Echotitbits – Nigeria News

Tag: NNPC

  • Federal Government Unveils Ambitious Gas Master Plan to Drive 2026 Industrial Growth

    Federal Government Unveils Ambitious Gas Master Plan to Drive 2026 Industrial Growth

    According to The Punch, the Nigerian government is set to launch over 60 critical gas projects under the newly refined Gas Master Plan 2026. This initiative is designed to transition the nation toward a gas-driven economy, significantly increasing domestic production while expanding export capacities to bolster foreign exchange reserves.

    The policy framework focuses on leveraging Nigeria’s vast natural gas reserves to power local industries and reduce the cost of energy for manufacturers. Government officials believe that by prioritizing gas-to-power and gas-to-industry projects, the country can mitigate the impact of fluctuating oil prices and create a more resilient industrial base.

    ThisDay reported that the Ministry of Petroleum Resources is actively seeking private-sector partnerships to fund the infrastructure required for these projects. A spokesperson for the ministry stated, “Our goal is to turn Nigeria into a regional gas hub within the next twenty-four months.” The Guardian also validated the report, noting that the plan includes significant pipelines and processing plants, with an analyst quoting: “The execution of these 60 projects will be the true litmus test for Nigeria’s energy transition.”

    Echotitbits take:

    This move is a strategic pivot toward “Gas as a Transition Fuel,” aligning with global energy trends. The success of this master plan could drastically lower production costs for Nigerian businesses, which are currently crippled by high diesel prices. However, the primary challenge remains security for pipeline infrastructure and the ability to attract the massive capital investment required to see these projects to completion.

    Source: The Punch – https://punchng.com/nnpc-unveils-gas-master-plan-to-boost-nigerias-energy-sector/, and February 2, 2026

    Photo credit: Vanguard

  • Nigeria’s Crude Oil Exports to the U.S. and India Show Significant Growth

    Nigeria’s Crude Oil Exports to the U.S. and India Show Significant Growth

    Tribune reports that Nigeria’s share of crude oil exports to the United States and India has risen, with recent surveys putting Nigeria’s share at 3.3% in those markets as other suppliers’ shares declined.

    The growth is attributed to pricing competitiveness for Nigerian sweet crude and geopolitical shifts affecting global supply chains.

    The Guardian and ThisDay also referenced the trend, including demand diversification dynamics and Nigeria’s positioning for Asian refinery demand.

    Echotitbits take: Higher export share is only a win if Nigeria can sustain volumes and reduce leakages. Oil theft, high operating costs, and downtime can erase headline gains. The strategic upside is using export momentum to stabilize FX inflows while domestic refining ramps up—if feedstock supply becomes more reliable.

    Source: The Punch –  https://punchng.com/nigeria-exports-2-57bn-crude-to-us-highest-in-africa/  2026-01-30

    Photo Credit: The Punch

  • NNPC Ordered to Disclose Full Details of $3 Billion ‘Crude-for-Cash’ Loan

    NNPC Ordered to Disclose Full Details of $3 Billion ‘Crude-for-Cash’ Loan

    In an update published by The Punch, a Federal High Court has ruled that the Nigerian National Petroleum Company (NNPC) Limited must release the full details of its controversial $3 billion ‘crude-for-cash’ loan. The judgment is seen as a massive victory for transparency advocates who have long questioned the terms and conditions of the deal, which used future oil production as collateral for immediate liquidity.

    The court’s decision compels NNPC to reveal the interest rates, repayment schedules, and the specific identities of the financiers involved in the transaction. Legal experts believe this sets a precedent for other state-owned enterprises (SOEs) that have previously operated under a veil of ‘commercial confidentiality.’ NNPC has not yet indicated whether it will appeal the ruling.

    Validation of this legal development appeared in Premium Times and Daily Post. Premium Times reported that ‘the ruling challenges the culture of secrecy in the oil sector,’ while Daily Post quoted a civil society leader: ‘Nigerians deserve to know how their future oil wealth is being mortgaged today.’

    Echotitbits take: This is a ‘litmus test’ for the NNPC’s claim of being a fully commercialized, transparent entity. If the details reveal unfavorable terms, it could lead to a significant political backlash against the leadership of the oil company. Watch for whether the Ministry of Justice supports an appeal or pushes for disclosure to appease international investors.
    Source: The Punch – https://punchng.com/court-orders-nnpc-to-disclose-details-of-3bn-crude-for-cash-loan/  January 5, 2026

    Photo Credit: The Punch

  • Marketers push for forensic probe into ₦11.35tn refinery rehab spending and funding trail

    Marketers push for forensic probe into ₦11.35tn refinery rehab spending and funding trail

    2026-01-02 06:00:00
    Punch reports petroleum marketers are urging the federal government to open a forensic investigation into about ₦11.35 trillion reportedly spent on rehabilitation of Nigeria’s state-owned refineries, arguing that the scale of spending demands public accounting.

    The call focuses on transparency: who approved what, which contracts were awarded, how funds were drawn, and what deliverables were actually achieved across Port Harcourt, Warri and Kaduna facilities.

    Marketers warn that continued opacity undermines public trust and makes future turnaround plans harder to finance credibly—especially as Nigeria still leans on imports and faces pricing volatility.

    Leadership reports marketers “seek investigation into ₦11.36trn spent on refineries,” calling for transparent tracking of borrowed and spent funds. A BusinessDay analysis notes the long-running nature of the claim and says Nigeria’s legislature previously alleged “N11.35 trillion… spent on the rehabilitation of the refineries” with little to show.

    Echotitbits take: This isn’t just a numbers fight—it’s about credibility for Nigeria’s energy transition and downstream pricing. If an audit happens, watch for contract disclosures, recovery actions, and whether future refinery policy leans more decisively toward privatisation or performance-based concessions.

    Source: The Punch — January 2, 2026 (https://punchng.com/probe-n11-35tn-spent-on-refineries-marketers-tell-fg/)
    The Punch 2026-01-02

    Photo Credit: The Punch

  • NNPC stays in the black as price war pushes pump price under ₦800

    NNPC stays in the black as price war pushes pump price under ₦800

    2026-01-01 06:05:00
    According to Punch, NNPC Ltd reported ₦502bn profit after tax for November 2025, extending its profitability streak amid shifting market conditions.

    Reporting by the outlet indicates gas output and infrastructure availability supported performance, even as upstream volumes remained constrained.

    The same report linked the downstream “price war” to NNPC retail cuts that pushed PMS prices below ₦800/litre in some locations, intensifying competition.

    TheCable also reported the monthly performance, quoting the profit figure and noting output movement in November 2025.

    APA News similarly referenced the update and quoted language attributing results to improved gas production and stronger trading performance.

    Echotitbits take:

    If NNPC keeps pricing aggressively to defend market share, watch for tighter station supply cycles, margin compression across marketers, and renewed debate on how “deregulated” pricing should work when the biggest player also plays stabilizer.

    Source: The Punch — January 1, 2026 (https://punchng.com/nnpc-posts-n502bn-profit-cuts-petrol-below-n800-litre/)

    The Punch 2026-01-01

    Photo Credit: The Punch

  • Port Harcourt refinery stays offline, but diesel evacuation continues — regulator

    Port Harcourt refinery stays offline, but diesel evacuation continues — regulator

    Photo Credit: The Punch
    2025-12-28 09:00:00

    In an update published by Punch, Nigeria’s downstream regulator said the Port Harcourt refinery remains shut but diesel (automotive gas oil) has continued entering the market via evacuations.

    The report attributes the ongoing diesel movement to regulator data, even as the facility remains under maintenance following a shutdown announced earlier in 2025.

    A DailyReport.ng write‑up stated “NMDPRA confirms 349,000 litres of AGO supplied daily,” while TheCable previously reported NNPC would shut the Port Harcourt Refining Company “for maintenance,” underscoring the continued stop‑start nature of domestic refining.

    Echotitbits take: This is a trust and transparency problem. If product evacuation is from existing stock, the public needs clear reporting on inventory, throughput, and maintenance milestones. Watch for NMDPRA’s daily/weekly supply dashboards and NNPC’s turnaround timelines.

    Source: The Punch — December 28, 2025 (https://punchng.com/port-harcourt-refinery-supplies-diesel-while-shut-nmdpra/)

    The Punch 2025-12-28

  • Fuel Marketers Push Privatisation of NNPC Refineries, Want Deadline by Q1 2026

    Fuel Marketers Push Privatisation of NNPC Refineries, Want Deadline by Q1 2026

    Photo Credit: The Punch
    2025-12-26 06:40:00

    According to *PUNCH*, petroleum retail outlet owners are renewing pressure on the Federal Government to privatise Nigeria’s state-owned refineries, arguing that repeated public-funded rehabilitation has not produced stable output and has left the country reliant on imports.

    The association’s argument is framed around competition, efficiency, and investment: private capital and technical expertise, it says, could make refining assets commercially viable and reduce fiscal drain.

    If implemented, the policy shift could reshape downstream dynamics—product supply stability, pricing logistics, and FX demand—though labour, asset valuation, and governance terms would be fiercely contested.

    Energy-sector analysts will watch whether government moves from “rehabilitation” language to clear transaction milestones, and how any privatisation aligns with local content and security realities.

    *The Guardian* reported that PETROAN “renewed its call for the privatisation of Nigeria’s four state-owned refineries,” while *SweetCrudeReports* added that “timely privatisation would eliminate recurring fiscal burdens” and attract capital and expertise.

    Echotitbits take: This is the downstream debate Nigeria keeps postponing. The make-or-break factor is credibility: transparent bidding, clear performance obligations, and a governance framework that prevents a new cycle of capture and underperformance.

    Source: Punch — Dec 26, 2025 (https://punchng.com/petroan-pushes-nnpc-refineries-privatisation-by-q1-2026/)

    Photo credit/source: The Punch
    The Punch 2025-12-26

  • FG says power supply should rebound within 48 hours after gas pipeline disruptions

    FG says power supply should rebound within 48 hours after gas pipeline disruptions

    Photo Credit: The Punch
    2025-12-24 07:44:00

    According to PUNCH, the Federal Government says the latest dip in electricity supply is temporary and should improve within 24–48 hours as repairs progress on disrupted gas infrastructure.

    The report links the supply drop to an explosion on the Escravos–Lagos Gas Pipeline and additional vandalism affecting gas delivery to thermal plants, reducing generation across the grid.

    Officials say the system operator is monitoring repairs by NGPTC (an NNPC subsidiary), and that restoration timelines have been communicated across the value chain.

    In the system operator update referenced, NISO said restoration works are “nearing completion and… full operations are expected to resume within 24 to 48 hours.” The minister’s team also said: “The situation is expected to be resolved within the next 24 to 48 hours.”

    Echotitbits take: Even if supply returns, the bigger issue is resilience. Watch for stronger pipeline protection, redundancy in gas supply routes, and faster balancing capacity on the grid so single incidents don’t crash supply.

    Source: The Punch— December 23, 2025 (https://punchng.com/power-outage-temporary-supply-to-return-in-48-hours-adelabu/)
    The Punch 2025-12-23

  • Nigeria’s Petrol Supply Jumps to 71.5m Litres Daily as Imports Rise

    Nigeria’s Petrol Supply Jumps to 71.5m Litres Daily as Imports Rise

    Photo Credit: Vanguard
    2025-12-23 09:00:00

    Figures cited by Vanguard show Nigeria’s petrol supply rose sharply in November 2025, climbing to 71.5 million litres per day from 46 million litres per day in October.

    The report attributes the spike largely to import volumes—especially shipments linked to NNPC—aimed at rebuilding inventory and preventing scarcity during end-of-year peak demand.

    At the same time, regulators’ data suggest consumption also rose, reinforcing the view that the market remains supply-sensitive despite “price war” headlines and the gradual scaling of local refining.

    The broader implication is that import dependence is still doing the heavy lifting whenever domestic production or distribution falls below demand thresholds.

    Validation: The Punch notes, “The sharp increase… in November helped push total national PMS supply to a record 71.5 million litres per day.” Daily Post similarly reports that “total petrol supply in Nigeria rose to 71.5 million litres per day in November…”

    Echotitbits take: Watch December/January inventory and whether supply stability translates into sustained pump-price discipline nationwide. Also watch refinery utilisation—because a supply surge powered by imports is not the same as energy security.

    Source: Vanguard — December 23, 2025 (https://www.vanguardngr.com/2025/12/petrol-supply-rises-55-to-71-5m-litres-daily/)
    Vanguard 2025-12-23

  • Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    EIA logo image used by Punch
    2025-12-14

    According to The Punch, Nigeria’s imports of crude oil from the United States surged by 153% in 2025 (February–September), reflecting changing supply economics and refinery demand.

    Punch cited U.S. Energy Information Administration (EIA) trade data showing Nigeria imported 39.99 million barrels over the period, up from 15.79 million barrels in the same window of 2024, with shipments rising month by month.

    Reuters earlier reported that the U.S. became a net exporter of crude to Nigeria for the first time in February and March 2025, a shift linked to changing refinery runs and demand signals connected to the Dangote refinery’s operations.

    TheCable also referenced EIA figures, noting the scale of Nigeria’s U.S. crude inflows and how the pattern departs from Nigeria’s typical position as a crude exporter rather than an importer.

    Analysis/Echotitbits take: The bigger story is market efficiency colliding with domestic supply constraints: if local refineries keep buying competitively priced imported crude, Nigeria’s long-standing “crude exporter, product importer” paradox could morph into a new paradox: importing crude for local refining. Watch for tighter enforcement (or redesign) of domestic crude supply frameworks, and whether lower logistics/contracting frictions can make local crude more reliable for local refineries.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/us-crude-exports-to-nigeria-surge-153/)