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Diaspora Remittances Stood At $21.9b In 2022 — Tinubu

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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.

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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.

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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).

READ ALSO: IMF Retains Nigeria’s Economic Growth Forecast At 3.2%

“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.

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“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.

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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.

READ ALSO: JUST IN: CBN Raises Interest Rate

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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.

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“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.

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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.”

READ ALSO: 2023 Polls: INEC Meets Collation, Retuning Officers For Post-election Review

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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.

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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.

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(NAN)

 

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NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

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The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

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This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

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It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

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Dangote Refinery Reduces Fuel Price

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Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

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The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

READ ALSO:Dangote Refinery Gets New CEO

In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.

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The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.

In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.

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Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

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India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

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According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

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According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

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On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.

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