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Breaking : Oil marketers demand N700 to N850/litre of diesel from Dangote refinery, as product produce locally in Nigeria
Oil marketers have called for a downward review in the pump price of the Automotive Gas Oil, popularly called diesel, being produced by the Dangote Petroleum Refinery to between N700 and N850/litre, as operators plan to meet managers of the refinery next week.
The largest downstream marketing association, the Independent Petroleum Marketers Association of Nigeria, which made the call in an interview with The correspondent,said the N1,225/litre diesel price from the indigenous refinery was high because the commodity was produced in Nigeria and not imported.
The Petroleum Products Retail Outlets Owners Association of Nigeria also called for a reduction in the price of Dangote diesel.
The groups called for the intervention of the Federal Government and urged the managers of the refinery to consider the high cost of logistics required to transport the product from Lagos where the refinery is located.
The oil marketers pointed out that the product is being landed in Nigeria by some importers at N1,250/litre following the appreciation of the naira against the dollar, adding that this should be another reason why the Dangote refinery that produces diesel in Nigeria should cut down its price.
According to the oil marketers, diesel produced at the Dangote refinery has no vessel cost, import charges, and other costs associated with the costs associated with the importation of the commodity into Nigeria.
This came as it was gathered that the marketers under the aegis of IPMAN and Independent Petroleum Marketers Association of Nigeria, and PETROAN held separate meetings on Monday to deliberate on the pricing of petroleum products from the refinery, as well as other issues.
The $20bn refinery started pumping out diesel to the domestic market the previous Wednesday (March 27, 2024).
The report stated that the refinery sold a minimum of one million litres to each registered oil marketer that got the product from the plant since it commenced diesel sale.
Officials of the multi-billion dollar plant and oil dealers had confirmed that the product was dispensed to marketers at between N1,225/litre and N1,300/litre depending on the volume of purchase.
Reacting to the cost of the commodity during an interview with our correspondent on Monday, the National Public Relations Officer, IPMAN, Chief Chinedu Ukadike, commended the refinery for the commencement in the release of refined products.
He, however, urged the managers of the plant to review the cost of the product downward, providing reasons why the price of Dangote diesel should be cheaper than what was imported.
Ukadike said, “During the construction of the Dangote refinery, we supported and welcomed it. Also, it was our prayers that an indigenous refinery be opened so that it will limit the expenses of logistics in terms of importation, clearing, and other activities associated with bringing products into the country.
“These are some of the hurdles that necessitated the high cost of AGO or diesel being imported into Nigeria. So now that a private refinery with a very high capacity has started producing petroleum products here in Nigeria, we would have appreciated that its products being sold to Nigerians will be cheaper than the landing cost of imported products.
“The dollar is currently about N1,270 to N1,290 and it is coming down. So if the dollar is a determinant factor in terms of the importation of petroleum products and diesel is sold by those companies that imported at N1,300/$, I believe that Dangote refinery should not measure the price of its diesel with the parameter of the forex.”
The IPMAN PRO stated that forex should not be the benchmark for the price of Dangote refinery’s diesel.
“Also, some other expenses on the cost of diesel produced by the refinery have been waived. So those expenses should reflect on the price of the product. The refinery is in Lagos, so there is no vessel voyage cost and this should be deducted from the price Dangote is giving us.
“Other marketers who imported their products are landing it at between N1,200 and N1,250/litre since the drop in forex. So Dangote should be giving us his product at around N700 to N850/litre since he is producing it here.
“When we buy at that price, it will further strengthen the naira, minimise profiteering and reduce the cost of goods and services that are transported using diesel. If you minus the cost spent on vessels, importation charges, and the cost of foreign exchange to some extent, the price of diesel will drop,” Ukadike stated.
He said oil marketers would also submit their price request to the Dangote refinery next week, adding that IPMAN would seek the intervention of the Federal Government on the matter.
“We are trying to seek a meeting with the refinery’s commercial department. I just came out of a meeting to speak with you, where we are discussing how to be able to persuade them to review their prices and also ask the government to intervene,” he said.
When asked to state when the association would meet with the refinery, Ukadike replied. “By next week we should get an appointment. That should be after the Sallah.” some
members of IPMAN had started purchasing the product from the refinery at the N1,225/litre price, though the association had stated that it would seek its price from the managers of the refinery.
“They started pumping out diesel to marketers last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making the purchase,” the National President, the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, had told our correspondent last week.
He added, “So some of our marketers have started getting the product, but as an association, we have not got the product yet, because we want to get the actual rate that it will be sold to us when we buy in bulk. However, they have started selling diesel because some of our marketers have started buying.
“They are selling at N1,225/litre and the minimum volume they are giving is one million litres per marketer. Also, they assured us that they will release more products, but for now this (diesel) is what they are starting with. So we are expecting them to release PMS anytime from now.”
Maigandi had said the move by Dangote would definitely lead to a crash in diesel price, as the commodity rose to a high of about N1,700/litre recently.
“The price of diesel is going to fall because of the release of products from Dangote refinery. It is already coming down in Lagos,” Maigandi stated.
Another oil marketer, who is the Chief Executive, AF Ralph Oil and Gas Ventures, Dr Ralph Arokoyo, had also confirmed that the refinery started the sale of diesel to dealers, adding that the plant started dispensing the product about two weeks ago.
Asked if the Dangote refinery had started supplying diesel to the market, Arokoyo replied, “Yes they have started. They started diesel sales last Wednesday and they have sold to many marketers including members of IPMAN and MEMAN (Major Energy Marketers Association of Nigeria), as well as other private registered independent dealers.”
The President, the Petroleum Products Retail Outlets Owners Association of Nigeria, Billis Gillis-Harry, also stated on Monday that the cost of diesel from the Dangote refinery should be reduced.
He said, “PETROAN has an agreement with Dangote to supply to us at N1,200, but we will still request a downward review. We have over 19,000 members and over 6,800 people are active and ready to do business. So we need to talk about so many issues.
“First of all, the logistics from Lagos to Port Harcourt, Calabar, Warri, Zamfara, and other locations is not very easy. So those in Lagos can take the N1,200/litre price because their cost of logistics is low, but this is not so for dealers outside Lagos.
“So we will certainly still engage with them on how prices will come down. However, the good news is that they have rolled out products and we salute and congratulate them, especially the Executive Director, Commercial, Mr Rabiu Umar, for his courage in making sure Nigeria is wet with refined products.”
Gillis-Harry, however, stated that the refinery would have to recoup the funds used in constructing it, as several billions of dollars were borrowed to develop the plant.
Cautious optimism among manufacturers as Dangote begins diesel sale
Diesel price drops as Dangote sells N1,225/litre, supplies petrol May
“The refinery has collected billions of dollars as loans to put itself up. It must start to work to pay back these loans. And the only way to get back this money is by producing and selling, as well as exporting.
“Now he has started with domestic sales. So organisations like ours will have to sit down with them and work out the details and this will enable us to know exactly what their cost elements are. We want to sell and they want to produce,” he stated.
The PETROAN president said his association would not want to speak on the proposed cost of petrol that should come from the Dangote refinery until the plant starts producing the commodity for the domestic market.
“You can’t even talk about price when they’ve not started producing. Yes, they have discussed with PETROAN that they would produce PMS, but they have not started producing,” he said.
When told that the refinery was working to release PMS in May, Gillis-Harry said, “They’ve not started producing. So we won’t work on projections. Let them produce first and we will then know what their input, output, and pricing are. That is the only time we can talk about what prices they should sell.
“Dangote refinery has informed PETROAN that they will produce PMS but we await their production, and then we will know the inputs of their production before we talk about the pricing. We can’t tell them what to sell now.”
Officials of the multibillion-dollar refinery decided to stay mute despite several attempts to get their input on the matter.
However, a senior official at the Dangote refinery confirmed last week that the plant had started the sale of diesel to marketers, as the source noted that Premium Motor Spirit, popularly called petrol, would soon be released to the market.
“The product (diesel) is everywhere and they (marketers) are accessing it with ease. The product has been on sale to marketers since last week and the transactions have been better.
“The price of the product in various locations of the country will come down, and it is already coming down in many parts of Lagos since we started releasing products to marketers,” the official, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, had stated.
The Dangote refinery has faced a series of hurdles as it strives to release refined products into the market after it was officially inaugurated by former President Muhammadu Buhari in May last year.
On February 8, 2024, our correspondent reported that indications emerged that lingering regulatory approvals stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January.
The report stated that weeks after the January 31 timeline set by the management of Africa’s largest refinery to begin the sale of its petroleum product in the local market, the refinery was still battling to cross the hurdles of the several layers of regulatory approvals.
It stated that the development came after the refinery began the production of refined petroleum products at the expansive facility.
On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1.
Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.
Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA, and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.
He said, “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to detail.
“His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC, and NMDPRA for their support. These organisations have been our dependable partners in this historic journey.
“We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”
The refinery, Africa’s largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital Lagos.
Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry.
The commencement of diesel sale in Nigeria by the plant is not its first refined products sale, as The PUNCH reported in February that the refinery issued tenders to sell two fuel cargoes for export.
This was the first from the new refinery, as the report stated that this was confirmed by trading sources with knowledge of the matter who spoke to Reuters at the time.
Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry
Reuters had stated in its report that Dangote declined its request for comment. The oil firm also remained mute to several inquiries by The PUNCH at the time.
The report stated that the first cargo was 65,000 metric tonnes of low-sulphur straight-run fuel oil, which Dangote awarded to Trafigura, which was due to load at the end of February, three of the sources said, according to Reuters, as it added that Trafigura declined to comment at the time.
At least one refiner said they had been offered the cargo by Trafigura without elaborating further.
The second tender was for about 60,000 tonnes of naphtha, three other sources had stated. Two of them added that the tender closed on February 15. Loading details were not immediately available at the time.
Sources had also told Reuters that the refinery was preparing to deliver its first fuel cargoes to the domestic market within weeks.
The two fuels on offer were typical products of running light sweet crude through a crude distillation unit in a refinery without further upgrading capacity.
The refiner began buying crude in December last year and Nigerian National Petroleum Company Limited has been the main supplier.
Dangote has also purchased some US oil and reportedly received two million barrels of US WTI Midland in early March, according to LSEG and Kpler ship tracking.
Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has called on the Economic and Financial Crimes Commission (EFCC) to investigate the alleged failure to account for N33.75 billion in cash transfers meant for vulnerable Nigerians.
Falana, Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB), also urged the anti-graft agency to work with the Auditor-General for the Federation (AuGF) to recover the funds if investigations establish that they were diverted.
He made the demand in a statement on Sunday following a report by the Auditor-General for the Federation, Shaakaa Kanyitor Chira, which raised concerns over the inability of the Federal Government to provide sufficient evidence that N33.75 billion in cash transfers reached genuine beneficiaries.
The disclosure is contained in the AuGF’s 2024 Annual Report on Non-Compliance/Internal Control Weaknesses in Ministries, Departments and Agencies of the Federal Government.
According to Falana, the funds were intended for more than 3.29 million vulnerable households under the National Social Investment Programme.
He said the development was particularly concerning given the safeguards introduced by the Federal Government to strengthen the tracking of beneficiaries and prevent the inclusion of ghost recipients.
The National Social Investment Programme Agency (NSIPA) was established as a statutory agency under the National Social Investment Programme Agency Act 2022, with responsibility for implementing major social intervention programmes, including N-Power, the National Home-Grown School Feeding Programme, the National Cash Transfer Programme and the National Social Safety Net Programme.
Falana said the agency had, however, been plagued by allegations of financial impropriety involving some officials.
He recalled that former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, had been investigated by the EFCC over alleged money laundering involving more than N37.1 billion.
He also cited the suspension of former Humanitarian Affairs Minister, Betta Edu, following a December 2023 memo directing the transfer of N585 million in public intervention funds to a private bank account.
Falana said the then Chief Executive Officer of NSIPA, Halima Shehu, was also suspended and questioned over alleged suspicious movement of funds.
He said the EFCC should conclude its investigations into the various allegations and make its findings public.
“The Economic and Financial Crimes Commission should liaise with the Auditor-General of the Federation with a view to recovering the missing N33.75 billion,” Falana said.
He urged the EFCC to immediately investigate what he described as a serious allegation of the criminal diversion of funds earmarked for poor and vulnerable Nigerians.
“All the characters involved in the shameful conduct should be arrested and prosecuted without any delay,” he said.
Falana further raised concerns over the implementation of a $3.05 billion package of development programmes unveiled by President Bola Tinubu in July 2026.
The package, supported by the World Bank, is aimed at deepening poverty reduction, strengthening human capital and expanding economic opportunities across the country.
Falana urged the Federal Government to ensure that funds meant for poverty reduction reached their intended beneficiaries and suggested the establishment of a body comprising credible civil society organisations to oversee the disbursement of the development funds.
He said stronger accountability mechanisms were necessary to prevent public officials from abusing funds intended to support poor and vulnerable Nigerians.
….ADC presidential candidate position unrealistic •Leaders okay security rejig
Lagos State Governor Babajide Sanwo-Olu has said those campaigning for the return of fuel subsidy are resorting to populist politics that will ultimately fail.
The governor criticised politicians promising to restore petrol subsidy, arguing that any candidate assuring Nigerians of its return was simply building a campaign on empty promises that would end up deceiving voters.
He warned Nigerians against believing pledges that could not be sustained by the nation’s finances. NigerianPartnership Consulting
Former Vice President Atiku Abubakar reignited the debate over subsidy restoration when he commenced his campaign for the January 16, 2027 presidential election.
He is the presidential candidate of the African Democratic Congress (ADC).
Atiku said proceeds from subsidy removal had been mismanaged. But his roadmap for restoring the subsidy regime has been unclear and inconsistent. HireGrant Writers
Atiku has also said that, if elected, he would throw open Nigeria’s borders to allow cross-border businesses.
His claim that the borders are shut was faulted by Minister of Interior Olubunmi Tunji-Ojo, who said the borders are not closed.
Sanwo-Olu spoke yesterday when he delivered the seventh Freedom Online Newspaper Lecture in Lagos.
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The theme was: “2027 elections, economy, security and Nigeria’s future.” NigerianPartnership Consulting
The lecture was chaired by former Minister of Information and Culture, Alhaji Lai Mohammed, and attracted media personalities and political leaders who brainstormed on the state of the nation.
Former Ogun State Governor and Ogun East Senator, Gbenga Daniel, was the Special Guest of Honour.
Sanwo-Olu delved into the ongoing economic reforms, security matters and electoral reconfiguration being undertaken by the Federal Government, highlighting the gains and prospects for future growth. E-paperAccess
The Lagos governor observed that the fuel subsidy removal policy, which was introduced to tackle the shortcomings of local oil supplies stemming from inefficiencies at state-owned refineries, was not intended as a permanent intervention.
Sanwo-Olu said the subsidy policy had become a burden on the nation’s finances, draining the treasury and diverting funds that could have been invested in building roads, schools, hospitals and other infrastructure relevant to the wellbeing of the nation.
By taking the courage to end the corruption-ridden subsidy programme, the governor said President Bola Ahmed Tinubu made the sacrifice that previous leaders had avoided, despite the potential impact the action could have on his electoral fortunes.
Sanwo-Olu said: “The oil subsidy was not removed because anybody enjoyed removing it. It was removed because it had become a hole in the national purse through which the money for roads, schools and hospitals was draining away.
“The intervention was never reaching the ordinary motorist it was supposed to help. In the build-up to the 2023 elections, every major candidate promised to remove it.
“Only one of them was in a position to do it, and he did it on his first day in office.
“I will not stand here and tell you that oil subsidy removal has been painless. It has not.
“Lagosians particularly have felt it at the pump, at the market, and in the price of a bag of rice.
“Any governor who tells you otherwise has not been listening to his own people.
“But the measure of a reform is not whether it hurts. It is whether it heals. And the evidence that this one is healing is now arriving, quarter by quarter.
“Under President Tinubu, the states have had it very good. Since the subsidy was removed, the monthly allocations to states and local governments have more than doubled in naira terms.
“The President has done his part; the money is arriving. Barely two weeks into the season of presidential election campaign, opposition politicians have reached for the fuel subsidy as their instrument of choice.
“We will see more of this. We will see promises that no treasury on earth could honour.”
Sanwo-Olu said he strongly believed in the direction of the reforms initiated by the President to reset the economy and the socio-political system, pointing out that the reforms were already yielding positive outcomes in the areas where they were being implemented.
The governor said he remained convinced about the direction of the Federal Government’s economic reforms, citing improvements in economic growth, agriculture, services, external reserves, inflation and remittances.
Sanwo-Olu said President Bola Ahmed Tinubu’s economic and security reforms had set Nigeria on the path to recovery. NigerianPartnership Consulting
He urged voters to give the administration another term to consolidate the gains.
Sanwo-Olu said the economy and security would be the defining issues of the 2027 presidential election, arguing that neither economic growth nor national development could be sustained without security.
He said Tinubu’s reforms were necessary to rescue public finances and redirect resources to development.
Sanwo-Olu said recent economic indicators suggested that the reforms were beginning to deliver results.
He cited National Bureau of Statistics figures showing that the economy grew by 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter.
He also said Nigeria’s foreign reserves had risen to $53 billion, while inflation had fallen to 15.9 per cent in June from almost 35 per cent in late 2024. NigerianPartnership Consulting
Sanwo-Olu added that formal remittances from Nigerians abroad reached $947 million in July, describing it as the highest monthly figure recorded.
He added: “These are not my numbers. They belong to the Nigerian Bureau of Statistics and the Central Bank of Nigeria, and every journalist in this hall can check them.”
The governor said the APC would campaign on the need to sustain the reforms and ensure that their benefits reached Nigerians more quickly. NigerianPartnership Consulting
Sanwo-Olu said: “For us in the All Progressives Congress, the position that follows is a simple one.
“We intend to stay the course, to deepen the reforms, and to make sure that the benefits reach, quickly and visibly, the people who bore the cost.”
Sanwo-Olu argued that the economic and security crises confronting the country could not be treated separately.
He lauded the proposed establishment of state police, saying bringing security closer to communities would make policing more effective.
The governor urged the National Assembly and state Houses of Assembly to complete the constitutional process for state policing.
His position was supported by Senator Daniel and Alhaji Mohammed, who both stressed the importance of security to economic development.
Ogun State Peoples Democratic Party governorship candidate, Ladi Adebutu, called for transparent elections, adding that there could not be economic growth without adequate security.
Sanwo-Olu, who will not contest the 2027 governorship election because he is completing his second term, made clear his preference in the presidential contest.
He said: “I will not disguise my hope for the outcome. I expect my party to win, and I expect a second term for President Tinubu to consolidate the Renewed Hope Agenda.”
Senator Daniel said: “Nigeria cannot have a strong economy without security, and it cannot have lasting security without a strong economy.”
Daniel, who acknowledged that the nation was going through challenges, said they were not enough to define the country.
He added: “But Nigeria must not be defined only by its challenges. We possess enormous potential: a young population, a dynamic entrepreneurial culture, a growing technology sector, strong financial institutions, a vibrant creative economy and businesses succeeding across Africa. NigerianPartnership Consulting
“Our challenge is to create the conditions in which Nigerian ability can flourish at scale. Those conditions include security, infrastructure and opportunity.”
Akinadewo, Editor-in-Chief of Freedom Online newspaper, said reforms should address insecurity and development challenges.
He said Nigeria must separate politics from governance and development, noting that “we have a four-year cycle of elections but pitiably, there is no four-year cycle of development.” NigerianPartnership Consulting
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He said the country needed to modernise its laws and security architecture to reflect contemporary realities, stressing that “we can’t continue to use the system adopted in the ’60s to govern Nigeria of 2026 and beyond.”
Akinadewo advocated state police and restructuring, arguing that decentralising security would improve understanding of local security challenges.
…….GDP rose 4.43 per cent in Q2
President Bola Ahmed Tinubu yesterday assured Nigerians that his administration would intensify efforts to translate improving economic indicators into better living conditions. NigerianBusiness Directory
He declared that the economy is now on an “irreversible path” towards growth that households will feel at their dining tables and in their pockets.
The President said the Federal Government would, within the next few weeks, introduce measures targeted at vulnerable Nigerians, including cheaper means of transportation, increased food production and relief programmes designed to directly reach people at the grassroots.
Tinubu gave the assurances in his reaction to the latest Gross Domestic Product (GDP) figures released yesterday by the National Bureau of Statistics (NBS).
The report shows that the Nigerian economy grew by 4.43 per cent in the second quarter of 2026, compared with 4.23 per cent recorded in the corresponding quarter of 2025. NigerianBusiness Directory
The President welcomed the figures as further evidence that the economic reforms undertaken by his administration since May 2023 were yielding results, according to a statement by his spokesman, Bayo Onanuga.
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“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets. We are not resting on our oars.
“We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens. We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible,” Tinubu said.
According to the NBS report, growth was recorded across agriculture, manufacturing, oil and gas, and services, with the services sector maintaining its position as the largest contributor to aggregate GDP.
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In nominal terms, Nigeria’s aggregate GDP rose to N119.27 trillion in the second quarter, representing an 18.43 per cent increase from the N100.7 trillion recorded in the corresponding period of 2025.
Tinubu said his administration had spent the past three years taking difficult decisions necessary to stabilise the economy.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy.
“Now the economy is stabilised, and we have laid the foundation for a prosperous nation. We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people,” he said.
The President said the latest growth figures were among a series of indicators showing that his Renewed Hope Agenda was working, pointing to improvements in the country’s external reserves, trade position, credit ratings, infrastructure development and oil and gas production.
“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working. Because of those tough decisions, today Nigeria has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches.
“We are building roads, railways and superhighways that will last for a long time. Investors who left are returning. Oil and gas production is increasing,” Tinubu said.
He also cited developments in the education sector as evidence of progress, saying Nigerian universities had enjoyed stability while the Nigerian Education Loan Fund (NELFUND) was expanding access to tertiary education.
“And in our universities, for the first time in a long time, there are no strikes. Our children are in class. And through NELFUND, student loans are putting education within reach, and affordable credit is going to our civil servants through Creditcorp,” he said.
The President said the next phase of the administration’s intervention would place greater emphasis on alleviating pressures confronting vulnerable Nigerians and ensuring that improving macroeconomic indicators translate into tangible benefits. NigerianBusiness Directory
“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots,” he said.
Tinubu also took a swipe at the opposition, saying the latest economic figures had come at a time when opposition elements were attempting to diminish the achievements of his administration and promising to reverse some of its reforms if elected.
He maintained that the policies undertaken since the beginning of his administration were not intended to impose hardship on Nigerians, but to correct structural weaknesses and create the foundation for sustainable prosperity. NigerianBusiness Directory
The President pledged that his administration would remain focused on consolidating the gains recorded so far.
Economy expands further on broad-based growth across sectors
The NBS report, which shows 4.43 per cent growth in the second quarter, indicates that the growth outperformed both the first quarter of 2026 and the corresponding second quarter of 2025.
The report highlighted a broad-based economic expansion driven by significant improvements in the agricultural segment, non-oil sector, services and sustained growth in the oil sector.
The agricultural sector almost doubled its performance, with a growth of 4.39 per cent in the second quarter of 2026 compared with 2.82 per cent in the corresponding period of 2025.
The non-oil sector, which accounted for about 96 per cent of the economy, grew by 67 basis points to 4.31 per cent in the second quarter of 2026, compared with 3.64 per cent recorded in the second quarter of 2025. Non-oil sector growth was 3.94 per cent in the first quarter of 2026.
Non-oil sector performance was driven by growth across various segments, including crop production, telecommunications, real estate, trade, financial institutions, cement manufacturing and construction, among others.
The oil sector grew by 7.31 per cent in the second quarter of 2026, higher than the 2.57 per cent recorded in the first quarter of 2026, but lower than the 20.46 per cent recorded in the second quarter of 2025.
The industrial sector also grew by 3.96 per cent in the second quarter of 2026, as against 7.46 per cent recorded in the comparative period of 2025.
Average daily crude oil production rose to 1.72 million barrels per day (mbpd) in the second quarter of 2026, outperforming both the preceding quarter and the comparable period of 2025.
Crude production in the second quarter of 2026 was the highest since 2022. Oil production stood at 1.68 mbpd in the second quarter of 2025 and 1.55 mbpd in the first quarter of 2026.
The oil sector thus contributed 4.16 per cent to total real GDP in the second quarter of 2026, a sustained improvement on the 4.05 per cent recorded in the corresponding period of 2025 and 3.92 per cent recorded in the first quarter of 2026.
In nominal terms, total GDP rose by 18.43 per cent from N100.73 trillion in the second quarter of 2025 to N119.29 trillion in the second quarter of 2026.
In terms of GDP share, the services sector remained the dominant driver, contributing 56.62 per cent to aggregate GDP in the second quarter of 2026, as against 56.53 per cent recorded in the comparable period of 2025.
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The non-oil sector contributed 95.84 per cent to aggregate real GDP in the second quarter of 2026, as against 95.95 per cent in the second quarter of 2025 and 96.08 per cent in the first quarter of 2026.
Experts were unanimous that the latest GDP report showed a positive outlook for the economy.
Analysts at SCM Capital stated that the second-quarter 2026 GDP report underlined improved macroeconomic conditions and broad-based policy support, which have continued to anchor economic performance.
They said the report showed broad-based resilience, with an uptick in oil output reflecting gradual operational improvements and sustained field activity across major production basins, alongside a non-oil sector gaining stronger momentum.
Analysts at Coronation Group and Cordros Capital Group stated that the GDP performance outpaced their expectations, noting that the economy had shown resilience and steady growth.
sustained economic resilience, with growth anchored by the services sector alongside gradual improvement across non-oil activities.
“The outturn affirms our broader expectation of a steady, non-oil-led growth trajectory through the rest of the year,” Coronation Group stated.
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