News
FG Approves New Petrol Prices: NNPC to Sell at Marketers N86.50k

Federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), on Tuesday approved new pump prices of petrol starting from January 1 to March 31, 2016 under a revised pricing template.
Under the new pricing template, the government approved two pump prices – one for the retail outlets of the Nigerian National Petroleum Corporation (NNPC), which will sell at N86 a litre, and another for retail outlets operated by private business concerns in the downstream petroleum sector, which will dispense at N86.50 a litre.
Farouk Ahmed, executive secretary of the PPPRA, disclosed this to journalists in Abuja. He said NNPC was expected to sell petrol at N86 per litre to customers at its retail outlets, while other operators would sell at N86.50k per litre.
He said both open market prices reflect a drop of N1 and 50k respectively from the current official price of N87 per litre, which will no longer obtain after December 31.
Ahmed added that the announcement followed the approval granted by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
Similarly, he disclosed that PPPRA had approved for importation three million metric tonnes of petrol in the first quarter (Q1) of 2016, of which NNPC was granted 78 per cent of the total allocated volume for the period, while 22 per cent would be supplied by other oil marketing companies.
According to Ahmed, the cost elements that were affected by the review of its pricing template for petrol included the traders’ margin which was revised downwards from N1.47 per litre to zero; lightering expenses, from N4.07/litre to N2.00/litre; charges by the Nigerian Ports Authority (NPA), from N0.77/litre to N0.36/litre; jetty throughput charges, from N0.80/litre to N0.40/litre; storage charge, from N3.00/litre to N1.50/litre; bridging fund, from N5.85/litre to N4.00/litre; and ex-depot price, from N77.66/litre to N77.00/litre.
He stated that other elements such as the retailers’ margin were however revised upwards from N4.60/litre to N5.00/litre; transporters’ margin, from N2.99/litre to N3.05/litre; and dealers’ margin, from N1.75/litre to N1.95/litre.
“Accordingly, the ex-depot price of petrol shall be N77.00k per litre, while the pump price shall be N86.50k per litre in line with the prevailing market trend.
“The key thing here is that with the revision, the open market price has come down slightly. The new pump price for private marketers is N86.50k, down from N87 per litre, effective January 1, 2016.
“However, for NNPC imports, because an element of the template which is the financing cost is not captured in the NNPC template, its imports are slightly lower, so NNPC’s price will be N86 per litre, meaning that if you go to NNPC retail stations, you should buy at N86 per litre and N86.50k in other stations,” Ahmed explained.
He noted that the new price regime was being introduced to engender competition and stability in the downstream petroleum sector.
“Another important point is that this is not static, as there will be a quarterly review of the pricing template. However if there is a major shift, the minister may call for a review either upwards or downwards depending on the market.
“But for now, at least for the first quarter, this price remains for three months, from January to March,” he said.
Ahmed further disclosed that there is supposed to be a pricing advisory committee made up of industry technocrats, which would meet from time to time and advise the PPPRA on price movements.
“But the PPPRA will still sit down and do its work while the committee will advise it on any drastic movement in price,” he said.
He also confirmed Kachikwu’s recent statement that there was no subsidy on petrol under prevailing market trends (the prevailing price of crude oil in the international market).
“The open market price is N86.29k, if you do the calculation, that means there is an element of over-recovery and what we will do now is that we will go back to the marketers and bill them for the recovery.
“With regards to NNPC, their arrival is N85.93k but they are selling at N86, so there will also be an element of over-recovery. However, we are comfortable with the numbers,” he said.
Speaking more on the review, Ahmed said: “In order to encourage investments in retail outlets, we slightly increased the provisions in the retailers, transporters, and dealers’ margins.
“In terms of the distribution margins, we have also revised down the bridging fund and increased the retailers, dealers and transporters’ margins.”
On the first quarter import permits, Ahmed did not disclose the identity of marketers selected for the period but stated that the agency had taken into consideration three key factors in selecting them.
These factors, he said included retail outlets ownership; marketers’ performance in previous quarterly allocations; as well as the challenges in sourcing foreign exchange.
He noted that in allowing NNPC to import 78 per cent of the total allocated volume, the agency envisaged that the corporation would have fewer challenges sourcing for foreign exchange while the Central Bank of Nigeria (CBN) would be able to comfortably take care of the foreign exchange demands of other marketers who would import the remaining 22 per cent.
“This measure is to guarantee uninterrupted fuel supply nationwide. Marketers are required to note that there shall be a mid-quarter review of performance where volumes of non-performing marketers including the NNPC shall be withdrawn and reallocated to performing marketers,” Ahmed explained.
He also stated that the NNPC had in previous allocations done up to 111 per cent in product importation to stabilise supply, adding that future allocations shall be based on 100 per cent performance in the first quarter allocation.
Ahmed equally stated that the revised template was built a little bit above the domestic consumption of 40 million litres per day.
He disclosed that the agency was currently verifying for the months of October, November and December marketers’ subsidy claims, after which the Debt Management Office (DMO) would be advised on further action.
PPPRA’s briefing on the new prices of petrol and its revised pricing template came just as the Nigeria Labour Congress (NLC) said it would resist all attempts to remove the subsidy on petrol through the back door.
The body observed that there had been frantic efforts by the All Progressives Congress (APC)-led federal government to hoodwink Nigerians through deception in the planned removal of fuel subsidy.
In a statement released yesterday by the NLC and signed by its General Secretary, Dr. Peter Ozo-Eson, the body maintained that the move by the Muhammadu Buhari-led government to remove fuel subsidy was a replica of the 2012 fuel subsidy crisis, of which many chieftains of APC were the kingpins who led the protest against its removal.
Ozo-Eson said: “In the past few weeks, we have heard discordant tunes from government officials and chieftains of the ruling APC on what the future portends for the price of petroleum products and the management of the subsidy scheme.
“Party chieftains who supported and encouraged the massive protests against subsidy removal in 2012 are now preaching the inevitability of subsidy removal!
“The Minister of State for Petroleum first announced that come next year the price of petrol will revert to N97 per litre and that subsidy will be phased out.
“Two days thereafter, he denied this and stated that what he said was that the price will operate within a band of N87 to N97 and that this did not mean removing the subsidy.
“The same minister now says that the price of petrol will be N86 in January, signifying the deregulation of the sector.
“These vacillations and flip flops are, in our view, designed to confuse Nigerians and pave the way for deregulation of petrol prices through the back door.
“The fact of the matter is that as long as we continue to depend on imported refined products, deregulation and the abandonment of the subsidy scheme will unleash hardship on Nigerians.”
The NLC general-secretary also stressed that the determination of recommended prices of petroleum products was the responsibility of PPPRA.
“By law, the board of PPPRA is made up of stakeholders. None of the contradictory prices the minister is throwing up is a product of the agency.
“Indeed, the board of the PPPRA has not operated for over two years, although we have made repeated demands for the convening of the board.
“We call on the government to be guided by the rule of law, and constitute and convene the board of PPPRA in accordance with the law without further delay.
“This will enable the agency to examine and agree a new pricing template based on the realities of today. Any price unilaterally determined and announced by the minister is in violation of the law.
“In the meantime, we wish to restate our opposition, adopted at our Central Working Committee (CWC) emergency meeting of 22nd December, to any attempt by the government to increase the price of or remove the subsidy on petrol.
“We reiterate our directive to our state councils and industrial unions to commence the process of mobilisation prior to a meeting of the National Executive Committee (NEC) to be convened in the New Year,” he said.
Also speaking to THISDAY on the issue, NLC President, Mr. Ayuba Wabba, expressed great concern over comments credited to an APC chieftain and former governor of Lagos State, Bola Tinubu.
Tinubu had called for the removal of fuel subsidy, a policy he vehemently opposed in 2012 under President Goodluck Jonathan’s administration, ostensibly for political reasons.
Wabba said: “It is a great surprise to hear that Tinubu is calling for the removal of fuel subsidy,” adding that NLC would seriously resist the plan to remove the subsidy.
He held the view that Tinubu’s comments fall flat on the face of the APC campaign, given that the party in different forums had supported the retention of fuel subsidy.
The APC and Tinubu have come under intense criticism over their support for the removal of fuel subsidy, with many describing their new stance as hypocritical, given that Tinubu was believed to be the brain behind the sponsorship of the protests, particularly in Lagos in 2012, against the removal of subsidy.
REVISED PPPRA PRICING TEMPLATE FOR PETROL
COST ELEMENTS OLD (Per Litre) NEW (Per Litre)
Traders’ Margin N1.47 N0.00
Lightering Expenses N4.07 N2.00
NPA Charge N0.77 N0.36
Jetty Throughput N0.80 N0.40
Storage Charge N3.00 N1.50
Bridging Fund N5.85 N4.00
Ex-depot Price N77.66 N77.00
Retailers’ Margin N4.60 N5.00
Transporters’ Margin N2.99 N3.05
Dealers’ Margin N1.75 N1.95
• This template excludes cost and freight charges for importing petrol into Nigeria
News
NITDA Urges Stronger State Partnerships as Key to Digital Economy Goals @ South-South Stakeholders Forum

Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has underscored the importance of deeper collaboration with state governments, saying sub-national alignment is essential to achieving Nigeria’s digital economy objectives.

He spoke online at the South-South Regional ICT Stakeholders Forum, which brought together policymakers, technology leaders, civil society organisations and ecosystem players to chart a path for accelerated digital development across the region.
The NITDA boss noted that while the Agency has made notable progress at the federal level, the real measure of success lies in how effectively national policies are translated into actionable programmes within states. According to him, digital transformation can only be sustained when states domesticate policies and establish clear implementation structures.
He referenced key frameworks, including the Nigerian Startup Act and the National Digital Literacy Framework, observing that although several states have created ICT-focused ministries and agencies, some still lack comprehensive enabling laws and structured governance mechanisms. NITDA, he assured, remains ready to provide technical guidance to states seeking to strengthen their digital ecosystems.
Digital literacy, he stressed, remains central to inclusive growth. Under the National Digital Literacy Framework, NITDA aims to achieve 95 per cent digital literacy nationwide by 2030. Working with the Federal Ministry of Education, digital skills have been embedded in school curricula, with teachers across the country undergoing capacity-building programmes to support technology-driven learning. States in the South-South were encouraged to ensure that educators in both public and private schools fully participate in the initiative.
The DG also highlighted ongoing efforts to upskill public servants. In collaboration with the Office of the Head of the Civil Service of the Federation, more than 54,000 federal civil servants have enrolled in structured digital skills training. Similar programmes, he said, are being considered for rollout across South-South states to enhance governance efficiency and public service delivery.
On partnerships, Inuwa pointed to collaborations with Cisco, which provide access to self-paced digital courses, and the National Youth Service Corps (NYSC), whose digital champions conduct community-based sensitisation in markets, worship centres, motor parks and among senior citizens. He urged stakeholders in the zone to strengthen coordination and co-create practical initiatives to expand digital inclusion.
In his contribution, the Commissioner for Science, Technology and Innovation in Cross River State, Dr Justin Atiang Beshel, reaffirmed the state’s resolve to leverage technology for sustainable development.
He said Cross River is prioritising broadband expansion and digital infrastructure as the backbone of e-government services, skills development, innovation and job creation. Improved connectivity, he noted, would unlock economic opportunities and enhance service delivery statewide.
Despite challenges such as limited rural connectivity and funding constraints for large-scale ICT projects, the Commissioner expressed optimism about strategic partnerships. He described collaboration with NITDA and private sector players as critical to narrowing the digital divide, boosting cybersecurity resilience and ensuring inclusive participation in the digital economy.
Beshel maintained that sustained investment and coordinated action would position Cross River as a competitive digital hub within Nigeria’s growing technology landscape.
News
ABoICT Lecture 2026 to Focus on Impact of AI, IoT on Business Operational Efficiency

Board and management of Communication Week Media Limited, publishers of Nigeria CommunicationsWeek, at the weekend announced that this year’s Africa’s Beacon of ICT Merit and Leadership lecture will focus on Impact of AI and IoT on business operational efficiency.

Africa’s Beacon of ICT Merit and Leadership lecture, widely regarded as the most prestigious annual event available in the ICT industry in Nigeria is in its 17th year.
The lecture holds on May 30, 2026 at Oriental Hotel Lekki, Lagos, according Ken Nwogbo, editor-in-chief of
Nigeria CommunicationsWeek the organizers of the event.
He said that this year’s event “is digital transformation edition” to recognise and celebrate organizations and individuals in the ICT industry that have impacted in digital transformation of the economy.
“Most of these organizations and individuals have consistently being voted by our readers as leaders in their areas of operations and we have decided to reward them in this special edition, tag: ‘Digital Transformation Edition 2026’ he said,”.
He added that, Digital transformation, driven by AI and IoT, will fundamentally boosts business operational efficiency by automating complex tasks, enabling real-time data analysis, and reducing costs.
“IoT technology optimizes resources, predict maintenance needs, and enhance decision- making, allowing companies to streamline workflows and improve productivity across sectors like manufacturing and logistics.
“It is an emerging technology that has impacted lifestyles and has changed the way we think and act, and the way we interact with each other.
It has also changed the way we work as it enables very large-scale monitoring, control, and automation, and has impacted the digital transformation of organizations in different industries”, he said.
According to him, “the transformative power of Artificial Intelligence exists as a bringing force in organizational communication. AI tools perform repetitive jobs, deliver simultaneous translations, and register team communication patterns, which lead to better understanding of group interactions. AI chatbots help manage customer support inquiries thus enabling staff members to dedicate their efforts toward complex work activities”.
The Africa’s Beacon of ICT Merit and Leadership Distinguished (ABoICT Lecture 2026) is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.
The lecture series however is reserved for distinguished achievers in the ICT sector.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, former Managing Director, Rack Centre Limited; Prof. Adewale Obadare, chief visionary officer, Digital Encode; Dr. Oluseyi Akindeinde, founder,
Hyperspace & NeuraL AI and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, former minister of Communications and Digital Economy; among others.
News
AI-Driven Memory Chip Fuels Global Phone Price Surge

Global technology markets are entering a new phase of strain as surging memory chip prices intensify the ongoing semiconductor shortage. For Nigeria, the ripple effects could translate into a 15 – 20 per cent increase in phone price levels if supply pressures persist into the next quarter.

While attention has largely focused on advanced AI processors, the sharpest escalation is occurring in memory chips, specifically DRAM (Dynamic Random Access Memory) and NAND (Flash Memory), which are essential to smartphones, PCs, and vehicles.
According to Bloomberg data, spot prices for DRAM have surged more than 600 percent in recent months. NAND prices have also climbed as artificial intelligence infrastructure expands global storage demand.
This shift reflects a structural realignment rather than a short-term disruption.
Massive AI infrastructure investments led by hyperscalers such as Amazon have redirected fabrication capacity toward high-bandwidth memory (HBM), a critical component for AI accelerators. This shift has tightened supply for conventional memory used in consumer devices.
Market analysts now describe the situation as a memory “supercycle,” breaking the industry’s traditional boom-and-bust pattern. Historically, memory cycles lasted three to four years. According to Jian Shi Cortesi of GAM Investment Management, the current cycle has already exceeded previous ones “both in length and magnitude,” with little evidence of demand momentum softening.
Financial markets reflect the divide. A Bloomberg gauge of global consumer electronics makers has fallen roughly 10 per cent since late September, while a basket of memory manufacturers has surged about 160 per cent over the same period. Shares of SK Hynix, a key high-bandwidth memory supplier to Nvidia, have climbed more than 150 per cent.
By contrast, downstream manufacturers reliant on affordable memory supplies are under pressure. Nintendo has warned of margin compression linked to shortages. Qualcomm shares declined after signaling memory constraints that could limit phone production. PC makers such as Lenovo and Dell have also retreated from recent peaks amid concerns that rising chip costs could dampen demand.
The divergence underscores a widening gap between component producers and device assemblers.
Memory is central to modern smartphone performance. Higher DRAM and NAND capacities power AI-enabled features, high-resolution imaging, and multitasking capabilities. Rising memory costs, therefore, feed directly into the bill of materials.
Even in a moderate demand environment, a constrained memory supply can limit production volumes. Qualcomm’s recent indication that memory shortages may restrict handset output highlights the risk of scarcity extending beyond price increases into availability challenges.
Compounding the issue, a foundry such as TSMC is prioritising higher-margin AI-related contracts at advanced nodes. Combined with the reallocation of capacity toward high-bandwidth memory, this limits flexibility in supplying traditional mobile processors and storage components.
For Nigeria, the likely outcome is not immediate widespread stockouts, but gradual upward revisions in retail pricing.
Nigeria’s electronics market remains heavily import-dependent, with minimal semiconductor manufacturing capacity. Retailers are therefore exposed to global cost shifts and supply volatility.
Distributors in major commercial hubs such as Lagos’ Computer Village are closely monitoring global trends. Some are securing inventory ahead of anticipated adjustments, while others are maintaining leaner procurement cycles to manage uncertainty.
Duration risk remains a key concern. Fidelity International’s Vivian Pai recently observed that while markets may be pricing in normalization within one to two quarters, industry tightness could persist through the rest of the year. If that proves accurate, manufacturers will have limited room to absorb higher component costs without passing them through to consumers.
Mid-tier smartphones, especially those balancing affordability with competitive performance, are likely to face the greatest pressure. Manufacturers may respond by offering lower base storage variants, delaying feature upgrades, or raising prices incrementally across product lines.
Parallel imports could increase if global scarcity intensifies, potentially raising concerns about warranty coverage and after-sales support.
Globally, firms are attempting to mitigate exposure by locking in long-term supply contracts, raising product prices, or redesigning devices to use less memory. However, semiconductor fabrication is capital-intensive and slow to scale. New fabrication plants require years to build, and expanding high-bandwidth memory output involves complex processes that cannot be rapidly accelerated.
For Nigeria, the episode underscores the importance of strengthening digital resilience. While domestic chip fabrication remains unlikely in the near term, expanding local device assembly, promoting repair ecosystems, and supporting component recycling could help cushion future supply shocks.
If projections hold, Nigerian buyers may begin seeing incremental price adjustments within weeks. Mid-range Android devices are likely to record the most noticeable changes, while premium models, already positioned at higher price points, may see more measured increases.
As it stands, AI’s explosive growth is reshaping semiconductor allocation patterns, and memory, once viewed as a product with prices that rise and fall in cycles, is behaving like a sustained constraint.
The widening gap between stock market winners and losers reflects the magnitude of this transition. As AI infrastructure spending accelerates globally, consumer electronics markets, including Nigeria’s, must adjust to a new cost environment.
Whether the squeeze proves temporary or evolves into a prolonged recalibration will depend on how quickly semiconductor capacity expands. For now, the trajectory suggests continued upward pressure on global electronics pricing, and Nigeria’s phone price expectations may have to adjust accordingly.
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