Business

China Visits Nigeria With 3 Ships, Strengthens Bilateral Relationship

Published

2 years ago

July 2, 2023

The Chinese Navy Escort Task Group (ETG) 162, comprising MSL Destroyer NANNING, MSL Frigate SANYA, and Supply Ship WEISHANHU, on Sunday visited Nigeria to strengthen bilateral relationship between the two countries.

The Chinese Ambassador to Nigeria, Mr Chi Jian Chun, said that the visitation of the Chinese envoy, scheduled for July 2 to 6, would also enhance maritime security within West Africa.

The News Agency of Nigeria (NAN) reports that MSL Destroyer NANNING, made the port call at Nigerian Port Authority (NPA) Berth 21, while the other two ships remained at anchorage.

Chun said that the delegation from China was big with more than 700 people and three ships to Nigeria.

“The visit is to further deepen the relationship the two countries have with one another and also seek to strengthen and improve our relationship and cooperation with each other.

“This visit demonstrates the harmony and symphony between Nigeria and China,” he said.

The ambassador said that China and Nigeria would continue to work together and promote peace and harmony while also seeking ways to make contributions to the international community.

“I believe that this visit will deepen the cooperation between both countries military sector so that we can work together to overcome obstacles.

“We will continue to do more things to facilitate and promote the relationship between the two countries,” Chun said.

Also, the Flag Officer Commanding (FOC) Western Naval Command, Rear Adm. Joseph Akpan, said the visitation would further help to cement the relationship between the two countries.

This is “especially between the Nigerian Navy and the Chinese Navy as well as the military. This will help us fight crimes, especially in the Gulf of Guinea.

“During their period of stay, our men will be interacting, we will be having some sporting activities, exchange of momentous and gifts.

“We will also discuss the future of both navies, especially on how we can benefit from each other,” Akpan said.

The FOC added that the term called ‘sea riders’ enabled some of the Nigerian Navy personnel onboard the Chinese ship and they could also have some of their own men onboard our ship.

“This helps to foster friendship across the horizon,” Akpan said.

NAN reports that the Chinese people resident in Lagos came out in their numbers to welcome the Chinese envoy at the NPA.

There was also a rich display of the culture of the Chinese people which could be seen in the colourful display of their synchronised dance routine at the port.

(NAN)

Business

Naira Depreciates Against Dollar

Published

9 hours ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.