Business
New Plant Boosts Apex African Gas’ Production Capacity
The recently commissioned 70-tonnes-per-day Air Separation Unit plant in Lagos, has upscaled Apex African Gas Nigeria Limited production capacity to 110 tonnes per day, thus positioning it among the largest domestic industrial gas producers in Nigeria.
It was gathered that this development would help reduce Nigeria’s dependence on imported gases and strengthen the supply of industrial and medical gases to the healthcare, construction, manufacturing, oil and gas, and food processing sectors.
During the inauguration on Thursday, the Chairman of Apex African Gas, Najimu Adeniji, said the facility will produce oxygen, nitrogen and argon for critical industries across the country.
“This plant does not just produce oxygen. We also produce nitrogen and argon, which are used in industries. Oxygen, we can change the configuration to produce more oxygen if we want or more nitrogen,” Adeniji said.
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He noted that nitrogen remained a key product for the oil services industry, particularly in Port Harcourt and its environs.
“Our main customers for nitrogen are in the oil service industries in Port Harcourt and the environment. They also represent a significant part of our revenue. These are gases that would have been imported if we were not producing locally. So it saves us the foreign exchange costs that we are able to produce here,” Adeniji added.
The chairman, however, identified power supply as a major challenge affecting production costs, explaining, “If we can get a power supply from the national grid, the cost will be significantly cheaper. So what we would like is for the government to provide for us, for the benefit of the general populace, cheaper power so that the cost of oxygen to the general public will be much cheaper than it is.”
On his part, the General Manager of Apex African Gas, Charles Allam, said the company remained committed to supporting hospitals with oxygen despite rising operating costs.
“While the major concern now is power, we are working closely with the government, especially with the Presidential Initiative for Unlocking the Healthcare Value Chain, to see how we can save on power. But for now, we are trying our best,” Allam said.
“We are supporting all the medical hospitals and the federal hospitals with oxygen at the best rate and at the best cost. Some of them, as we mentioned in the ceremony, are free. We are trying. There are challenges, but with God’s help, we will overcome them,” he added.
According to Allam, the project involved an investment of more than N10bn and was designed to serve Nigerians across multiple sectors of the economy.
“What we have done so far belongs to all Nigerians. It belongs to Nigeria, and it is for the benefit of all Nigerians. So, altogether, we can make a big difference for this country,” Allam said.
Guest of Honour, Senator Tokunbo Abiru, described the project as a demonstration of investor confidence in Nigeria and a major contribution to industrial development and job creation.
“It is with great pleasure that I join you today at the formal launch of Apex African Gas Nigeria Ltd., a company whose emergence further strengthens Nigeria’s industrial, healthcare and energy value chain,” Abiru remarked.
“To me, this occasion is more than the unveiling of a company. It is the celebration of enterprise, innovation and confidence in the future of our nation. Apex African Gas represents the kind of indigenous capacity we must continue to encourage in Nigeria,” he added.
Abiru said the investment will support local production and reduce reliance on imports while improving access to critical industrial and medical gases.
“The importance of industrial and medical gases in healthcare, manufacturing, construction, oil and gas and other strategic sectors cannot be overstated. The contribution of this company, therefore, is to improve access to medical oxygen and support industrial productivity,” Abiru said.
He also commended the company’s parent group for its contribution to employment generation, noting that the investment could create additional jobs.
Partners of the firm, including the Technical Director of FHI 360, Dr Kenny Ewulum, commended the inauguration, stressing that Apex had played a vital role in improving access to liquid medical oxygen across Nigeria.
“To need liquid oxygen in the country is one thing, but to have access is a big challenge. That’s where Apex Gases came, I would say, to the rescue for the country to be able to access liquid medical oxygen across the country,” Ewulum stated.
“Currently, we are being supported by Apex Gases to provide liquid medical oxygen across the country. We hope that we are going to be expanding that access to contribute to universal access to medical oxygen,” he added.
Also speaking, the Director of Medical Services, Nigerian Navy, Surgeon Commodore Momoh Salihu, said the company had supported the Nigerian Navy Reference Hospital, Ojo, with free oxygen supplies during and after the COVID-19 pandemic.
“Today’s event represents far more than the inauguration of a new industrial facility. It is a testament to vision, innovation and confidence in Nigeria’s capacity to build, produce and compete. This investment is no doubt a significant contribution to national development,” Salihu said.
“Recently, Apex Gas has been a valued partner in healthcare delivery since the COVID-19 pandemic, when the company generously supplied oxygen gas free of charge to the Nigerian Navy Reference Hospital, Ojo. More importantly, this support continued beyond the pandemic, reflecting a genuine commitment to healthcare delivery and community well-being,” he added.
Representing the National Coordinator of the Presidential Initiative for Unlocking the Healthcare Value Chain, Technical Adviser to the initiative, Eniitan Tejuoso, described the new facility as a milestone for Nigeria’s healthcare and industrial sectors.
“Medical oxygen sits squarely at the intersection of these priorities. It is more than an industrial product. It is an essential medicine. Every investment that strengthens our ability to produce medical-grade oxygen locally strengthens the resilience of our health system and our capacity to save lives,” Tejuoso said.
“With this new 70-tonne per day air separation unit, Apex African Gas Nigeria has established itself as the country’s leading producer of liquid oxygen. This is not only a milestone for Nigeria, but a significant achievement for the wider West African region,” she added.
Senior Director, Child Health and Infectious Diseases, Dr Chizoba Fashanu, who represented the Country Director of the Clinton Health Access Initiative, Dr Olufunke Fasawe, also commended the company for its role in strengthening Nigeria’s oxygen supply chain and supporting healthcare facilities, particularly in underserved communities.
Apex African Gas was founded in 2004. The company produces oxygen, nitrogen, argon, carbon dioxide, hydrogen, helium and specialised gas mixtures in both liquid and gaseous forms. The company serves healthcare institutions, manufacturers, oil and gas operators, food processors, construction firms and other industrial users across Nigeria.
The company said the new facility will expand storage capacity, improve supply reliability and support long-term growth in sectors where uninterrupted access to industrial and medical gases remains critical.
Business
Nigeria Records Biggest Rise in Multidimensional Poverty Among Five Countries – UN
Nigeria recorded the largest increase in the number of people experiencing multidimensional poverty among five countries that registered increases over their latest measurement periods, according to the United Nations Development Programme (UNDP).
The finding was contained in the 2026 Global Multidimensional Poverty Index report, released on Monday by the UNDP and the Oxford Poverty and Human Development Initiative (OPHI).
According to the report, Nigeria’s multidimensional poverty rate rose from 33 per cent in 2021 to 38.7 per cent in 2024, representing an increase of 5.7 percentage points.
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The number of Nigerians living in multidimensional poverty increased from 72.2 million in 2021 to 90.1 million in 2024, leaving an additional 17.9 million people affected.
The report noted that the latest increase reversed the progress Nigeria recorded between 2018 and 2021, when the proportion of people living in multidimensional poverty declined.
Nigeria’s Multidimensional Poverty Index value also increased from 0.175 in 2021 to 0.208 in 2024, reflecting a rise in both the incidence and intensity of deprivation.
The intensity of deprivation among multidimensionally poor Nigerians increased from 52.9 per cent to 53.6 per cent over the same period.
Unlike income-based poverty measures, which assess poverty based on how much people earn or spend, the Multidimensional Poverty Index examines overlapping disadvantages experienced in daily life.
The index measures deprivation across three dimensions: health, education and standard of living.
Its 10 indicators include nutrition, child mortality, years of schooling, school attendance, cooking fuel, sanitation, drinking water, electricity, housing and household assets.
A person is classified as multidimensionally poor when their household experiences deprivation in at least one-third of the weighted indicators.
The report showed that Nigeria had made progress in reducing multidimensional poverty before the latest increase.
The country’s index value declined from 0.230 in 2013 to 0.202 in 2018 and 0.175 in 2021 before rising to 0.208 in 2024.
Similarly, the proportion of Nigerians living in multidimensional poverty fell from 42.3 per cent in 2013 to 37.2 per cent in 2018 and 33 per cent in 2021 before increasing to 38.7 per cent in 2024.
The number of affected Nigerians also declined from 76.3 million in 2018 to 72.2 million in 2021 before climbing to 90.1 million in 2024.
The report further highlighted significant differences in multidimensional poverty across Nigeria’s subnational regions, with incidence ranging from 3.7 per cent to 88.3 per cent across the regions covered by the analysis.
It compared Yobe and Sokoto, two of Nigeria’s poorest subnational regions with similar Multidimensional Poverty Index values, to illustrate how the forms of deprivation experienced by communities can differ despite comparable overall poverty levels.
Globally, the report estimated that 1.2 billion people across 108 countries lived in acute multidimensional poverty.
Sub-Saharan Africa accounted for 616 million people living in multidimensional poverty, while South Asia followed with 393 million.
The report also found that 83.3 per cent of the world’s multidimensionally poor population, equivalent to approximately 998 million people, lived in rural areas, compared with 200 million in urban areas.
Children below the age of 18 accounted for 617 million, or 51.5 per cent, of the world’s multidimensionally poor population.
In sub-Saharan Africa, 355 million children lived in multidimensional poverty, accounting for 57.7 per cent of the region’s poor population.
Business
ADF Targets 5 Million Students, 2 Million Vulnerable Women
In a bold move to deepen retail participation in Nigeria’s capital market, the Aliko Dangote Foundation (ADF) has unveiled a share grant initiative aimed at helping up to five million tertiary students and two million vulnerable women become shareholders in Dangote Petroleum Refinery and Petrochemicals (DPRP) through its Initial Public Offering (IPO).
Managing Director and Chief Executive Officer of ADF, Zouera Youssoufou, disclosed that the Foundation will match qualifying share subscriptions by eligible beneficiaries. Under the programme, students who subscribe for the minimum 10 shares worth N5,250 will receive an additional 10 shares funded by the Foundation, subject to the approved process and allocation, effectively doubling their holdings to 20 shares.
Speaking during a television interview, Youssoufou said the initiative was designed to turn the refinery’s “People’s IPO” vision into reality by giving traditionally underserved groups a direct stake in one of Africa’s largest industrial assets.
“When Aliko announced the IPO, he described it as the IPO of the people and wanted as many Nigerians as possible to participate,” she said.
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According to her, students and vulnerable women were specifically selected because they have historically been underrepresented in the capital market.
The ADF said it is prepared to support up to five million students enrolled in Nigerian tertiary institutions, including universities, polytechnics and colleges of education. Eligible applicants must be at least 18 years old and enrolled in a recognised institution. The Foundation is working with relevant educational authorities to verify beneficiaries.
Youssoufou revealed that about N25 billion has been earmarked for the student component of the scheme, while the broader programme for students and vulnerable women is valued at approximately N40 billion.
She emphasised that the intervention is a grant, not an investment, with all shares ultimately belonging to the beneficiaries.
“The shares end up with the beneficiary. Our goal is to help people who may never have had the opportunity to own shares begin building long-term wealth,” she said.
Beyond students, ADF plans to support up to two million vulnerable women, including widows, women living in extreme poverty, persons with disabilities, and widows of members of the Armed Forces. The Foundation is partnering with state governments, the Ministry of Women Affairs, the Armed Forces and other institutions to identify eligible participants.
According to Youssoufou, the initiative is not only about widening ownership in the refinery but also about promoting financial literacy, encouraging a culture of savings and investment, and helping Nigerians build sustainable wealth through participation in the capital market.
Business
FG Lacks Capacity to Meet Dangote Refinery Crude Demand
Nigeria’s efforts to increase production and curb crude oil theft still leaves her short of meeting the demands of the 700,000 barrels demand of the Dangote Petroleum Refinery and Petrochemicals (DPRP).
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the disclosure during an interview on Channels Television’s Politics Today at the weekend.
The disclosure comes amid renewed debate over government intervention in the petroleum market, with proposals for production subsidies, the 30-days petrol discount and other measures to support domestic refining and reduce the cost of petroleum products.
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He explained that Nigeria’s total crude oil production does not translate into an equivalent volume available for allocation by the government.
Oyedele said Nigeria’s crude oil production of about 1.8 million barrels per day was shared among parties operating under production-sharing contracts and joint ventures, while production costs, royalties and other obligations further reduced the volume available to the government.
“Under the production-sharing contract and joint venture, they share these things, and the ratios vary. Let’s say roughly 45:55,” he said.
He explained that oil producers first recover eligible production costs through cost oil, while royalties and contractual sharing arrangements also determine the quantity ultimately accruing to the government.
“The long and short of what I’m telling you is whatever is left for Nigeria, we exhaust it almost entirely because of fuel subsidy,” he said.
According to the minister, the situation was particularly severe before President Bola Tinubu introduced the economic reforms in May 2023, when the Nigerian National Petroleum Company Limited (NNPC Ltd), which holds the country’s crude on its behalf, had less than 100,000 barrels of freely available crude remaining.
He said the government had exhausted much of its revenue and resorted to printing money before turning to future crude oil production to secure commitments used to finance present consumption.
“That was a ticking time bomb,” Oyedele said, describing the arrangement under which future oil production was committed to support current fuel consumption.
The minister, however, acknowledged improvements following increased production, efforts to reduce crude oil theft and the renegotiation of some existing commitments that had tied down the country’s crude.
He cited comments by business leader Tony Elumelu, who had previously expressed frustration over the scale of crude oil theft in Nigeria, and subsequently reported an improvement in the situation.
Despite these gains, Oyedele said the country was yet to attain the level of freely available crude required to supply the Dangote refinery with its full daily requirement.
“But we are still not at the point where we can give Dangote 700,000 barrels,” he said.
The minister dismissed proposals for the government to supply the refinery with discounted crude or at production cost, arguing that such proposals failed to recognise the constraints on the volume of oil available for allocation.
“We don’t have enough to service Dangote. Dangote imports crude,” he said.
He added that the naira-for-crude arrangement introduced by the Federal Government had helped provide some stability but had not eliminated the supply constraints.
According to him, sustained increases in crude oil production and the release of additional barrels from existing commitments would eventually enable Nigeria to meet the requirements of Dangote and other domestic refiners.
“As we ramp up production and we free up some barrels, we’ll get to a point where we’ll be able to give Dangote everything he wants and other refiners will be able to get enough,” he said.
Oyedele also expressed hope that Nigeria would eventually refine all the crude oil it produces domestically and export refined petroleum products rather than crude.
The disclosure comes amid renewed debate over government intervention in the petroleum market, with proposals for production subsidies and other measures to support domestic refining and reduce the cost of petroleum products.
Oyedele further maintained that achieving that ambition will depend not only on the expansion of refining capacity but also on sustained growth in crude oil production and the availability of additional volumes for domestic processing.





