Nestoil Group has responded to the recent seizure of its headquarters in Victoria Island, Lagos, by armed police officers enforcing a High Court order over the company’s failure to repay a $1 billion debt owed to its lenders.
The company, in a statement issued, reassured stakeholders that its operations across Nigeria remain unaffected despite the development.
According to Nestoil, the enforcement action pertains to a specific legal dispute and does not impact its ongoing projects or commitments within the oil and gas sector.
“We wish to assure all our stakeholders, partners, and clients that our business operations continue without interruption. The matter under enforcement is being addressed through appropriate legal channels,” the statement said.
The company emphasized its long-standing reputation as a key player in Nigeria’s oil and gas industry and reaffirmed its commitment to maintaining operational stability, transparency, and engagement with all relevant authorities.
Ghana’s anti-corruption and financial crimes agency, the Economic and Organised Crime Office (EOCO), has dismissed a media report by NorvanReports, an online news portal, which claimed that the agency had failed to act on a petition to investigate the Chief Executive Officer of Springfield E&P, Mr Kevin Okyere, for allegedly defrauding by false pretence.
According to NorvanReports, EOCO’s alleged inaction compelled the petitioner, Swiss-based Petraco Oil Company SA, to file a case against GMP Energy Limited, a subsidiary of Springfield E&P, at the Dubai International Arbitration Centre (DIAC), which allegedly led to Mr Okyere’s arrest and detention on Saturday, November 1.
Responding to the publication, EOCO, in a statement on Sunday, described the report as false, stating that contrary to the claims, the agency is actively investigating not one, but two cases involving Springfield E&P.
“Contrary to the claims made by NorvanReports, EOCO has two active investigations involving Springfield Energy,” the statement said.
Mr. Raymond Archer, Executive Director of EOCO
EOCO explained that the first petition concerns Springfield Energy while the second involves an ongoing dispute between BOST and Springfield Energy.
It noted that the BOST–Springfield case is of significant economic importance, with immediate implications for BOST’s finances, making it a priority investigation.
The anti-corruption body further emphasised that it is the directive of EOCO’s leadership that investigations must precede arrests; not the reverse.
While declining to comment on the ongoing investigations, EOCO expressed disappointment that NorvanReports did not seek clarification before publishing its story.
EOCO assured the public of its unwavering commitment to investigating and prosecuting economic and organised crimes in Ghana, pledging to continue working diligently to fulfill its mandate.
“We urge the public to disregard the false claims made by NorvanReports,” the statement concluded.
One of Africa’s biggest oil producers, Angola, will sign next week an exclusive agreement with Shell under which the supermajor will explore and potentially develop several offshore blocks, Angola’s oil and gas agency ANPG has said.
“This event marks a historic moment for the Angolan oil sector, consolidating Shell’s presence in Angola, an ANPG statement said, as carried by Reuters.
Under the agreement Shell will explore Blocks 19, 34, and 35 and several ultra-deepwater blocks as Angola looks to revive its exploration and production sector following years of underinvestment and supply restrictions under the deals within OPEC, which the country quit effective January 2024.
Earlier this year, Angola’s crude output slipped below 1 million barrels per day (bpd) for the first time in two and a half years and for the first time since one of Africa’s biggest oil producers quit OPEC.
Angola’s motivation to exit the cartel after 16 years was a spat with the OPEC and OPEC+ members about production quotas. At a meeting in mid-2023, Angola and Nigeria were given lower crude oil production quotas as part of the OPEC+ agreement, after the two producers had underperformed and failed to pump to their quotas for years, due to a lack of investment in new fields and maturing older oilfields.
Angola now aims to revitalize its oil and gas industry and it is betting big on natural gas developments to monetize more of its fossil fuel resources.
Shell, for its part, is looking to boost exploration efforts, including in Africa, where it has made a discovery offshore Namibia, to Angola’s south.
“We went through a significant reset, I would say, of our exploration department, capability, the funnel, because the hard truth is while we have had some good progress in certain areas, it hasn’t delivered what we had wanted,” Shell’s chief executive, Wael Sawan, told analysts on the Q2 earnings call at the end of July.
Shell will continue to invest in exploration where it has established track records, like the Gulf of Mexico, Malaysia, Oman, and in areas like Namibia, added Sawan, who has said that reducing global oil and gas production would be “dangerous and irresponsible”.
The global energy system is witnessing the next greatest transition, standing on the cusp of a new energy era championed by clean electricity and the increased adoption of electrification across the board.
Rystad Energy is pleased to announce the release of its flagship annual report, Global Energy Scenarios (GES) 2025, which provides in-depth degree scenarios toward 2100 and a newly developed nationally determined contribution (NDC) scenario to 2035.
Clean electricity and electrification are expanding faster than any shift in modern history, with energy sources of the next era growing from around 9% in 2015 to more than 14% this year as a share of primary energy.
While nations grapple with the dual challenge of addressing climate change and strengthening energy security, renewables are expanding faster than any previous energy technology, with total wind and solar capacity additions for 2024–2025 set to exceed 700 gigawatts (GW).
Because of this, our research indicates that a 1.9-degree Celsius trajectory – referring to an average global temperature rise above pre-industrial levels – is more likely toward 2040, as a hybrid energy ecosystem is now in place.
As these scenarios play out, the transformation of the global energy system requires three clear steps:
Task 1: Clean up and grow the power sector
Cleaning up and expanding the power sector plays a dominant role in reducing emissions through 2050. Our analysis indicates that achieving a global warming scenario more ambitious than 1.9 degrees Celsius will require at least 90% of the identified opportunities for a reduction in emissions to be realized.
Task 2: Electrify almost everything
Electrification becomes particularly impactful in pathways that limit warming at or below 1.6 degrees. The greatest contribution comes from the adoption of electric vehicles (EV), alongside widespread energy efficiency improvements across buildings, industry, and transport.
Task 3: Address residual emissions
Addressing residual fossil fuel use through CO? capture or substitution with low-carbon fuels contributes little to a net reduction in emissions before mid-century in pathways exceeding the 2.2-degree scenario. This limited impact reflects its later-stage deployment and higher costs.
“Already today, we’re seeing the energy system shift to a hybrid model of renewable and fossil energy. With half of global power generation capacity now renewable and one in four new cars sold being electric, the energy system is transforming rapidly. There are already clear signs of change across investments, new capacity additions, and technological adoption curves that indicate we will witness a genuine transition over the next two to four decades. ” – Jarand Rystad, founder and CEO, Rystad Energy
Although the transition to renewable energy is gaining momentum, oil and gas are expected to remain resilient in the near term.
Oil demand is projected to peak by the early 2030s, and gas growth will likely slow down towards the end of this decade; however, neither fuel experiences a sharp contraction.
The energy transition is fast enough to alter the growth profile of fossil fuels, but not fast enough to deeply disrupt their dominance by 2040. Oil and gas remain the backbone of the system, tied to transport, petrochemicals and energy services, where alternatives are not yet cost-competitive or scalable.
This transition will have significant implications for costs and investments, as fossil fuel growth slows down and they are outpaced by renewables, ultimately leading to lower costs for consumers over time.
Looking ahead, we can clearly outline five pathways that will shape the global energy outlook, which include the Rystad Energy NDC, 1.6 degrees Celsius, 1.9 degrees Celsius, 2.2 degrees Celsius, and the Rystad Energy House View scenarios.
Global CO? emissions are expected to peak around 2026 before starting a gradual decline, driven by rapid renewable deployment in power and EV adoption in transport.
This marks a turning point, showing that the world is moving from growth to decline in emissions. However, current NDCs remain far from sufficient to limit warming to 1.5 degrees. Even if fully implemented, they would not achieve the substantial reductions necessary for achieving the lower range of the Paris Agreement.
Our prediction of a 1.9-degree Celsius scenario is heavily predicated on renewable energy installations setting all-time high records and serving as the backbone of new power growth, with solar leading the pack.
Solar is forecast to rise from 1,868 GW in 2024 to 2,412 GW in 2025 – a 544 GW increase that cements its position as the leader of new global power generation.
Record manufacturing output, sustained cost declines, and accelerating deployment in China, India, and the US drive the expansion.
Fueling this exponential growth in renewable energy development is a global increase in low-carbon investments. Currently, low-carbon technologies attract over $900 billion annually, compared to $735 billion for oil and gas.
This $181 billion delta widens to an estimated $391 billion by 2030, reflecting a complete shift in growth dynamics.
The installed base changes slowly, but investment is a leading indicator: today’s capital flows determine the 2040 energy system. By 2030, low-carbon sources are set to capture 46% of all energy investment, compared to 30% for fossil fuels, with grids accounting for 24%.
A huge nuclear deal announced by the Trump administration earlier this week provides a multi-billion-dollar incentive for the U.S. government to issue permits and approvals for new Westinghouse reactors – an unprecedented structure that critics say poses environmental and safety risks.
Under the agreement with Westinghouse Electric’s owners, Canada-based Cameco and Brookfield Asset Management , the U.S. government will arrange financing and help secure permits and approvals for $80 billion worth of Westinghouse reactors.
In return, the plan offers the U.S. government a path to a 20% share of future profits and a potential 20% stake in the company if its value surpasses $30 billion by 2029.
The deal is one of the most ambitious plans in U.S. atomic energy in decades, underscoring President Donald Trump’s agenda to maximize energy output to feed booming demand for artificial intelligence data centers.
But the financial incentives risk clouding regulatory scrutiny aimed at preventing nuclear accidents, according to safety advocates and regulatory experts.
“The things that could go wrong are Three Mile Island, Chernobyl and Fukushima,” said Greg Jaczko, a former chairman of the Nuclear Regulatory Commission, pointing to three of the worst nuclear power accidents on record.
“All have causes tied to insufficient regulatory independence.”
The White House said concerns about safety were unfounded.
“The regulatory regime remains the same and is not compromised. There’s nothing in the deal about regulatory changes,” the White House said in an emailed statement.
Westinghouse owner Cameco declined to comment. Brookfield and Westinghouse did not respond to messages requesting comment.
TD Cowen analysts told clients in a research note this week they expect Westinghouse to have 10 new large-scale reactors – enough gigawatts to power several million homes – under construction by 2030 as a result of the deal.
Typically, it takes around a decade for a new nuclear power plant to get built, largely due to the rigorous permitting requirements and enormous costs and complexities associated with construction.
Patrick White, a nuclear regulatory and technology expert at the Clean Air Task Force, said effective regulation did not need to be a slow or extended process and there were benefits to moving more efficiently.
“Ensuring that nuclear regulation is also timely and predictable is in the best interest of both companies and the public,” White said.
Todd Allen, a nuclear expert at the University of Michigan, said the design of Westinghouse reactors is well established, but questioned how fast projects could progress.
“With that aggressive timeline, and demand for the reactors around the world, I wonder if there is a big enough workforce to handle all of these projects,” Allen said.
DELAYS TO PREVIOUS U.S. PROJECT
Westinghouse’s last U.S.-based nuclear project, building two nuclear reactors at the Vogtle power plant in Georgia, forced the company into bankruptcy protection in 2017.
The two reactors were about seven years behind schedule and cost about $35 billion, more than double the original estimate of $14 billion.
Patty Durand, director of nonprofit Georgians for Affordable Energy, has spent years analyzing that project and said she fears fast permitting would overlook the risks associated with climate change.
She said severe droughts have forced operators to curtail nuclear power in Europe and the United States to avoid overheating their reactors.
Westinghouse also had a slew of problems related to the modular design of its AP1000 reactors, such as some parts’ dimensions being wrong when they arrived on site. The AP1000 would also be used for the new reactors, built from prefabricated parts and assembled on site.
Edwin Lyman, a physicist at the Union of Concerned Scientists, said he fears the Trump administration will exert too much power over the Nuclear Regulatory Commission to get the new reactors permitted.
“If the White House fully takes over the NRC and it is no longer at all independent, then it could be used just as a tool for sweeping deals for which the White House could accelerate licensing on its preferred projects regardless of their actual safety implications, and that’s a dangerous thing,” Lyman said.
Kenya’s electricity demand reached a record peak of 2,411.98 megawatts (MW) in October 2025, up from 2,363.41MW recorded in August, reflecting rising industrial and household consumption, according to officials of the Kenya Electricity Generating Company (KenGen).
KenGen attributed the growth to increased uptake of clean and reliable renewable energy, mainly from geothermal and hydropower sources.
According to the company, geothermal stations produced 12,787 megawatt-hours (MWh) — exceeding dispatch projections by 5.07 percent — while hydropower plants generated 9,871MWh, 3.23 percent above target, helping stabilize the grid amid fluctuating wind and solar output.
“KenGen’s consistent renewable generation continues to anchor Kenya’s grid reliability and reduce reliance on expensive thermal power, aligning with national climate goals,” said KenGen Managing Director and CEO, Eng. Peter Njenga, noting that the company’s renewable portfolio now exceeds 1,605MW in installed capacity.
Njenga added that no load shedding was reported during the record-breaking demand period, underscoring Kenya’s robust system management and continued investment in renewable capacity.
“This growth in power demand is a strong indicator of Kenya’s economic rebound and the success of our long-term investments in sustainable generation,” he said.
The Liberia Electricity Corporation (LEC) has announced that it has commenced power restoration across the country following an improvement in weather conditions.
The power distribution company had temporarily shut down its feeders on Thursday as a precautionary measure to safeguard electrical systems and ensure the safety of customers amid stormy weather and lightning activity.
In a statement updating the public, LEC referenced its Public Service Announcement (PSA) issued on October 30, 2025, and confirmed that weather conditions have stabilized and the storm has subsided.
“With the exception of the Black Gina area along the Gardnerville–Johnsonville feeder, all feeders are being re-energized by our technical teams to restore full power supply,” the statement said.
The statement further advised communities affected by the recent weather conditions to contact the Customer Service Hotline at 4500 for assistance.
“LEC appreciates the public’s patience, understanding, and cooperation during this period,” the statement concluded.
Ghana’s Chamber of Oil Marketing Companies (COMAC) has called on West African governments to abolish taxes on Liquefied Petroleum Gas (LPG) to boost clean energy adoption and curb widespread deforestation linked to charcoal use.
The Chamber of Oil Marketing Companies (COMAC) in the Republic of Ghana has called on West African nations to remove all taxes on Liquefied Petroleum Gas (LPG) to boost adoption and help prevent the continuous felling of trees for charcoal production.
COMAC Chairman, Mr. Gabriel Kumi, made the call during a high-level panel discussion on the topic “Energy Optimisation, Transition & Sustainability (Gas & Renewables)” at the 19th OTL Africa Downstream Energy Week 2025 in Lagos, Nigeria.
He explained that LPG was originally intended as a transitional solution to reduce the cutting of trees for charcoal production. However, he lamented that several countries have introduced numerous taxes on the commodity, which has hindered market penetration and forced low-income earners to revert to charcoal for cooking.
Citing Ghana as an example, Mr. Kumi said what he described as “nuisance taxes” imposed on LPG have made it unaffordable for the majority of citizens. According to him, only about 30 percent of the population — primarily middle-income earners — can afford LPG, leaving most low-income households dependent on charcoal and firewood.
“In Ghana, it is mainly middle-income couples who can afford LPG, and they make up about 30% of the population. The majority of our people — the 60 to 70% who need affordable energy — are unfortunately being priced out of LPG,” he stated.
Mr. Kumi noted that LPG consumption in Ghana stagnated between 2015 and 2020 following the introduction of taxes on the product.
“We were growing at less than 5% during that period. Between 2020 and 2024, growth was below 1%. It’s only this year (2025), in the first half, that we’ve seen about 5% growth compared to the same period last year. This shows how sensitive LPG consumption is to pricing,” he said.
He, however, commended Nigeria for keeping LPG prices relatively affordable.
“Nigeria is doing better than Ghana in terms of pricing. The pump price in Nigeria is about 80 cents per kilogram, while Ghana’s is around 120 cents — a significant difference that reflects in consumption trends,” he added.
Mr. Kumi stressed that it was time for West African countries — and Africa as a whole — to remove all taxes on LPG and even introduce targeted subsidies for rural populations to encourage adoption.
“Across Africa, about 60 to 70% of people still rely on firewood and charcoal. These are the poorest households who cannot afford LPG. Unless we take bold steps to make LPG affordable, we will not achieve meaningful progress,” he warned.
He cautioned that without practical action, policy discussions and conferences on clean energy transition would remain ineffective.
“We can hold all the conferences and make all the speeches, but if people cannot afford LPG at the pump, it’s all in vain. West Africa’s forests are depleting at one of the fastest rates in the world — largely because people rely on firewood and charcoal for cooking,” he said.
Mr. Kumi concluded by emphasizing that the only viable alternative to stop the persistent destruction of forests is to make LPG affordable and accessible.
“The cost of LPG in West Africa is simply too high. Unless governments act decisively to remove these taxes, the growth we desire in LPG consumption will remain out of reach,” he said.
A barrage of Russian missile and drone strikes on Ukraine’s energy infrastructure left three people dead on Wednesday, forcing nationwide power restrictions.
Ukrainian officials reported that two men in the city of Zaporizhzhia were killed in the overnight strikes, while a seven-year-old girl from the central Vinnytsia region also lost her life from injuries sustained in the attacks.
“Its goal is to plunge Ukraine into darkness. Ours is to preserve the light,” Prime Minister Yulia Svyrydenko said on Telegram. “To stop the terror, we need more air defence systems, tougher sanctions, and maximum pressure on the aggressor.”Ukrainian President Volodymyr Zelenskiy confirmed that Russia launched more than 700 missiles and drones overnight, with many being intercepted by Ukraine’s missile defense systems, but several managed to land. Ukraine’s air defence units shot down 31 missiles and 592 drones during the attacks.In his latest visit to the White House, Zelensky failed to secure new tomahawk missiles in his latest visit to the White House a few weeks ago, despite previously signalling a willingness to help Ukraine regain territory lost to Russia.
Reports emerged that Zelenskiy’s meeting with Trump descended into a ‘shouting match’, with the American leader demanding that Ukraine give away territory to Russia in exchange for a peace settlement.
Moscow’s latest strikes come amid renewed diplomatic maneuvering involving Washington, Beijing, and Kyiv. Zelenskyy has urged U.S. President Donald Trump to press China to end its material and political support for Moscow’s war effort, warning that Beijing’s purchases of Russian crude and other commodities have become a lifeline for the Kremlin. During his Asia tour, Trump met Chinese leader Xi Jinping in South Korea, where the two pledged to cooperate on Ukraine and agreed to roll back parts of their trade dispute. Trump said the meeting yielded understandings on tariffs and rare-earth mineral flows and that he and Xi would “work together on Ukraine.” Chinese officials have yet to release their own account of the talks. The outcome leaves open whether Beijing will moderate its energy trade with Russia, which remains crucial to financing Moscow’s campaign against Ukraine.
South Africa’s Department of Science, Technology and Innovation (DSTI), in collaboration with the South African National Energy Development Institute (SANEDI), the Uyilo e-Mobility Programme at Nelson Mandela University (NMU), and Volvo Cars South Africa, has launched the e-Mobility Energy Drive — an initiative aimed at promoting electric vehicle (EV) adoption across the country.
The landmark campaign began over the weekend and will culminate at the Uyilo e-Mobility Innovation Summit in Gqeberha, which begins on Tuesday, 28 October 2025.
The summit, held in the Eastern Cape, serves as a flagship event celebrating Transport Month, commemorated annually in October, and highlights South Africa’s progress toward a sustainable mobility future.
As part of the initiative, a fully equipped Volvo XC40 Recharge Twin Motor Ultimate is being driven from Johannesburg to Gqeberha, passing through Gauteng, the Free State, and the Eastern Cape.
Along the route, the vehicle is collecting real-world data on EV performance, charging efficiency, and energy consumption. This data will contribute to ongoing research by DSTI and SANEDI on infrastructure readiness and user experience.
“This initiative proves that clean mobility is not just a vision for the future; it is happening now,” said Mandy Mlilo, Acting Chief Director for Hydrogen and Energy at DSTI.
“Through strategic partnerships with SANEDI, Uyilo and Volvo, we are building public confidence in electric mobility, advancing our just energy transition goals, and reducing our national carbon footprint.”
The Energy Drive aims to raise awareness about clean mobility, featuring DSTI and SANEDI branding and messaging as it travels through various communities.
Through public engagements and media events, the initiative showcases the advantages of EVs, the expansion of public charging infrastructure, and the role of innovation in transforming South Africa’s transportation sector.
The Uyilo e-Mobility Summit and Energy Drive together provide a crucial platform for collaboration between government, academia, and industry, positioning South Africa as a rising leader in the global transition toward smart and sustainable mobility.
Dr. Titus Mathe, CEO of SANEDI, emphasized:
“This partnership reflects our nation’s growing capacity and commitment to cleaner transportation. By aligning research, innovation and public engagement, we are driving tangible progress toward a low-carbon, energy-efficient future.”
The EV will be on display throughout the summit at NMU before returning to Johannesburg to continue its awareness and data-gathering mission.
The e-Mobility Energy Drive underscores South Africa’s commitment to building a resilient, sustainable transport ecosystem that supports economic growth, environmental stewardship, and energy justice.
The summit concludes today Thursday, 30 October 2025.
The International Renewable Energy Agency (IRENA) will convene its 30th Council meeting on Friday and Saturday in Abu Dhabi to review progress on the Agency’s work and consider collective priorities to accelerate the global energy transition, as preparations advance for COP30 and the 16th IRENA Assembly.
The two-day meeting will focus on the delivery of global goals set out under the UAE Consensus, including efforts to triple renewable power capacity and double energy efficiency improvements by 2030.
It follows the launch of IRENA’s latest tracking report at the Pre-COP in Brazil, which confirmed that despite the rise in renewable energy deployment, progress remains short of what is needed to stay on course to reach global targets.
“We have never been closer to closing the gap. While the 582 gigawatts of renewable additions in 2024 still fall short of what is needed to meet the tripling goal, they mark a new global deployment record for a third consecutive year, narrowing the gap,” said IRENA Director-General Francesco La Camera.
“However, governments must show leadership and make COP30 in Brazil a milestone for renewables. With new NDCs due ahead of COP30, this 30th IRENA Council is an important moment to underscore the need for greater collective ambition.”
In his capacity as Chair of the 30th IRENA Council, H.E. Mr. Francisco Chacón Hernández, Permanent Representative to IRENA and Ambassador of Costa Rica to the UAE, said: “The Council meets at a moment of renewed opportunity ahead of COP30. Our experience in Costa Rica shows that an energy system driven by renewables can coexist with social progress, economic resilience, and environmental stewardship. But the scale of today’s challenge demands that we work collectively—bridging regions, sharing knowledge, and accelerating action.”
Programmatic discussions will address the role of clean industrialisation in promoting sustainable development, including enhancing resilience in critical materials and renewable energy supply chains. The Council will also receive updates on the Agency’s work in promoting regional cooperation.
Members will exchange national experiences, explore options to strengthen international collaboration, and consider avenues to expand access to investment needed to scale up renewable energy deployment.
According to IRENA, the outcomes of the meeting will inform its 16th Assembly, where ministers and high-level representatives will convene in Abu Dhabi on 11–12 January 2026.
As the first ministerial-level energy meeting of the year, the Assembly will take stock of global progress and guide energy transition priorities for the year ahead.
Exxon has canceled a public appearance by several executives scheduled for today, at which they were supposed to reaffirm the company’s commitment to the Rovuma LNG project, currently frozen, in the company of Mozambique’s president, Daniel Chapo.
The $30-billion facility that will be the biggest LNG export hub in Africa once completed has yet to receive a final investment decision, mainly due to the unstable security situation in the Cabo Delgado region, where both Rovuma and TotalEnergies’ Mozambique LNG are located. Mozambique LNG was under force majeure until this month when the French supermajor lifted it.
However, the Financial Times suggested in a report today on Exxon’s cancellation of the joint Rovuma briefing that the security situation may well be the reason for that cancellation. The publication cited multiple calls for both LNG projects to be delayed because Islamist insurgents are active in the area.
“The security situation has got much worse,” the FT cited a senior adviser with Oxfam as saying. “People are talking about attacks happening on a nightly basis on highways around the [Rovuma] project. I just don’t understand how you can have a genuine conversation on whether or not this project moves forward in this context,” Andrew Bogrand said.
Islamist activity in Mozambique has plagued the country’s energy plans for years. Until relatively recently, the Rwandan army was working in tandem with forces from the Southern African Development Community to contain the insurgents, but these withdrew from the security mission in Mozambique after money for payments for the security services provided started running out.
According to one conflict monitoring organization and the UN Refugee Agency, extremist activity has intensified in northern Mozambique, with the organization, Acled, reporting 22 deaths in the week to October 26 and the UNRA reporting 100,000 people fled their homes because of the violence.
Nigeria has introduced a 15 percent ad-valorem tax on imported diesel and Premium Motor Spirit (PMS), also known as petrol, as part of measures to protect local refineries and strengthen the national currency, the naira.
Despite the commencement of production at the Dangote Refinery, Nigeria still imported about 15.01 billion litres of petrol between August 2024 and the first 10 days of October 2025, representing nearly 69 percent of total national petrol supply during the 15-month period, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
A letter dated October 21, confirming the government’s decision to impose a 15 percent tax on imported petrol and diesel, was delivered to the Federal Inland Revenue Service (FIRS) and the NMDPRA.
The approval follows a request by the FIRS to apply the 15 percent duty on the cost, insurance, and freight (CIF) value of imported products to align import costs with domestic realities.
With the new policy, the implementation of the import duty is expected to increase the pump price of petrol by an estimated ₦99.72 per litre.
Following the development, the Nigerian National Petroleum Company Limited (NNPCL) announced that it has commenced a detailed review of the country’s three state-owned petroleum refineries with a view to bringing them back to full operational status.
The Kano Electricity Distribution Company (KEDCO) has announced plans to commence mass metering across its franchise areas under the Distribution Sector Recovery Program (DISREP) — a World Bank–funded initiative aimed at transforming Nigeria’s power distribution sector.
The program, backed by a $500 million World Bank loan, is designed to enhance the financial and technical performance of electricity Distribution Companies (DisCos) through large-scale procurement and installation of advanced prepaid meters and Meter Data Management Systems (MDMS).
The DISREP rollout marks a significant milestone in KEDCO’s efforts to bridge the metering gap, eliminate estimated billing, improve efficiency, and strengthen customer confidence.
In a statement, the company confirmed that at least 128,000 prepaid meters will be installed free of charge for customers in Kano, Katsina, and Jigawa States.
KEDCO’s Managing Director/CEO, Dr. Abubakar S. Jimeta, said the initiative aligns with the company’s ongoing transformation drive.
“The metering initiative is not just about installing devices; it’s about improving service delivery, customer satisfaction, and financial sustainability for the betterment of the power sector,”
he stated.
Dr. Jimeta added that the exercise will focus strictly on providing meters for existing unmetered customers and replacing faulty meters under a structured and transparent metering plan, while new service connections will continue to follow the existing Meter Asset Provider (MAP) framework.
He also emphasized that the DISREP meters are completely free, advising customers not to make any payments to KEDCO staff or agents for meters or installations.
Dr. Jimeta further urged beneficiaries of the scheme to offer maximum cooperation, noting that customer understanding and collaboration are essential to ensure a smooth, transparent, and successful implementation of the project across all designated areas.
Through this initiative, KEDCO aims to achieve 100% metering coverage, enhance its financial sustainability, and deliver a more transparent and reliable electricity supply to customers.
“Already today, we’re seeing the energy system shift to a hybrid model of renewable and fossil energy. With half of global power generation capacity now renewable and one in four new cars sold being electric, the energy system is transforming rapidly. There are already clear signs of change across investments, new capacity additions, and technological adoption curves that indicate we will witness a genuine transition over the next two to four decades. ” – Jarand Rystad, founder and CEO, Rystad Energy
Although the transition to renewable energy is gaining momentum, oil and gas are expected to remain resilient in the near term.
Oil demand is projected to peak by the early 2030s, and gas growth will likely slow down towards the end of this decade; however, neither fuel experiences a sharp contraction.
The energy transition is fast enough to alter the growth profile of fossil fuels, but not fast enough to deeply disrupt their dominance by 2040. Oil and gas remain the backbone of the system, tied to transport, petrochemicals and energy services, where alternatives are not yet cost-competitive or scalable.
This transition will have significant implications for costs and investments, as fossil fuel growth slows down and they are outpaced by renewables, ultimately leading to lower costs for consumers over time.
Looking ahead, we can clearly outline five pathways that will shape the global energy outlook, which include the Rystad Energy NDC, 1.6 degrees Celsius, 1.9 degrees Celsius, 2.2 degrees Celsius, and the Rystad Energy House View scenarios.
Global CO? emissions are expected to peak around 2026 before starting a gradual decline, driven by rapid renewable deployment in power and EV adoption in transport.
This marks a turning point, showing that the world is moving from growth to decline in emissions. However, current NDCs remain far from sufficient to limit warming to 1.5 degrees. Even if fully implemented, they would not achieve the substantial reductions necessary for achieving the lower range of the Paris Agreement.
Our prediction of a 1.9-degree Celsius scenario is heavily predicated on renewable energy installations setting all-time high records and serving as the backbone of new power growth, with solar leading the pack.
Solar is forecast to rise from 1,868 GW in 2024 to 2,412 GW in 2025 – a 544 GW increase that cements its position as the leader of new global power generation.
Record manufacturing output, sustained cost declines, and accelerating deployment in China, India, and the US drive the expansion.
Fueling this exponential growth in renewable energy development is a global increase in low-carbon investments. Currently, low-carbon technologies attract over $900 billion annually, compared to $735 billion for oil and gas.
This $181 billion delta widens to an estimated $391 billion by 2030, reflecting a complete shift in growth dynamics.
The installed base changes slowly, but investment is a leading indicator: today’s capital flows determine the 2040 energy system. By 2030, low-carbon sources are set to capture 46% of all energy investment, compared to 30% for fossil fuels, with grids accounting for 24%.
Citing Ghana as an example, Mr. Kumi said what he described as “nuisance taxes” imposed on LPG have made it unaffordable for the majority of citizens. According to him, only about 30 percent of the population — primarily middle-income earners — can afford LPG, leaving most low-income households dependent on charcoal and firewood.
“In Ghana, it is mainly middle-income couples who can afford LPG, and they make up about 30% of the population. The majority of our people — the 60 to 70% who need affordable energy — are unfortunately being priced out of LPG,” he stated.
Mr. Kumi noted that LPG consumption in Ghana stagnated between 2015 and 2020 following the introduction of taxes on the product.
“We were growing at less than 5% during that period. Between 2020 and 2024, growth was below 1%. It’s only this year (2025), in the first half, that we’ve seen about 5% growth compared to the same period last year. This shows how sensitive LPG consumption is to pricing,” he said.
He, however, commended Nigeria for keeping LPG prices relatively affordable.
“Nigeria is doing better than Ghana in terms of pricing. The pump price in Nigeria is about 80 cents per kilogram, while Ghana’s is around 120 cents — a significant difference that reflects in consumption trends,” he added.
Mr. Kumi stressed that it was time for West African countries — and Africa as a whole — to remove all taxes on LPG and even introduce targeted subsidies for rural populations to encourage adoption.
“Across Africa, about 60 to 70% of people still rely on firewood and charcoal. These are the poorest households who cannot afford LPG. Unless we take bold steps to make LPG affordable, we will not achieve meaningful progress,” he warned.
He cautioned that without practical action, policy discussions and conferences on clean energy transition would remain ineffective.
“We can hold all the conferences and make all the speeches, but if people cannot afford LPG at the pump, it’s all in vain. West Africa’s forests are depleting at one of the fastest rates in the world — largely because people rely on firewood and charcoal for cooking,” he said.
Mr. Kumi concluded by emphasizing that the only viable alternative to stop the persistent destruction of forests is to make LPG affordable and accessible.
“The cost of LPG in West Africa is simply too high. Unless governments act decisively to remove these taxes, the growth we desire in LPG consumption will remain out of reach,” he said.
