Category: Business

ABUJA, Nigeria (NPA) — The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a new industry circular directing all operators to ensure full compliance with the Petroleum Industry Act (PIA) 2021, warning that violators will face sanctions.

In the circular dated 12 May 2026, Acting Chief Executive Abiodun Adeniji reminded managing directors and chief executives of oil and gas midstream and downstream companies, petrochemical and fertiliser firms, and import/export terminals that all operations — including refining, processing, storage, pipelines, gas networks, importation, exportation, and distribution — fall under the Authority’s regulatory oversight.

The directive stressed that operating within free zones or export processing areas does not exempt companies from compliance. It further warned that no entity may establish, construct, or operate any midstream or downstream petroleum activity without a valid licence, permit, or authorisation issued by the Authority.

Under section 48(1) of the PIA, ministries or agencies taking actions that directly impact petroleum operations must consult the NMDPRA before issuing regulations or directives. The circular also cited section 309, affirming that the PIA overrides any conflicting legislation.

Adeniji cautioned that operators engaging in petroleum activities without proper authorisation will be subject to sanctions in line with the Act, urging all industry participants to ensure immediate compliance.

“Any person engaging in midstream and downstream petroleum operations without an appropriate licence, permit or authorisation from the Authority shall be subject to sanctions in accordance with the relevant provisions of the PIA,” the circular stated.

LAGOS, Nigeria (NPA) — The Federal Airports Authority of Nigeria (FAAN) has reaffirmed its commitment to safeguarding Nigeria’s busiest aviation hub, the Murtala Muhammed International Airport (MMIA), Lagos, by engaging directly with traditional rulers of surrounding host communities.

Representing FAAN’s Managing Director/Chief Executive, Mrs Olubunmi Kuku, the Director of Public Affairs and Consumer Protection, Mr Henry Agbebire, met with royal fathers from Isolo, Ewu, Shasha, Ejigbo, and Orisumbare kingdoms in a strategic dialogue held earlier today.

The meeting focused on strengthening collaboration between FAAN and local communities to address critical safety and security challenges. According to FAAN, the initiative underscores the principle that “safety and security are shared responsibilities.”

Among the key issues discussed was environmental management, particularly the need to mitigate bird strike hazards caused by poor waste disposal practices near the airport. Bird strikes remain one of the most persistent threats to aviation safety, and FAAN emphasised that community cooperation in proper waste management is vital to reducing risks.

The engagement also highlighted aviation security, with FAAN outlining collaborative strategies to protect lives, property, and critical national infrastructure. The Authority stressed that securing MMIA is not only about protecting passengers and airlines but also about safeguarding Nigeria’s reputation as a regional aviation hub.

In response, the royal fathers pledged their full support, offering community insights to foster peaceful coexistence and enhance vigilance around the airport environment. They assured FAAN of their readiness to mobilise local structures to ensure compliance with safety directives and to discourage practices that could compromise airport operations.

FAAN noted that the partnership with host communities is part of a broader effort to build a safer airspace and reinforce Nigeria’s aviation standards in line with global best practices. By involving traditional rulers, the Authority aims to strengthen grassroots participation in airport security, ensuring that communities closest to MMIA play an active role in protecting the facility.

The Authority reiterated that the success of this initiative depends on sustained cooperation between FAAN and its host communities. “Together with our host communities, we are building a safer airspace,” FAAN stated, emphasising that the partnership is designed to deliver long‑term benefits for both aviation stakeholders and local residents.

This latest engagement reflects FAAN’s evolving approach to airport management, where community relations are seen as integral to operational safety. With MMIA serving as Nigeria’s premier global gateway, the Authority believes that proactive collaboration with host communities will help secure the airport against environmental hazards, security threats, and other risks that could undermine its efficiency.

By aligning traditional leadership structures with aviation safety goals, FAAN is positioning MMIA as not only a hub of international travel but also a model of community‑driven security cooperation.

ABUJA, Nigeria (NPA) — The Central Bank of Nigeria has retained the country’s Monetary Policy Rate (MPR) at 26.5 per cent following the conclusion of the 305th meeting of the Monetary Policy Committee (MPC).

Briefing journalists after the meeting, CBN Governor, Olayemi Cardoso, announced that the committee voted to maintain all key monetary policy parameters amid prevailing global economic uncertainties.

According to Cardoso, the MPC retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, 16 per cent for merchant banks, and 75 per cent for non-Treasury Single Account (non-TSA) public sector deposits.

The committee also retained the asymmetric corridor around the MPR at +50 and -450 basis points.

The next meeting of the MPC is scheduled to be held on July 20 and 21, 2026.

Speaking on efforts to improve access to financing for Small and Medium Enterprises (SMEs), Cardoso said supporting the sector requires collaboration among multiple institutions, including commercial banks, the Bank of Industry, the Ministry of Finance and other stakeholders.

He said the apex bank sees itself as a catalyst, using available policy tools to encourage financial institutions that previously avoided SME lending to increase support for the sector.

According to him, the volume of credit extended to SMEs has continued to rise as banks begin to diversify their lending portfolios.

“In April 2026, the amount of new credit increased to about N199 billion from N153 billion recorded in March, particularly at the retail end of the market. Banks are now more willing to diversify their lending positions,” Cardoso said.

The CBN Governor also spoke on efforts to protect banking customers from fraud, disclosing that the apex bank recently signed a Memorandum of Understanding with the Nigerian Communications Commission (NCC).

He explained that the collaboration is aimed at strengthening monitoring systems, reducing operational bottlenecks and improving fraud prevention mechanisms within the financial ecosystem.

“Between the NCC and the CBN, we can jointly monitor the system and create a more enabling environment that encourages investment,” he stated.

On the newly launched foreign exchange manual, Cardoso said the initiative is part of broader reforms already introduced through the FX code to improve transparency and stability in the foreign exchange market.

He noted that the manual, scheduled to take effect from June 1, 2026, is expected to improve consistency, transparency and investor confidence in the market.

“It is important that all stakeholders have a copy. It will bring consistency and transparency. It will also make it easier for exporters to repatriate their foreign exchange earnings into the system because they will have easy and unfettered access to their funds,” he added.

LAGOS, Nigeria (NPA) — Bank of Industry has signed a cooperation agreement with the International Finance Corporation (IFC) to advance the development of the Abuja Conference and Exhibition Arena (ACE Arena), a proposed world-class conference and exhibition facility in Nigeria’s capital city.

The multimillion-dollar project, conceived under a Public-Private Partnership (PPP) framework, is expected to strengthen tourism, create jobs, attract private sector investment and unlock long-term economic opportunities in Nigeria.

According to BOI, the partnership will see IFC provide advisory support for the project’s early-stage development, helping to establish infrastructure that meets international standards of quality, sustainability and global competitiveness.

The development finance institution stated that the ACE Arena project is part of broader efforts to position Abuja as a major destination for international conferences, exhibitions and business events.

BOI noted that the collaboration reflects its commitment to supporting transformative infrastructure projects capable of stimulating economic growth and enhancing Nigeria’s global economic profile.

The bank added that the proposed arena is expected to serve as a strategic platform for investment promotion, business networking and international engagements, while also supporting growth in the hospitality and tourism sectors.

ABUJA, Nigeria (NPA) — Nigeria’s headline inflation rate rose to 15.69 per cent in April 2026, according to the latest Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics.

The report, released in Abuja on Friday, showed that the April inflation figure represented an increase of 0.31 percentage points compared to the 15.38 per cent recorded in March 2026.

According to the NBS, the year-on-year headline inflation rate for April 2026 stood at 15.69 per cent compared to 26.82 per cent recorded in April 2025.

On a month-on-month basis, the inflation rate stood at 2.13 per cent in April, representing a decline of 2.05 percentage points from the 4.18 per cent recorded in March.

“This means that in April 2026, the rate of increase in the average price level was lower than the rate recorded in March 2026,” the report stated.

The bureau identified food and non-alcoholic beverages as the highest contributors to headline inflation at 6.40 per cent, followed by restaurants and accommodation services at 3.56 per cent and transport at 1.70 per cent.

The least contributors included recreation, sports and culture at 0.01 per cent, alcoholic beverages, tobacco and narcotics at 0.01 per cent, and insurance and financial services at 0.03 per cent.

The report also revealed that the Consumer Price Index rose to 138.3 in April from 135.4 recorded in March.

Food inflation stood at 16.06 per cent year-on-year in April 2026, compared to 24.68 per cent in April 2025.

On a month-on-month basis, food inflation declined to 3.63 per cent from 4.17 per cent recorded in March.

The NBS attributed the rise in food prices to increases in the cost of millet, yam flour, fresh ginger, beef, garri, yam tuber, fresh pepper, crayfish, cassava, beans, Irish potatoes, fresh tomatoes, wheat grain, soybeans, guinea corn, plantain and carrots, among other items.

Core inflation, which excludes volatile agricultural produce and energy prices, stood at 15.86 per cent year-on-year in April, representing a decline from 26.05 per cent recorded in April 2025.

On a month-on-month basis, core inflation dropped to 1.03 per cent in April from 4.03 per cent recorded in March.

The report further showed that energy inflation stood at 8.0 per cent, farm produce at 6.0 per cent, services at 2.1 per cent, goods at 3.2 per cent and imported food at 4.4 per cent on a month-on-month basis.

Urban inflation on a year-on-year basis stood at 15.40 per cent in April, while rural inflation was higher at 16.36 per cent.

The bureau disclosed that Sokoto recorded the highest year-on-year all-items inflation rate at 25.74 per cent, followed by Bauchi at 22.52 per cent and Zamfara at 22.03 per cent.

Edo recorded the slowest rise in headline inflation at 5.91 per cent, followed by Borno at 6.72 per cent and Jigawa at 7.04 per cent.

On a month-on-month basis, Niger recorded the highest inflation rate at 15.66 per cent, followed by Kano at 4.50 per cent and Plateau at 4.39 per cent.

Bayelsa, Enugu and Rivers recorded the slowest month-on-month inflation increases.

The report also showed that food inflation on a year-on-year basis was highest in Enugu at 32.67 per cent, followed by Kwara at 30.77 per cent and Adamawa at 30.14 per cent.

Borno, Jigawa and Taraba recorded the slowest rise in food inflation during the period under review.

On a month-on-month basis, Niger recorded the highest food inflation rate at 8.53 per cent, followed by Bauchi at 6.78 per cent and Kogi at 6.72 per cent.

Kebbi, Katsina and Bayelsa recorded the slowest increase in food inflation in April 2026.