General News
Fuel Scarcity to Linger Till June
Nigerians may need to brace up for more hard times, as indications emerged yesterday that fuel scarcity may persist till June, after the incoming administration may have been sworn in on May 29, according to The Guardian.
Investigation revealed that the scarcity of the Premium Motor Spirit (PMS) otherwise known as petrol may continue till after the official take-over by the Buhari led administration, as marketers are wary of further importation for the fear of the unknown.
A source told The Guardian that most marketers were only selling products that they could easily manage and not allow a situation where they will go into liquidation in case the unexpected happens.
“We have been paid partially, but everybody is suspicious of what will happen to the outstanding balance owed marketers and what happens after May 29. Nobody is importing now against June, because no one is sure of what is going to happen next,” he stated.
He added that traders are making offers offshore Lagos, but the marketers are resisting the offer and those traders are going back with their vessels.
“There are so many vessels laden with fuel at Nigeria’s border line, but the marketers are not buying, there is nothing the traders can do than to go back with their products,” the source said.
However, The Guardian learnt that the Federal Government may have technically transferred the burden of fuel subsidy to the incoming administration. The payments are post-dated till after May 29 handing over, while the balance is expected to be managed by the new regime.
Obafemi Olawore, executive secretary, Major Oil Marketers of Nigeria (MOMAN), had earlier confirmed that the incoming government due to the post-dated Sovereign Debt Note (SDN) would effect part of the payment.
According to him the Federal Government has paid about N98.2 billion post-dated for main subsidy and another N54 billion for interest, leaving the outstanding claims at N200 billion. Although the Minister of Finance, Ngozi Okonjo-Iweala kicked against the figure and held a reconciliation meeting to resolve the differences.
Olawore said the marketers did not entertain any fear because the SDN always come with guarantee of payment, once issued.
Tokunboh Korodo, president, National Union Petroleum and Natural Gas Workers (NUPENG), however urged the parties to resolve their differences in the interest of the Nigerians, attributing the long queues to shortage of products at the depots.
Korodo, in a chat with The Guardian said: “We did not embark on strike. It is the major and independent marketers that shut their depots from tanker drivers due to their subsidy outstanding. But the queue you are seeing now is because it is not all of them that have fuel, while the only few that have need to cater for the entire nation and that is why you see tankers coming from different parts of the country to Lagos to lift fuel.
Nigeria’s Buy Now, Pay Later (BNPL) market is on a fast-growing trajectory and is predicted to be valued $2.61 billion by 2030, up 83% from $1.42 billion in 2024, owing primarily to the rapid emergence of fintechs in the country.
This observation was stated in EnterpriseNGR’s State of Enterprise 2025 report, which focuses on how fintechs are reshaping Nigeria’s business landscape through digital innovations, accessible credit systems, and mobile-first financial tools.
As a credit system, BNPL allows users to stagger payments for products and services, making it a key development driver in Nigeria’s developing digital economy.
From 2021 to 2024, the BNPL experienced a compounded annual growth rate of 23.1%. Fintechs have contributed to the rapid growth by providing a range of flexible loan alternatives for e-commerce, retail, and services, bridging financial gaps for millions of disadvantaged Nigerians.
The report highlights how fintechs have contributed to Nigeria’s flexibility and resiliency by simplifying digital payments, automating invoicing and payroll systems, and democratising credit through platforms such as Renmoney and FairMoney.
The report also shows a significant rise in remittance inflows into Nigeria following the Central Bank of Nigeria’s 2024 policy adjustments.
According to the report, by 2024, Nigeria boasted over 400 licensed digital lenders who extend collateral-free credit to those commonly excluded by banks.
The Nigeria Immigration Service (NIS) strengthened bilateral relations with the Netherlands’ government through an agreement targeted at improving migration governance and border security.
This partnership was confirmed during a meeting at the NIS headquarters in Abuja, which was attended by a Dutch team led by Jurgen Bartelink, Chargé D’Affaires of the Embassy of the Netherlands in Nigeria.
The meeting focused on increasing bilateral migration cooperation and came after the comptroller general of Immigration, Kemi Nandap, paid a working visit to the Netherlands.
Under the agreement, the Dutch government pledged to continue supporting technology-driven solutions targeted at boosting Nigeria’s border control systems and improving migration management.
During the Netherlands Embassy diplomats handed over essential operational tools, such as Edison Software licence keys and the Passport Examination Programme Manual App.
According to NIS spokeswoman ACI Akinsola Akinlabi, “The partnership focuses on enhancing bilateral collaboration on migration management and reviewing ongoing capacity-building efforts.”
Bartelink, Chargé d’Affaires of the Netherlands Embassy in Nigeria, underlined the Netherlands’ commitment to helping Nigeria’s continuing border security and migration reforms.
Also speaking, Rob Bokhoven, head of international affairs, repatriation, and deportation services at the Dutch Ministry of Justice and Security, emphasised the country’s strong bilateral relations and announced plans to share a mobile border software solution with the NIS.
Receiving the equipment, Nandap said the delivery of the gadgets would boost West African country’s border security, significantly improve the service’s document verification border management capabilities and support the implementation of Nigeria’s National Migration Policy.
“The engagement will further reinforce the strategic partnership between Nigeria and the Netherlands advancing shared goals in migration governance, border security and international cooperation,” she added.
Peter Enogb, principal country economist, African Development Bank (AfDB), says the rise in global uncertainty, emanating from increases in global trade tariffs, has slowed Nigeria’s projected growth to 3.2% in 2025.
“Without this level of heightened uncertainty, our projections would probably have been somewhat higher. We’ve reduced our projections for Nigeria. We initially were projecting 3.5% – 3.6% growth in 2025.
“But given the current situation, our models are showing that we’re taking a more cautious approach. So that’s why we produced this and, of course, the main driver is uncertainty in the global economy,” Enogb said.
He said this at the launch of the 2025 Nigeria Country Focus Report (CFR) on Thursday.
AFDB projected that real GDP growth would hit 3.1% in 2026. Following the 2024 consumer price index (CPI) rebasing, with lower weights for food items, the inflation rate is expected to reduce over the medium term to 24.7% in 2025 and 17.3% in 2026.
As imports start to rise over the medium term, the current account is projected to decline to 3.9% of GDP in 2026.
The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation slowed for the second consecutive month to 22.97% in May. This is down from 24.48% at the start of the year
This is contrary to the World Bank projection that Nigeria’s economy would record steady growth of 3.6% despite the shift in the global trade dynamics.
Joseph Ogebe, head of research and development at Nigerian Economic Summit Group (NESG), also said that global uncertainty had been very high in recent times, resulting from the Trump 2.0 effect.
“And also with the recent war between Israel and the international community, we’ve seen what’s happening to oil prices. Even with the call-off of the war, we’ve seen the effect on oil prices too, which has implications on the fiscal side. So it has implications for the general economy,” he said.
The head of research at NESG said that rather than focusing on just growth, what should be looked at is a strategy called growth with depth.
“Growth with depth means that your growth must be diversified, export-led, productive, and technologically driven,” he said.
Ogebe said that if the Government works towards adopting a strategy of growth with depth, there is a tendency for the government to move towards its goal of achieving a $1 trillion economy by 2030.
The report revealed that the country’s recent policy moves, including fuel subsidy removal, exchange rate unification, and tax reforms, reflect a commitment to long-term transformation.
However, it also pointed out that at about 13%, Nigeria’s tax-to-GDP ratio is among the lowest in West Africa, noting that fiscal reforms are urgent.
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