Ogochukwu Onwaeze, THEWILL

Joseph Obele, National Public Relations Officer of PETROAN, made the call in a statement on Thursday, arguing that increased domestic refining would strengthen supply and reduce Nigeria’s dependence on imported petroleum products.

Brent crude futures fell $2.67, or 2.5 percent, to $103.13 a barrel, from around $105 on Wednesday, according to Reuters. US West Texas Intermediate crude declined $1.61, or 1.6 percent, to $100.82 a barrel.

Alawuba spoke at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, September 8, 2026.

The ASI opened at 244,791.79 and closed at 246,315.38, while market capitalisation rose from ₦158.714 trillion at the opening to ₦159.892 trillion at the close.

NGX data showed the stock closed at ₦14,907.80 on September 16, unchanged since its 10 percent jump from ₦13,552.60 on September 10. The price is Seplat’s 52-week high, according to NGX data.

Nigeria attracted about $8.39bn in foreign direct investment (FDI) between 2022 and 2025, with inflows rising sharply in 2025 amid renewed activity in the oil and gas sector.

The Federal Government has commissioned a 3MW solar hybrid power project at Yakubu Gowon University, Abuja, to strengthen electricity supply for teaching, research, laboratories and other critical operations.

The Nigeria Customs Service (NCS), Port Harcourt II Area Command, has intercepted 56 containers carrying prohibited goods with a total duty-paid value of N5.53bn.

Nigeria is getting a major boost from crude oil prices trading above $100 per barrel, but the windfall could come with high costs for households and businesses.

The market capitalisation opened at ₦158.399 trillion and closed at ₦158.714 trillion, representing a gain of ₦315 billion. Similarly, the ASI rose by 487.28 points, or 0.20 percent, from 244,304.51 at the opening to 244,791.79 at the close.