Despite being one of Africa's largest oil producers, Nigeria is experiencing soaring fuel prices driven by global energy volatility linked to the US and Israel's war against Iran. The Dangote refinery produces 75 million litres of petrol daily—exceeding domestic demand—but disrupted crude supplies and surging global prices have pushed local petrol costs up 50 per cent in the first month of the conflict. Commercial operators and families are struggling as transport and food prices climb, forcing many to cut back on essential purchases and meals. The refinery is working to diversify crude sources and develop its own oil production to reduce dependence on volatile international markets.
Thursday, April 2, 2026
Nigeria's fuel prices surge as the US-Israeli war on Iran disrupts global oil markets
Despite being one of Africa's largest oil producers, Nigeria is experiencing soaring fuel prices driven by global energy volatility linked to the US and Israel's war against Iran. The Dangote refinery produces 75 million litres of petrol daily—exceeding domestic demand—but disrupted crude supplies and surging global prices have pushed local petrol costs up 50 per cent in the first month of the conflict. Commercial operators and families are struggling as transport and food prices climb, forcing many to cut back on essential purchases and meals. The refinery is working to diversify crude sources and develop its own oil production to reduce dependence on volatile international markets.
Nigeria fuel prices surge 65% amid global oil shock
Fuel prices in Nigeria have surged by 65% amid a global oil shock, even as the country's foreign reserves continue to decline. Analysts attribute the pressure to low oil production, theft, and underperforming refineries. With oil accounting for more than 80% of foreign exchange earnings, the shortfall is driving higher living costs and currency instability.
Nigeria makes progress in recovering looted Benin artefacts
Nigeria has recorded a breakthrough in the effort to recover artefacts looted during the 1897 Benin Expedition. A joint announcement by Cambridge University and Nigeria’s Commission for Museums and Monuments confirms the transfer of legal ownership, while physical returns are planned for the coming months. The move forms part of a wider push across Europe to address colonial-era collections.
Related story: Video - UK returns stolen Benin Bronzes to Nigeria
Ex-Nigeria Airways staff demand $26mn severance payout
Former employees of defunct Nigeria Airways (Lagos) are urging the federal government to release NGN36 billion (USD26 million) in severance benefits approved by President Bola Ahmed Tinubu last year, reports Nigeria's Daily Trust newspaper.
The payments, approved in June 2025, were meant to resolve a decades-long struggle for compensation following the airline's liquidation in 2004. However, nine months after the presidential directive, the funds have yet to be disbursed, according to workers’ representatives.
In a March 29 statement, spokesperson Sheri Kyari, also a former assistant manager at Nigerian Airways, said the finance ministry had not yet authorised the release of the money. The group appealed to the current finance minister, Wale Edun, and other officials to act immediately.
"Across Nigeria, elderly former workers are dying in penury, unable to afford food, shelter, medication, and other basic necessities of life," Kyari said, adding that some retirees had died without receiving their entitlements.
The former employees' struggle for severance pay has spanned multiple administrations. Former president Muhammadu Buhari approved partial payments after years of protests, but a balance remained outstanding until Tinubu’s approval last year.
Nigeria Airways ceased operations in 2003 and was formally liquidated in 2004 by the federal government.
The payments, approved in June 2025, were meant to resolve a decades-long struggle for compensation following the airline's liquidation in 2004. However, nine months after the presidential directive, the funds have yet to be disbursed, according to workers’ representatives.
In a March 29 statement, spokesperson Sheri Kyari, also a former assistant manager at Nigerian Airways, said the finance ministry had not yet authorised the release of the money. The group appealed to the current finance minister, Wale Edun, and other officials to act immediately.
"Across Nigeria, elderly former workers are dying in penury, unable to afford food, shelter, medication, and other basic necessities of life," Kyari said, adding that some retirees had died without receiving their entitlements.
The former employees' struggle for severance pay has spanned multiple administrations. Former president Muhammadu Buhari approved partial payments after years of protests, but a balance remained outstanding until Tinubu’s approval last year.
Nigeria Airways ceased operations in 2003 and was formally liquidated in 2004 by the federal government.
By Hilka Birns, ch-aviation
World Bank approves $500m to boost Nigeria’s agriculture, target one million farmers
The funding, provided through the International Development Association (IDA), will support the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project over a six-year period from 2026 to 2032.
The project is designed to improve farm productivity, strengthen value chains, and create jobs, while helping to stabilise food supply in Africa’s most populous nation.
Agriculture remains central to Nigeria’s economy, contributing about a quarter of gross domestic product and employing roughly half of the workforce.
Yet the sector has struggled for years with low yields, weak infrastructure, climate shocks, and limited access to finance, leaving many smallholder farmers stuck in subsistence production.
The AGROW programme aims to shift that model by linking farmers more directly to markets and private sector buyers.
It will provide matching grants to agribusinesses that source produce from smallholder farmers, with a focus on processing, storage, and market access.
Key crops targeted under the initiative include rice, maize, cassava and soybeans, staples that are critical to both food security and industrial use.
Beyond financing, the programme will invest in research and extension services, expand access to climate-resilient seeds, and introduce a national digital registry for farms and farmers.
Authorities say the digital system will help improve planning, input distribution, and access to advisory services, including weather information.
The project will also seek to improve regulation of seeds and fertilisers, while encouraging private sector participation in input supply and land-based investments.
“AGROW is a transformative step for Nigeria’s agriculture, empowering smallholder farmers, unlocking private sector–led growth, and strengthening food security in a sustainable way,” said Mathew Verghis, the World Bank’s country director for Nigeria.
He added that the initiative is expected to benefit up to one million farmers and attract significant private capital into the sector.
The World Bank estimates the programme could mobilise an additional $220 million in private investment over its lifetime.
The new funding comes amid broader efforts by the Nigerian government to revive agriculture as a driver of growth and reduce reliance on food imports.
In recent months, authorities have launched complementary initiatives, including irrigation expansion projects aimed at improving year-round farming.
However, investment in the sector remains relatively low. Nigeria allocated less than 2% of its 2025 budget to agriculture, far below the 10% target agreed by African countries under the Maputo Declaration.
Past interventions such as the Commercial Agriculture Credit Scheme and the Anchor Borrowers’ Programme have sought to improve access to finance and boost domestic production, but structural challenges persist.
With rising food prices and pressure on household incomes, the success of AGROW will be closely watched as a test of whether Nigeria can translate policy support and external funding into tangible gains for farmers and consumers.
The project is designed to improve farm productivity, strengthen value chains, and create jobs, while helping to stabilise food supply in Africa’s most populous nation.
Agriculture remains central to Nigeria’s economy, contributing about a quarter of gross domestic product and employing roughly half of the workforce.
Yet the sector has struggled for years with low yields, weak infrastructure, climate shocks, and limited access to finance, leaving many smallholder farmers stuck in subsistence production.
The AGROW programme aims to shift that model by linking farmers more directly to markets and private sector buyers.
It will provide matching grants to agribusinesses that source produce from smallholder farmers, with a focus on processing, storage, and market access.
Key crops targeted under the initiative include rice, maize, cassava and soybeans, staples that are critical to both food security and industrial use.
Beyond financing, the programme will invest in research and extension services, expand access to climate-resilient seeds, and introduce a national digital registry for farms and farmers.
Authorities say the digital system will help improve planning, input distribution, and access to advisory services, including weather information.
The project will also seek to improve regulation of seeds and fertilisers, while encouraging private sector participation in input supply and land-based investments.
“AGROW is a transformative step for Nigeria’s agriculture, empowering smallholder farmers, unlocking private sector–led growth, and strengthening food security in a sustainable way,” said Mathew Verghis, the World Bank’s country director for Nigeria.
He added that the initiative is expected to benefit up to one million farmers and attract significant private capital into the sector.
The World Bank estimates the programme could mobilise an additional $220 million in private investment over its lifetime.
The new funding comes amid broader efforts by the Nigerian government to revive agriculture as a driver of growth and reduce reliance on food imports.
In recent months, authorities have launched complementary initiatives, including irrigation expansion projects aimed at improving year-round farming.
However, investment in the sector remains relatively low. Nigeria allocated less than 2% of its 2025 budget to agriculture, far below the 10% target agreed by African countries under the Maputo Declaration.
Past interventions such as the Commercial Agriculture Credit Scheme and the Anchor Borrowers’ Programme have sought to improve access to finance and boost domestic production, but structural challenges persist.
With rising food prices and pressure on household incomes, the success of AGROW will be closely watched as a test of whether Nigeria can translate policy support and external funding into tangible gains for farmers and consumers.
By Ayodeji Adegboyega, Business Insider Africa
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