The Nigerian National Petroleum Company Limited (NNPC) has taken a step towards building a new refinery in Edo State.

The approval

NNPC's Executive Vice President for Downstream, Mumuni Dagazau, received the Certificate of Occupancy for the proposed Oredo Refinery and Petrochemical Company Limited during a courtesy visit to Governor Monday Okpebholo at the Edo State Government House in Benin City on Friday, 13 November 2026. He thanked the governor for providing the land and documents, and said the project would help increase local refining capacity, reduce dependence on imported fuel and strengthen energy security.

Background

Nigeria's refining landscape has been transformed by the 650,000-barrel-per-day Dangote Refinery in Lagos, whose fuel exports to the United Kingdom have now overtaken crude oil sales, according to UK trade figures. No cost, capacity or timeline for the Oredo refinery was announced.

Nigeria's petroleum trade with the United Kingdom has shifted sharply towards refined fuel, according to UK government figures.

The figures

The UK's trade and investment factsheet, released on 6 November 2026 and reported this weekend, shows Britain bought £1.02 billion worth of refined petroleum products from Nigeria in the 12 months to June 2026. That was more than double the figure a year earlier and made up 53.5 per cent of all UK goods imports from Nigeria. Over the same period, UK purchases of Nigerian crude oil fell by 56.2 per cent to £550.3 million, meaning refined fuel exports exceeded crude shipments by about £467 million. Nigeria recorded a petroleum trade surplus of about £245 million with Britain.

Why it matters

The change reflects the growth of the Dangote Petroleum Refinery in Lagos, which can process 650,000 barrels a day and has been expanding its exports.

Background

The government has also announced plans for a new NNPC refinery in Edo State.

The federal government says it plans to pilot round-the-clock electricity supply in parts of Lagos, Ogun and Abuja.

What the minister said

Speaking at a luncheon with senior media editors in Lagos on Friday, 13 November 2026, Minister of Power Joseph Tegbe said the Lagos–Ogun axis and the Abuja electricity distribution franchise area had been selected for the proposed 24-hour supply pilot. He said the areas account for more than half of Nigeria's electricity demand, and that the scheme would focus on economic centres where reliable power could boost industry and reduce dependence on costly generators.

Conditions

The minister said implementation would depend on technical readiness and commercial viability, and no start date was announced.

Background

NDC presidential candidate Peter Obi this week promised 10,000 megawatts within four years, while a cleric called on the minister to resign over the power situation. Another state has separately announced a target of 24-hour power by 2029.

The Nigerian National Petroleum Company Limited (NNPC) has reduced petrol pump prices at its retail stations in four cities, according to its latest price sheet reported on Sunday, 15 November 2026.

The new prices

In Lagos, the price fell by ₦61, from ₦1,350 to ₦1,289 per litre, the lowest of the four locations. In Abuja it dropped by ₦55, from ₦1,380 to ₦1,325. Kaduna motorists will now pay ₦1,329, down ₦52 from ₦1,381, while Sokoto saw the biggest cut, ₦66, with the price falling from ₦1,378 to ₦1,312.

Why prices are falling

The cuts follow a series of reductions in wholesale depot prices and Dangote Refinery's switch to pricing linked to international petrol prices, which reportedly brought its loading price down to ₦1,250 per litre. MRS stations and depot owners have also lowered their prices in recent days.

Background

A recent comparison listed Nigeria among the countries with the cheapest petrol in West Africa.