Business
Two Edo Refineries To Boost Nigeria’s 1.5 Million Bpd Refining Capacity By 2025, Says Wabote
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said that the two refineries in Edo State, the Edo Refinery and Duport Midstream Refinery, which are currently refining petrochemical products, are well positioned to contribute to Nigeria’s 1.5 million barrels per day refining capacity by 2025.
Wabote disclosed this while delivering a keynote address at the third Biennial International Conference on Hydrocarbon Science and Technology, organised by the Petroleum Training Institute (PTI) in Abuja, with the theme, “The Future of the Oil and Gas Industry: Opportunities, Challenges, and Development.”
The two refineries in Edo State have placed a combined order of 300,000 barrels of crude from the Oza oil field and currently produce diesel, naphtha and Lour Pour Fuel Oil (LPFO).
READ ALSO: Refineries: Reps Call For Forensic Audit Of N11.34trn Spent On Rehabilitation
While the Edo Refinery and Petrochemical Company (ERPC) runs the 6000bpd plant in Ologbo, Ikpoba Okha Local Government Area, Duport Midstream Company Limited (DMCL) operates the Duport Refinery, which is part of an integrated energy park, located in Egbokor, Orhionmwon Local Government Area of the State.
The Edo Refinery was midwifed through a N700m investment by the Governor Godwin Obaseki-led government in 2019, and is already being expanded into a 12,000bpd facility.
Wabote’s NCDMB has stakes in the Duport Refinery and is committed to the expansion of the facility.
READ ALSO: Nigeria, Others Need $7.5bn To Deepen LPG Usage – Refiners
According to Wabote, “If all plans go well, Nigeria would meet the target of 1.5 million bpd by 2025 through the various refining investments such as the 650,000 barrels per day Dangote refinery and the Bua Group refinery project.
He also listed the Waltersmith modular refinery, Duport Midstream refinery, OPAC Refinery, Edo Refinery, Aradel Holdings refinery as well as the existing 445,000 barrels per day capacity from the Kaduna, Warri, and Port Harcourt refineries as some of the projects that would help Nigeria hit the 1.5 million bpd refining target.
“The realisation of these projects would culminate in Nigeria achieving a combined refining capacity of approximately 1.5 million barrels per day by 2025,” he added.
Business
Naira Appreciates Against US Dollar After Highest Dip
The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.
Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.
This represents a gain of N2.06 against the dollar on a day-to-day basis.
READ ALSO:Naira Ranks Ninth Weakest Currency, Tanzania’s Strangest In Africa — Forbes Report [LIST]
Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.
The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.
Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.
Business
Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn
The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.
The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.
This means that the Naira gained N0.6 against the dollar on a day-to-day basis.
READ ALSO:Naira Records Second Consecutive Depreciation Against US Dollar
Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.
Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.
Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.
Business
Dangote Sugar Announces South New CEO
Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.
This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.
The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.
READ ALSO:21 Secondary School Students Arrested Over Cultism In Edo
Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.
“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.
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