With crude oil prices exceeding $100 a barrel, Nigeria stands to earn more from exports, but debt repayments and rising production costs could limit the benefits. Manufacturers are grappling with soaring energy bills, expensive imported raw materials and weak demand, prompting calls for policies that strengthen local production and industrial competitiveness.
Wednesday, October 14, 2026
Video - Nigeria’s oil windfall faces test as manufacturers battle rising costs
With crude oil prices exceeding $100 a barrel, Nigeria stands to earn more from exports, but debt repayments and rising production costs could limit the benefits. Manufacturers are grappling with soaring energy bills, expensive imported raw materials and weak demand, prompting calls for policies that strengthen local production and industrial competitiveness.
Nigeria's Dangote oil refinery swings to net profit ahead of IPO
Nigeria's Dangote Petroleum Refinery, which is seeking to raise $1.6 billion in what would be Africa's biggest IPO, swung to a net profit in the first nine months of 2026 as revenue more than doubled, according to unaudited results released on Tuesday.
The company posted a net profit of $4.73 billion for January to September, compared with a $117.2 million loss a year earlier.
The refinery has benefited from rising demand for its products amid supply disruptions linked to the Iran war, helping it sell jet fuel into Western Europe.
"Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations," Chief Executive Officer David Bird said in a statement.
Revenue rose to $22.48 billion from $9.19 billion, while core earnings (EBITDA) jumped to $5.52 billion from $627.6 million, as higher crude processing rates, stronger refining margins and improved operations boosted profits.
The 700,000-barrel-per-day refinery generated operating cash flow of $3.68 billion, up from $364.7 million a year earlier, and ended September with cash holdings of $6.69 billion.
It also moved from a net debt position of $1.73 billion a year ago to net cash of $650.8 million.
The application period for the initial public offering, initially due to close on October 13, has been extended by two weeks to October 27 amid strong investor demand.
Built at a cost of about $20 billion on the outskirts of Lagos, the refinery has reshaped Nigeria's fuel market since it started operations in 2024.
It aims to double refining capacity to 1.4 million bpd by 2029. The refinery has helped reduce Nigeria's reliance on imported petroleum products and has emerged as a major supplier of refined fuels to domestic and regional markets.
Dangote refinery extends $1.6 billion IPO to broaden African investor access
The company posted a net profit of $4.73 billion for January to September, compared with a $117.2 million loss a year earlier.
The refinery has benefited from rising demand for its products amid supply disruptions linked to the Iran war, helping it sell jet fuel into Western Europe.
"Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations," Chief Executive Officer David Bird said in a statement.
Revenue rose to $22.48 billion from $9.19 billion, while core earnings (EBITDA) jumped to $5.52 billion from $627.6 million, as higher crude processing rates, stronger refining margins and improved operations boosted profits.
The 700,000-barrel-per-day refinery generated operating cash flow of $3.68 billion, up from $364.7 million a year earlier, and ended September with cash holdings of $6.69 billion.
It also moved from a net debt position of $1.73 billion a year ago to net cash of $650.8 million.
The application period for the initial public offering, initially due to close on October 13, has been extended by two weeks to October 27 amid strong investor demand.
Built at a cost of about $20 billion on the outskirts of Lagos, the refinery has reshaped Nigeria's fuel market since it started operations in 2024.
It aims to double refining capacity to 1.4 million bpd by 2029. The refinery has helped reduce Nigeria's reliance on imported petroleum products and has emerged as a major supplier of refined fuels to domestic and regional markets.
Shell to sell its Nigeria domestic gas business to Vaaris Energy
Shell said on Tuesday it has signed an agreement to sell its full interest in the Shell Nigeria Gas Group, which operates a domestic gas distribution business in the country, to Vaaris Energy.
"Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria," said Elohor Aiboni, Shell’s Country Chair in Nigeria.
The companies did not disclose the monetary value of the sale.
Last week, the oil major raised its third-quarter integrated gas production forecast to between 740,000 and 780,000 barrels of oil equivalent per day, from a previous estimate of 570,000 to 630,000 boepd.
Vaaris Energy is a privately held Nigerian energy company with interests across the oil and gas value chain and an existing operational footprint in the country.
The sale is a part of CEO Wael Sawan's ongoing efforts to simplify Shell's portfolio and shift focus away from renewables, seeking better returns in oil and gas projects.
"Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria," said Elohor Aiboni, Shell’s Country Chair in Nigeria.
The companies did not disclose the monetary value of the sale.
Last week, the oil major raised its third-quarter integrated gas production forecast to between 740,000 and 780,000 barrels of oil equivalent per day, from a previous estimate of 570,000 to 630,000 boepd.
Vaaris Energy is a privately held Nigerian energy company with interests across the oil and gas value chain and an existing operational footprint in the country.
Tuesday, October 13, 2026
Dangote refinery extends $1.6 billion IPO to broaden African investor access
Nigeria's Dangote Petroleum Refinery and Petrochemicals has extended the application period for its initial public offering by two weeks to October 27, citing strong investor interest across Africa and efforts to broaden access to the share sale.
The company said on Monday that Nigeria's Securities and Exchange Commission had approved the extension of the offer, which opened on September 14 and had been due to close on October 13.
Reuters earlier reported the extension of what is set to be Africa's largest share sale.
The refinery, owned by Africa's richest person, Aliko Dangote, is seeking to broaden ownership of its 700,000-barrel-per-day complex through an offer aimed at up to 10 million retail investors in Nigeria and elsewhere across the continent.
The company said the extension would support market-access initiatives in other African countries, including expanding distribution channels and facilitating cross-border investment.
It said the additional time would also allow prospective investors to complete account-opening procedures, identity verification checks and other regulatory requirements needed to participate in the offer.
The prospectus showed the share sale was not registered as a public offering outside Nigeria, forcing investors to rely on local regulations or gain access through a limited number of eligible online investment platforms.
The mismatch between Dangote's pan-African ambitions and the uneven take-up beyond Nigeria highlights how fragmented capital markets continue to hinder cross-border investment across the continent.
The IPO aims to raise around $1.6 billion — or up to $2.1 billion if an over-allotment option is exercised — from retail investors to help fund the expansion of the Lagos refinery.
The refinery, which began processing crude in early 2024, is central to Nigeria's efforts to reduce fuel imports and become a net exporter of refined petroleum products.
The offering is viewed as a major test of pan-African retail investor appetite for ownership in a large industrial asset.
The company said on Monday that Nigeria's Securities and Exchange Commission had approved the extension of the offer, which opened on September 14 and had been due to close on October 13.
Reuters earlier reported the extension of what is set to be Africa's largest share sale.
The refinery, owned by Africa's richest person, Aliko Dangote, is seeking to broaden ownership of its 700,000-barrel-per-day complex through an offer aimed at up to 10 million retail investors in Nigeria and elsewhere across the continent.
The company said the extension would support market-access initiatives in other African countries, including expanding distribution channels and facilitating cross-border investment.
It said the additional time would also allow prospective investors to complete account-opening procedures, identity verification checks and other regulatory requirements needed to participate in the offer.
The prospectus showed the share sale was not registered as a public offering outside Nigeria, forcing investors to rely on local regulations or gain access through a limited number of eligible online investment platforms.
The mismatch between Dangote's pan-African ambitions and the uneven take-up beyond Nigeria highlights how fragmented capital markets continue to hinder cross-border investment across the continent.
The IPO aims to raise around $1.6 billion — or up to $2.1 billion if an over-allotment option is exercised — from retail investors to help fund the expansion of the Lagos refinery.
The refinery, which began processing crude in early 2024, is central to Nigeria's efforts to reduce fuel imports and become a net exporter of refined petroleum products.
The offering is viewed as a major test of pan-African retail investor appetite for ownership in a large industrial asset.
By Chijioke Ohuocha and Macdonald Dzirutwe, Reuters
Monday, October 12, 2026
Video - Nigerian game show promotes Yoruba language
A new game show in Nigeria is using competition, laughter and prizes to encourage people to preserve the Yoruba language, as players are penalized for switching to English during the game. Producers say the initiative seeks to address concerns that younger generations are increasingly favoring global languages over indigenous ones.
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