NEWS
OPEC Reports Significant Global Market Shifts As Dangote Refinery Exports Fuel
The Organisation of the Petroleum Exporting Countries (OPEC) has highlighted the significant impact of Nigeria’s Dangote Petroleum Refinery on the global Premium Motor Spirit (PMS) market, particularly in Europe.
The refinery, which began operations in January 2024 with a capacity of 650,000 barrels per day, started PMS production in September.
This marked a turning point for Nigeria, a nation that had long depended on petroleum product imports.
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Since production commenced, the refinery has been exporting petrol, diesel, and aviation fuel to markets across Africa and beyond.
In its report released on Wednesday, OPEC noted that the Dangote Refinery has substantially reduced the importation of petroleum products into Nigeria, reshaping global trade flows.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market,” OPEC stated.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets, which will call for new destinations and flow adjustments for the extra volumes going forward.”
Impact on Europe’s Gasoline Market
OPEC’s report indicated that Europe is already feeling the effects of this shift, with reduced gasoline exports to Nigeria leading to inventory builds at storage hubs in the Amsterdam-Rotterdam-Antwerp region.
The gasoline crack spread in Rotterdam against Brent crude saw a slight increase, supported by strong exports.
However, OPEC warned that the winter season’s lower demand could exacerbate the growing gasoline surplus in the Atlantic Basin, adding pressure to an already bearish market.
The report also revealed a rise in Nigeria’s crude oil production.
According to OPEC’s data from secondary sources, Nigeria produced an average of 1.507 million barrels per day (mbpd) in December 2024, a 12,000bpd increase from the previous month.
Government data showed a slightly lower figure of 1.485mbpd for the same period, aligning with figures from the Nigerian Upstream Petroleum Regulatory Commission.
The $20 billion Dangote Refinery has been ranked above Europe’s largest refineries in terms of capacity.
With its ability to process 650,000 barrels per day, it surpasses Shell’s Pernis refinery in the Netherlands (404,000bpd) and BP Rotterdam (380,000bpd).
Other major European refineries include the GOI Energy ISAB refinery in Italy (360,000bpd), TotalEnergies Antwerp in Belgium (338,000bpd), and the ExxonMobil Antwerp refinery (307,000bpd).
OPEC’s analysis underscores the refinery’s transformative potential. By reducing Nigeria’s dependence on imports and exporting refined products, the Dangote Refinery is reshaping global petroleum markets while enhancing Nigeria’s energy security.
NEWS
$100,000 Science Prize: NLNG Raises Bar for AI Innovation
The Nigeria LNG Limited (NLNG) has intensified its push for globally competitive artificial intelligence and digital technology solutions, as the 2026 edition of The Nigeria Prize for Science and Innovation attracted a record 237 entries, the highest participation level since the prestigious $100,000 award was established in 2004.
The milestone comes months after the 2025 edition ended without a winner, following a rigorous evaluation process that found none of the 112 entries submitted met the Prize’s benchmark for scientific excellence, originality, scalability and real-world impact.
The entries were formally handed over to the Prize’s Advisory Board during a press conference in Lagos on Thursday, officially commencing the adjudication process for this year’s competition themed: Innovations in ICT, Artificial Intelligence (AI), and Digital Technologies for Development.
The retention of the theme for a second consecutive year reflects growing recognition of the role of AI and digital technologies in solving socio-economic challenges and accelerating national development.
Speaking at the event, NLNG’s General Manager, External Relations and Sustainable Development, Dr. Sophia Horsfall, said the record-breaking number of entries signals renewed confidence in Nigeria’s innovation ecosystem and growing interest among researchers in technology-driven solutions.
“In this fourth revolution, digital infrastructure is as foundational to our survival as electricity or water. For Nigeria, our economic sustainability depends on our ability to move beyond promising research and into undeniable innovation that delivers,” Horsfall said.
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She noted that the decision not to award a winner in 2025 was difficult but necessary to preserve the integrity and global credibility of the Prize.
“We believe that if a Nigerian discovery is to command global respect, it must withstand the highest levels of scrutiny. It is this conviction that guided the difficult decision seven months ago,” she stated.
According to Horsfall, NLNG responded to last year’s outcome by deepening engagement with Nigeria’s scientific and technology community through nationwide roadshows, media campaigns, collaborations with innovation hubs, and knowledge-sharing sessions with researchers and academic institutions.
“Our response was not to lower our standards but to deepen engagement. Today, we can confidently say those efforts have paid off,” she added.
She described the leap from 112 entries in 2025 to 237 entries in 2026 as evidence of rising momentum in Nigeria’s science, AI, and digital innovation ecosystem.
“It proves that there is a hunger in this country for research, innovation, discovery and recognition. It also proves that we need platforms such as this Prize that elevate scientific endeavour and transform ideas into impact,” Horsfall said.
Receiving the submissions on behalf of the Advisory Board, Chairman of the Board, Prof. Barth Nnaji, described the handover as a crucial stage in the search for transformative scientific breakthroughs capable of addressing Nigeria’s development challenges.
Nnaji, a former Minister of Power, said the no-winner verdict in 2025 reinforced the Prize’s reputation for excellence rather than diminished it.
“Our refusal to award the prize in 2025 was not a dismissal of the hard work of Nigerian innovators; rather, it reinforces that The Nigeria Prize for Science and Innovation holds a gold standard of excellence,” he stated.
He explained that entries would continue to undergo strict intellectual and technical scrutiny, with emphasis placed on originality, relevance, scalability, and measurable socio-economic impact.
“The theme we have focused on for the past two years is perhaps the most critical topic of our time. We are looking for solutions that directly address Nigeria’s real-world challenges, whether through digital health technologies for rural communities or the use of AI in preserving our cultural heritage and languages,” Nnaji added.
He further assured stakeholders that the adjudication process would remain independent, transparent, and merit-driven.
“We look at every entry through a lens of fairness, balance and equity. It is this consistency that has given the Prize its enduring credibility over the years,” he said.
Also speaking, NLNG’s Manager, Corporate Communication and Public Affairs, Anne-Marie Palmer-Ikuku, commended the resilience of Nigerian innovators who returned with stronger entries despite last year’s disappointing outcome.
“To see the numbers rise to 237 this year tells me that innovators did not see last year’s verdict as a deterrent. Instead, they saw it as a challenge,” she said.
The Advisory Board for the Prize also includes Dr. Nike Akande, former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.
The winning entry for the 2026 edition will be unveiled at a world press conference scheduled for September.
NEWS
Tinubu Moves to Grant Visa-Free Entry for Rwanda
President Bola Tinubu has indicated Nigeria’s readiness to consider granting Rwanda a 30-day visa-free entry arrangement in a significant move aimed at strengthening African unity and boosting diplomatic relations.
The President made the disclosure during a high-level meeting with Rwandan President Paul Kagame in Kigali, where both leaders held talks focused on deepening bilateral cooperation and advancing continental integration.
According to a statement from the Presidency, Tinubu’s consideration of the visa-free policy aligns with efforts to promote Pan-Africanism and ease movement across African countries.
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The proposal would mirror Rwanda’s existing visa-free entry policy for Nigerians.
Both leaders also agreed to reactivate the Joint Permanent Ministerial Commission (JPMC), a framework established in 2021 to strengthen cooperation between Nigeria and Rwanda. Nigeria is expected to host the next meeting of the commission.
Discussions further covered the implementation of existing Memoranda of Understanding (MoUs) in key sectors including tourism, anti-corruption collaboration, and the fight against illicit drug trafficking.
The talks were described as part of a broader effort to enhance mutual trust and shared development goals.
Tinubu and Kagame also explored ways to boost trade under the African Continental Free Trade Area (AfCFTA), with emphasis on improving economic exchange and expanding export opportunities between West and East Africa. Plans to strengthen aviation and cargo connectivity were also highlighted as part of efforts to support cross-border business activities.
The meeting took place on the sidelines of the Africa CEO Forum, where African leaders and private sector stakeholders are engaging on strategies to drive economic growth and regional integration.
The Presidency reiterated Nigeria’s commitment to fostering stronger African partnerships, improving mobility, and promoting policies that support continental prosperity.
NEWS
NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The Nigerian National Petroleum Company Limited (NNPC Ltd) and International Oil Companies (IOCs) in Nigeria increased crude oil supply to domestic refineries, led by the Dangote Refinery, by over 103 percent between January and April 2026.
An analysis of the data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday showed that crude supplied locally to domestic refineries rose from 8.83 million barrels in January to 17.96 million barrels in April, reflecting a rise of 103.4 percent.
In contrast, imported crude and feedstock supplied to the refineries dropped from 9.43 million barrels in March to just 0.41 million barrels in April, representing a decline of approximately 95.6 percent in the period under review.
The data underscored a major shift in Nigeria’s downstream petroleum sector as the Dangote Refinery increasingly relies on locally supplied crude oil for the production of refined petroleum products, especially Premium Motor Spirit (PMS), commonly known as petrol.
Overall crude receipts by domestic refineries stood at 20.92 million barrels in March before declining to 18.37 million barrels in April. However, the structure of refinery feedstock changed significantly during the four-month period.
The NMDPRA data also showed that local supply of petrol rose substantially during the period, reflecting increased production from the Dangote refinery, currently the only refinery producing PMS in Nigeria.
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According to the report, domestic petrol supply rose from 34.2 million litres per day in March to 40.7 million litres per day in April, indicating an increase of approximately 19 per cent. At the same time, imported petrol products volumes declined from 5.9 million litres daily in January to 3.7 million litres daily in April, representing a drop of about 37.3 percent.
The figures indicated that locally refined petrol is steadily displacing imported fuel in the Nigerian market as output from the Dangote refinery expands.
The NMDPRA data disclosed that average refinery capacity utilisation by the Dangote refinery reached 99.12 per cent in April, achieving 100 per cent utilisation “for most of the days in April.”
The sharp increase in crude allocation to domestic refineries reflected improved collaboration among upstream producers, regulators and refiners following persistent concerns over inadequate crude supply for local processing.
The increase in local refining came amid elevated global crude prices triggered by geopolitical tensions involving Iran and the United States.
According to the NMDPRA report, dated Brent crude averaged $120.55 per barrel in April, while international petrol prices rose to $1,074.97 per metric tonne during the month. The increase in global oil prices translated into higher domestic petrol prices across the country despite the rise in local refining activity.
The report showed that average actual pump prices stood at N1,271.50 per litre in Lagos, N1,326 per litre in Abuja, N1,340 in Kano and N1,371.50 in Maiduguri during April. Maximum retail prices reached N1,400 per litre in Sokoto and N1,413 per litre in Maiduguri.
Despite the increase in fuel prices, petrol demand remained relatively resilient. The NMDPRA stated that average daily petrol truck-out into the domestic market stood at 51.1 million litres in April, slightly above the agency’s benchmark national consumption estimate of 50 million litres per day.
Petrol production averaged 53.6 million litres daily during the month, while domestic PMS supply stood at 40.7 million litres daily. Besides, diesel production averaged 23.6 million litres per day, while aviation fuel production stood at 22.9 million litres daily.
Nigeria’s fuel reserve position also remained stable during the period despite volatility in international oil markets. According to the report, the country maintained average stock sufficiency levels of 18 days for petrol, 39 days for diesel and 70 days for aviation fuel in April.
The report further showed that the three modular refineries currently in operation, namely WalterSmith Refinery, Edo Refinery and Aradel Holdings continued to produce diesel during the month.
Collectively, the modular refineries supplied an average of 0.559 million litres of diesel daily in April. WalterSmith operated at 56.14 percent capacity utilisation and produced 0.250 million litres of diesel daily, while Edo Refinery achieved 79.20 percent utilisation with output of 0.086 million litres daily. Aradel operated at 33.95 percent utilisation with production of 0.181 million litres daily.
In the gas sector, total average gas supply stood at 5.142 billion standard cubic feet per day (Bscf/d) in April. Out of the volume, 2.012 Bscf/d was supplied to the domestic market. Also, gas supplied to the power sector averaged 0.549 Bscf/d, while commercial consumers utilised 0.671 Bscf/d and gas-based industries consumed 0.468 Bscf/d.
Liquefied Petroleum Gas (LPG) supply averaged 4,545 metric tonnes daily, while consumption stood at 4,818 metric tonnes daily. Retail LPG prices ranged between N1,100 and N1,450 per kilogramme during the period.





