Nigeria is promoting compressed natural gas as a cheaper alternative to petrol amid rising fuel prices. However, long queues and limited refueling stations in Abuja are leaving motorists frustrated and reducing drivers’ earnings.
Thursday, October 15, 2026
Video - Nigeria’s CNG transition faces long queues and refueling challenges
Nigeria is promoting compressed natural gas as a cheaper alternative to petrol amid rising fuel prices. However, long queues and limited refueling stations in Abuja are leaving motorists frustrated and reducing drivers’ earnings.
Africa’s richest man, Aliko Dangote, reveals how much you must have before he prioritizes you for his refinery’s IPO
Aliko Dangote, President of the Dangote Group and majority shareholder of the Dangote Refinery, recently said investors with N50,000 ($37.59) and below will receive more attention concerning the Dangote Refinery’s initial public offering (IPO).
He made the revelation at the nationwide IPO roadshow in Port Harcourt, Rivers State, as the event ended.
Addressing investors, financial market experts, business leaders, and other stakeholders, Africa’s richest man reiterated a message he has insisted on since he decided to take his refinery public, and that is the fact that the IPO was initiated for the average and below-average African investor.
“We will prioritise people with 50,000 and below,” Dangote stated, according to a Wednesday statement by the Dangote Group.
During the event, Dangote also revealed that investors from across the globe had already committed significant capital to the refinery.
However, the public offering is intended to enable Nigerian citizens to secure direct ownership in the enterprise.
“African investors have invested in this refinery. Now it is time for Nigerians to invest in themselves and participate in a project that is creating value, jobs, and opportunities for generations to come,” Dangote stated.
The Nigerian billionaire urged potential investors to take a long-term view of the IPO, noting that it could offer opportunities to build wealth and diversify their investment portfolios, as reported by the Punch.
It was recently reported that the refinery has returned to profitability, raking in $4.725 billion in net income for the nine months ended September 30, 2026.
Revenue more than doubled to $22.5 billion as the refinery processed up to 700,000 barrels of crude oil per day.
The company reported $650.8 million in cash, compared with $1.7 billion in debt a year earlier.
This improved financial performance coincides with the refinery's efforts to secure capital amounting to billions of dollars through the IPO, which is projected to be the largest equity offering in African history.
Dangote IPO
The Dangote Refinery IPO is intended to attract investors across Africa, starting from its home base, Nigeria.
The Refinery IPO aims to broaden ownership of the $20 billion facility, which has a processing capacity of 700,000 barrels per day, by bringing in up to 10 million retail investors in Nigeria and across Africa.
The IPO was launched on September 14 and was initially scheduled to close on October 13, before being recently extended to October 27.
The initial public offering currently consists of 4.1 billion new ordinary shares priced at N525 per share, with a minimum purchase requirement of 10 shares valued at N5,250.
The issuance of 4.1 billion new ordinary shares at N525 each is expected to raise roughly N2.15 trillion upon full subscription.
The Dangote Refinery IPO is intended to attract investors across Africa, starting from its home base, Nigeria.
The Refinery IPO aims to broaden ownership of the $20 billion facility, which has a processing capacity of 700,000 barrels per day, by bringing in up to 10 million retail investors in Nigeria and across Africa.
The IPO was launched on September 14 and was initially scheduled to close on October 13, before being recently extended to October 27.
The initial public offering currently consists of 4.1 billion new ordinary shares priced at N525 per share, with a minimum purchase requirement of 10 shares valued at N5,250.
The issuance of 4.1 billion new ordinary shares at N525 each is expected to raise roughly N2.15 trillion upon full subscription.
By Chinedu Okafor, Business Insider Africa
The Gulf’s wealthiest nation has a land dispute in Nigeria over an 8,000-square-metre embassy plot
Qatar, the Gulf’s wealthiest nation, is seeking clarity over an 8,000-square-metre parcel of land allocated for its embassy in Abuja after a court letter challenged its ownership, creating a hurdle for the country’s development plans in Nigeria’s capital.
The dispute came to light on Tuesday, October 13, when the Minister of the Federal Capital Territory, Nyesom Wike, met Qatar’s Ambassador to Nigeria, Yousef Ahmed Al-Hail, in Abuja.
According to The Voice of Nigeria (VON), the ambassador asked the FCT Administration to clarify the matter and help Qatar proceed with its planned embassy development.
Wike assured the Qatari government that the administration would intervene, saying: “Be assured that nothing will happen. We want to assure you that whatever the issue is, we will take action on it.”
The meeting also opened discussions on a broader partnership between Abuja and Doha, with the FCT Administration looking to draw lessons from Qatar’s approach to urban development, transportation and infrastructure.
According to the International Monetary Fund (IMF), Qatar’s GDP per capita, adjusted for purchasing power parity (PPP), is projected to reach $112,310 in 2026, making it the Gulf’s wealthiest country by this measure.
Abuja looks to Qatar for urban planning expertise
Wike said the FCT Administration was prepared to send officials to Qatar to study how the country has developed new cities and built modern infrastructure, with the aim of adapting relevant approaches to Abuja.
“We want to partner with you. We will come and see how we can visit Qatar and see what they have done in terms of developing new cities. Planning and the concepts are very key,” he said.
VON reported that the proposed cooperation could cover city planning, transport networks, infrastructure and investment. Qatar’s ambassador proposed a formal partnership between Abuja and Doha to support the exchange of expertise and said he was ready to review a draft cooperation agreement.
Nigeria and Qatar have maintained diplomatic relations for decades, with their ties formalised through the opening of embassies in Abuja and Doha in 2013.
According to the Qatari Embassy in Abuja, relations between the two countries began roughly three decades ago and have expanded through high-level visits and diplomatic engagement.
Both governments have continued exploring ways to deepen commercial ties, including private-sector investment and cooperation through the Nigeria-Qatar Joint Business Council. These efforts reflect their shared interest in translating longstanding diplomatic relations into wider economic partnerships.
Wike said the FCT Administration was prepared to send officials to Qatar to study how the country has developed new cities and built modern infrastructure, with the aim of adapting relevant approaches to Abuja.
“We want to partner with you. We will come and see how we can visit Qatar and see what they have done in terms of developing new cities. Planning and the concepts are very key,” he said.
VON reported that the proposed cooperation could cover city planning, transport networks, infrastructure and investment. Qatar’s ambassador proposed a formal partnership between Abuja and Doha to support the exchange of expertise and said he was ready to review a draft cooperation agreement.
Nigeria and Qatar have maintained diplomatic relations for decades, with their ties formalised through the opening of embassies in Abuja and Doha in 2013.
According to the Qatari Embassy in Abuja, relations between the two countries began roughly three decades ago and have expanded through high-level visits and diplomatic engagement.
Both governments have continued exploring ways to deepen commercial ties, including private-sector investment and cooperation through the Nigeria-Qatar Joint Business Council. These efforts reflect their shared interest in translating longstanding diplomatic relations into wider economic partnerships.
Wednesday, October 14, 2026
Video - Trade Wars, Fighting Corruption and Rethinking Globalization
Ngozi Okonjo-Iweala spent her early career fighting corruption, at great personal cost. Today, she leads the World Trade Organization at a time of unprecedented disruption. On this episode of Leaders, she speaks with Francine Lacqua about her work in Nigeria and how it led to her mother's abduction, how the US trade war and geopolitics are putting tremendous strain on global trade and why it’s time to re-imagine globalization.
What drives the world’s most influential minds? In Leaders with Francine Lacqua, Bloomberg’s award-winning anchor sits down with the decision-makers shaping our future to explore the personal stories behind their public personas. Discover what inspires them, how they navigate power and the lessons they offer on defining success. Insightful, cinematic and elegantly crafted, Leaders goes beyond the headlines to reveal the human side of leadership.
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.
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