The soaring cost of diesel, now nearing ₦2,000 per litre in parts of Nigeria, has plunged the real sector into a severe crisis, threatening to catalyze a sharp increase in the price of goods and worsen the existing cost-of-living hardships for the citizenry.....KINDLY READ THE FULL STORY HERE▶

Representing the industrial sector, the Crude Oil Refinery Owners Association of Nigeria (CORAN) has urgently called for governmental action to stabilize prices. CORAN’s Publicity Secretary, Eche Idoko, emphasized that diesel is the lifeblood of multiple sectors—including transport, agriculture, manufacturing, and telecommunications—and that its relentless price hike is crippling an already difficult business environment by driving up both production and logistics costs.

The association contends that a sustainable, long-term solution hinges on boosting domestic refining capacity, arguing that Nigerian refineries must receive an adequate crude oil supply to operate at higher output. CORAN highlighted the combined potential of the Dangote Petroleum Refinery and modular refineries, which together could produce up to 22 million litres of diesel daily—far exceeding the nation’s daily consumption of roughly 14.7 million litres. They are urging the Federal Government to guarantee this supply and move beyond reliance on imported products.

Manufacturers and bakers are already buckling under the pressure. Engr. Emmanuel Onuorah, President of the Premium Bakers’ Association of Nigeria, described the situation as “crazy” and “terrible,” noting a 150% increase in one of their major cost components over the last year. He stated that many businesses are no longer focused on profitability but on simple survival, having absorbed relief from flour millers only to have it wiped out by power and energy costs.

This crisis extends beyond factory walls to impact households directly. Onuorah pointed out the added burden on workers with fixed incomes, who are grappling with higher transportation costs to get to jobs where employers are already under too much pressure to raise salaries.

Economist Dr. Marcel Okeke warned that as long as energy costs remain high, the manufacturing sector will “continue to have the short end of the deal.” He characterized Nigeria’s reliance on generators as a systemic weakness that discourages investment and erodes economic competitiveness. Reinforcing this, the Manufacturers Association of Nigeria (MAN) reported a significant decline in industrial sector growth, which nearly halved in Q2 2026 compared to the previous year, largely driven by contractions in the energy supply sector amidst severe cost pressures.

CORAN concludes that energy-sector reforms must now “wear a human face,” insisting that Nigeria’s status as an oil-producing nation must translate into tangible benefits for its domestic industries and populace.