Storytimes Newspapers

  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that reforms in the downstream petroleum sector, particularly full deregulation, have delivered over ₦6 trillion in savings for the country within the first nine months of 2025. The Chief Executive of NMDPRA, Saidu Mohammed, disclosed this during the Nigeria International Energy Summit (NIES) 2026 in Abuja. He attributed the massive savings to a combination of bold policy moves under President Bola Tinubu's administration, including: Full deregulation of the downstream sector Harmonisation of the foreign exchange market Increased utilisation and incentivisation of gas Trading of crude oil and petroleum products in naira Mohammed explained that these reforms have drastically reduced Nigeria's historical dependence on imported petroleum products, cutting fiscal and foreign exchange losses previously incurred through imports. “In just nine months of 2025, Nigeria has gained about ₦6 trill...

  Nigeria's net foreign exchange (forex) inflow declined significantly by 18.3 per cent year-on-year (YoY) to $48.1 billion in the nine months ended September 2025, down from $58.8 billion in the corresponding period of 2024, according to data from the Central Bank of Nigeria (CBN). The reduction in net inflows stems primarily from a sharper 15 per cent YoY decrease in total forex inflows, which fell to $83.71 billion from $99.44 billion in the same period the previous year. This outweighed a more moderate 12.2 per cent YoY reduction in outflows, which dropped to $35.65 billion from $40.61 billion. Despite the overall downturn, there were signs of recovery in the third quarter (Q3) of 2025, with net forex inflow rebounding by 20 per cent quarter-on-quarter (QoQ). This suggests potential stabilization or improvement in later periods, possibly influenced by ongoing forex market reforms, increased non-oil inflows, and efforts to boost investor confidence. The decline occurs amid broad...