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The Nigerian National Petroleum Company (NNPC) has set an ambitious target to expand Nigeria’s gas reserves to 600 trillion cubic feet (TCF), supported by planned investments of $60 billion. The initiative forms part of a broader strategy to position natural gas as a central pillar of Nigeria’s energy transition and long-term economic growth.
NNPC Targets 600 Trillion Cubic Feet Gas Reserves with $60 Billion Investment Plan
NNPC’s target represents a significant scale-up from Nigeria’s current proven gas reserves, estimated at over 200 trillion cubic feet. The expansion plan underscores the company’s commitment to unlocking the country’s vast gas potential and strengthening its position as a leading gas producer globally.
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CBN Tightens Credit Rules, Blocks Defaulters from Loans and Banking Services
The Central Bank of Nigeria (CBN) has directed commercial banks to deny loan defaulters access to new credit facilities and key banking services. The move targets borrowers with non-performing loans and aims to strengthen credit discipline while safeguarding financial system stability.
Lagos Governor Commissions Irele Tower, Strengthening Free Zone Infrastructure
Lagos State Governor Babajide Sanwo-Olu has inaugurated Irele Tower within the Lagos Free Zone, marking a significant addition to the zone’s commercial infrastructure. The development underscores ongoing efforts to strengthen Lagos’ position as a leading investment destination in West Africa.
Tinubu Expands CNG Initiative to Include Electric Vehicles Nationwide
President Bola Ahmed Tinubu has approved the expansion of Nigeria’s Presidential Initiative on Compressed Natural Gas (PiCNG) to include electric vehicles, marking a significant shift in the country’s clean mobility strategy. The policy, announced on March 27, 2026, aims to promote affordable transportation, strengthen energy security, and accelerate the transition to sustainable energy.
Dangote Refinery Cuts Petrol Price to ₦1,200 per Litre Amid Global Oil Volatility
Dangote Petroleum Refinery has reduced its ex-gantry price of Premium Motor Spirit (PMS) to ₦1,200 per litre, despite rising global crude oil prices driven by geopolitical tensions. The price adjustment marks a notable shift in the refinery’s pricing strategy and could influence fuel costs across Nigeria’s downstream market.
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