Business

Diaspora Remittances Stood At $21.9b In 2022 — Tinubu

Published

2 years ago

July 25, 2023

The Federal Government said Diaspora home remittances in 2022 stood at US$ 21.9 billion through official channels.

Nigeria’s President, Bola Ahmed Tinubu, said this at the 17th annual National Diaspora Day (NDD), 2023, at the Conference Centre, Presidential Villa, Abuja, on Tuesday.

The theme of the day was: “Consolidating Diaspora Engagement for National Development”.

Tinubu was represented by Hon. Femi Gbajabiamila, his Chief of Staff.

The president said Nigerians were excelling globally and contributing immensely to the country’s development through their resources, talents, skills and global exposure.

“In 2022, our Diaspora home remittances through official channels stood at US$ 21.9 billion, over four times the value of our Foreign Direct Investment (FDI).

“The Nigerians in the Diaspora are also actively investing in healthcare, agriculture, education, information and communication technology, housing and real estate, sports, transportation, oil and gas and other sectors.

“This I must say is commendable and in our enlightened self-interest as only Nigerians both at home and abroad can develop Nigeria.”

He also estimated Nigerians in the Diaspora at over 17 million and reiterated that the government held the Diaspora in high esteem and worked hard to uplift engagements with them.

He said parts of the engagement included the passage of the Nigerians in Diaspora Commission (NiDCOM) (Establishment) Act in 2017, and its take off in 2019, and the approval and adoption of the National Diaspora Policy in 2021.

Tinubu also described the day as special owing to the new initiatives by NiDCOM to celebrate contributions of the Diaspora champions with the introduction of the maiden edition of the National Diaspora Merit Awards.

He said the initiative would serve as a morale booster for the Diaspora community and also encourage Diaspora engagement and participation for national development.

The president also commended the commission for its dynamic engagements with the Diaspora community, especially with laudable programmes for Nigerians in Diaspora to invest at home.

“I believe in the years to come, these programmes will impact tremendously on our economy by catalysing our developmental efforts.

“May I therefore encourage you to key into these programmes for our mutual benefits.

“May I also let you know that this new democratically-elected government is a Diaspora friendly one, which will provide an enabling platform for effective policies for the Diaspora with the view to galvanising support for the new administration and concretising our democracy, setting a good example for other African countries to emulate.”

He assured that the government would address some of the challenges the commission faced to make it more effective with the Diaspora for national development.

In her welcome address, Mrs Abike Dabiri-Erewa, Chairman, NiDCOM, said the theme of the day was a summary of the entire mandate of NiDCOM.

Dabiri-Erewa said the mandate was to engage and harness the talents, skills, resources and global exposure of Nigerians in the Diaspora for national development.

“Our interactions with the Diaspora community during this year’s National Diaspora Day celebrations therefore are expected to mobilise the Diaspora to key into some of the programmes of the government and to chart improved and better ways on how to achieve the positive results for national development within the “Renewed Hope Agenda” of the government.”

The chairman urged the federal government for a review of the Act setting up NiDCOM to streamline its activities by setting up a sustaining funding mechanism for the commission’s activities.

She encouraged the government to support and conclude the setting up of the Nigeria Diaspora Investment Fund (NDIF) as an investment window for the Diaspora, and the setting up of a Diaspora Intervention Fund for emergencies involving the Diaspora.

In his opening remarks, Amb. Adamu Lamuwa, Permanent Secretary, Ministry of Foreign Affairs, applauded the Nigerians in the Diaspora for their contributions in Nigeria.

Lamuwa was represented by Amb. Samson Itegboje of the ministry.

The permanent secretary commended NiDCOM for its efforts and promised to work hand-in-hand with the commission for better Diaspora relations.

Highlights of the day included a cultural performance by the National Council for Arts and Culture, a musical interlude performed by Christiana Igbokwe, granddaughter of the late Nigerian musician, Christy Essien-Igbokwe, a saxophone played by OreOfe Sax, among others.

(NAN)

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

1 week 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.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

1 month ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.