Nigeria in April 2026: the most important developments in economy
Nigeria's economy in April 2026 centred on the Dangote Refinery and fuel prices. The refinery's crude supply doubled, but high import costs squeezed its margins. It lowered fuel prices after global crude costs fell, and it was described as having made Nigeria a net exporter of petrol. It also assured Africa of adequate fuel and fertiliser supply during the Iran war, and plans a 1.4 million barrel a day expansion said to create 95,000 jobs. Nigeria bought 61.7 million barrels of US crude, and the state oil company NNPC unveiled a new crude grade, shipped 950,000 barrels to the Netherlands and later raised oil prices by $7 a barrel amid the US-Iran war. As fuel prices surged across the country, Nigeria said it was seeking support from the IMF and the World Bank.
Power supply was the second theme. A $2 billion power bailout was described as a test of President Bola Tinubu's reforms. Rivers, Kano and 19 other states postponed taking over power distribution, and at the end of the month the Egbin plant shutdown and a grid fault cut electricity across Lagos.
Investment and infrastructure formed the third. The World Bank approved a $500 million credit for agricultural value chains. Tinubu inaugurated projects in Lagos, including a new terminal at Murtala Muhammed International Airport and a major road bridge. Nigeria and Morocco advanced a $25 billion gas pipeline deal, which they plan to sign in 2026. Nigeria also pushed to host an African Monetary Institute in Abuja, and Lagos and the Netherlands agreed a partnership on coastal protection and infrastructure.
On the currency and cost of living, the official rate stood at 1,520 naira to the dollar on 8 April. The National Labour Congress warned that even a 1 million naira salary is worth little without a stable naira, and a report said Nigeria loses 674 billion naira a year to foreign paper producers. Nigeria also tightened merger rules and consumer protection measures.
by WorldBrief & Maksim Micheliov | AI-generated summary
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