Angola: RNT, Omatapalo Ink MoU For Power Transmission Line

The Angolan National Electricity Transmission Network (RNT) and Omatapalo Construction Company have signed a Memorandum of Understanding (MOU) to facilitate the construction of a 220 kV high-voltage transmission line. The MOU was signed by Rui Gourgel, Chairman of the Board of Directors of RNT, Mauro Martins, Executive Director of Market Operations of RNT, and two representatives from Omatapalo Construction Company. This project will enable the electrical interconnection between Angola and the Democratic Republic of Congo (DRC) [1). The project is part of the Angolan Government’s Regional Expansion and Interconnection Program and aims to facilitate the export of national electricity to the international market. It will also allow Angola to enter the electricity markets of the Central African Power Pool (CAPP) and to the Southern African Power Pool (SAPP). The signing of the memorandum was witnessed by distinguished figures from both companies.           Source:https://energynewsafrica.com

Ghana: Shareholders Of GOIL Approve Nine-Member Board Of Directors

Shareholders of Ghana’s largest indigenous petroleum downstream player, GOIL PLC, have approved the appointment of a new Board of Directors at an Extraordinary General Meeting (EGM) held in Accra. The shareholders voted overwhelmingly to confirm all the newly appointed Board members on Wednesday, March 19, 2025, at the Movenpick Hotel in Accra. The new nine-member board is chaired by Nana Philip Archer, a seasoned executive with over 20 years of experience in leadership roles in multinational corporations. Other board members include: Mr Edward Abambire Bawa, (Group Chief Executive Officer and Managing Director of GOIL), Dr. Thomas Kofi Manu, Dr. Evelyn Lamisi Asuah, Mr. Sylvester Kotey, and Mr. Afetsi Awoonor, Managing Director of Bulk Energy Storage and Transportation Company (BEST) Limited. Others are Mr Augustine Angaa Dayuo, Dr. Kwamena Minta Nyarku and Professor Peace Mamle Yoko Tetteh. Speaking after the endorsement of the board, the chairman, Nana Philip Archer, highlighted the achievement of growth and more profitability for GOIL adding that the board will strive to achieve greater return on investment in respect of new projects made by the company. “We have established state-of-the-art LPG bottling plants and a bitumen plant in Tema. Our plan is to maximize the utilization of these assets, making them sweat,” he said. The Group Chief Executive and Managing Director, Mr. Edward Abambire Bawa,  noted that the Management team would work towards improving shareholder value and increased dividend payment, which is dear to the heart of every shareholder. He emphasized that the company would change strategy where needed and improve upon the successes chalked by the previous management.     Source: https://energynewsafrica.com

Africa’s Premier Global Upstream Conference

13th – 15th May 2025, | London, United Kingdom The Africa Energies Summit brings together Africa’s energy industry for a unique event shaped for companies active across the Continent and provides unrivalled insight into the world’s fast changing energy landscape. Join us to connect, collaborate and get deals done!

Namibia International Energy Conference 2025

23-23 April 2025, |Windhoek, Namibia The Namibia International Energy Conference (NIEC) is Namibia’s premier and highly anticipated energy event. The 7th edition of this distinguished conference is set to take place from 23–25 April 2025 at the Windhoek Country Club Resort, Windhoek, Namibia. With the theme ‘Leading The Way: Towards Becoming An Energy Hub with In-Country Value,’ the event will bring together government decision-makers, industry leaders, investors, and the business community to drive industry growth as well as to focus on the key milestones and strategic moves toward establishing Namibia as a leading energy hub.

4th Edition Of International Conference On Oil, Gas, And Petroleum Engineering

September 11-13,2025|Valencia Spain   We are excited to announce the “4th Edition of International Conference on Oil, Gas, and Petroleum Engineering” (GOPE 2025), taking place in Valencia, Spain and Virtually. This pivotal event, scheduled for September 11-13, 2025, will bring together experts from across the globe to explore and discuss the future of the oil and gas industry under the theme “Innovations in Oil, Gas, and Petroleum Engineering for a Sustainable Future”. The conference is designed to be a dynamic platform for a diverse audience including practitioners, scholars, and stakeholders from the petroleum sector. It offers an unparalleled opportunity for networking, knowledge exchange, and collaboration, drawing participants from academia and industry. GOPE 2025 will cover a wide range of subjects within the oil and gas domain. Attendees will gain insights into the latest advancements in oil and gas technology, petroleum engineering, and biorefinery processes. Key topics encompass the geochemistry and geophysics of hydrocarbons, reservoir engineering, and the development and management of unconventional resources. The conference will also address critical issues such as enhanced oil recovery, pipeline transportation, and the impact of global warming on the industry. Sessions will explore innovations in nano-solutions, digital transformation, and risk assessment, among other areas, offering a comprehensive overview of the field. Participants will have the chance to attend in-depth presentations, engage in discussions with leading experts, and present their own research. The event will feature sessions, workshops, and interactive panels designed to stimulate intellectual exchange and practical application of new knowledge. We look forward to welcoming you to GOPE 2025 in Valencia, where we will embark on a journey to advance the oil and gas industry through innovation, collaboration, and shared expertise.  

9th OPEC International Seminar

9-10 July 2025 | Hofburg Palace | Vienna, Austria The OPEC International Seminar has gained a global recognition due to its outstanding record for the calibre of speakers and participants and the quality of discussions that address the most pressing issues related to the energy industry. We look forward to welcoming all our guests to Vienna in July 2025 for what will be an engaging and exceptional event. HE Haitham Al GhaisOPEC Secretary General

Ghana Begins Consultative Process To Develop National Clean Cooking Policy

Ghana’s Ministry of Energy and Green Transition has initiated a consultative process to formulate a National Clean Cooking policy framework. This comprehensive framework will guide the promotion and implementation of clean cooking across Ghana, ensuring a more effective and structured approach to clean cooking adoption. The NCCP will focus on promoting a diversified clean cooking energy mix, which includes Liquefied Petroleum Gas (LPG), electric, biogas, and improved biomass cookstoves. The NCCP will offer regulatory and fiscal incentives to boost investments in the clean cooking sector and will support local industry development, ensuring the availability and affordability of clean cooking technologies. The policy will also ensure public awareness campaigns to foster behavioral change toward cleaner cooking solutions. Delivering a keynote address at the opening of a two-day National Clean Cooking Policy and Strategy Workshop in Accra, Minister for Energy and Green Transition John Abdulai Jinapor emphasized that Ghana’s household cooking challenges are substantial. Nearly 60% of the population relies on traditional solid fuels like charcoal and firewood, despite the significant health and environmental risks associated with these methods. He pointed out that this reliance has dire consequences, contributing to approximately 6,500 deaths annually due to household air pollution, with children under five being disproportionately affected across Africa.
John Abdulai Jinapor, Minister for Energy and Green Transition, Republic of Ghana.
The Hon. Minister acknowledged the immense socio-economic toll of inefficient cooking methods, particularly on women and children, who bear the brunt of fuel collection and health risks. He emphasized the urgent need for a coherent strategy to tackle these issues more effectively. He urged participants of the workshop to engage in constructive discussions and propose innovative solutions that shift Ghana from policy formulation to actionable results. “Achieving universal access to clean cooking is not the sole responsibility of the government; it demands a collaborative multi-stakeholder approach,” the Minister said. He underscored the government’s commitment to leading and supporting this agenda. “The success of our clean cooking initiative hinges on collective efforts toward a healthier, cleaner, and more sustainable future for all Ghanaians,” Minister Jinapor said. The workshop serves as a critical platform for galvanizing support and commitment to the clean cooking agenda, promising a transformative legacy for generations to come. The Chief Director of the Ministry of Energy and Green Transition, Wilhelmina Asamoah (Mrs.), in welcoming participants said the initiative is designed to ensure inclusiveness and address the local realities faced in the path toward clean cooking adoption. “This workshop provides a platform for open dialogue, knowledge sharing, and strategic collaboration over the next two days”, she said. According to Mrs. Asamoah, the workshop, which is the first of three planned regional engagements, aims to gather insights from representatives across Ghana’s southern, middle, and northern regions. She urged participants to seize the opportunity to engage in constructive discussions and innovative brainstorming towards a cleaner cooking future. She expressed gratitude to the World Bank for its unwavering support of Ghana’s clean cooking agenda, acknowledging its critical role in advancing essential policy initiatives.   Source: https://energynewsafrica.com

Namibia: Gov’t Unveils Offshore Drilling Plans, New Licensing Opportunities

Namibia’s offshore oil and gas industry is set for significant growth in 2025, driven by new licensing opportunities and an uptick in drilling activities, Petroleum Commissioner Maggy Shino announced during a webinar hosted by the African Energy Chamber, Wood Mackenzie, and Namibia’s Ministry of Mines and Energy. The move is expected to attract fresh investment as the country cements its status as one of the world’s most promising oil frontiers. “We are operating in an open licensing regime and will be receiving applications shortly,” Shino stated, noting that available acreage spans deepwater, ultra-deepwater, and shallow-water environments. Meanwhile, development is accelerating on two of Namibia’s most significant discoveries. TotalEnergies’ Venus project in Block 2913B remains on track for a final investment decision (FID) in 2026, with new data confirming better density and permeability compared to surrounding blocks. On Galp’s Mopane discovery, Shino revealed that 3,500 km² of high-density seismic data were collected this week to refine volume estimates and advance the project toward FID. Regarding Shell’s PEL 39 discovery – where the company recently wrote down $400 million – the Commissioner said Shell and its partners are analyzing data from the nine wells drilled so far to “ensure we have designed a pathway to development” and to determine the next steps. Namibia’s offshore basin remains vastly underexplored, despite its enormous scale. “The scale is enormous – there’s 220,000 km² of offshore license acreage,” said Ian Thom, Research Director for Sub-Saharan Africa Upstream at Wood Mackenzie. “With just over 20 exploration and appraisal wells drilled, this area is still hugely underexplored.” “The resources are definitely there,” said Verner Ayukegba, Senior Vice President of the African Energy Chamber. “The big questions now revolve around sub-surface conditions, gas content, and how best to commercialize these discoveries.” Drilling activity in Namibia is set to ramp up in 2025, with seven wells expected this year alone. BW Energy plans to drill at the Kharas prospect within the Kudu license, while Rhino Resources awaits results from two high-impact wells in PEL 85. In South Africa’s Orange Basin, TotalEnergies is expected to drill in Block 3B/4B, and Shell may drill in an ultra-deepwater block near the maritime boundary with Namibia. On the Kudu license, Shino stated that BW Energy has “identified new targets with upside potential – not only for gas, but also for oil within the main area,” with two wells planned by year-end. As Namibia advances toward first oil production, the government is committed to ensuring that petroleum discoveries translate into long-term economic benefits for the nation. “We are offering a sustainable operating environment, ensuring all discoveries are in a race to first oil while making a lasting impact on the local economy,” said Shino. Namibia’s stable economy, industry alignment, respect for contract sanctity, expansive basins available for exploration, and commitment to delivering sustainable energy resources position it as an attractive destination for investment. Namibia’s exploration boom and available licensing opportunities will take center stage at African Energy Week (AEW): Invest in African Energies 2025, where government leaders, industry executives, and investors will discuss the latest developments firsthand. With major discoveries advancing toward production and new blocks opening for investment, AEW offers unparalleled access to key decision-makers shaping Namibia’s energy future.           Source: https://energynewsafrica.com

Zimbabwe: Power Supply Suffers Disruption As Unpatriotic Citizens Steal 6,000 Transformers Nationwide

Zimbabwe is facing a severe crisis in its power sector due to the theft of 6,000 transformers nationwide, resulting in disrupted power supply and widespread inconvenience. Energy and Power Development Minister, July Moyo, has condemned the theft as “unpatriotic,” emphasizing that it hinders efforts to achieve reliable power supply. Speaking in Parliament on Wednesday, March 19, 2025, Minister July Moyo stated that the main problem facing the power sector is vandalism of infrastructure. “As we speak, 6,000 transformers have been stolen countrywide. We have no capacity locally to produce enough to replace them timeously,” he said. Touching on what would be done regarding wooden electric poles, he said the government has decided to replace them with concrete ones. “For the wooden poles, the policy we now have is that we replace them with concrete ones, which are more durable,” Moyo told lawmakers. The theft and vandalism of power infrastructure have led to significant losses, with the Zimbabwe Electricity Supply Authority (ZESA) reporting losses of over US$2 million between January and October 2024. According to the power utility, nearly 30 tonnes of copper conductors valued at US$600,000, along with 10 tonnes of aluminium conductors worth US$103,000, were stolen during this period. Additionally, 1,543 litres of transformer oil valued at US$7,700 were siphoned off by thieves, while 136 transformers  essential components in electricity transmission — were vandalised, costing US$848,558. Daring vandals also targeted bolts and nuts from high-voltage pylons, causing damage exceeding US$4,300. In total, ZESA recorded 1,317 cases of theft and vandalism, resulting in losses valued at US$2,163,207.             Source: https://energynewsafrica.com

Heathrow Airport Closed After Fire At Substation

Heathrow Airport will be closed throughout Friday after a fire at an electrical substation halted all flights with local residents evacuated from their homes and schools shut.

Almost 5,000 homes remain without power after two explosions and a fire at the substation in Hayes, west London, and 150 people have been evacuated from surrounding properties.

Emergency services were first called to the scene at 23:23 GMT, and video shared on social media showed tall flames and smoke billowing from the substation overnight.

The airport, which is the UK’s busiest, has warned of “significant disruption” over the coming days and told passengers not to travel “under any circumstances” until it reopens.

London Fire Brigade (LFB) has said the fire is now under control after a transformer was previously alight. The cause of the blaze is yet to be determined.

National Grid said on X it restored power to 62,000 customers at 06:00, and 4,900 homes remain without power.

Ten fire engines and about 70 firefighters have been sent to tackle the blaze, LFB said. No-one was injured the fire.

The Energy Secretary Ed Miliband told BBC Radio 4’s Today programme it was an unprecedented event which “appears to have knocked out a back-up generator as well as a substation itself”.

Asked on BBC Breakfast how such a busy transport hub was able to be so severely disrupted by a fire at an electrical substation, he replied: “It’s too early to answer that question. We don’t know the cause of this fire.”

He said the government would want to understand the causes and “what lessons, if any, it can teach us”.

At least 1,351 flights to and from Heathrow will be affected on Friday, flight tracking website Flightradar24 said on X, with some 120 affected aircraft already in the air when the closure was announced.

A 200m cordon has been put in place as a precaution, and local residents have been advised to keep doors and windows closed because of a “significant amount of smoke”.

The brigade added it led 29 people to safety from nearby properties.

Assistant Commissioner Pat Goulbourne said firefighters “have made good progress in containing the fire and preventing further spread”.

“As we head into the morning, disruption is expected to increase, and we urge people to avoid the area wherever possible.”

LFB said it had received nearly 200 calls about the fire.

“This is a highly visible and significant incident, and our firefighters are working tirelessly in challenging conditions to bring the fire under control as swiftly as possible,” Mr Goulbourne added.

A group of residents who were evacuated from the road gathered at a nearby Premier Inn but said there was little communication overnight, leaving them confused about where to go.

Vaneca Sinclair, 64, said: “I was about 100 yards from the explosion. At about 11.30 I was getting up getting ready to go to bed.

“Suddenly there was this huge bang and the house just shook.

“I thought maybe someone had crashed into the wall or something and then opened the front door and I had a look and there were just these flames everywhere down at the bottom of the road.

“I quickly grabbed my coat and trainers and ran down the road to see what it was… and realised it was the substation on fire.”

She added the scene was “unbelievable – the flames and the smoke and everything… it was just scary”.

Ms Sinclair said police later told them to return home and grab essentials before evacuating, but no-one told them where to gather and eventually they walked to the hotel, which let them in and allowed them to have hot drinks and use toilets while they waited.

“I’m absolutely shattered now,” she said, adding she had not slept since the night before.

Her neighbour Savita Kapur, 51, said: “When the first explosion went off at 11:30, I literally just ran out of the house.”

She said police officers told them to go back inside before eventually telling her she needed to leave.

“I have an elderly mother who is in her eighties and not very well at all – I had to escort her into my car and get her out of the area and drop her off to my sisters.

“When I was driving up my road the second explosion went off and the whole ground shook.”

She said she managed to drop off her mother and make it to the Premier Inn with other residents, but there has been “no communication”.

But she thanked emergency services and said she appreciated the road was not yet safe to return to.

“We were actually standing on our road behind the police line until about 2:30 in the morning,” she explained.

Hillingdon Council said in an update on its website: “Most evacuees have dispersed and have made arrangements themselves, and the council is assisting 12 people with hotel accommodation until it is safe to return to their homes.”

Three schools – Pinkwell Primary, Botwell House and Dr Tripletts – are closed along with Nestles Avenue Early Years Centre.

The council said it would provide updates on whether any more local schools need to close.

A Heathrow Airport spokesperson said: “To maintain the safety of our passengers and colleagues, we have no choice but to close Heathrow until 23:59 on 21 March 2025.”

“We know this will be disappointing for passengers and we want to reassure that we are working as hard as possible to resolve the situation,” they added.

“Whilst fire crews are responding to the incident, we do not have clarity on when power may be reliably restored.”

The airport has apologised for the disruption and has advised passengers to contact their airlines for further information.

Heathrow is the UK’s largest aviation hub, handling about 1,300 landings and take-offs each day. A record 83.9 million passengers passed through its terminals last year, according to its latest data.

Several airlines with flights due to land at or take off from Heathrow have been cancelled or diverted to other airports.

Passengers have been advised to contact their airlines for the latest updates.

      Source: BBC.COM

South Africa: Eskom Welcomes NERSA’s Approval Of 11.32 % And 12.74 % Increase In Tariffs For 2025, 2026

South Africa’s power utility company, Eskom, has welcomed the National Energy Regulator of South Africa’s (NERSA) decision to approve a 12.74% increase in electricity tariffs for customers, effective April 1, and an 11.32% increase for municipal bulk purchases, effective July 1, 2025. Eskom argued that a well-defined tariff structure ensures equitable cost recovery, eliminates unintended cross-subsidies, and facilitates the responsible integration of alternative energy sources. According to Eskom, the new approved tariffs will support the transformation of the electricity supply industry by aligning prices for the cost of generation, transmission, and distribution services while promoting affordability and equity for all customers. The new tariffs will enable Eskom to implement simpler tariffs for low-consumption households and municipal bulk purchases, ensuring that customers pay for the costs they incur. This reinforces a stronger user-pays principle in electricity pricing through the removal of unintended subsidies. “Our residential customers will no longer have to pay a higher price for consumption above 350kWh and will instead pay the same cent per kilowatt-hour (c/kWh) for all their consumption,” said Monde Bala, Eskom Group Executive for Distribution. “We encourage Eskom residential customers to purchase legal electricity tokens, and for those in need of increased affordability, to register for Free Basic Electricity (FBE) and enjoy lower electricity prices provided by our government.” Bala added, “With this NERSA approval, our customers who have registered their solar rooftop electricity generation will be able to export excess energy into the grid. Consequently, customers can reduce their electricity bill by benefiting from energy credits from exported energy once they are on a Homeflex tariff.” The approved tariff changes do not apply to customers who are not directly supplied or connected to the Eskom grid.  

Nigeria: PowerUp Nigeria Condemns Attack on Ikeja Electric, Demands Independent Probe

PowerUp Nigeria, a non-governmental organization advocating for sustainable energy access, has strongly condemned the recent attack on Ikeja Electric’s offices by Nigerian Air Force personnel. The organization described the attack as a dangerous assault on critical energy infrastructure. According to PowerUp Nigeria, the March 6, 2025, attack at Ikeja Electric’s headquarters in Ikeja and its Oshodi Business Unit caused significant damage, including structural destruction, equipment damage, and temporary suspension of operations. PowerUp Nigeria’s Executive Director, Adetayo Adegbemle, deemed the attack “uncalled for” and a violation of public trust, posing a direct threat to Nigeria’s power sector. Adegbemle demanded an independent investigation into the attack, emphasizing the need for transparency, impartiality, and public disclosure of findings. He also stressed the importance of accountability, seeking prosecution of individuals and entities responsible for authorizing or executing the assault. “Power up demands full restitution by the Nigerian Air Force for damages incurred by Ikeja Electric and affected communities with concrete measures to prevent future attacks on critical infrastructure, including clear protocols for military-civilian engagements,” he said. PowerUp Nigeria reaffirmed its commitment to collaborating with government agencies, private sector stakeholders, and civil society to strengthen the resilience of Nigeria’s energy sector.     Source: https://energynewsafrica.com

Nigeria: Power Minister Blasts Army Officers For Visiting Mayhem On Electricity Staff, Infrastructure

Nigeria’s Minister for Power, Adebayo Adelabu, has condemned another attack on Eko Electricity Distribution Company (EKEDC) in Badagry, Lagos State, by Nigerian Army personnel. The minister also denounced the forceful abduction, intimidation, assault, brutalization, and destruction of facilities at the substation. This attack occurred less than a week after a similar assault on Ikeja Electric Distribution Company (IKEDC) staff and infrastructure by Nigerian Air Force personnel. In a statement issued through Bolaji Tunji, Special Adviser on Strategic Communications and Media Relations, Mr. Adelabu said the attack happened on March 14, following a temporary power outage. He described the vandalism, destruction, and forceful abduction of staff as unacceptable and a direct threat to Nigeria’s power supply stability and economic well-being. He called on the National Security Adviser, NSA, Nuhu Ribadu to intervene by calling security operatives to order, adding that there were ways such issues could be handled without resorting to violence, especially in a democratic setting. ”Electricity infrastructure is the backbone of the Nigerian economy and a critical enabler of development. “Attacks on these facilities and staff on duty undermine the efforts of the Federal Government to ensure stable and reliable power supply to homes, businesses, and public institutions. ”The repeated targeting of power infrastructure and the personnel of distribution companies by uniformed personnel, who are expected to protect national assets, are deeply troubling and raises serious concerns about discipline and accountability within our armed forces,” he said. The minister said that the army was emboldened to attack EKEDC facilities and staff because of the silence of the Federal Government on the earlier invasion of Ikeja Electric by the Air Force. “The NSA has to wade into this matter in order to forestall further attacks,” he said. The minister also said that the attack on EKEDC sub-station had resulted in significant damage, leading to power outages and disruptions in service to thousands of customers. He said that the attack came at a time when the government was working tirelessly to improve the efficiency and reliability of the power sector. Mr Adelabu said that actions were counterproductive and sabotage to the collective progress the country was striving to achieve. He called on the Nigerian Army to immediately investigate the incident and bring the perpetrators to justice. “The ministry of power also urges the military high command to take urgent steps to educate and sensitise its personnel on the importance of protecting critical national infrastructure. ”The repeated occurrence of such incidents suggest a systemic issue that must be addressed with the utmost urgency,” he said. Adelabu said that the power ministry remained committed to working with all stakeholders to safeguard power infrastructure and ensure uninterrupted electricity supply to all Nigerians. The minister said that though, he recognised the sensitive role of the military in safeguarding the country and protecting its assets, they should see the sector as a partner in progress and not its enemy. “We appeal to all Nigerians, including members of the armed forces, to recognise the importance of protecting our power infrastructure. “These facilities are vital to our collective prosperity, and their destruction harms us all,” he said.   Source: https://energynewsafrica.com

Nigeria: Dangote Refinery Halts Petroleum Sales In Naira

Nigeria’s Dangote Petroleum Refinery has suspended sales of petroleum in the country after it stopped receiving naira-denominated crude cargoes from the state-owned Nigerian National Petroleum Company (NNPC). A statement issued by Dangote Petroleum Refinery on Wednesday said the company has temporarily halted the sale of petroleum products in naira. .’’to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars. To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.” Last year, Nigeria’s beleaguered energy sector witnessed a very significant event after the Dangote Oil Refinery began producing gasoline and selling it domestically to NNPC, marking the first time in decades Africa’s largest oil producer is refining its own crude. The state-of-the-art $20.5 billion refinery was launched in January 2024, but only began producing gasoline in September. The giant refinery has a capacity to process 650,000 barrels of crude per day, considerably bigger than any refinery in Europe and more than enough for Nigeria’s needs. To sweeten the deal further, the facility has been buying crude and selling refined fuels in Nigeria in the local currency, saving the country’s much-needed foreign exchange, especially the U.S. dollar. Unfortunately, the arrival of the giant refinery has coincided with developments completely out of his control. Since the 1970s, the NNPC has been subsidizing fuel prices for local buyers. Every year, the state-owned firm has been gradually clawing this money back by depositing lower royalty payments with the Nigerian treasury. However, Nigeria’s new President Bola Tinubu was forced to scrap the subsidy in 2023 after it cost the government $10bn, more than 40% of the total money it collected in taxes. Further, he stopped the policy of artificially propping up the value of the naira, and let market forces determine its value. Nigerians are now paying ~$2.30 per gallon of gasoline, dirt-cheap by U.S. standards but triple what they were paying just a couple of years ago.             Source: https://energynewsafrica.com