Iran, the Strait of Hormuz, OPEC and the Dangote Refinery: understanding what is driving the price at the pump. Edge Of The World Petrol price comparison. THE FUEL PRICE STORY STARTS BEYOND NIGERIA When petrol prices rise, the first question many Nigerians ask is simple: why is fuel becoming more expensive when Nigeria is an oil-producing country? The answer begins with understanding how the global petroleum market works. Crude oil is traded internationally. Its price is influenced by global supply and demand, geopolitical developments, shipping routes, refining capacity, currency movements and decisions made by major oil-producing countries. Nigeria produces crude oil, yet the price of the crude used by refineries is influenced by the same international market that affects countries across Europe, Asia, Africa and the Americas. The conflict involving Iran has brought this reality into sharp focus. THE STRAIT OF HORMUZ: WHY THE WORLD IS WATCHING The Strait of Hormuz is one ...
Sixty-six years of independence. A new economic chapter. A nation moving forward with renewed confidence. Edge Of The World A Brighter Tomorrow Today, Nigeria celebrates 66 years as an independent nation . On 1 October 1960, the Nigerian flag was raised over a free and sovereign country. Sixty-six years later, that same flag represents a nation of extraordinary people, immense natural resources, entrepreneurial energy, cultural strength and enormous potential. This Independence Day is therefore more than a celebration of our history. It is a moment to recognise how far Nigeria has travelled and to look with confidence towards where the country is going. President Bola Ahmed Tinubu’s Independence Day address captures the moment in a powerful way: Nigeria is moving from reform to prosperity. A NEW ECONOMIC DIRECTION Since 2023, the Federal Government has undertaken major reforms across foreign exchange, public finance, taxation, investment, education, energy and infrastructure. ...