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Could Nigeria’s Oil Industry Be Entering a New Era? (By NJ Ayuk)

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NNPC

The state-owned Nigerian National Petroleum Company (NNPC) recently became NNPC Limited, a commercial venture, as mandated by the PIA

JOHANNESBURG, South Africa, September 5, 2022/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber.

When Nigeria’s Petroleum Industry Act (PIA) was signed into law in August 2021, I spoke about the positive changes the law would be driving in terms of increased transparency and energy sector productivity.

Now, we’re seeing indications that the PIA is, indeed, yielding fruit.

The state-owned Nigerian National Petroleum Company (NNPC) recently became NNPC Limited, a commercial venture, as mandated by the PIA. Rather than operating as a government entity, with all of the red tape and inefficiencies that went with it, the company’s focus has been shifted to productivity and earning profits.

The company appears to be moving in that direction.

Early this summer, NNPC Ltd. successfully re-negotiated production-sharing contracts (PSCs) with multiple oil majors and an indigenous company after nearly 30 years of disputes. The PSCs involve five deepwater blocks believed to be capable of producing as much as 10 billion barrels of oil over a 20-year period.

Investments had stalled as a result of ongoing disagreements over revenues and taxes. But after protracted negotiations, NNPC and the companies were able to minimize the revenue and tax ambiguities that had existed in the earlier contracts and move forward amicably with the oil companies, which include Nigerian company South Atlantic Petroleum, Chevron, ExxonMobil, Equinox, Shell, and China Petroleum and Chemical Corp (Sinopec). This is a significant accomplishment with the potential to revitalize Nigerian exploration and production, fostering energy security and stimulating economic growth as a result.

Some have argued that NNPC’s transformation will be in name only, particularly since it still will be owned by the Nigerian government. But renegotiating those PSCs is a promising sign that its existence as a commercial operation will not be business as usual.

While there are no guarantees that the news about the company will always be positive going forward, I am cautiously optimistic. We could be witnessing a new era in Nigeria: A strong national oil company, free from the influence of politics, could be the change that finally moves Nigeria’s vast petroleum resources from unfulfilled promise to a real agent of good for everyday people.

A Less-Than-Ideal History

When NNPC was founded in 1977, the state-owned and controlled corporation’s primary role was to oversee Nigeria’s oil industry. Beyond that, it was intended to develop the country’s upstream and downstream industries. Unfortunately, NNPC has yet to help Nigeria reap the full benefits a thriving oil industry should deliver. It has not achieved energy security for Nigeria — or maximized Nigeria’s oil and gas revenues. The company has struggled for years with poor management, failure to profit, and multiple allegations of corruption.

What affected the old NNPC was government interference and ethical considerations in the operations and appointments and performance of the organization

Nigeria’s oil refining capacity also suffered under NNPC’s watch. Between 2015 and 2020, the country’s three state-owned refineries operated at an average capacity utilization of only 7.87%, according to Nigerian newspaper The Whistler. As a result, Nigeria imports 90-95% of its refined petroleum products for domestic use, despite being the sixth largest oil producer in the world with 36.9 billion barrels of proven oil reserves. And while each of the refineries is currently being rehabilitated, which is good news, none are operational right now.

NNPC has not been able to address energy poverty, either: Approximately half of Nigeria’s population lacks reliable electricity. The country has ample natural gas reserves – 202 trillion cubic feet (tcf) of untapped proven reserves – which should have been used to help meet domestic needs and power electricity generation on a larger scale. But instead, flaring has been far more prevalent than gas monetization and gas-to-power programs. Nigeria was able to cut flaring in half between the late 1970s and early 2000s, but later efforts to reduce flaring have faltered. And while the NNPC cannot solve these problems without the support of other government entities and oil and gas companies, it does carry at least some responsibility for better utilizing the country’s natural gas.

It’s safe to say that transforming NNPC into a transparent, effective, profitable company is a tall order. But I truly believe it’s not necessarily an impossible one.

NNPC, The Sequel

As a commercial venture, NNPC Ltd. is meant to operate with minimal government funding or control. The company will be governed by Nigeria’s corporate laws under the Companies and Allied Matters Act (CAMA). NNPC Ltd. is now required to declare dividends to shareholders and dedicate 20% of its profits to growing its business. What’s more, the company must now make annual financial disclosures. That last requirement alone is a big deal. In 2020, NNPC published its audited financial accounts for the first time in 43 years, but until now, there was no reason to be confident that it would continue making that information available.

On the other hand, there is some cause for concern. As I mentioned, NNPC Ltd. is still wholly owned by Nigeria’s government, meaning that avoiding government influence could be a challenge. Also, in compliance with the PIA, the former NNPC’s employees have automatically been transferred to the new company with no vetting. That leaves the door open for old practices and inefficiencies to remain entrenched. Further, the PIA requires Nigeria’s president to appoint an NNPC Ltd. board, which will include “six (6) non-executive members with at least 15 years post-qualification cognate experience in petroleum or any other relevant sector of the economy, one from each geopolitical zone.” As my company, Centurion Law Group, has written, this approach politicizes the appointment of these individuals instead of ensuring appointments based on merit.

So, will NNPC be getting its act together? I don’t know. We certainly have more reason to believe it will than we’ve had up to now. I’m encouraged by recent statements from NNPC Ltd. Managing Director Mele Kyari about the company’s plans to expand Nigeria’s natural gas reserves, tackle flaring, and create more opportunities for Nigeria’s growing population of young adults.

What’s more, I’m encouraged by the company’s successful PSC renegotiations.

I agree with what Energy Economics Professor Adeola Adenikinju of University of Ibadan recently told nonprofit Nigerian news agency, the International Centre for Investigative Reporting.

“What affected the old NNPC was government interference and ethical considerations in the operations and appointments and performance of the organization,” Adenikinju said. “What I hope the new NNPC Limited would do is remove government control, which has made the government see NNPC as a cash cow.

“Hopefully if the government were to follow the guidelines of the PIA, they would be able to market the NNPC and operate as they should, and it would help Nigerians to benefit from the commercialization,” he said.

Absolutely. Ultimately, helping Nigerians thrive is exactly what NNPC Ltd. can and should be accomplishing.

I will be hosting NNPC Ltd.  and its leadership at African Energy Week in Cape Town South Africa and will push other African National Oil Companies to follow their lead.  We must be honest in understanding the challenges NNPC Ltd.  faces. There is a lot of pressure on it to cut costs and keep margins up while meeting obligations to its shareholders.

I hope the company seizes this opportunity to do so. Africa is watching to see how this works.

Distributed by APO Group on behalf of African Energy Week (AEW).

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Hainan economic, trade delegation visits Hong Kong for investment promotion, 2 cooperation memoranda signed

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October 30, 2026

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Hong Kong

HONG KONG SAR – Media OutReach Newswire – 29 October 2026 – From October 19 to 20, an economic and trade delegation from Hainan Province paid a visit to Hong Kong. The delegation signed memoranda of cooperation respectively withThe Chinese Manufacturers’ Association of Hong Kong (CMA)and the Federation of Hong Kong Industries (FHKI) to advance pragmatic cross-border collaboration between Hainan and Hong Kong in trade and investment, manufacturing industrial chains and professional services.

 




 
 

During its stay in Hong Kong, the delegation visited the CCPIT Representative Office in Hong Kong. It held discussions with CMA and co-hosted the Hainan Free Trade Port (Hong Kong) Economic and Trade Cooperation Exchange Meeting with FHKI. The event showcased the policies, key industrial layout and investment opportunities of the Hainan Free Trade Port (FTP), and arranged one-on-one business matchmaking between Hainan and Hong Kong enterprises.

Wang Yuyuan, Vice President of the China Council for the Promotion of International Trade Hainan Sub-council (CCPIT Hainan) and China Chamber of International Commerce Hainan Chamber of Commerce, noted that since the official launch of island-wide special customs operations at the Hainan FTP on December 18, 2025, 174,000 new enterprises have been registered, representing a year-on-year surge of 95.9 percent. Newly established foreign-invested enterprises rose by 35.8 percent year on year. In the first half of this year, inbound and outbound tourist arrivals exceeded 70 million, up 28 percent year on year, with the number of visa-free entry countries expanding to 88. From January to August, the province’s total goods import and export volume hit 250 billion yuan, growing by 61.5 percent year on year. Hainan is rapidly emerging as a critical gateway connecting China with the rest of the world and a prime channel for two-way investment.

According to CCPIT Hainan, Hong Kong ranks as a major source of foreign investment for Hainan. In the first half of this year, Hainan registered 1,303 new foreign-invested enterprises, an increase of 38.62 percent year on year, with Hong Kong-funded enterprises accounting for the lion’s share. Hainan has issued offshore RMB local government bonds in Hong Kong for four consecutive years, with a cumulative issuance volume reaching 18 billion yuan.

CMA is one of Hong Kong’s most representative non-profit industrial and commercial bodies, with around 3,000 member enterprises. It has long provided members with business services including exhibitions, brand promotion, testing and certification. FHKI, one of Hong Kong’s four major chambers of commerce, has approximately 2,000 corporate members. It focuses on boosting the sustained development of Hong Kong industry and manufacturing through policy advocacy, business matchmaking, certification services and youth talent cultivation.

The two memoranda explicitly stipulate that the two sides will establish a regular liaison mechanism, build a long-term cooperation platform covering information sharing, business matchmaking, exhibition collaboration and professional services, and provide solid support for pragmatic business cooperation between Hainan and Hong Kong enterprises.

Source: China Council for the Promotion of International Trade Hainan Provincial Committee (CCPIT Hainan)

 
 




 

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Africa gains governance momentum in the 2026 Chandler Good Government Index, but sustaining progress is the real test

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17 hours ago

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October 29, 2026

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Africa

Across Africa, average scores improved in six of the seven CGGI pillars over the past year, with the strongest gains in Helping People Rise and Financial Stewardship

This signals that stronger government capabilities are beginning to translate into tangible improvements in people’s lives

KIGALI, Rwanda, October 29, 2026/APO Group/ –Africa was the second best-performing region for governance progress in the 2026 Chandler Good Government Index (CGGI), with 71% of the African countries assessed in both 2025 and 2026 achieving higher overall scores. However, the continent remains the lowest-scoring region overall, highlighting the challenge of translating improvement in government capabilities into better outcomes for citizens.

 




 
 

These findings were highlighted by the Chandler Governance Group (CGG) at a joint session with the Rwanda Governance Board (RGB) to launch the 13th edition of the Rwanda Governance Scorecard at the Kigali Serena Hotel on Thursday, 22 October 2026.

“This year, Africa’s strongest gains came in Financial Stewardship, followed by Helping People Rise, the CGGI’s outcomes pillar. This signals that stronger government capabilities are beginning to translate into tangible improvements in people’s lives, from access to quality education and healthcare to the public finances that fund them. The task now is to sustain that progress over the coming years,” says Dinesh Naidu, Director (Knowledge) at CGG.

Now in its sixth edition, the CGGI assesses government capabilities and effectiveness across 133 countries representing 94% of the world’s population, up from 120 countries in 2025. It measures 35 equally weighted indicators across seven pillars, providing governments with a framework to benchmark performance, identify gaps and learn from the experience of other countries.

Globally, the findings point to improving governance performance. Of the 120 countries assessed in both 2025 and 2026, 61% recorded higher scores, representing the highest annual share of countries improving since the Index launched in 2021. However, longer-term progress has been less consistent, with only 43% of the 104 countries tracked since 2021 recording an overall improvement.

Africa’s leading governments

Mauritius remains Africa’s highest-ranked country, placing 55th globally, followed by Rwanda (62nd), Botswana (70th), Morocco (79th) and Tanzania (80th). South Africa ranks sixth on the continent, in 85th place globally.

Rwanda features prominently in the discussion, ranking 11th globally for Leadership & Foresight and emerging as the highest-ranked low-income country in the Index. It ranks 61 places above where its income alone would predict. Across the Index, government capabilities track citizen outcomes more closely than national wealth does, suggesting that strengthening government capabilities matter in delivering better outcomes for citizens.

The joint session brings together the CGGI’s international benchmarks and the Rwanda Governance Scorecard’s assessment of governance in the Rwandan context, creating an opportunity to consider both global perspectives and country-specific priorities.

Progress across key governance pillars

Across Africa, average scores improved in six of the seven CGGI pillars over the past year, with the strongest gains in Helping People Rise and Financial Stewardship. These improvements point to progress in areas associated with public services, including healthcare and education, as well as the management of public finances.

Longer-term trends also highlight areas of progress. Between 2021 and 2026, nearly every African country assessed across the period improved its Data Capability score, with Morocco recording the largest gains. Ghana’s overall score improved in 2026, supported by stronger Financial Stewardship, while South Africa continues to show relative strength in Robust Laws & Policies, ranking 44th globally, and Attractive Marketplace, ranking 48th.

Despite these gains, the scale of the challenge remains clear. Africa’s regional average is still below its 2021 level, 23 of the 35 African countries in the 2026 Index rank outside the global top 100, and none is in the top 50. Seven African countries joined the Index this year: Chad, the Democratic Republic of Congo, Gambia, Guinea, Lesotho, Liberia and Togo.

“Rankings provide a useful starting point, but the broader value of the CGGI lies in helping governments understand where they are making progress and where further work is needed. Sustained improvements depend on the ability to strengthen institutions, manage resources responsibly and turn policy into meaningful outcomes for citizens,” says Naidu.

A tool for learning and improvement

The CGGI is designed as a practical diagnostic tool, helping governments identify gaps, track progress over time, and learn from peers facing similar constraints. The collaboration with the RGB brings international benchmarking together with locally grounded assessment.

“Every country faces its own governance challenges and is driven by varying priorities. Governments that are willing to take stock of the evidence and learn from peers to strengthen their institutions are well placed to achieve real improvements,” concludes Naidu.

Distributed by APO Group on behalf of Chandler Governance Group.

 

 




 

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Spiro brings electric motorcycles and battery-swapping technology to Ghana, expanding its pan-African footprint

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17 hours ago

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October 29, 2026

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Spiro

The integrated offering aims to reduce daily operating costs and minimise downtime, with battery swaps completed in just two minutes and potential savings of up to USD 2 per day compared with petrol-powered motorcycles

ACCRA, Ghana, October 29, 2026/APO Group/ —

  • Spiro’s entry into Ghana introduces the Ekon 450 M1 V3 electric motorcycle and its battery-swapping solution, bringing a new mobility option to commercial riders and delivery fleets.
  • The integrated offering aims to reduce daily operating costs and minimise downtime, with battery swaps completed in just two minutes and potential savings of up to USD 2 per day compared with petrol-powered motorcycles.
  • Test rides and product demonstrations across Greater Accra will support the rollout and help riders experience the benefits of electric mobility.

 




 
 

Spiro (www.Spironet.com), Africa’s largest electric mobility company, is expanding its footprint in Ghana with the introduction of the Ekon 450 M1 V3 electric motorcycle and its battery-swapping solution. Combining electric two-wheelers with access to charged batteries, Spiro aims to make everyday transport more affordable and practical for riders while supporting Ghana’s transition towards sustainable mobility.

For commercial riders and delivery fleets, fuel expenses and time spent off the road directly affect daily earnings. Spiro’s integrated offering addresses both challenges: riders can exchange a depleted battery for a charged one at a Spiro battery-swapping station in just two minutes, while potentially saving up to USD 2 per day in operating costs compared with conventional petrol-powered motorcycles.

Ghana represents a major opportunity for electric mobility, with a rapidly growing two-wheeler market and increasing demand from commercial riders and delivery fleets

Designed to meet the everyday mobility needs of African riders, the Ekon 450 M1 V3 offers an alternative to petrol-powered motorcycles. Supported by Spiro’s battery-swapping technology, it allows riders to get back on the road without waiting for their motorcycle to recharge.

Auroasish Choudhuri Managing Director Central and West Africa, commented: “Our entry into Ghana is an important step in strengthening Spiro’s presence in West Africa. Our focus is on building a local ecosystem that riders can rely on, combining electric motorcycles with convenient access to battery swapping. By working closely with local partners and listening to riders’ needs, we aim to support the long-term adoption of electric mobility in Ghana.”

Kaushik Burman, CEO Mobility of Spiro said: “Ghana represents a major opportunity for electric mobility, with a rapidly growing two-wheeler market and increasing demand from commercial riders and delivery fleets. By bringing the Ekon 450 M1 V3 together with our battery-swapping solution, we are addressing two key barriers to adoption: operating costs and access to charging infrastructure. Our ambition is to build a strong foundation for electric mobility to scale across Ghana.”

To support its rollout, Spiro is engaging with prospective customers through test rides, product demonstrations and live demonstrations of its battery-swapping technology across Greater Accra. These activities give riders the opportunity to experience the Ekon 450 M1 V3 and understand how battery swapping can fit into their daily routines.

Mr Maxwell Dodd, Managing Director of Spiro Ghana, said: “For riders in Ghana, the value of electric mobility lies in what it can deliver every day: lower operating costs, less downtime and more time on the road. Through the Ekon 450 M1 V3 and our battery-swapping solution, we want to make those benefits accessible and support riders as they make the transition to electric motorcycles.”

Ghana forms part of Spiro’s wider expansion across Africa. Building on its recent USD 270 million equity funding round and an additional USD 18 million in debt financing from the Africa Go Green Fund, the company is scaling its electric mobility ecosystem with the ambition of establishing a presence in 20 African markets. Spiro is also preparing to enter new countries, including Ethiopia, Malawi, Mali and the Democratic Republic of Congo.

Distributed by APO Group on behalf of Spiro.

 

 




 

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