Business
Another Billionaire set To Complete $1 Billion Refinery In Nigeria
Nigerians may soon have another operational refinery as billionaire businessman Azibapu Eruani’s Azikel Refinery in Yenagoa, Bayelsa State, enters its final stage of construction.
The refinery is designed to process 25,000 barrels of crude oil or condensate daily and produce petrol, diesel, aviation fuel, kerosene, liquefied petroleum gas and other refined products.
The refinery is designed as a full-slate hydro-skimming plant with a capacity to process 25,000 barrels of crude oil or condensate per day.
Eruani, president of Azikel Group, disclosed the development during a recent tour of the refinery complex by members of the Nigerian Society of Engineers. Nigerian billionaire builds refinery
About 700 engineers and other personnel are currently working on the completion of the project, with most of the workforce comprising young Bayelsans and Nigerian engineers alongside expatriate specialists.
Azikel said the refinery is expected to employ more than 3,000 people when it becomes operational, while the project has already generated more than 80,000 indirect jobs, Biilionaires.Africa reports.
Mac Jokori, chairman of the Nigerian Society of Engineers, Bayelsa branch, described the facility as a major milestone for Nigeria’s refining industry.
Jokori said the refinery had complied with high engineering standards and would contribute to industrialisation, local capacity development and employment opportunities for young Nigerians. Refinery to produce petrol, aviation fuel
The Azikel facility is a full-slate hydro-skimming refinery designed to process both crude oil and condensate.
The refinery is expected to produce premium motor spirit, diesel, aviation fuel, kerosene, liquefied petroleum gas and other petroleum products.
Eruani said the ability to convert crude oil or condensate into petrol and aviation fuel was a major feature of the refinery.
He described Azikel as Nigeria’s second-largest full-slate refinery and said it was the only refinery in Africa designed to process condensate into a complete range of products.
Guardian reports that the company plans to expand the refinery’s capacity to 125,000 barrels per day in the future.
Azikel refinery capacity increased The refinery project has grown significantly from the facility initially approved by regulators.
The project received approval in 2015 under former President Muhammadu Buhari. In November 2023, Azikel Petroleum signed a $259 million debt funding agreement with the African Export-Import Bank for a 12,000-barrel-per-day hydro-skimming refinery.
However, Eruani said the project subsequently underwent enhanced value engineering and redesign, increasing its capacity to 25,000 barrels per day.
“The Azikel Refinery licensed by former President Muhammadu Buhari in 2015 has now gone through several enhanced value engineering and redesign to a 25,000 barrels per day capacity. It is now a $1 billion investment.”
Azikel Petroleum contracted US oil services company McDermott for feasibility studies and construction work on the facility.
Nigerians could face another round of petrol price increases after the Dangote Refinery raised its ex-gantry petrol price, triggering fresh upward pressure across the downstream petroleum market.
The 700,000-barrels-per-day Dangote Refinery increased its petrol price by N15.50, from N1,150 to N1,181 per litre.
The latest adjustment comes as international crude oil prices approach $90 per barrel amid growing concerns over global energy supply.
Analysts said the move could be a defensive response to higher crude acquisition and operating costs, particularly as tensions involving the United States and Iran escalate around tanker traffic through the strategic Strait of Hormuz.
Nigerian depot prices climb
The impact of the refinery’s price adjustment is already being felt across Nigeria’s petroleum depots. Data from PetroleumPriceNG showed that depot petrol prices rose by nearly three per cent as of Tuesday, August 11, 2026, with several operators adjusting their rates upward. Soroman recorded one of the sharpest increases, raising its petrol price by N50 to N1,250 per litre. NIPCO also increased its rate to N1,200 per litre. Integrated raised its price by N25 to N1,200 per litre, while PIVOT increased its rate by N32 to N1,200 per litre.
The latest adjustments have pushed average depot prices to around N1,200 per litre, adding fresh pressure to marketers and retailers.
Filling stations face fresh pressure
The increase at the depot level could eventually translate into higher pump prices if crude oil remains elevated and transportation and logistics costs continue to rise. Major filling stations, including Dangote Refinery-backed MRS, have continued to sell petrol at prices ranging from about N1,240 to N1,260 per litre in some locations.
Energy policy expert Adeola Yusuf said consumers should closely monitor developments in the international oil market, warning that prolonged tensions around the Strait of Hormuz could trigger further increases.
“The situation remains fluid, and Nigerians should watch out for more increases in the coming days,” Yusuf said.
For motorists and households already grappling with elevated living costs, another petrol price increase could raise transportation and logistics expenses, potentially pushing up the prices of food, goods and other essential services.
The naira traded around ₦1,368 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, August 12, 2026, as the Central Bank of Nigeria’s reference rate continued to hover within the ₦1,360–₦1,370 range.
Data from the CBN and FMDQ showed the NFEM rate at about ₦1,368.22 per dollar, while the broader market benchmark remained around ₦1,368.37/$, indicating little movement from the previous trading session.
At the parallel market, commonly referred to as the black market, the dollar was quoted at about ₦1,405 on Wednesday, leaving a gap of roughly ₦37 between the official and street rates.
The current spread suggests that pressure in the retail foreign exchange segment remains moderate, with the premium staying far below the wide differentials seen during periods of heightened volatility in 2024 and 2025.
The CBN maintains that the NFEM rate is determined using a volume-weighted average of transactions conducted in the official market, following the unification of Nigeria’s exchange-rate windows. FMDQ continues to publish daily market data for the Nigerian Autonomous Foreign Exchange Market (NAFEM), which serves as the benchmark for official dollar transactions.
Currency traders said demand from importers and manufacturers remained steady, while improved FX liquidity from autonomous sources helped keep the official rate relatively stable.
For individuals and businesses, the applicable exchange rate may vary slightly depending on the bank, bureau de change, transfer platform, or location of the transaction.
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 Sunday, 9th August 2026 according to sources at Bureau De Change (BDC).
Black Market Exchange Rate Today 10th August, 2026
US Dollar Rates
Buying Rate N1,423
Selling Rate N1,427
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.
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