Category Nigeria News

According to the most recent “Petrol) Price Watch” released by the National Bureau of Statistics (NBS) on Wednesday, the average retail price paid by consumers for premium motor spirits (PMS) or gasoline increased to N1, 239.33 in April 2025.

Despite recent initiatives aimed at stabilizing the downstream petroleum sector, the NBS report demonstrates how volatile fuel prices are across regions.

In contrast to the N701.24 recorded in April 2024, the increase indicates a year-over-year increase of 76.73%.

However, the average price decreased by 1.77% from the N1 price of N1 (261.65) as reported in March 2025.

Imo State, followed by Jigawa and Sokoto States, where the average retail price of PMS was N1, 588.50, with N1, 567.84 and N1, 550.00, respectively, was the state’s highest average retail price, N1, 588.50.

Yobe’s average cost was N970.00, followed by Kwara and Osun States, who followed, with N1, 014.85, and N1, 042.49, respectively.

The retail price of gasoline in Lagos and Abuja is currently N935 per litre, or N880 per litre.

According to the report, the South East had the highest average price of N1, 341.71, while the South West had the lowest average, which was N1, 138.64.

A breakdown of zonal averages is as follows: &nbsp, South East: N1, 341.71, North West: N1, 325.90, North Central: N1, 242.94, South South: N1, 222.54, North East: N1, 166.27, and South West: N1, 138.64.

The move comes after Dangote Refinery reduced the ex-depot price of gasoline to N835 per litre in the middle of April, which is its second price reduction in a week. The refinery in Lagos sold gasoline for N890 per liter, down from N920, while Abuja and the refinery experienced a similar trend.

The Central Bank of Nigeria (CBN) identified exchange rates, transportation costs, energy prices, interest rates, and security concerns as the top five factors influencing inflation perception in April 2025 in its most recent Inflation Expectation Survey Report.

According to the report, 91% of respondents cited energy prices as a major factor, with gasoline, diesel, and electricity as having the biggest influence on inflation perception.

Throughout April, gas prices fluctuated between N870 and N920 per litre.

Third place were transportation costs, including those for road, air, water, and rail travel, with 86.7% of respondents citing them as being a significant factor in inflation perception.

READ ALSO: In April, UK Inflation Increases To 3.5%.

President Bola Tinubu’s removal of fuel subsidies, which slowed inflation to around 24.66% on May 29, 2023, helped to stop the trend of rising gasoline prices.

In April 2025, inflation eased to 23.71%, compared to the most recent NBS data, which was 24.23%.

Tony Elumelu, the chairman of Heirs Holdings, has argued that both improving security and improving access to electricity are essential to attracting investment.

Elumelu, who addressed the Taraba International Investment Summit in Jalingo on Wednesday, also emphasized the value of simple business practices in attracting investors.

“Investing in and supporting investments in the country requires a better access to electricity. At the summit organized by the Taraba State government, Elumelu stated that improving security also makes things easier and, most importantly, makes it easier to conduct business.

READ MORE: Without Local Investors, Foreigners Can’t Make Investments in Nigeria-Dangete.

He claimed that because of its numerous advantages, one of which is engaging the youth, he loves and preaches investment everywhere he goes.

He claimed that leaving school without being able to find employment is one of the best ways to empower young people. He also claimed that it is a betrayal for the younger generation.

Elumelu also praised the Federal Government under the leadership of President Bola Tinubu for maintaining currency stability, but emphasized the need to stabilize the currency further.

“I must add that one of the questions they posed to me yesterday in Doha was about money. I praised President Bola Tinubu’s Federal Government for maintaining stability, not just that the rate is high but stable.

And investors enjoy having stability to make their own decisions. Elumelu stated, “I want to see us perform well and help lower the currency further.”

Aliko Dangote, the president of the Dangote Group, gave advice to the state and federal governments on how to promote local economic development.

According to the richest man in Africa, domestic investors are the ones who will draw foreign investors because, in his opinion, no foreign investors would enter a nation where local businesses are struggling.

Key national figures and investors gather at the summit to discuss opportunities in the state’s rich agricultural, energy, and mineral sectors, under the theme “Unlocking Taraba’s Investment Potentials: Advancing Agriculture, Energy, Mining, and Industrialization (AEMI) for Sustainable Growth and Development.”

The Taraba State government is in charge of organizing the summit.

Watch the below live stream of the event:

Aliko Dangote, the group’s president, has advised the federal and state governments to support local investors’ economic development.

Attracted investors from all over Nigeria and beyond with his advice at the Taraba International Investment Summit in Jalingo.

According to the richest man in Africa, domestic investors are the ones who will draw foreign investors because, in his opinion, no foreign investors would enter a nation where local businesses are struggling.

Read more about Dangote Refinery Consistently Reduces Petrol Prices in a Spokesperson’s article here.

The only way for you to attract foreign investors or investors is through local investors, my Excellency, please. Foreign investors are the ones who actually draw foreign investors.

No foreigner will invest if you don’t invite local investors to do so. Only when they see potential for investment, are foreigners drawn to them. They will come once they understand that, yes, things are flowing, according to Dangote.

In our cement company, FG makes more money.

He further made it clear that for every one nige earned at his Dangote Cement factory, the federal government pays fifty-two kobo.

“I’m sure it might interest you to know that our cement business, for instance, is the source of more revenue for the federal government of Nigeria, not even the state. 52 kobo is given to the federal government of Nigeria for every N1 we turn around. That is the advantage, then. When the government offers assistance, you receive the necessary tools to start your own business. You should act and file your taxes, just like we should, and what we should do.

“So, I want to urge the government to continue to support investment, particularly domestic investment. You invest more if you encourage. There won’t be jobs if you don’t encourage, he said.

Dangote praised Governor Agbu Kefas for organizing the Investment Summit, which he claimed would open up Taraba for business.

According to him, Taraba state has abundant resources, including vast arable land for agricultural production, which he claimed would lead to employment and reduce poverty in the state and the nation as a whole.

He promised to invest in Taraba State for his organization.

“We will make investments in Taraba State.” We won’t make any investments. It’s my home. He continued, “We will continue to create jobs.”