Clarivo Oil and Gas, led by Chief Obidike Chukwuebuka, has announced plans to build a world-class oil refinery in Calabar, Cross River State, aimed at boosting Nigeria’s downstream oil and gas sector.

Speaking to journalists, Chief Obidike said the project will be implemented in phases, in collaboration with foreign partners to bring advanced technical expertise and international industry standards.

The planned refinery will feature state-of-the-art technologies, including crude distillation, catalytic cracking, and hydrotreating units, enabling the production of high-quality petroleum products such as petrol, diesel, and aviation fuel.

The phased approach will begin with feasibility studies and front-end engineering design, followed by construction of core processing units, and conclude with installation of secondary units and commissioning.

Chief Obidike noted that the refinery aims to increase domestic refining capacity, reduce dependence on imported petroleum products, and enhance Nigeria’s energy security. He added that the project is expected to create significant employment across engineering, construction, operations, and logistics, while facilitating technology transfer through partnerships with international EPC contractors and investors.

On funding, he revealed that agreements with foreign stakeholders are being finalized to provide both technical and financial support. The refinery is projected to come online within five years, following the completion of all project phases and regulatory approvals.

The Nigerian naira strengthened against the US dollar at the official foreign exchange window on Tuesday, supported by strong dollar supply and muted international payment demands, according to a daily FX update from the Central Bank of Nigeria (CBN).

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated by 7 basis points, or 94 kobo, to close at N1,419.35 per dollar.

Trading data showed the currency exchanged within a narrow band of N1,421 to N1,418.40, reflecting steady liquidity conditions.

Market operators said the appreciation was driven largely by improved dollar supply from non-bank corporates, exporters, and foreign portfolio investors, which outpaced FX requests submitted for foreign payments during the session.

The naira’s modest gain coincided with renewed weakness in the US dollar on the global forex market, triggered by escalating geopolitical tensions involving President Donald Trump’s renewed push to take control of Greenland.

The greenback came under pressure after Trump said there was “no going back” on his Greenland campaign, a stance that has strained relations between the United States and its European allies.

Although he signalled openness to talks, markets interpreted the comments as a precursor to deeper transatlantic friction.

As investors moved into safe-haven assets, the dollar fell 0.8 per cent against the euro, while the S&P 500 declined about 1.7 per cent.

Nigeria’s external reserves continued their upward trend, rising by $49.34 million to reach $45.95 billion, further reinforcing confidence in near-term FX stability.

Analysts expect the naira to remain relatively firm in the short term, supported by higher oil receipts, improved foreign portfolio investment inflows, and consistent FX management by the CBN.

However, the picture was mixed across markets. In the parallel market, the naira weakened slightly by 0.02 per cent to trade around N1,481 per dollar, reflecting lingering speculative pressures

The Nigerian Naira maintained a stable trajectory against the United States Dollar during the mid-week trading session, reflecting the positive sentiment surrounding the Central Bank of Nigeria’s (CBN) 2026 macroeconomic outlook. Market participants observed a consistent performance across both the official and parallel windows as the year’s economic activity enters full gear.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the Naira showed minor fluctuations but remained within a controlled range. Opening at approximately 1,419.29 per dollar, the currency saw early morning price discovery settle at 1,419.77 per dollar. This level is consistent with the closing figures from the previous session, where the rate hovered around the 1,420 mark.

The stability in the official window is attributed to a steady supply of foreign exchange and the central bank’s ongoing commitment to price transparency. Financial experts note that the 2026 projections, which forecast external reserves potentially exceeding $50 billion later this year, have helped bolster investor confidence, preventing the sharp volatility seen in previous January cycles.