Nigeria exports 55.39 million barrels of crude oil in early 2026 as Dangote refinery faces supply shortages
via Punch Nigeria5 min read
Nigeria exported 55.39 million barrels of crude oil in January and February 2026, with 31.31 million barrels shipped in January and 24.08 million barrels in February. This occurred while the 650,000-barrel-per-day Dangote Petroleum Refinery struggled with inadequate domestic feedstock supply, forcing it to import crude. Total crude production for the two months was 81.94 million barrels, leaving 26.55 million barrels for local refineries. The Dangote refinery, which requires approximately 19.77 million barrels monthly to operate at full capacity, received significantly lower volumes. Between October 2025 and mid-March 2026, the refinery experienced a crude oil supply shortfall of about 79.53 million barrels, receiving only 29.21 million barrels compared to an estimated 108.74 million barrels required. The refinery stated that local crude producers have not supplied crude as required under the Petroleum Industry Act, compelling it to source a substantial portion through international traders at an additional premium. The Nigerian National Petroleum Company Limited confirmed it is leveraging its global crude trading network to source third-party crude for the refinery at competitive international market rates. Aliko Dangote, President of the Dangote Group, reported that the refinery received 10 crude oil cargoes in March, an increase from about five monthly since late 2024, but still below its monthly requirement. The Crude Oil Refiners Association of Nigeria called for increas
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The Nigerian Electricity Regulatory Commission NERC has approved a special compensation package for eligible Band A electricity customers affected by poor power supply between February and March 2026. This directive, NERC/2026/002, addresses significant generation shortfalls in the Nigerian Electricity Supply Industry, which prevented distribution companies from meeting guaranteed service levels for some Band A customers. The shortfalls were primarily due to inadequate gas supply and vandalism of critical gas and transmission infrastructure, factors beyond the direct control of the distribution companies. Customers on Band A feeders receiving between 18 and 20 hours of daily supply will be compensated under an existing framework. For those receiving less than 18 hours, special compensation will be provided: non-maximum demand customers will receive 20 percent of their approved February 2026 energy cap, while maximum demand customers will receive 20 percent of their average energy billed in February 2026. Prepaid customers will receive token credits, and postpaid customers will get bill adjustments. Distribution companies must complete February 2026 compensation by May 31, 2026, and March 2026 compensation by June 30, 2026. NERC prohibits offsetting compensation credits against existing customer debt and requires clear communication of compensation details to customers. The commission will monitor compliance to ensure all eligible customers receive their due compensation. Indu
Paras Energy Funding SPV Plc, a funding vehicle for Paras Energy and Natural Resources Development Limited, has successfully issued an inaugural ₦15.00 billion 5-year Fixed Rate Senior Unsecured Bond at an 18.00% per annum coupon. This issuance is part of its ₦25.00 billion Bond Issuance Programme, with Rand Merchant Bank Nigeria Limited acting as Lead Issuing House and Bookrunner. Paras Energy, a privately held energy company and member of the African Industries Group, operates across the power value chain, including generation, solar engineering, and transmission infrastructure. This transaction marks the first time a privately held company in the power sector has issued an unwrapped bond for its debut issuance. The proceeds will be used to expand Paras Energy’s generating capacity and client portfolio across West Africa. The bond issue was fully subscribed, attracting demand from Pension Fund Administrators, Asset Managers, and High Net-Worth Individuals, reflecting market confidence in Paras Energy’s credit quality and strategic vision. This also represents the African Industries Group’s first issuance of a longer-dated tenor instrument in the Nigerian debt capital markets. Mr Munish Modi, Group Chief Financial Officer, African Industries Group, stated that the issuance demonstrates their commitment to Nigeria’s energy security through innovative financing. Laju Atake, Head Debt Capital Markets Nigeria, RMB Nigeria, highlighted that the transaction shows well-positioned p
Brazil manager Carlo Ancelotti is the highest-paid coach for the 2026 FIFA World Cup, with an annual salary of £8.28 million. Ancelotti, a former Real Madrid manager, is tasked with leading Brazil in their pursuit of a sixth World Cup title. England manager Thomas Tuchel is second on the list, earning £5.06 million annually, followed by United States coach Mauricio Pochettino at £4.53 million. Germany's Julian Nagelsmann is fourth with £4.2 million per year. Portugal coach Roberto Martinez and Uzbekistan's Fabio Cannavaro are tied in fifth place, each earning £3.5 million annually. Cannavaro's salary is notable given Uzbekistan's status as a less established football nation, qualifying for its first World Cup. France manager Didier Deschamps earns £3.31 million, while World Cup-winning Argentina coach Lionel Scaloni, Uruguay's Marcelo Bielsa, and Netherlands boss Ronald Koeman complete the top 10, each earning £2.61 million annually. These figures highlight the significant financial investment by football federations in securing top managerial talent for the tournament.
Must ReadThe Cocoa and Coffee Farmers Alliance Association of Africa COCEFAAA has identified persistent market volatility as a significant challenge to the sustainable development of Africa’s cocoa sector. Ahead of the cocoa & coffee fiesta Lagos, Nigeria 2026, scheduled for October 7 and 8, Global President, COCEFAAA, Adeola Adegoke, stated that unstable prices have negatively impacted farmers' income, productivity, and sectoral growth, despite Africa producing about 70 percent of global cocoa output. The association noted that cocoa-producing countries like Côte d’Ivoire, Ghana, Cameroon, and Nigeria often bear the brunt of market shocks. COCEFAAA emphasized the need for stronger collaboration among governments, industry players, and development partners to protect farmers’ incomes. The upcoming Fiesta aims to provide a platform for stakeholders to discuss solutions to challenges such as price volatility, market access, and sustainability. Discussions will cover income frameworks, de-commoditization strategies, agroforestry, carbon credit opportunities, integrated soil management, and compliance with the European Union Deforestation Regulation. The event will also mark the official launch of COCEFAAA as the first pan-African membership organization for cocoa and coffee farmers, with a mission to amplify farmers’ voices, promote sustainable practices, advocate fair pricing, improve market access, empower youth and women, and strengthen climate resilience.