Business
Nigeria Priced Its $500M Notes At 7.5% Yield

By Joseph INOKOTONG
The Federal government Wednesday, announced that it priced its offering of US$500 million aggregate principal amount of notes (the “Notes”) at a yield of 7.5% under its US$1.5 billion (increased from US$1 billion) Global Medium Term Note Programme, which will be consolidated and form a single series with the Republic’s existing US$1,000,000,000 7.875 per cent. Notes due 2032 issued on 16 February 2017 (the “Original Notes”). The terms and conditions of the Notes will be identical to those of the Original Notes, paying a coupon of 7.875% per annum, maturing on 16 February 2032 and repayable by way of bullet repayment of the principal together with the Original Notes. As with the Original Notes, the Republic intends to use the proceeds of the Notes to fund capital expenditures in the 2016 budget.
A statement signed by Salisu Na’Inna Dambatta
Director (Information)
“the successful pricing, which is priced 37.5bps inside the original coupon rate, demonstrates continued strong market appetite for Nigerian securities. This, despite continued volatility in emerging and frontier markets and shows confidence by the international investment community in Nigeria’s economic reform agenda.”
When issued, the Notes will be admitted alongside the Original Notes to the official list of the UK Listing Authority and to trading on the London Stock Exchange’s regulated market. The Republic may apply for the Notes to be eligible for trading or listed on the Nigerian Stock Exchange and Financial Markets Dealers Quotations Over-the-Counter Securities Exchange.
Pricing of the Notes comes shortly after Nigeria launched its National Economic Recovery and Growth Plan 2017-2020 on 7 March 2017.
The plan focuses on policy objectives in five core areas; macroeconomic policy, economic diversification and growth drivers, competitiveness, social inclusion and jobs, and governance and other enablers. Key targets of the NERGP include reaching single-digit inflation, further growth in the agricultural sector, reducing unemployment, increasing operational energy capacity and domestic refining capacity, improving transportation infrastructure and stabilising the exchange rate, with an emphasis on implementation, monitoring and evaluation of these economic goals.
Commenting following the successful pricing, the Honorable Minister of Finance Mrs Kemi Adeosun said:
“The proceeds from this additional note issuance will go towards funding capital projects in the 2016 budget. Infrastructure spending is at the heart of our National Economic Recovery and Growth Plan, which was released earlier this month and guides how we will deliver the urgent reform our economy needs between now and 2020. Resetting the Nigerian economy is essential in order for us to deliver sustainable long term growth.”
Commenting on the Notes’ pricing, the DMO Director General, Dr Abraham Nwankwo said:
“Following the success of our US$1 billion note issuance in February, Nigeria is delighted to have increased our 2017 Eurobond programme to US$1.5 billion and to have secured the additional US$500 million. Nigeria was keen to take advantage of favorable market conditions and investor appetite for Nigerian debt to complete our foreign borrowing programme for the 2016 budget and deliver further funds for vital capital projects.”
Citi, and Standard Chartered acted as Joint Lead Managers and Stanbic IBTC, as Financial Advisers on this Issue.
The information contained in this communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. The Republic has not registered, and does not intend to register, any portion of the securities in any of these jurisdictions.
This communication is not an offer of securities for sale in the United States. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act, and the rules and regulations thereunder. The Republic does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States or elsewhere.
This communication does not constitute an offer of the Securities to the public in the United Kingdom. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, and (iv) any other persons to whom it may otherwise lawfully be communicated or caused to be communicated (all such persons in (i) to (iv) together being referred to as “Relevant Persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.
The approval of the Nigerian Securities and Exchange Commission is not required for primary offerings of securities issued by the Republic. Any securities referred to herein have not been registered with the Nigerian Securities and Exchange Commission. Where securities issued by the Republic are listed on any securities exchange in Nigeria, the securities shall be subject to the relevant regulatory requirements relating to secondary market transactions of securities issued by the Republic. In such circumstances, offering participants will be required to comply with applicable rules and regulations in Nigeria in order to offer the relevant securities to the public in Nigeria.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
Business
US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

By: Fabian Apechihin
The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.
Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.
According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.
Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.
“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.
He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.
“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.
Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?
Business
NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment
• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta
The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.
In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.
“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”
According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.
The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.
NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.
In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.
The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.
“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”
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