Chinese refiners to the rescue, maybe

Nigeria’s petrol prices jumped 22% in March as President Tinubu replaced the oil regulator and sought Chinese refinery help.

Nigeria’s energy sector is under pressure as rising fuel costs and structural challenges weigh on the economy. Data from the National Bureau of Statistics shows petrol prices surged over 22% in March 2026, worsening inflation and regional cost disparities. Meanwhile, Bola Tinubu has replaced the head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority to strengthen oversight. The Nigerian National Petroleum Company also signed a deal with Chinese firms to revive key refineries. Despite vast reserves and membership in the Organisation of the Petroleum Exporting Countries, low output and reliance on fuel imports continue to strain growth.