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Naira Soars, Attains 5-Month Peak Against Dollar

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The Naira surged against the US Dollar, surpassing key resistance levels to trade below N1,000 in certain segments of the black market by late Sunday.

This uptrend corresponds with earlier forecasts from Goldman Sachs and occurs amidst increased global geopolitical tensions.

Economists from the American investment bank, Goldman Sachs observed that “The Naira’s current bullish momentum is projected to persist, potentially pushing the exchange rate below N1000 per US dollar in the upcoming months.”

The recent appreciation in the Naira follows a period of volatility marked by significant devaluations since last June. Measures undertaken by Nigerian financial authorities, such as successive interest rate hikes currently at 24.75% and strategic interventions in the foreign exchange market, have notably aided in stabilizing the currency.

A spokesperson from the Central Bank of Nigeria (CBN) emphasized the pivotal role of the CBN’s assertive monetary policy adjustments and the implementation of new market strategies in facilitating the Naira’s recovery from previous setbacks during the latest Monetary Policy Committee (MPC) meeting.

The geopolitical landscape has played a role in market dynamics as well.

Following the recent Iranian strike on Israel, there was an initial flight to safety, which bolstered the US dollar against other currencies.

However, the dollar later stabilized as Israeli ministers indicated no immediate plans for retaliation, easing some market apprehensions.

In March, Goldman Sachs revised its forecast, anticipating the Naira to strengthen to N1200 per dollar by 2024. The firm attributed this optimistic outlook to increased capital inflows and a series of policy initiatives aimed at stabilizing the foreign exchange market.

Finance Minister Wale Edun unveiled plans to boost US dollar inflows, including the sale of foreign currency bonds in the second quarter.

This initiative is part of broader efforts to attract overseas capital through high-yield short-term debt products.

Despite the Naira’s rally and efforts to increase economic inflows, Nigeria’s gross foreign reserves have declined, even amidst rising global commodity prices, especially crude oil.

Nigerian oil grades are presently trading at a premium over the ICE Brent benchmark, which might help counterbalance the adverse fiscal effects of decreased production volumes.

An industry analyst noted, “The ongoing geopolitical unrest in the Middle East and the anticipation of further instability have had significant ripple effects on global markets, impacting commodity prices and currency valuations alike.”

 

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DPRP, Congo National Oil Consider Strategic Partnership

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Dangote Refinery to Open Global Markets for Nigeria’s Downstream, Midstream Sectors

The national oil company of the Republic of Congo, the Société Nationale des Pétroles du Congo (SNPC) and Dangote Petroleum Refinery & Petrochemicals (DPRP) are discussing a strategic partnership aimed at strengthening the Republic of the Congo’s supply of refined petroleum products.

The parties also have on the agenda, advancing regional energy cooperation and industrial integration across Africa, Biztellers can report.

SNPC Managing Director, Maixent Raoul Ominga, who led a delegation from his country on a visit to the DPRP, described the facility as a strategic asset for Africa and expressed the national oil company’s interest in developing a long-term partnership with Dangote.

“We have visited this remarkable refinery, which represents a major industrial achievement for Africa. The Republic of the Congo has refining capacity and we are keen to explore strategic cooperation that will help strengthen the supply of refined petroleum products while creating value for both organisations,” Ominga said.

ALSO READ: PETROAN Calls for Dialogue over Fuel Prices

Discussions between both organisations, he said, focused on opportunities for collaboration in refining, petroleum products supply, energy security, industrial development, and knowledge sharing.

He praised the Dangote Group for demonstrating that Africa can successfully finance, build and operate world class industrial infrastructure, describing the refinery as an important milestone in the continent’s industrial transformation.

Ominga also commended the Group’s investments in the Republic of the Congo, particularly in the cement sector, noting that they have strengthened local industrial capacity, expanded production and improved access to construction materials.

On his part, President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, reaffirmed the Group’s commitment to Africa’s industrialisation through value addition, regional partnerships and investment across the continent.

“We are for Africa, not just Nigeria. Tell us what you need, and we will see how we can work together,” Dangote said.

He noted that the refinery has established a new benchmark for fuel quality in Africa by producing petroleum products that meet the highest international specifications, while improving access to cleaner fuels and reducing the continent’s dependence on imported refined products.

In the same vein, the Vice President, Oil and Gas, DIL, Devakumar Edwin, outlined the Group’s long term expansion strategy, which will increase its total refining capacity to 2.1 million barrels per day, comprising 1.4 million barrels per day in Nigeria and a planned 700,000 barrels per day refining complex in Kenya to serve East African markets.

He also disclosed plans by the Group to invest an additional US$46 billion between 2026 and 2028 across its refining, cement and fertiliser businesses as part of its drive to accelerate industrialisation across Africa.

The engagement underscores the shared commitment of SNPC and the DPRP to deepen African energy cooperation, strengthen regional value chains and promote greater self sufficiency in refined petroleum products as the continent advances towards enhanced energy security and increased intra African trade.

Also present at the meeting were Group Executive Director, Commercial, Oil and Gas, DIL, Fatima Aliko Dangote; Adviser to the President of the Republic of the Congo, Peggy Ndongo and advisers to the SNPC Managing Director, Aymar Ebiou and Norbert Mabiala.

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Navy Intensifies War Against Crimes in Nigeria’s Oil Sector

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As part of efforts to protect Nigeria’s oil revenues and energy infrastructure, the Nigerian Navy recently recovered approximately 22,870 litres of suspected illegally refined Automotive Gas Oil (AGO) in Rivers State.

It was gathered that the value of the seized petroleum product is put at about N39 Million.

The seizure, carried out under Operation Delta Sentinel, is part of an ongoing security intervention designed to disrupt illicit petroleum supply chains which the Navy says continue to undermine government earnings and legitimate operators in the oil and gas sector.

ALSO READ: Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser

According to the Navy, personnel of Nigerian Navy Ship (NNS) SOROH acted on intelligence reports and intercepted a wooden boat transporting 36 sacks of suspected illegally refined diesel in the Orashi Forest area of Okolomade Community, Abua/Odual Local Government Area of Rivers State.

In a media statement, Director of Information, Nigerian Navy, Captain Abiodun Folorunsho, revealed that further aerial surveillance and ground searches uncovered an additional 45 sacks of the product concealed under vegetation and inside ponds, bringing the total recovery to 81 sacks containing about 22,870 litres of AGO.

Navy Captain Forunsho stated that the operation highlights the growing use of intelligence and surveillance technology by security agencies to tackle crude oil theft and illegal refining activities, which industry stakeholders say contribute significantly to production losses, environmental degradation and reduced government revenue.

According to him, disrupting the logistics networks supporting illegal refining operations is critical to improving transparency in the petroleum value chain and safeguarding investments in Nigeria’s oil-producing region.

“The recovered products and the wooden boat used for transportation were handled in line with established anti-crude oil theft procedures.

Meanwhile, the Chief of Naval Staff, Vice Admiral Idi Abbas, reaffirmed the commitment of the service to sustain intelligence-driven operations aimed at dismantling criminal networks involved in oil theft and protecting the nation’s strategic economic assets.

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Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser

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President Samia Suluhu Hassan of Tanzania has held high level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania.

Biztellers reports that the discussions focused on transport infrastructure, fertiliser production, power generation, ports and regional trade.

The meeting, held at the State House in Dar es Salaam, reaffirmed the long-standing partnership between Tanzania and the Dangote Group while opening discussions on a new phase of investments aligned with the country’s industrialisation and economic transformation agenda.

Speaking after the meeting, Dangote said Tanzania remains one of Africa’s most attractive investment destinations, noting that the Group had identified several strategic sectors capable of delivering significant economic value.

“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,” he said.

The discussions covered a broad range of projects, including port development, the construction of a 40-kilometre concrete access road to support port operations, development of a special trade zone, a proposed 2,000-megawatt coal fired power plant, a urea fertiliser plant and transport infrastructure linking Mtwara with Mbamba Bay in southern Tanzania.

Dangote also explained the commercial and technical considerations behind the Group’s decision to locate its planned East African refinery in Lamu, Kenya, while extending an invitation to the Government of Tanzania to participate in the investment.

President Samia welcomed the Dangote Group’s continued confidence in Tanzania and directed relevant ministries and government agencies to commence detailed technical discussions on the proposed investments in line with the country’s legal, policy and development priorities.

She also appointed the Minister of Planning and Investment to coordinate the strategic partnership with Dangote Industries Limited, with both sides expected to begin formal negotiations in the coming days.

A Tanzanian government delegation led by the Minister is expected to visit Nigeria to advance discussions and develop implementation frameworks for the proposed projects.

According to a statement from the Directorate of Presidential Communications, the Government remains committed to strengthening partnerships with the private sector as part of efforts to mobilise productive investment, accelerate industrialisation, promote technology transfer, and create sustainable employment opportunities.

ALSO READ: FG Working with Petrol Marketers, Regulators on Appropriate Fuel Pricing – Oyedele

Dangote Industries already operates one of Tanzania’s largest industrial investments through its US$500 million cement plant in Mtwara, which has an annual production capacity of three million tonnes and supplies both the domestic market and neighbouring countries.

The latest engagement deepens the partnership between Tanzania and the Dangote Group and reinforces the company’s position as one of Africa’s leading private sector investors driving regional industrialisation, infrastructure development, and economic integration.

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