Business
Dangote Refinery to Supply 25 Million Litres of Petrol Daily Starting September 2024
The Dangote Refinery is set to supply 25 million litres of petrol daily to the Nigerian market, starting in September 2024, according to an announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a statement released on Tuesday, the NMDPRA revealed that it had convened a meeting with the Nigerian National Petroleum Company Limited (NNPCL) to finalise the supply of local crude oil to the refinery.
During the meeting, it was agreed that NNPCL would sell and supply crude oil to the Dangote Refinery in the local currency.
The NMDPRA stated on its official X (formerly Twitter) account, “NNPCL has reached an agreement to commence the sale and supply of crude oil to the Dangote Refinery in local currency at the NMDPRA headquarters in Abuja.
The refinery is set to deliver an initial supply of 25 million litres of Premium Motor Spirit (PMS) into the domestic market starting this September. By October 2024, this daily supply is expected to increase to 30 million litres.”
This development follows an official announcement by Aliko Dangote, President of Dangote Group, who confirmed that the first rollout of Premium Motor Spirit (PMS) from the 650,000 barrels per day refinery had begun.
Additionally, Dangote mentioned that the Federal Executive Council (FEC) would ultimately determine the pricing of petrol from the refinery, a decision that will likely have significant implications for the Nigerian market.
The Dangote Refinery, one of the largest in Africa, is expected to play a key role in reducing Nigeria’s reliance on imported fuel and addressing the country’s energy needs.
The commencement of domestic petrol production from this refinery is seen as a major milestone for Nigeria’s oil and gas sector.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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