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Seaborne petroleum product exports from Nigeria have grown seven-fold since 2023, as output from the Dangote refinery improved regional fuel trade flows and boosted supplies to Europe and Africa, the U.S. Information Administration said on Monday.

Seaborne petroleum product shipments from Nigeria averaged 561,000 barrels per day in the second quarter of 2026, compared with an annual average of 79,000 bpd in 2023, Vortexa data showed.

Of those shipments 350,000 bpd were exported during that ?period, compared with an annual average of 46,000 bpd in 2023.

Dangote Group’s Dangote Petroleum Refinery, located in the Lekki Free Zone near Lagos, began operations in 2024 and is the country’s largest refinery.

With the increased supply of petroleum products in Nigeria from the country’s largest refinery, imports fell, exports increased, and Nigeria became more self-sufficient in refined petroleum products, EIA said.

Product shipments expanded after operations at Dangote began and again following the completion of ?and expansion in February 2026, coinciding with supply constraints out of the Strait of Hormuz, EIA added.

The maintenance increased the facility’s crude oil distillation capacity from 650,000 bpd to 700,000 bpd.

Intra-Nigerian shipments rose to 211,000 bpd in the second quarter ?of 2026, up from 81,000 bpd in 2025 and 33,000 bpd in 2023.

Nigeria’s seaborne petroleum product exports to Europe rose to 130,000 bpd in the second quarter of ?2026 from 40,000 bpd in 2025 and 15,000 bpd in 2023, while exports to Africa climbed to nearly 120,000 bpd from 89,000 bpd a ?year earlier.

Nigeria imported nearly 400,000 bpd of petroleum products in 2023, and seaborne imports fell to less than 130,000 bpd in the second quarter of 2026.

The Nigerian insurance industry must move beyond recapitalisation and focus on building technical, operational and human capacity to achieve sustainable growth.

Bola Odukale, director-general, Nigeria Insurers Association (NIA) stated this in a keynote address at the 2026 Annual Retreat of the Risk, Audit and Compliance Technical Committee of the NIA themed, ‘From Capital to Capability: Driving Resilience, Innovation and Trust Through Governance, Risk and Compliance,’ in Abeokuta, Ogun State. She was represented by the Director, Operations, NIA, Mr Lanre Ojuola.

Represented by Lanre Ojuola, director, Operations at NIA, she said while capital provides the financial buffer to absorb shocks, it cannot on its own manage complex risks, prevent regulatory infractions, strengthen institutions or earn policyholders’ trust.

She said governance, risk management and compliance (GRC) functions should be repositioned from cost centres to strategic drivers of competitive advantage.

Odukale urged insurers to embrace technology-driven assurance through automated monitoring, data analytics and artificial intelligence (AI)-assisted compliance tools, while strengthening technical expertise in specialised risks such as commercial, marine, cyber and energy insurance.

During the event, RACC also launched its industry-focused magazine.

Saheed Bashiru, managing partner, Risk Universe Consulting, said AI was already reshaping the global insurance industry, although adoption remained uneven.

In a presentation titled, ‘Artificial Intelligence Adoption and Optimisation,’ Bashiru said Nigeria’s regulatory framework had provided a foundation for responsible AI adoption, with risk, audit and compliance functions serving as enablers rather than blockers.

He outlined an AI adoption roadmap of ‘Assess, Pilot, Scale, Govern and Optimise,’ recommending continuous monitoring through live dashboards tracking model performance, drift, bias indicators and incidents.

Bashiru also called for regular, risk-based internal audits of AI systems and quarterly operational reports to boards, alongside annual strategic and audit reviews.

He urged insurers to invest continuously in AI literacy, hybrid AI-risk career paths and responsible AI values.

He advised Chief Financial Officers to incorporate AI return on investment and cost of inaction into capital and budget planning, while Chief Audit Executives should establish AI use-case inventories and baseline audits.

Olugbenga Akinlalu, chairman of RACC in welcome remarks said insurers must strengthen institutional capabilities, governance structures and risk management systems to maximise the benefits of recapitalisation.

Akinlalu, who is Group Head of Internal Audit, Continental Reinsurance Holdings, said stronger balance sheets must be matched by better talent, smarter technology, robust governance and effective risk management.

He urged risk, audit and compliance professionals to move beyond traditional assurance roles and become strategic contributors to business growth, stressing that the future of the industry would require strong institutions, competent professionals, ethical conduct and sound governance.

Oranyan Market in Ibadan North-East Local Government Area of Oyo State was early Monday morning razed by fire, destroying a good number of shops.

The inferno, gathered started around midnight affected several sections of the market, with traders dealing in gold, furniture, second-hand clothing and other goods.

The Incident which left traders devastated, reportedly started in the middle of the market following an explosion.

While it was yet to be established whether the explosion was caused by gas or another source, the traders have started counting their losses.

Similar fire incident occurred at the herbal section of the Oranyan Market in 2024, when more than 200 shops were completely razed.

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Morof Akinwande, the Special Adviser to Governor Seyi Makinde on Fire Reforms and Chairman of the Oyo State Fire Services while confirming the incident? said the situation had been brought under control by 1am, preventing the fire from spreading further.

While cautioning against putting a figure on the number of shops destroyed at this stage,stated that an assessment of the damage would be known after the fire outbreak investigation.

‘There was a fire break at the market which destroyed shops and goods . The number of shops cannot be ascertained now, but what is known is that the fire incident started in the middle of the market with an explosion.

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ý’Whether it’s a gas explosion or other things. And when you have a gas explosion, it would spread, but as I am talking to you, the situation has been under control since 1am’, he said.

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ýThe Oranyan market fire incident is coming barely two days after another fire outbreak destroyed nine locked-up shops at the Nigerian Railway Shopping Complex along the popular Aleshinloye Market in Ibadan South-West Local Government Area of Oyo State.

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Meanwhile the Acting Governor of Oyo State, Abdulraheem Adebayo Lawal, has expressed heartfelt sympathy to traders and residents affected by the recent fire outbreak at Oranyan Market, Ibadan.

Africa’s richest man could not find a single ship to transport just 1,000 tonnes of his cement from Nigeria to nearby Ghana. He now wants to buy his own.

Dangote Industries Limited, the largest industrial conglomerate in West Africa headed by billionaire Aliko Dangote, said it is planning to acquire vessels capable of carrying its industrial products to regional markets, where it currently relies on tax-heavy road networks.

‘We are moving forward towards getting our own ships in order to do this business,’ Sada Ladan-Baki, head of international trade export at Dangote Cement, said Tuesday at a seminar on non-oil exports.

The company began exporting cement 16 years ago and has now attained 50 million metric tons of annual production capacity. By June this year, the Group had produced 1.1 billion MT of fertiliser, almost equalling the entire production for 2025 that contributed over eight percent of non-oil exports in the period.

But it has not perfected logistics. To constantly meet the demands of its buyers in the Economic Region of West African States (ECOWAS) and parts of Central Africa like Cameroon, the group set up assembly plants that churned out 7,000 trucks needed for road deliveries. That has proven costly.

‘If we are going to export our cement from here to Ghana, we have to pay Value Added Tax (VAT) of 18 percent in Benin. We pay in Togo. We pay another 18 percent if we are going to Ivory Coast. So by the time [the trucks] get to these places, the taxes these countries charge us has already made us dead on arrival. How can Nigerian companies become competitive with all these barriers? Ladan-Baki said.

The company’s silver bullet is seaborne trade. The only problem is that it cannot find the ships.

‘As of today…you cannot get a ship that will take your goods from here to Ghana. None. And that is for 1,000 metric tons, what the small traders and the business people can do,’ Ladan-Baki said.

Since Nigeria’s National Shipping Line collapsed in 1995 after 36 years as a state-owned enterprise, the country has struggled to regain control of its waterways, losing almost all of the $6 billion in freight earnings generated annually to foreign shippers.

Large companies have naturally committed to filling the gap themselves rather than waiting for help to come. In 2022, BUA Group, owned by billionaire Abdul Samad Rabiu, took delivery of two vessels purchased for sugar exports to West Africa. The company said the vessels would berth at its port/terminal in Rivers and increase export capacity while reducing operating costs.

Dangote Group itself owns dedicated port terminals at Onne and Apapa ports and, to solve capacity gaps, built a jetty at Lekki in Lagos to accommodate the ships that will move the products of its $20 billion refinery plant.

Its latest project will need extra support. Ladan-Baki called for the activation of Nigeria’s 23-year-old idle $700m Cabotage Vessel Financing Fund (CVFF) designed to finance the building and acquisition of ships for Nigerians.

The government opened up a portal for applications in January this year, promising disbursement in 90 days. Seven months later, shipowners are still waiting for their first disbursement.

Ladan-Baki said commercial banks, together with institutions such as Afreximbank, should take a leading role in financing vessel acquisitions and developing Nigeria’s shipping capacity to enable it to play a bigger role in the African Continental Free Trade Area (AfCFTA).

‘We can only succeed if our two hands are clapping. We will only be happy if the country is self-sustaining in terms of shipping,’ he said.

Nigerian lawyers have reaffirmed the pivotal role of taxation as a major source of government revenue for infrastructure development and the provision of social services, throwing their weight behind the voluntary tax compliance drive being championed by the Office of the Tax Ombud.

This was a central theme of a panel discussion titled ‘Pay Now, Prosper Later’ at the ongoing 66th Annual General Conference of the Nigerian Bar Association (NBA) in Port Harcourt, Rivers State.

The panel, which featured John Nwabueze, Tax Ombud/Chief Executive and other legal luminaries, including Ahmed Raji, emphasised the importance of strengthening taxpayer trust in tax authorities as a means of fostering voluntary compliance and increasing tax revenue in the country.

Speaking at the event, Nwabueze reassured the lawyers of the Office’s commitment to providing Nigerian taxpayers with an independent and impartial platform to lodge tax-related complaints and have them resolved in a timely and equitable manner.

According to Nwabueze, the Office of the Tax Ombud will ‘alleviate the burden of administrative and procedural issues for taxpayers, helping to foster trust between citizens and tax authorities.’

He said: ‘It is our belief that the Office will contribute significantly towards bridging the gap between taxpayers and tax administration, making the tax system more accessible and trusted. We strive to ensure that tax grievances are resolved in an open and accountable manner, ultimately strengthening Nigeria’s tax system.’

‘Since opening its doors to the public in January, the Office has already received 22 complaints, with 14 resolved efficiently. Continuous efforts in stakeholder engagement and public awareness are underway to ensure broader access to the Office’s services,’ the Tax Ombud told the participants.

While acknowledging that the Office is non-judicial, Nwabueze said it serves as a crucial mechanism for early dispute resolution, with the potential to reduce pressure on the courts and other tax adjudication bodies.

Godswill Akpabio, the President of the Senate, on Monday declared that President Bola Tinubu had ‘done a lot for Nigerians,’ insisting that the achievements of the administration would give the ruling All Progressives Congress (APC) enough to present to voters ahead of the 2027 general elections.

Akpabio said the Tinubu administration inherited an economy in crisis but had introduced reforms which, according to him, had significantly altered the country’s economic fortunes.

He spoke in Uyo, Akwa Ibom State, while receiving members of the Senate Committee on Tertiary Institutions, TETFund and NELFund, led by Dandutse Mohammed, its Chairman.

A statement issued by Jackson Udom, his Special Assistant on Media, quoted Akpabio as saying, ‘The current President has done a lot for Nigerians. He met an economy in shambles. When he came in, 27 states could not pay salaries and pensions but today, the story has changed because of his reengineering and thinking out of the box.’

The Senate President said the administration’s record would become a major selling point for the APC as the 2027 elections approach, declaring that the party would have sufficient achievements to campaign on.

‘In 2027 Nigerians will separate the shafts from the grains and re-elect President Tinubu for a second term in office,’ he said.

Akpabio said Tinubu’s approach to governance had brought innovation to the administration, adding that the government would take its achievements to the campaign grounds.

‘We have a President who thinks outside the box, bringing about innovation. We will have something to tell Nigerians about the unprecedented achievements of Mr President at the campaign grounds,’ he said.

He also challenged opposition politicians to present their own records to Nigerians, particularly those seeking to unseat Tinubu in 2027.

‘Someone who is challenging him cannot even tell us what he did when he was governor. I can tell you what I did when I was the governor of my state. We will tell them a lot,’ Akpabio said.

He added that opposition politicians were aware of the administration’s performance but were unwilling to acknowledge it because of their political positions.

‘Those in the opposition know too well, the achievements of this government in the area of the economy, agriculture, security, education and fiscal policy, but because they are in the opposition, they won’t say it,’ he said.

Akpabio also praised the performance of the 10th Senate, saying the chamber had recorded ‘giant strides’ under his leadership and would continue to work with the executive to deliver more for Nigerians.

‘The 10th Senate under my leadership, has made giant strides and we are very proud of it. We will continue to collaborate with the Executive arm of government to achieve more for Nigerians,’ he said.

The Senate President also dismissed criticism of the National Assembly on social media, urging lawmakers to remain focused on their constitutional duties.

‘Even in this period of our annual vacation, you are here in Uyo doing your job. We don’t need to listen to the social media because it is garbage in, garbage out,’ he said.

Akpabio further assured senators who may not return to the 11th National Assembly that their loyalty to the APC and the Tinubu administration would not go unrecognised.

He urged them to continue contributing to the progress of the party and the success of the administration.

Earlier, Mohammed said the committee’s visit was part of its constitutional responsibility and also an opportunity to pay homage to the Senate President.

‘We are here today for a very important constitutional responsibility and to pay homage to our leader. The Senate President of the Republic of Nigeria. Under your leadership, we have enacted the law that is benefiting the Nigerian masses,’ he said.

Mohammed cited NELFUND and TELFUND among initiatives he said were already benefiting Nigerian families.

‘Nigerian parents are happy because of NELFUND and TELFUND. We are in Akwa Ibom State on sensitization and oversight on all of the infrastructures executed by TETFUND,’ he said.

He described education as critical to Nigeria’s development, saying, ‘This law is fundamental to the success story of the development of Nigeria, because education is key to success.’

The capacity of the Beira-Harare fuel corridor is expected to rise by 67 percent by the end of 2027 as Mozambique and Zimbabwe expand infrastructure along the route.

Companhia do Pipeline Mozambique-Zimbabwe (CPMZ) will begin construction of two pumping stations in Nhamatanda, Sofala Province, and Messica, Manica Province, as part of the second phase of its pipeline expansion.

The project, which will be marked by a groundbreaking ceremony on September 2, will increase the annual transport capacity of the Beira-Feruka pipeline from three million cubic metres to five million cubic metres.

The expansion is aimed at supporting growing demand for petrol, diesel and jet fuel in Zimbabwe and other landlocked markets that rely on the Beira Corridor for fuel supplies.

The Beira-Feruka pipeline, which stretches 294 kilometres from the Port of Beira to Feruka in Zimbabwe, forms part of a wider fuel transportation network linking Mozambique to Zimbabwe and other markets in Southern Africa.

In a note, CPMZ said the expansion is being coordinated with the upgrade of the Petrozim Line between Feruka and Harare, which will increase the capacity of the fuel corridor from the Mozambican port into Zimbabwe’s interior.

The route also serves landlocked countries including Zambia, Malawi, Botswana and the Democratic Republic of Congo, making the corridor an important part of regional fuel supply.

The latest expansion follows CPMZ’s increase in pipeline capacity from two million cubic metres to three million cubic metres annually in 2024.

According to the company, construction and commissioning of the new pumping stations will be carried out while existing pipeline operations continue, meaning fuel supplies through the corridor are not expected to be disrupted.

CPMZ and the Zimbabwean government are also considering longer-term expansion of the corridor, including studies for a larger-diameter pipeline that could transport higher volumes of fuel to meet projected regional demand through 2050.

Plans are also being considered for a possible extension of the Harare-Lusaka route into Zambia’s Copperbelt, potentially further expanding the corridor’s reach into Southern Africa’s interior.

The investments come as countries in the Southern African Development Community seek to strengthen fuel supply infrastructure and reduce vulnerabilities associated with supplying landlocked markets.

CPMZ was established in 1982 and is jointly owned by the Mozambican state and private investors. The company operates the Beira-Feruka pipeline, which transports petroleum products from the Port of Beira to Zimbabwe.

?Nigerian fashion designer Adedayo Ilori, founder of the Lagos-based Dimeji Ilori label, showcased his latest collection at African Fashion Week London (AFWL) 2026, held at 8 Northumberland Avenue and the British Council Headquarters in London.

?Ilori, a beneficiary of the British Council’s Creative DNA accelerator programme, featured alongside several emerging designers at this year’s international event. The showcase builds on last year’s debut partnership, reaffirming the British Council’s commitment to championing African fashion talent on the global stage.

?The initiative aligns with the council’s strategy to drive sustainable growth by expanding market access for African fashion entrepreneurs while investing in locally rooted, globally connected creative economies.

?Creative DNA expands access to global markets

Creative DNA is the British Council’s flagship fashion initiative designed to nurture the African fashion ecosystem by deepening designer skills, expanding knowledge, and building international networks.

?Through their partnership, AFWL and the British Council developed an eight-day programme providing emerging African designers with direct pathways to explore international market access and engage new global audiences.

?Ilori founded Dimeji Ilori in 2021. The Lagos-based designer has gained rapid recognition for an emotionally charged design language that combines heritage textiles, artisanal techniques, and contemporary silhouettes.

?’My fashion label has benefitted immensely thanks to the mentorship I have received from Creative DNA,’ Ilori said. ‘I am looking forward to engaging with other participants on current trends in the fashion industry.’

?Panel discussions focus on future of African design

Panel topics at this year’s edition include African Fashion in Education, Creativity Beyond Borders, and African Futures: Where African Design Is Going Now.

?British Council Country Director Donna McGowan highlighted the impact of the initiative on the continent’s creative sector.

?’Adedayo’s brand has come a long way since Creative DNA started working with him,’ McGowan said. ‘We are delighted at the opportunity he has to represent Nigeria at African Fashion Week London. Nigeria is the hub of Africa’s creative industry, and we will continue to collaborate with young Nigerian designers as they seek to grow their businesses.’

?Ten designers presented under the Creative DNA banner at AFWL 2026: ?Bettydora Odhiambo (Atieno Studio, Kenya), Joan Nantege (Joan Jade, Uganda), ?Mastewal Belay (Mastewal Alemu, Ethiopia), ?Maurice Niyigena (Matheo Studio, Rwanda) and ?Neema Nkatha Kinoti (Ohana Swimwear, Kenya).

Others designers are: ?Chido Kaseke (Patch Maoko, Zimbabwe), ?Nyame-Nhyiraba Awura (Republic of Africa, Ghana), Ropafadzo Kuki Mapira (Soleil, Zimbabwe), Solome Kiflu (Xufan, Ethiopia) and ?Adedayo Ilori (Dimeji Ilori, Nigeria)

Public speaking is a critical skill for turning ideas into economic opportunities and strengthening social cohesion, experts at the inaugural Eloquence Unfiltered 2026, a public speaking and communication masterclass, have said.

Akin Akingbogun, a communication expert and co-convener of the programme, said the inability to communicate knowledge and ideas effectively could limit the extent to which individuals are recognised and taken seriously, regardless of their technical competence.

Speaking at the event on Saturday, Akingbogun said the masterclass was designed to help participants overcome the fear of public speaking and develop practical communication skills that could improve their professional and personal prospects.

Akingbogun delivered a lecture on the psychology of fear, particularly how the brain responds to unfamiliar situations, with participants taught how to condition their minds and bodies to manage anxiety and take control of presentations and conversations.

‘Typically, a lot of people fear speaking in public and prefer to rather die than speak in public. And what we’re trying to do here is to debunk that fear, to show them that the fear is a natural response from the brain,’ he said.

According to him, public speaking is not an innate ability reserved for a select group of people but a skill that can be developed through learning and practice.

He said the programme would focus on areas including body language, voice control, articulation and the management of public-speaking mistakes, particularly among young Nigerians.

Akingbogun said Eloquence Unfiltered would not be limited to a one-day masterclass, as participants would remain on a platform where they would receive coaching and further training over a year.

Also speaking, Mo’ Olumide Obidiran, co-convener of the programme, said effective communication had economic value because many ideas fail to progress beyond conception because their originators cannot properly package and present them.

‘The economic importance of public speaking is truly endless. A lot of ideas, for example, are trapped in the idea stage. The inability to be able to put them together, package, propose, and then further those ideas,’ she said.

Obidiran said public speaking could help individuals move ideas from conception to implementation while also promoting understanding and cohesion in society.

She also stressed the importance of communication skills to businesses, saying companies would benefit when their employees become better managers and more capable of representing their organisations.

The communication specialist added that employees’ communication abilities could influence how organisations are perceived because people effectively represent the brands they work for.

The organisers said the initiative was intended to build a generation of Nigerians who could communicate ideas effectively, connect with audiences and develop confidence in professional and public settings.

Nigeria and Ghana are becoming increasingly important to MTN Group’s financial engine, sending R9.3 billion to the telecom giant in the first half of 2026 as stronger growth in West Africa helped offset sluggish performance in its South African home market.

Ghana contributed R6.6 billion and Nigeria R2.7 billion of the R13.9 billion in cash upstreamed by MTN’s operating companies to the group during the six months ended June, according to its results released on August 24. Together, the two countries accounted for 67 percent of the total, compared with R2.1 billion from South Africa.

The increase in cash transfers is significant for MTN because it comes alongside a sharp improvement in group earnings and gives the company more room to invest and return capital to shareholders.

MTN’s service revenue rose 17.5 percent in constant-currency terms to R115 billion, while EBITDA before once-off items increased 24.4 percent to R56 billion. The stronger earnings lifted the group’s EBITDA margin to a record level of about 47 percent.

‘The Group’s overall performance in the period reflects strong conversion of the commercial momentum we see across our markets into growth in earnings, cashflow and returns,’ Ralph Mupita, MTN Group president and chief executive officer, said.

The group’s equity free cash flow rose 32.7 percent to R7 billion, while capital expenditure excluding leases reached R19.7 billion as MTN expanded networks, connected homes and upgraded its technology infrastructure.

The stronger balance sheet has also allowed MTN to approve a share buyback of up to R6 billion, covering about 31 million ordinary shares. The programme is part of its Ambition 2030 strategy, under which the group targets returning 40 percent to 60 percent of equity free cash flow to shareholders through dividends or share repurchases.

Nigeria gains financial weight

Nigeria’s R2.7 billion contribution makes the country one of MTN’s major sources of upstream cash, even though Ghana generated more than twice as much in the period.

The Nigerian business is benefiting from higher demand for mobile data and digital services in a market where consumers and businesses are increasingly shifting spending toward connectivity. The company has also been operating under higher tariffs following the industry-wide adjustment approved by the Nigerian Communications Commission.

For MTN Group, Nigeria offers a combination of scale and growth. The country’s large customer base gives the operator room to expand data consumption and financial technology services, while the resulting cash generation strengthens the group’s ability to fund investments elsewhere.

Ghana’s larger contribution, meanwhile, shows that MTN’s cash generation is not dependent on Nigeria alone. The two West African markets together now provide a substantially larger share of upstream cash than South Africa.

South Africa trails

MTN South Africa’s service revenue increased only 1.5 percent in the first half, although growth accelerated to 2.3 percent in the second quarter.

Management has been prioritising customer quality and profitability in its large prepaid base rather than pursuing subscriber numbers at the expense of returns. That strategy has weighed on short-term growth but is aimed at improving the economics of the business.

The contrast with West Africa is becoming more visible in MTN’s group results. Growth in Ghana, Nigeria, Uganda and other markets helped drive the 17.5 percent increase in consolidated service revenue, while the South African operation expanded at a much slower pace.

MTN ended June with 317.7 million subscribers across its markets, including more than 179 million active data users.

Mupita said the group had combined revenue growth with stronger profitability and cash generation.

‘MTN delivered a strong consolidated first-half performance in 2026, with growth in our subscriber base accelerating in Q2 2026. We combined double-digit service revenue growth with record EBITDA margins, robust free cash flow generation and a resilient balance sheet,’ he said.

The first-half results show that MTN’s growth story is becoming less dependent on its home market. With Nigeria and Ghana supplying most of the group’s upstream cash, West Africa is taking a larger role in financing MTN’s expansion and shareholder returns.