By Udeme Akpan, Energy Editor

Nigeria may be heading for another round of inflationary pressure as crude oil prices climb above $100 per barrel following the escalating conflict between the United States and Iran, raising fears of higher petrol prices, increased transport fares and cost of living.

However, the Federal Government stands to earn significant unbudgeted oil revenue as a result of the development.

Nigeria’s Bonny Light crude traded above the $100 per barrel mark for the first time since May this year amid concerns that the Middle East crisis could disrupt global oil supplies. The region accounts for nearly one-third of the world’s crude exports, and any prolonged disruption is expected to keep prices elevated.

While the surge in oil prices offers a fiscal windfall for Nigeria, economists say the gains may be outweighed by the rising cost of living, as Nigerians are likely to bear the burden of higher fuel prices under the deregulated downstream petroleum market.

The 2026 Federal Government budget was benchmarked at a crude oil price of $64.85 per barrel, daily production of 1.84 million barrels and an exchange rate of N1,400 to the USDollar.

At current prices, Nigeria is earning about $35 more per barrel than projected, potentially generating billions of naira in additional revenue if production and exports remain stable.

However, the revenue gains may be moderated by lower-than-budgeted output. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), current oil production stands at about 1.7 million barrels per day, including condensate.

For consumers, the immediate concern is the likely increase in petrol prices. As international crude prices rise, import costs also increase, pushing up landing costs for imported fuel and forcing marketers to review pump prices upward.

Any increase in petrol prices is expected to trigger fresh hikes in transport fares, with knock-on effects on the prices of food, manufactured goods and other essential commodities across the country.

Commenting on the development, Managing Director of Petroleumprice.ng, Jeremiah Olatide, said the downstream sector has become increasingly volatile.

“With the resumption of loading by Dangote Petroleum Refinery in naira at N1,215 per litre on Wednesday, we expected fuel importers to reduce prices, and some actually did. However, the sudden spike in crude oil prices due to the Middle East crisis has disrupted that trend. We should expect more price instability in the coming weeks,” he said.

Similarly, National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, noted that while depots and filling stations had yet to implement widespread price increases, the impact could soon be felt across the economy.

“The implications will be far-reaching for households, businesses and the wider economy once operators across the value chain adjust their prices,” he warned.

Data from Petroleumprice.ng showed that before the latest crude price surge, several depots in Lagos, Warri and Calabar had reduced loading prices to attract customers, while prices in Port Harcourt remained largely unchanged. Pump prices at filling stations in Lagos and its environs currently range between N1,300 and N1,400 per litre, depending on location.

By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced 31 companies as winners of 37 oil and gas blocks in the 2025 Licensing Round, following a competitive bidding process that attracted 200 bids from 143 companies.

The winners emerged at the commercial bid conference held on Tuesday at the Transcorp Event Centre, Abuja, marking the conclusion of the competitive phase of the licensing exercise.

According to the commission, the 37 awarded blocks were selected from the 50 oil and gas blocks offered across the Niger Delta onshore, shallow water and deep offshore areas, as well as the frontier basins of the Benue Trough, Chad Basin, Anambra Basin and Benin Basin.

NUPRC said while 37 blocks attracted bids, 13 received no offers. It described the outcome as a milestone, noting that it was the first time Nigeria’s frontier basins had attracted such a high level of investor interest.

The successful companies include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field and Nuway Oaklane Limited.

Others are Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

Some companies secured more than one block. Attabanson Global Company Limited won PPL 2A33 and PPL 901, Gupsco Energy Limited secured PPL 2A44 and 2A51, Concept-Reel Petroleum Services Limited won PPL 2A47 and 2A55, Clinton Oil Field secured PPL 2A48 and 2A62, while Nikstallis emerged successful for PPL 2A61 and PPL 900.

The commission, however, clarified that the companies would only receive their final awards after paying the required signature bonuses and obtaining the approval of the Minister of Petroleum Resources, in accordance with the Petroleum Industry Act, 2021.

Speaking at the event, the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, congratulated the successful bidders and urged them to promptly pay their signature bonuses and commence development of their assets.

She warned that the commission would strictly enforce the “drill or drop” provisions of the Petroleum Industry Act, under which licence holders that fail to develop their assets within the stipulated timeframe risk losing them.

Eyesan also expressed appreciation to President Bola Tinubu for supporting the commission in delivering what she described as a seamless licensing round.

Zenith Bank Plc has been named Africa’s Best Bank and Nigeria’s Best Bank for the second consecutive year at the Euromoney Awards for Excellence 2026, reinforcing its position as one of the continent’s leading financial institutions.

The awards which were presented in London recognises the bank’s strong financial performance, digital innovation, customer service and contribution to economic development across Africa.

The Euromoney Awards for Excellence are regarded as one of the banking industry’s highest awards, assessing institutions on strategy, profitability, risk management, digital transformation and stakeholder impact.

Commenting, Zenith Bank’s Group Managing Director/Chief Executive Officer, Dr. Adaora Umeoji, described the awards as a reflection of the confidence reposed in the bank by its customers and stakeholders.

She said the recognition underscores the dedication of the bank’s workforce and its commitment to building a globally competitive African financial institution. According to her, the awards will further motivate the bank to deepen financial inclusion, deliver superior value to customers and support business growth across the continent.

Umeoji also acknowledged regulators across the countries where Zenith Bank operates for providing an enabling environment and dedicated the awards to the bank’s founder, Jim Ovia, for laying the foundation of excellence that continues to drive its success.

Zenith Bank sustained strong financial performance in the 2025 financial year, recording gross earnings of N4.19 trillion, profit after tax of N1.04 trillion, while reducing its non-performing loan ratio to 3.8 per cent from 4.7 per cent. The latest honours add to Zenith Bank’s growing list of international recognitions, including being ranked Nigeria’s number one bank by Tier-1 Capital for the 17th consecutive year in The Banker’s 2026 Top 1000 World Banks ranking.