The Federal Competition and Consumer Protection Commission (FCCPC) says there is a need for sustained capacity building in competition reporting and issues.

The Executive Vice Chairman of FCCPC, Tunji Bello, said this in a statement made available to the News Agency of Nigeria (NAN) in Abuja on Sunday.

Bello described competition matters as a relatively new area in the country adding that it required specialised knowledge among journalists, regulators and other stakeholders.

He said that competition law and consumer protection regulations had made stakeholders’ education a priority for the commission.

Bello said that the FCCPC recently supported the training of judges through the National Judicial Institute (NJI) to deepen understanding of competition-related matters.

He noted that members of the judiciary also required exposure to the nuances of the emerging field.

“We recognised that because it is a new terrain, the judges themselves are not familiar with the nuances.

”So we brought in experts on competition,” he said.

Bello stressed that the media had a critical role in promoting public understanding of competition and consumer protection issues.

“If FCCPC is becoming more known to the public, it is as a result of the kind of publicity you have given us,” he said. (NAN)

Some traders in the Federal Capital Territory (FCT) have expressed concern over the impact of the recent fuel price increase on their businesses.

The traders on Monday, said the hike had increased transportation costs, reduced their sales and affected their profit margins.

A trader in Suleja, Umar Bayero said the recent increase in fuel prices had significantly increased his overall cost of doing business.

“As a trader, I depend on transportation both to source goods from suppliers and to move them to my place of business.

“From an economic perspective, this has contributed to higher input costs and reduced my profit margin,” he said.

Bayero said the cost of transporting and restocking his goods had increased considerably compared with what obtained before the fuel price increase.

“Depending on the distance and quantity of goods involved, my transportation and logistics expenses have increased by roughly between 30 per cent 50 per cent.

“Suppliers have also increased their prices because they face higher transportation and distribution costs.

“This has forced me to increase my selling prices to partly compensate for the higher cost of restocking and transportation,” he said.

He said he could not pass the entire increase on to his customers, as many now buy smaller quantities and focused only on essential items.

Another trader, Azubuike Okafor, said the situation had negatively affected his sales and profits.

“Higher operating and restocking costs have reduced my profit margin and customers having less money to spend has led to lower sales.

“Compared with the period before the fuel price increase, I am dealing with higher costs, weaker demand, and low profit,” he said.

Okafor said he was comparing suppliers to get better prices, buying items based on demand, and managing his stock more carefully.

He called for stable and affordable energy and transport costs, low-interest business loans, and better roads and transportation.

Another trader in Suleja, said he now spends an additional N70,000 on transportation.

Haneefa Anegbe of Rubis Mart, Suleja, said the cost of transportation had significantly increased, causing the prices of things to go up.

“The impact is not too much, we absorb it, but when an increase is significant, like something selling for N60,000 goes up to N68,000, we have no choice than to increase our price too.”

Anegbe said customers’ purchases had declined, because people were now more conscious that the year was ending and were saving to meet school fees and other expenses.

“The fact that we are not making sales is because our customers do not have so much to spend, so they have to distinguish their needs from their wants and prioritise their needs.

“Another major thing that will help is if income increases because no matter how much goods you purchase, if you are not selling, then you are not doing anything.

“I believe that if the minimum wage increases or customers earn more, spending will increase. They will be able to spend more to afford their basic needs,” she said.

A resident of Kubwa, Auwal Muhammad, said the recent fuel price increase had affected him in many ways.

“Transportation costs have gone up, and the prices of food and other goods have also increased,” he said.

Muhammad said that he now bought in smaller quantities, avoided unnecessary spending, and planned his expenses carefully.

He called for measures that could help reduce the burden of rising living costs.

Another resident, Fauziya Umar, said the fuel price increase had raised transportation fares and the prices of food and other essential commodities.

Unar said she had reduced the quantity of some items she bought.

“My spending ability has been affected, whereas my income remains unchanged,” she added.

She called for measures to reduce transportation costs and the prices of essential goods, as well as support to ease the burden of rising living costs.(NAN)

The Independent Petroleum Producers Group (IPPG) says domestic refineries may require more than 1.5 million barrels of crude oil per day (bpd) in the medium term.

The Chairman of IPPG, Adegbite Falade, said this at the third Nigeria Oil Refining Summit (NORS) 2026 on Monday in Lagos.

The summit had the theme “Refining For Value: Linking Upstream Supply to Downstream Demand”.

Falade, who is also the Managing Director of Aradel Holdings Plc, said the rising refinery demand would require corresponding growth in crude production.

He said Nigeria’s liquid production stood at about 1.

Falade said the projected demand would leave a narrow margin between available production and volumes required for exports and other upstream commitments.

He said the margin could be further affected by production outages, crude grade mismatches, OPEC commitments and evacuation disruptions.

“This is why the upstream industry must be placed at the centre of the refinery conversation,” he said.

Falade said Nigeria had about 37.01 billion barrels of crude oil and condensate reserves and 215.19 trillion cubic feet of gas reserves as of Jan. 1.

He, however, said converting the reserves to sustained production was critical to meeting rising domestic demand.

“That conversion requires capital. It requires fiscal stability. It requires security. It requires infrastructure. Nigeria cannot refine barrels that are not produced,” he said.

Falade said the solution was not to redistribute limited crude among competing users, but to grow production.

“The answer to rising domestic refining demand is not merely to redistribute a limited pool. The answer is to create more barrels,” he said.

He called for increased exploration and field development, stronger output from marginal assets and investment in crude evacuation infrastructure.

Falade said refinery feedstock must meet the right grade, volume, quality, location, timing and commercial terms.

He said stronger upstream production, reliable evacuation and a transparent domestic crude market would support Nigeria’s ambition to become a regional refining and petrochemical hub.

The summit brought together refinery owners, upstream producers, regulators, policymakers, investors and other stakeholders in the oil and gas value chain.(NAN)