Energy economist Prof. Ken Ife on Monday rejected World Bank fuel importation recommendations in its latest Nigeria Development Update, warning they violate the Petroleum Industry Act and undermine Nigeria's push for energy self-reliance.

Nigeria's oil exploration contracted sharply in February 2026, with active rigs falling 45 percent to 22 from 40 in January.

Executive order may add N14.57 trillion to the Federation Account as oil and gas revenues are redirected from PIA deductions.

Tinubu signs Executive Order to eliminate PIA deductions and increase oil revenue remittances to the Federation Account.

Nigeria’s government plans to revoke oil block licenses held without development, warning investors of strict timelines and no refunds under the current licensing round.

President Tinubu names Magnus Abe to lead the upstream petroleum regulator, seeking Senate approval for new boards under Nigeria’s reformed oil sector.

KEY POINTS Nigerian petroleum regulator resignation followed public scrutiny and investor pressure. Tinubu nominated...

Nigeria’s NUPRC says the host community fund has hit ₦373bn, financing hundreds of new projects under the Petroleum Industry Act framework.

The Nigerian National Petroleum Company Limited continues its IPO preparations through partner recruitment for both IPO readiness and investor relations support before its capital market listing.

Dangote Refinery has filed a lawsuit seeking to nullify NNPCL's import licenses and is demanding N100 billion in damages, claiming the licenses undermine local production.

Nigeria's gas exports have fallen by 25% due to low production and market exits, posing significant challenges for the economy and its global energy market role.