The International Energy Agency (IEA) has admitted Nigeria as an Association country.

The development, Biztellers reports has been well received by the Nigerian authorities led the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, who described it as a major milestone that will strengthen the country’s role in global energy governance while supporting its drive for universal energy access, industrialisation and sustainable development.

Ekpo’s positive sentiments were expressed in a statement on Thursday by his spokesman, Louis Ibah, who noted that the unanimous decision of the IEA Governing Board to admit Nigeria reflects the country’s increasing strategic importance in the global energy sector.

The minister said Nigeria’s membership would open new opportunities for collaboration with the world’s leading energy body, giving the country greater access to global expertise, research, policy guidance and investment partnerships needed to transform its energy sector.

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“I am elated by the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country.

“It is an honour for Nigeria to join this leading energy agency. I also encourage other African countries to deepen their engagement with the IEA as we work together to achieve key development goals, including universal energy access and industrialisation”, Ekpo said.

According to him, the partnership will strengthen cooperation in critical areas such as energy security, gas development, investment mobilisation, electricity access and sustainable energy solutions, while supporting Nigeria’s efforts to build a more resilient, competitive and inclusive energy sector.

The minister noted that Nigeria’s admission comes at a critical period when the country is pursuing reforms aimed at expanding domestic gas utilisation, increasing electricity access, attracting investment and driving industrial growth through improved energy infrastructure.

Nigeria is the latest nation to join the IEA’s Association programme, which brings together major energy-producing and energy-consuming countries to promote secure, affordable and sustainable energy systems.

With Nigeria’s admission, the IEA Family now represents more than 80 per cent of global energy demand, a significant increase from the 40 per cent it accounted for when the Association programme was launched in 2015.

Welcoming Nigeria into the organisation, IEA Executive Director, Fatih Birol, described the country’s admission as a significant achievement for both the Agency and the global energy community.

“I am thrilled that Nigeria is joining the IEA. It is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks an important advance in global energy governance,” Birol said.

He expressed appreciation to President Bola Ahmed Tinubu and Minister Ekpo for their confidence in the Agency, saying stronger cooperation would help Nigeria improve energy security, accelerate economic growth and expand access to electricity and clean cooking solutions.

Birol added that the partnership would also support broader efforts to build more resilient and sustainable energy systems while addressing key development challenges.

The IEA acknowledged Nigeria’s growing influence in international energy markets, particularly following recent developments in the country’s refining sector.

According to the Agency, increased fuel exports from Nigeria during periods of global market disruption helped improve the resilience of fuel supply across Africa and other international markets.

It also recognised Nigeria as one of the world’s fastest-growing markets for decentralised solar energy, noting the country’s ongoing efforts to expand electricity access and promote clean cooking solutions for millions of households.

The Agency said Nigeria’s admission builds on more than a decade of cooperation that began in 2014 and will deepen collaboration in strategic areas, including energy security, clean energy transition, methane emissions reduction, electricity access and wider energy sector development.

Reaffirming Nigeria’s commitment to international cooperation, Ekpo said the country’s admission into the IEA underscores its growing relevance in shaping global energy policy and reflects its determination to work with development partners to strengthen energy security, expand access to affordable energy and build a sustainable future.

He expressed optimism that the new partnership would accelerate Nigeria’s energy transformation agenda while creating fresh opportunities for investment, innovation and inclusive economic growth.

The Dangote Petroleum Refinery & Petrochemicals (DPRP) has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS).

Biztellers reports that this marked its fourth price cut within a month, even as the company claimed in a statement in Lagos on Thursday that it continues to pass lower production costs to consumers despite still processing crude oil purchased at significantly higher international prices.

The latest N50 per litre reduction brings the cumulative decrease in the refinery’s PMS ex depot price to N200 per litre since May 30, 2026, reducing the gantry price to N1,075. Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.

The company stressed that the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.

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The refinery explained that petroleum product pricing cannot mirror daily movements in international crude oil markets because crude is purchased weeks, and sometimes months, before it is processed.

According to the refinery, the petroleum products currently being supplied to the market are being produced from crude inventories acquired during periods of substantially higher prices.

It disclosed that the average landed cost of crude processed stood at approximately US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.

The refinery also clarified that its crude procurement costs are not based solely on the headline ICE Brent benchmark commonly quoted in the media.

Rather, crude is purchased on a Dated Brent basis together with applicable market premiums, freight and logistics costs, resulting in actual feedstock costs that differ materially from benchmark prices.

Despite the sharp increase in crude acquisition costs during the period, the Dangote Refinery said it deliberately refrained from transferring the full impact to consumers, choosing instead to absorb a significant portion of the additional costs in order to support market stability and cushion Nigerians from the volatility in global energy markets.

The company noted that this pricing approach has helped to keep petroleum product prices in Nigeria below those prevailing in neighbouring countries, even after accounting for applicable taxes. It added that as lower priced crude cargoes progressively enter its production cycle, the refinery has begun systematically passing the benefits to the market through phased price reductions.

“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short term fluctuations in international oil markets,” it said. “Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses”.

The company expressed confidence that if international crude prices remain favourable and lower cost feedstock continues to replace higher priced inventories, Nigerians should expect further moderation in petroleum product prices.

The DPRP reiterated its commitment to supplying high quality, internationally certified petroleum products at competitive prices while supporting Nigeria’s economic growth and the long-term development of the country’s downstream petroleum sector.

The Minister of Youth Development, Ayodele Olawande, has clarified that the Federal Government has not approved Adire as the new uniform for members of the National Youth Service Corps (NYSC), saying reports suggesting otherwise were based on a misunderstanding of his earlier comments.

The clarification came after media reports claimed the minister had announced the replacement of the NYSC’s iconic khaki uniform with Adire during an interview on Channels Television on Thursday.

In a statement posted on his official social media account, Olawande explained that he only mentioned Adire and Ankara as examples of proposals currently being considered as part of the ongoing reforms of the NYSC scheme.

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“My attention has been drawn to some media reports following my brief appearance earlier this morning on Channels TV regarding the ongoing reforms of the National Youth Service Corps (NYSC), particularly on the issue of the proposed uniform,” he said.

“For the avoidance of doubt, yes, I mentioned Adire during the discussion. I also mentioned Ankara. My intention was simply to cite examples of some of the proposals that have been put forward in the course of our consultations. It was not an announcement that any particular fabric has been adopted or approved to replace the current NYSC uniform.”

The minister stressed that no final decision has been taken on the proposed uniform, noting that the government is still evaluating different options based on professional appearance, durability, functionality, cost-effectiveness, national identity and the promotion of local industries.

“For the record, what we are considering are different options that tick all the right boxes in terms of professional outlook, a unique national identity, durability, functionality, cost-effectiveness, and the projection of national pride,” Olawande said.

“No final decision has been taken on the fabric or design.”

During his earlier interview on Channels Television, Olawande had responded to a question on whether a new NYSC uniform would be produced locally by saying: “It’s Adire. Adire is being produced in Nigeria. We have them in Ogun; we have them in Kwara; we have textile industries. Let’s put our money back into the country.”

The remark triggered widespread speculation that the Federal Government had officially approved Adire to replace the traditional khaki uniform worn by corps members.

However, the minister urged Nigerians not to allow the debate over the proposed uniform to overshadow the broader objectives of the ongoing reforms.

According to him, the reforms are aimed at making the NYSC scheme more relevant by improving the employability of corps members, promoting entrepreneurship, strengthening national integration, enhancing service delivery and ensuring a smoother transition from education to productive careers.

“While conversations around the uniform are understandable, they should not overshadow the far-reaching reforms aimed at empowering millions of Nigerian youths and positioning the NYSC as a stronger platform for national development,” he added.