Business
REA, NBS Sign MoU To Boost Data-Driven Energy Initiatives
The Rural Electrification Agency and the National Bureau of Statistics have entered into a strategic partnership to conduct a comprehensive National Energy Survey aimed at strengthening data-driven planning in Nigeria’s power and energy sector.
The partnership was sealed through a Memorandum of Understanding signed in Abuja by Managing Director and Chief Executive Officer of the REA, Dr. Abba Aliyu, and Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran .
A statement issued by the REA on Tuesday disclosed that the survey will be conducted using the globally recognised Multi-Tier Tracking Framework and implemented under the Energy Sector Management Assistance Programme of the World Bank.
According to the agency, the initiative is designed to generate high-quality and analytical energy data that will support evidence-based policymaking, programme design, and investment decisions across Nigeria’s electricity value chain.
The statement read, “The Rural Electrification Agency and the National Bureau of Statistics have signed a Memorandum of Understanding to collaborate on the conduct of a comprehensive National Energy Survey using the Multi-Tier Tracking Framework in Nigeria.
“The MoU formalises a strategic partnership between the two Federal Government agencies to provide mutual collaboration and technical support for the survey, which is being implemented under the Energy Sector Management Assistance Program of the World Bank.
“The initiative is designed to generate high-quality, analytical data to support evidence-based planning and policy formulation in Nigeria’s power and energy sector.”
Speaking at the signing ceremony, Aliyu said the collaboration underscored the agency’s commitment to data-driven rural electrification and sustainable energy access.
“This collaboration will provide granular, credible data on electricity access, affordability, and off-grid energy solutions across Nigeria. The findings will directly inform national electrification initiatives such as the National Electrification Strategy and Implementation Plan, while also strengthening investor confidence in the sector,” he said.
He explained that the outcome of the survey would directly inform national electrification initiatives, including the National Electrification Strategy and Implementation Plan, while also boosting investor confidence in the power sector.
“As we work towards universal energy access, accurate data remains critical to prioritising interventions, targeting underserved communities and attracting private capital into the sector,” Aliyu added.
On his part, Adeniran emphasised the role of robust statistical standards in national development planning, noting that the NBS would ensure the credibility and reliability of the survey results.
“NBS is pleased to provide technical oversight, sampling expertise, and quality assurance to ensure that the survey adheres to global best practices,” he said.
“Reliable data is fundamental to effective policy formulation and sustainable development, particularly in a sector as critical as energy,” Adeniran stated.
Under the terms of the MoU, both agencies will collaborate to assess energy access at the household, community, enterprise, and public institution levels using the Multi-Tier Framework.
The survey will also examine household energy affordability, expenditure patterns, and willingness to pay for both grid-connected and off-grid solutions, while analysing access to and usage of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions.
The REA will serve as a key implementation and policy partner, providing sector expertise, stakeholder engagement, public awareness, and alignment with Nigeria’s rural electrification priorities.
Meanwhile, the NBS will be responsible for regulatory approvals, sampling frames, methodological validation, technical supervision, and capacity building for enumerators to ensure data quality and credibility.
The World Bank, through its Energy Sector Management Assistance Programme, will fund and provide technical oversight for the survey, while engaging a qualified survey firm to handle field data collection, analysis, and reporting.
It explained, “Under the MoU, the Parties will work together to: Assess energy access at household, community, enterprise, and public institution levels using the Multi-Tier Framework; Examine household energy affordability, expenditure patterns, and willingness to pay for grid and off-grid solutions;
“Analyse access to and usage of off-grid technologies, including solar home systems, mini-grids, and clean cooking solutions.
“REA will serve as a key implementation and policy partner, providing sectoral expertise, stakeholder engagement, public awareness, and alignment with Nigeria’s rural electrification priorities.
“NBS will provide regulatory approval, sampling frames, methodological validation, technical supervision, and capacity building for enumerators, ensuring data quality and credibility.”
The MoU is expected to remain in force for 18 months, with data generated from the exercise projected to support national energy planning, improve programme targeting, guide private sector investments, and accelerate Nigeria’s transition towards universal access to electricity and clean cooking solutions.
The collaboration comes against the backdrop of Nigeria’s long-standing electricity access gap, particularly in rural and underserved communities, where millions of households still lack reliable power despite ongoing reforms and investment initiatives.
The availability of credible, up-to-date energy data remains a critical constraint to effective planning and sustainable investment in the sector.
The partnership, therefore, signals the Federal Government’s renewed push to strengthen inter-agency collaboration, improve the availability of reliable energy statistics, and advance inclusive and sustainable electrification nationwide.
Business
Marketers, Depots Release New Petrol Prices as Dangote Refinery Slashes Price
Nigeria’s petrol market is witnessing a fresh wave of price reductions following the sharp decline in global crude oil prices and a major price cut by Dangote Refinery, raising hopes of cheaper fuel across the country.
The downturn in international oil prices has triggered adjustments at several fuel depots, with operators releasing new ex-depot prices amid growing optimism that petrol prices could ease further in the coming weeks.
Global crude prices extended their losses on Tuesday, June 16, 2026, after signs of a breakthrough in talks between the United States and Iran boosted expectations that the strategic Strait of Hormuz could soon return to normal operations.
The easing of tensions has reduced fears of supply disruptions that previously pushed oil prices higher.
As of Tuesday morning, Brent crude traded at $82.68 per barrel, down 0.59 per cent, while West Texas Intermediate (WTI) crude slipped 0.42 per cent to $80.41 per barrel.
Market confidence also received a boost after the LNG tanker Disha successfully sailed through the Strait of Hormuz on Monday on its way to India, signalling the gradual restoration of energy shipments from the Gulf region.
Although shipping firms remain cautious, analysts believe oil prices may remain under pressure if the US-Iran agreement is formally signed and maritime activities fully resume.
Against this backdrop, Nigerian depots have begun adjusting their petrol prices downward.
Industry data obtained from PetroleumPriceNG shows that several depot owners lowered their ex-gantry prices as competition intensifies.
Dangote Refinery had earlier announced a significant N75 per litre reduction in its petrol price.
However, the refinery later adjusted its rate slightly upward by N5, selling Premium Motor Spirit (PMS) at N1,185 per litre, compared to N1,175 previously.
Other depots have also announced fresh rates. Prudent Oghara is now selling petrol at N1,270 per litre, while AITEO offers PMS at N1,180 per litre. Mainland depot fixed its ex-depot price at N1,250 per litre.
The latest crash in crude oil prices could open the door for additional reductions in petrol and diesel prices across Nigeria. Industry experts say marketers may be compelled to lower prices further as cheaper crude filters into the supply chain and competition with Dangote Refinery intensifies
For millions of Nigerians struggling with high transportation and living costs, the current trend offers renewed hope that fuel prices may finally begin to ease in the months ahead.
Business
JUST IN: Saraki Gets Fresh Appointment

NCR Nigeria Plc has announced the appointment of Mrs Oluwatoyin Saraki, the wife of former Senate President, Bukola Saraki as a Non-Executive Director, according to a statement signed by the Company Secretary, Bernice Anya.
Saraki’s appointment, subject to ratification by shareholders at the company’s next Annual General Meeting (AGM).
The development, the company noted, will strengthen the company’s board as it builds on its recent financial recovery and growth momentum.
NCR Nigeria stated that the appointment followed a written resolution passed by its Board of Directors.
“The Board of Directors of NCR (Nigeria) Plc, by way of a written resolution, appointed Her Excellency, Mrs Oluwatoyin Saraki, as a Non-Executive Director on the Board of the Company, subject to ratification by the shareholders at the next Annual General Meeting of the Company”, the statement noted.
The company said Saraki brings extensive experience in law, governance, policy advocacy, and strategic leadership gained across the private, public, and multilateral sectors. The Board and Management also expressed confidence in her ability to contribute meaningfully to the company’s long-term growth and governance objectives.
Saraki is widely recognised for her work in global health and development. She serves as the Inaugural and Emeritus Global Goodwill Ambassador for the International Confederation of Midwives.
She is a Special Adviser to the World Health Organisation (WHO) Regional Office for Africa.
Saraki also holds several advocacy roles, including UNFPA Nigeria Family Planning Champion and Global Champion for the White Ribbon Alliance for Safe Motherhood.
Business
BREAKING: Crude Oil Crashes to 3-Month Low, as Fuel Price To Drop Below N900/Litre
Global crude oil prices have plunged to their lowest level in three months, reversing much of the gains recorded during the recent Middle East supply crisis and raising hopes of lower fuel costs in many oil-importing countries.
The price of Premium Motor Spirit (PMS), popularly known as petrol, could fall to around N900 per litre as Brent crude, the international benchmark for oil prices, fell below the $80 per barrel mark on Tuesday, settling around $78.96 per barrel, its lowest level since early March. U.S. West Texas Intermediate (WTI) also dropped sharply to about $76.05 per barrel.
The decline follows growing optimism that oil flows through the strategic Strait of Hormuz will gradually return to normal following diplomatic progress involving Iran and the United States.
The latest price slump represents a significant decline from levels seen in recent months. Brent crude averaged about $117.29 per barrel in April and $107.14 per barrel in May before easing to around $99 in early June. At the height of the Middle East tensions, Brent briefly surged above $119 per barrel amid fears of supply disruptions.
Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.
During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.
Market analysts attribute the sharp fall to expectations that Iranian oil exports could resume more freely and that shipping activities through the Strait of Hormuz may normalize in the coming weeks. The prospect of increased global supply has prompted major financial institutions to cut their oil price forecasts.
Beyond geopolitical developments, weaker demand from China, persistent inflation concerns, and slowing global economic growth have also weighed on crude prices. Traders are increasingly betting that global oil supplies will improve while demand growth remains subdued.
For Nigeria, the decline in crude oil prices presents a mixed picture. While lower global oil prices could help reduce the cost of imported refined petroleum products and potentially ease pressure on fuel prices, it may also reduce government revenues, given the country’s heavy dependence on crude oil exports.
Despite the recent crash, analysts warn that volatility remains high and that any fresh disruption in the Middle East could quickly send prices higher again. For now, however, the market appears focused on improving supply prospects, pushing crude prices to their lowest levels since March
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