Business

Dangote refinery cuts aviation fuel price to N1,650

Published

5 months ago

May 19, 2026

Dangote Refinery 2 1024x831 1 e1778177983979.jpg

Dangote Petroleum Refinery and Petrochemicals has reduced the price of aviation fuel, also known as Jet A1, to N1,650 per litre from N1,750 per litre in a move expected to ease pressure on domestic airlines struggling with rising operating costs.

The refinery disclosed the reduction in a statement issued on Tuesday, saying the intervention was aimed at supporting airline operations and ensuring stable fuel supply across the country.

The company also announced a 30-day interest-free credit facility for marketers and airline operators backed by bank guarantees, alongside its transition from dollar-based pricing to a naira-denominated structure.

“These interventions come amid growing concerns over the rising operational costs faced by domestic carriers, with aviation fuel accounting for a significant portion of airline expenses,” the refinery said.

Airline operators have repeatedly warned that rising Jet A1 prices were pushing airlines deeper into financial strain and threatening the sustainability of flight operations.

We had extensively reported on the impact of soaring aviation fuel prices on Nigeria’s aviation sector, including increased flight delays, cancellations, operational disruptions, and growing passenger frustration across several domestic routes.

At the peak of the crisis from April and May, some airlines reduced flight frequencies while operators raised concerns after Jet A1 prices climbed above N2,500 per litre in parts of the country.

The situation also triggered warnings from the Airline Operators of Nigeria (AON) in April, which threatened to suspend operations over the escalating cost of aviation fuel and other operational challenges confronting carriers.

Passengers across the country were affected by the disruptions, with many travellers increasingly questioning recurring schedule changes, delays and sudden cancellations by airlines already struggling with high fuel and maintenance costs.

The refinery said the latest reduction is expected to lower fuel procurement costs for airlines, improve operational stability and support efforts to moderate airfares.

The intervention comes as the Federal Government continues efforts to stabilise the aviation fuel market through the naira-for-crude initiative and other policy measures aimed at reducing pressure on operators.

A government technical committee earlier recommended the inclusion of aviation fuel under the naira-for-crude arrangement as part of measures to address persistent supply and pricing challenges within the sector.

The committee also projected indicative Jet A1 prices ranging between N1,760 and N1,988 per litre in Lagos, and between N1,809 and N2,037 per litre in Abuja.

Aviation fuel remains one of the largest cost components for airlines in Nigeria, alongside aircraft maintenance, insurance, foreign exchange and leasing expenses.

Related Topics:aviation cuts Dangote fuel N1650 price refinery

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Business

Leadway Named Insurance Company of the Year at 2026 BAFI Awards

Published

7 hours ago

October 16, 2026

PlateauReports

Leadway Assurance Limited has been named Insurance Company of the Year at the 14th BusinessDay Banks and Other Financial Institutions (BAFI) Awards, held at the Civic Centre, Lagos.

The recognition marks the company’s third consecutive win in the category, following its victories in 2024 and 2025, reinforcing its track record of sustained performance and standing in Nigeria’s insurance industry.

The achievement comes on the heels of a strong 2025 financial year, during which its revenue grew by 30%,from ₦173.2 billion in 2024 to ₦225.3 billion, while total assets increased from ₦1.024 trillion to₦1.155 trillion.

A statement released today noted that claims paid also rose by 17%, from ₦117 billion to ₦137 billion.

Speaking on the award, Gboyega Lesi, Managing Director/CEO of the company said: “Being named Insurance Company of the Year for the third consecutive year is a strong affirmation of the confidence our customers place in us. That confidence is built on consistency, accountability, and our ability to deliver when it matters most.

He noted that the ₦137 billion in claims paid in 2025 reflects this responsibility in tangible terms and reinforces our commitment to helping individuals and businesses navigate uncertainty with greater financial security.

“Our responsibility, however, extends beyond insurance. Financial wellbeing requires an integrated approach to protection, wealth creation, security, wellbeing and legacy planning. Through Leadway ecosystem, we are strengthening the connections across these needs to deliver more comprehensive solutions for individuals, families and businesses. This award is both an endorsement of the work we have done and a responsibility to keep raising the bar for service, value and trust across the industry.”

The leading insurer continues to evolve its product offerings in response to customers’ changing needs and emerging market opportunities.

In August 2026, the company introduced the Leadway Lifetime Plan, a whole of life insurance solution designed to extend financial protection to policyholders’ wider families while providing access to financial value during their lifetime.

In September, it unveiled the Arrival Pack, a specialised insurance solution for short term visitors to Nigeria and the businesses that serve them, ahead of the busy Detty December travel season.

Together, these offerings reflect Leadway Assurance’s commitment to product innovation and customer centric solutions, translating emerging needs into relevant insurance offerings that deliver value at different stages of life and across diverse customer segments.

Established in 2013, the BusinessDay Banking and other FinancialInstitution (BAFI) Awards celebrate outstanding performance across Nigeria’s banking and wider financial services industry, recognising the institutions and leaders shaping innovation, resilience, and growth

The post Leadway Named Insurance Company of the Year at 2026 BAFI Awards appeared first on Business Today NG.

Business

Nigeria’s inflation eases to 14.63% in September

Published

15 hours ago

October 15, 2026

PlateauReports

Nigeria’s headline inflation rate edged down to 14.63 per cent in September, from 15.39 per cent a month earlier, official data from the National Bureau of Statistics showed on Thursday, as the pace of increase in price levels continues to slow in Africa’s most populous country.

The development extends the downward trend in annual consumer inflation recorded in recent months, with inflation dropping marginally to 15.39 per cent in August from 15.43 per cent in July.

Food inflation stood at 19.59 per cent year-on-year in September, slightly higher than the 19.57 per cent recorded in August, but lower than the 20.16 per cent reported in September 2025.

Food accounts for a substantial share of household expenditure, particularly among lower-income households.

Core inflation, which excludes volatile items like agricultural produce and energy prices, stood at 12.95 per cent year-on-year in September, down from 13.29 per cent in August and 22.11 per cent in September 2025.

The annual figure indicates a continued slowdown in price increases outside the more volatile food and energy components.

The divergence between the annual and monthly figures suggests that, although underlying inflation has moderated considerably over the past year, some price pressures persisted during September.

Despite the slowdown in inflationary pressures, Nigeria continues to face a cost-of-living crisis, principally on account of elevated food prices and energy costs, which have hammered the disposable income of many households.

The drop in living standards has been fuelled by tough economic reforms introduced by the current administration, including the removal of fuel subsidies, devaluation of the naira and a prolonged hawkish monetary policy stance.

The statistics office’s data also reflected differences between inflation in urban and rural areas.

READ ALSO: CBN restates single-digit inflation target as FG woos investors with tax credits

Urban inflation stood at 15.64 per cent year-on-year in September, down from 20.63 per cent in the corresponding month of 2025. Rural inflation was lower at 12.46 per cent year-on-year, compared with 21.06 per cent in September 2025.

What the figures mean

The September data point to a further slowdown in Nigeria’s inflation rate, with annual headline inflation falling for another month.

A fall in annual inflation means that prices are rising more slowly than they did over the corresponding period a year earlier. A negative monthly rate, such as the September food inflation figure, means that average prices in the measured basket declined compared with the previous month.

With annual food inflation still at 19.59 per cent, the September figures show that the pace of food price increases has moderated over the past year, while the average cost of food remains higher than it was a year ago.