Business
Major Gas Investment Looms as FG Scrutinizes 215 Projects for $20 Billion Funding
The NMDPRA said it is reviewing 215 gas utilisation projects and targeting investments worth $20 billion
The agency said it has identified 70 of the 215 projects are top priority, with a demand potential of 15 billion standard cubic feet per day
The federal government is planning to significantly increase Nigeria’s gas production and domestic utilisation by 2030.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said it is reviewing 215 gas utilisation projects, and it has identified 70 of them that can attract investments worth $20 billion.
This was disclosed by the Authority’s chief executive, Engr. Farouk Ahmed, at the opening session of the Gas Utilisation Unlock Validation Series, held on the sidelines of the ongoing 43rd annual conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
The federal government declared a Decade of Gas plan in 2020 in a move to increase gas utilisation and harness the country’s over 200 trillion proven natural gas reserves.
The ambitious plan, which was launched in 2020 by former President Muhammadu Buhari, aims to make Nigeria a gas-powered economy.
At the session, the NMDPRA boss noted that the 70 gas projects identified from the 215 reviewed are high-impact projects with a combined potential demand of 15 billion standard cubic feet of gas per day (bscf/d).
If actualized, these projects would create thousands of jobs and accelerate industrial growth in the country, driving the strategic objectives of the Decade of Gas plan.
The Authority’s chief executive explained that the projects were assessed based on associated infrastructure needs, market linkages, supply zones, and existing gaps requiring policy and investment interventions.
He added that the projects spread across six major demand clusters: power generation, fertiliser production, petrochemicals, industrial feedstock, CNG/LPG, and export markets.
Ahmed, in his presentation, equally noted some hindrances to growth in Nigeria’s gas sector, including infrastructure gaps, regulatory overlaps, and market uncertainties.
He revealed that the Decade of Gas Secretariat has begun a three-week exercise to validate project data, align gas demand with supply, set appropriate pricing frameworks, and pinpoint the infrastructure and support systems required for effective execution.
He said:
“This validation series is not merely an audit of projects but a springboard for accelerated implementation. Each project team will work closely with the NMDPRA and the Decade of Gas Secretariat to validate assumptions, remove bottlenecks, and assign clear responsibilities and timelines.”
Affirming NMDPRA’s commitment, Ahmed urged operators, regulators, and investors to collaborate strategically to deepen gas utilisation and help Nigeria achieve its goal of being a gas-powered economy by 2030.
“Time is not on our side. We must ensure that within the next 12 to 24 months, we begin commissioning critical gas development projects that will drive the goals of the Decade of Gas,” he advised.
The Minister of State for Petroleum (Gas), Rt. Hon. Ekperikpe Ekpo, who delivered a keynote address at the NAPE convention, said the Decade of Gas initiative can help Nigeria increase gas production by an additional 4.7 billion cubic feet per day by 2030.
He urged stakeholders to collaborate to increase domestic utilisation of gas and also increase export revenues, in line with the 2030 target.
“This marks the initial phase of a ten-year strategy to reposition Nigeria as a gas-driven industrial power, delivering clean energy, strengthening industries, and generating export revenues through coordinated public–private collaboration,” he said.
Analysts have said that increasing local utilisation of gas requires improved investment in gas-to-power, clean cooking, and gas mobility infrastructure.
Business
BREAKING: Dangote, BUA, Other Dealers Announce New Cement Prices Nationwide
Leading manufacturers, including Dangote Cement and BUA Cement, have adjusted cement prices nationwide, with a bag now selling for as high as N12,000 in many parts of the country.
Industry operators say the latest increase marks another sharp jump from previous prices of between N11,000 and N11,500, deepening concerns about affordability and slowing construction activities.
Experts point to rising energy costs as the primary trigger behind the new pricing regime. Manufacturers are grappling with higher fuel prices, which directly impact production processes that rely heavily on energy.
Chairman of the Lagos Chamber of Commerce and Industry Construction and Engineering Group, Soji Adeniji, explained to Legit.ng that the surge in fuel prices has significantly raised factory operating costs.
According to him, the increase in petrol prices from around N1,000 to nearly N1,900 per litre has placed additional pressure on cement producers, forcing them to pass on the cost to consumers.
Stakeholders also link the rising prices to global developments, particularly tensions in the Middle East, which have disrupted energy markets worldwide.
These disruptions have cascading effects on input costs, further compounding the challenges faced by manufacturers already dealing with local economic pressures.
Business
Black Market Naira To Dollar Exchange Rate Today 5th August 2026
What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?
You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1410 and sell at N1420 on Tuesday, 4th August 2026 according to sources at Bureau De Change (BDC).
Black Market Exchange Rate Today 5th August, 2026
US Dollar Rates
Buying Rate N1,415
Selling Rate N1,425
CBN (Official): ₦1,362.55
The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) which rate we have given above; is a topic of high constant interest for people who are Nigerian and businesses and policymakers in Nigeria.
This rate of dollars to naira exchange rate influences not only the cost of imported goods but also the cost of travel, international education, and even local prices of certain commodities.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Business
BREAKING: Again, Dangote Reduces Petrol Prices
Residents of the Federal Capital Territory (FCT) have praised Dangote Petroleum Refinery’s decision to cut its ex-depot price for Premium Motor Spirit (PMS), though many say the reduction has yet to ease the cost of transportation, food, and other daily essentials.
The refinery lowered its ex-depot petrol price from N1,330 per litre to between N1,265 and N1,300 per litre, reversing gains recorded over the previous two weeks when global crude oil prices were volatile.
The adjustment followed an earlier announcement by the refinery of plans to distribute petrol free of charge in Lagos, Ogun, Rivers, Kaduna, Delta, and the FCT to improve product availability.
Price Changes at Abuja Filling Stations
Checks across Abuja on Monday confirmed the price movement was already filtering through to retail outlets. MRS cut its pump price by N40 per litre, while independent marketers including AA Rano reduced their retail price by N30 per litre, bringing petrol to N1,300 per litre.
At the depot level, Emedab, NIPCO, and Sigmund were selling petrol at between N1,217 and N1,222 per litre. NAN reports that Civil servant Bare Oguntade described the cut as a welcome development but urged the federal government to ensure that transport operators and traders pass the savings along to ordinary consumers.
Business owner Anthony Okere echoed the sentiment, noting that many small businesses still depend heavily on petrol due to unreliable electricity supply, and that only a small number of transport operators have benefited from the government’s Compressed Natural Gas (CNG) programme.
Calls for Regulation and Monitoring
Public affairs analyst Jide Ojo said sufficient time had passed for the benefits of lower fuel supply costs to reach Nigerians at the grassroots level. He called on the federal government to engage petroleum marketers directly so that future price reductions are reflected quickly at filling stations and in transport fares.
Development expert Aliyu Ilias added that stronger regulatory oversight, combined with greater consumer participation, would push filling stations to comply with prevailing prices and encourage fair competition across the sector.
Meanwhile, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the brief suspension of fuel loading after the price review was a routine reconciliation process that takes place whenever depot prices change.
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