Business
Naira For Crude: The Steady Progress
The naira for crude policy is one of the smartest and most realistic steps taken to fix Nigeria’s oil and gas sector. It is not just about money. It is a well-planned effort to grow local value, depend less on foreign currency, and strengthen our ability to refine oil here at home (Nigeria).
For decades, we watched as our crude oil left Nigerian shores only to return as expensive imported fuel. We lost value and billions of dollars in foreign exchange every year. That cycle had to end. With the introduction of this policy, the federal government made a point: Nigeria will now prioritize local refining, pay for its crude in naira, and keep more of its resources within its economy.
The recent meeting of the Technical Sub-Committee on Domestic Crude Sales in Naira (ICONS) focused on reviewing how the naira-for-crude policy is being put into action.
The meeting was chaired by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, and attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. Also present were representatives from the Nigerian National Petroleum Company Limited (NNPC), Dangote Refinery, the Central Bank of Nigeria (CBN), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian Ports Authority (NPA).
The meeting reviewed the progress made so far. More than 48 million barrels of crude oil have been supplied to local refineries and paid for in naira. Monthly supply schedules are now in use, helping refineries plan better and avoid disruptions.
Officials also discussed how the One-Stop Shop is making it easier for stakeholders to follow procedures and obtain approvals. Overall, the meeting helped to strengthen the policy and support efforts to grow Nigeria’s local refining and reduce reliance on foreign exchange.
This is how reform should work: with regulators and operators facing each other, not avoiding one another. For once, the silence between agencies is being filled with coordination.
The Dangote Refinery, a major player in the sector, is already receiving crude under the new arrangement. Its participation provides an early signal that the policy can work at scale. As other refineries complete their preparations, they are expected to be included as well.
What is important is that Nigeria is taking steady, well-considered steps to change from an import-dependent petroleum economy to one that adds value locally and supports job creation within its borders.
Nigerian refineries are now tapping into a more consistent pipeline of crude supply, which is helping to reduce downtime and improve throughput.
This is what the Renewed Hope agenda represents, making the most of what we have to build a future for Nigerians. The naira-for-crude policy is not just a change in how oil is paid for. It shows that government and industry can work together to solve problems. It is a step toward building an economy that focuses on local production, stable systems, and better opportunities for the peopl3 of our great nation.
Thenationonlinesng.net
Business
Dangote Refinery Fixes Petrol Price in New Pricing Template
Dangote Petroleum Refinery has fixed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, at $0.779 per litre as it officially transitioned to a dollar-denominated pricing system for refined petroleum products.
The new pricing template, which took effect on Monday, July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and aviation fuel at $0.942 per litre, while coastal deliveries of petrol have been priced at $1,044.62 per metric tonne.
The move effectively ends naira payments for petrol, diesel and aviation fuel purchased from the refinery, marking a significant shift from the naira-based transactions introduced under the Federal Government’s naira-for-crude policy, which commenced on October 1, 2024.
In a notice to petroleum marketers and customers, the refinery said all previously issued naira-denominated Proforma Invoices (PFIs) and Deal Recaps for both gantry and coastal transactions had become invalid.
The notice, signed by the refinery’s Group Commercial Operations, stated: “Following our email of July 9, 2026, regarding the transition from naira to United States dollars (USD), please note that all issued naira coastal and gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.
“The applicable USD prices for each product, effective today, July 13, 2026, are provided below.”
Under the revised pricing template, petrol sold through the gantry will cost $0.779 per litre, diesel $1.087 per litre, aviation fuel $0.942 per litre, while coastal PMS supplies will sell for $1,044.62 per metric tonne.
The refinery, however, clarified that the transition does not affect Liquefied Petroleum Gas (LPG) transactions.
“Also note that this transition to USD does not apply to LPG transactions,” the notice added.
Industry sources said the change was necessitated by an increasing mismatch between the currency used to purchase crude oil and the currency in which refined products were being sold.
According to one source familiar with the development, Dangote Refinery now receives a significant portion of its crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under dollar-denominated supply arrangements, while a large volume of refined products has continued to be sold domestically in naira.
The source said the imbalance had heightened the refinery’s exposure to foreign exchange risks.
Another industry official explained that the refinery had received fewer crude cargoes under the naira-for-crude arrangement in recent months, making it commercially necessary to align product sales with the currency used for crude procurement.
“Dangote Refinery is receiving fewer naira-denominated crude cargoes from NNPCL than dollar-denominated cargoes, while a larger volume of its petroleum products has been sold in naira.
“The resulting currency mismatch, combined with volatility in international crude oil prices and continued exchange-rate uncertainty, made it necessary to migrate product sales to dollars,” the source said.
The development is expected to have far-reaching implications for petroleum marketers, many of whom source products directly from the refinery for nationwide distribution.
It also raises fresh questions about the future of the Federal Government’s naira-for-crude initiative, which was introduced to strengthen domestic refining, reduce pressure on foreign exchange demand and help stabilise fuel prices.
Although the refinery has fixed a dollar benchmark for product sales, the retail pump price of petrol across the country will continue to depend on several factors, including the prevailing naira-dollar exchange rate, international crude oil prices, transportation and logistics costs, regulatory charges and marketers’ margins.
With Dangote Refinery now accounting for a substantial share of Nigeria’s refined petroleum supply, industry stakeholders are expected to closely monitor how the new pricing regime influences fuel prices and competition in the deregulated downstream petroleum market.
Source: Tribune
Business
Nigeria Strengthens Maritime Leadership as Fadahunsi Emerges Vice Chairman of Eastern Atlantic Hydrographic Commission
The Hydrographer of the Federation and Chief Executive Officer of the National Hydrographic Agency (NHA), Rear Admiral OO Fadahunsi, has been elected Vice Chairman of the Eastern Atlantic Hydrographic Commission (EAtHC) for the 2026–2028 term, further reinforcing Nigeria’s growing influence in regional and global maritime governance.
Rear Admiral Fadahunsi’s election was confirmed on Friday, 3 July 2026, during the ongoing EAtHC Conference in Abidjan, Côte d’Ivoire, where member states endorsed his emergence to one of the commission’s most strategic leadership positions.
Established on 26 November 1984 under the auspices of the International Hydrographic Organization (IHO), the Eastern Atlantic Hydrographic Commission was founded by France, Nigeria, Portugal and Spain. Over the past four decades, the commission has expanded significantly, comprising 11 member states, 10 associate members and six observers committed to promoting hydrographic excellence across the Eastern Atlantic region.
The commission plays a pivotal role in advancing hydrography, nautical cartography and maritime safety through capacity-building initiatives, the development and implementation of International (INT) Charts and Electronic Navigational Chart (ENC) schemes, improved hydrographic surveys, enhanced charting standards, effective dissemination of nautical information and sustained advocacy on the importance of hydrography to regional maritime development.
Since its inaugural conference in Paris, France, in April 1986, the EAtHC has convened biennially to strengthen collaboration among member states and chart the future of hydrographic development.
In another significant endorsement of Nigeria’s expanding maritime profile, the country has been selected to host the next EAtHC Conference in June 2028. Nigeria will also host the 25th Meeting of the Capacity Building Sub-Committee (CBSC25) and the 19th Meeting of the Inter-Regional Coordination Committee (IRCC19) in June 2027, positioning the country at the centre of major international hydrographic engagements.
Rear Admiral Fadahunsi’s election is widely regarded as a testament to Nigeria’s sustained investment in hydrographic development, maritime safety and regional cooperation. It also reflects growing international confidence in the National Hydrographic Agency’s contributions to safer navigation, marine resource management and the blue economy.
As Nigeria prepares to welcome leading hydrographers, maritime regulators and technical experts from across the world over the next two years, the country is poised to consolidate its reputation as a key driver of hydrographic innovation and maritime security in the Eastern Atlantic region.
Business
Canada Publishes 2 Official Websites to Find Jobs, Says Over 2,000 Vacancies Are Posted Daily
Canada has made it easier for unemployed individuals and foreigners who wish to live and work in the country to find jobs that can help them live comfortably and meet their basic responsibilities.
On the official Canadian government website, two links are provided to websites where job seekers can find available jobs in Canada
According to the Canadian government website, applicants who apply for jobs through these platforms can get hired by different companies, as more than 2,000 jobs are posted every day.
Aside from these two websites, the Canadian government explains that individuals can also use employment agencies to help them find jobs that match their skills.
A job seeker can also ask friends or family members if there are job openings or vacancies, as not all positions are advertised on these websites.
1. Job Bank
The Canadian government explains that thousands of jobs are advertised on this platform every day by organisations and companies. The link to access the website can be found in the detailed post published on the Canadian government website.
2. Jobs GC
Another website where foreigners who wish to work in Canada or Canadian citizens can find government jobs is the Jobs GC website. Federal public service jobs are advertised on the website, alongside several other opportunities that may match an applicant’s skills.

-
Lifestyle2 days agoPublic Holiday Notice: FG to Declare Work-Free Day in Third Quarter of 2026
-
News2 days agoBREAKING: INEC Makes Major Announcement Ahead of 2027 Election
-
Tech14 hours ago“Irreparable Loss”: Tears as Prominent APC Chieftain Dies
-
Politics9 hours agoBREAKING: Atiku in Strong Trouble As Court Gives Fresh Verdict on ADC Crisis
-
Politics8 hours agoTop APC Governor Announces Running Mate for 2027
-
Business2 days agoBREAKING: Marketers Increase Fuel Prices Nationwide, as US-Iran War Escalates, New Rates Emerge
-
Business1 day agoCanada Publishes 2 Official Websites to Find Jobs, Says Over 2,000 Vacancies Are Posted Daily
-
Business1 day agoNigeria Strengthens Maritime Leadership as Fadahunsi Emerges Vice Chairman of Eastern Atlantic Hydrographic Commission
