarcity at the doorstep of the marketers noting that they appear to have products in their various tank farms, but have suspended loading, hence tanker drivers are unable to load. Tokunbo Korodo, Chairman, Lagos state chapter confirmed this during an interview early Monday morning.
He noted that Nupeng members are not on strike except the NNPC chapter of the union and that their reason was quite different from the ongoing national crises. He affirmed that any marketer who opens its depot would have trucks trooping in with the willingness and readiness to load products.
He also chided Mr. Ifeanyi Ubah for not releasing products before this time, claiming he may have done that for political reasons, as the products capital oil is distributing belongs to the federal government. He assured Nigerians that a major stakeholders meeting has been scheduled for Monday in Abuja with the intentions of finding a lasting solution to the lingering fuel crises.
Lagos State Governor, Babajide Sanwo-Olu, has called for stronger international investment partnerships as he pitched Lagos as a strategic gateway for global investment into Africa.
Sanwo-Olu made the call while speaking at the Global Africa Business Initiative’s Unstoppable Africa 2026 in New York, where global business leaders, investors, policymakers and heads of government gathered to discuss ways of strengthening African businesses and expanding the continent’s economies.
The 2026 edition of the event was held on September 20 and 21 at the New York Marriott Marquis, on the sidelines of the opening of the 81st United Nations General Assembly.
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The governor highlighted Lagos’ large population, expanding market, infrastructure needs, entrepreneurial ecosystem and strategic position as key factors that create opportunities for investors seeking to participate in Africa’s economic growth.
Sanwo-Olu stressed that Lagos’ growing global relevance should translate into tangible benefits for residents through investments in infrastructure, transportation, healthcare, enterprise development and other sectors.
He said the state remained open to international capital, strategic partnerships and private-sector participation, with the goal of building partnerships capable of delivering measurable economic value across Lagos.
According to the governor, Lagos is pursuing a development agenda that combines long-term economic growth with efforts to address the everyday needs of its residents while creating an environment where businesses can establish, expand and compete.
A key feature of the governor’s presentation was the promotion of Invest Lagos, the flagship investment promotion initiative of the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The engagement followed the successful Invest Lagos 3.0 summit held in Lagos in June under the theme, “Lagos: The Business Gateway to Africa.”
The summit brought together global investors, policymakers, development institutions and business leaders to explore opportunities in infrastructure, manufacturing, technology, trade, finance and the creative economy.
Sanwo-Olu’s participation at Unstoppable Africa 2026 further provided an international platform for Lagos to showcase its investment opportunities and seek partnerships aimed at attracting global capital to the state.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
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According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
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