Business
PETROLEUM MINISTRY AND THREE AGENCIES UNDER ITS SUPERVISION PARTICIPATE IN IMF ARTICLE IV CONSULTATION
The Ministry of Petroleum Resources (MPR), alongside three agencies under its supervision—the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian National Petroleum Company Limited (NNPCL), recently participated in the ongoing International Monetary Fund (IMF) Article IV Consultation in Nigeria.
The IMF team was in the country at the invitation of the Federal Government to engage selected government institutions and gather insights on developments across various sectors of the economy.
Speaking during the meeting held in Abuja, the Chairman of the session and Permanent Secretary of the Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella, expressed appreciation to the IMF team for their continued efforts and commitment to the growth and development of the Nigerian economy, particularly the oil and gas sector.
Ambassador Ella encouraged representatives of NUPRC, NMDPRA, and NNPCL to engage fully in the consultation, stressing the importance of collaboration and innovation in achieving tangible economic outcomes.
During the meeting, the three agencies delivered comprehensive presentations, offering valuable insights into Nigeria’s crude oil production trends and projections. It was highlighted that despite prevailing challenges, the country achieved an average of 88% of its projected crude oil volume, attributed to reduced losses and increased output. Efforts are also underway to revive underperforming assets and improve output from flow stations to terminals.
Regarding gas production, the presentations underscored existing infrastructure developments and ongoing investments aimed at achieving production and distribution targets.
A significant part of the consultation examined the recent fuel subsidy removal by President Bola Ahmed Tinubu and the strategies being employed to ensure its long-term sustainability. Discussions reflected a shared commitment to market-driven reforms and enhanced fiscal responsibility within the petroleum sector.
Participants at the meeting agreed that strong inter-agency collaboration, along with support from development partners and financial institutions, is essential to stabilize global oil markets and strengthen Nigeria’s energy security.
The meeting was attended by Directors, Heads of Units, and staff from the Ministry of Petroleum Resources, representatives from the Federal Ministry of Finance, and IMF consultants.
This successful engagement reaffirmed Nigeria’s strategic commitment to transparency, sustainable growth, and international cooperation in the petroleum industry.
Governor of Kaduna State, Senator Uba Sani, has appointed Ben Solomon Dalhatu Kure as the Managing Director of Kaduna State Media Corporation (KSMC).
Ibraheem Musa, Chief Press Secretary to the Governor, disclosed this in a statement at the weekend.
Kure replaced Ahmed Maiyaki, who has just been appointed the Commissioner for Information.
He is expected to build on Mr. Ahmed Maiyaki’s leadership, which has repositioned the media corporation.
Before this appointment, Kure served as the Chairman of Jaba Local Government from 2016 to 2017, Executive Secretary of the Kaduna State Emergency Management Agency from 2018 to 2019, and Special Adviser (Political Matters) to the Kaduna State Governor from 2019 to 2021.
Dangote Refinery has announced the delivery of its first shipment of compressed natural gas trucks to facilitate its nationwide premium motor spirit and automotive gas oil supply from August 15, 2025.
The 650,000-barrel-per-day refinery disclosed this in a statement by its spokesperson, Anthony Chijiena, on Sunday.
According to him, the refinery, the N720 billion worth investment scheme, is aimed at transforming Nigeria’s fuel distribution landscape by reducing logistics costs and enhancing supply efficiency for customers.
“The fleet of fuel tankers, being imported through Apapa Port, represents a significant capital investment estimated at N720 billion.
“The first consignment of trucks recently departed Apapa Port and was formally received at the refinery site in Ibeju-Lekki by the Vice-President of Oil and Gas at Dangote Industries Ltd., Devakumar Edwin,” the statement reads.
Recall that Dangote Refinery had announced that the fuel distribution scheme would cause a major shakeup in the country’s oil and gas downstream sector.
However, petroleum product retail outlet owners and the Natural Gas Suppliers Association of Nigeria have, in different forums, kicked against the scheme, saying it would result in massive job losses.
The naira bounced back to appreciate against the dollar at the official foreign exchange market on Thursday as Nigeria’s external reserves continued to rise.
The Central Bank of Nigeria’s data showed that the Naira gained slightly at N1,533.73 against the dollar on Thursday from N1,534.44 traded on Wednesday.
This means that Nigeria’s currency marginally strengthened by N0.70 against the dollar on a day-to-day basis.
Meanwhile at the black market, the Naira remained flat at N1,565 on Thursday, the same exchange rate recorded the previous day.
The development follows the continued rise in the country’s external reserves, which stood at $39.99 billion as of 6th August 2025, up from $39.81 billion on the 4th of this month, CBN data showed.
Ekwutosblog reports that in the past four days, the Naira has recorded mixed sentiments of depreciation and appreciation against other currencies.
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