ABUJA — As part of efforts to attract investment, President Muhammadu Buhari has authorized the Nigerian National Petroleum Corporation (NNPC) to acquire a 20 percent stake in any private refinery producing at least 50,000 barrels per day. It was further revealed that the NNPC will soon get a 20 percent stake in the $19.5 billion Dangote Refinery in Lagos. It has the capacity of producing 650,000 barrels per day. A source in the NNPC revealed...

ABUJA — Timipre Sylva, Minister of State for Petroleum Resources has said the deregulation of the downstream sector is in Nigeria’s best interests. The minister who spoke on Sunday, at a forum hosted by the News Agency of Nigeria  (NAN) in Abuja called for the deregulation of petroleum through market-driven pricing of products to boost the country’s economy. He noted that the removal of fuel subsidy is a rational move that will be beneficial to...