Business
Farmers-herders Crisis Costing Nigeria $14bn In Losses Annually – Buhari’s Aide
Senior Special Assistant to the President on Agriculture, Dr. Andrew Kwasari has said Nigeria loses about $14 billion annually to the incessant conflicts between farmers and herders.
Kwasari revealed this in Abuja on Tuesday during his presentation at the Summit on National Livestock Transformation Plan (NLTP) with the theme: “Positioning The Nigerian Livestock Sector For 21st Century Economy, “jointly organised by the Federal Ministry of Agriculture and Rural Development and Agriculture Correspondents Association of Nigeria (ACAN).
To resolve the lingering crises between farmers and herders as well as reposition the livestock sector in the country, Kwasari, said the Federal Government in collaboration with states have begun the implementation of the National Livestock Transformation Plan (NLTP)2019–2028.
He noted that already 22 States have sent letters of expression of interest to the office of the Chairman of the National Economic Council and Vice President, Prof. Yemi Osinbajo, adding that 10 States have set up the States Livestock Transformation Office.
As part of the implementation strategy, he said four states have identified and mapped out the gazetted grazing reserves in their domain as well as taken off the implementation of the NLTP in earnest.
These states, according to him, include Nasarawa, Plateau, Adamawa and Kaduna.
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Also speaking, Dr. Mohammad Mahmood Abubakar, Minister of Agriculture and Rural Development, explained that the two-day Summit was organised with the aim of enlightening stakeholders, investors and the general public on the inherent investment opportunities that abound in the livestock sub-sector, dispelling misconceptions about the real intentions of Government for initiating the National Livestock Transformation Plan (NLTP) and to stimulate active participation of Nigerians to reap the full benefits of NLTP in the short, medium and long terms
Abubakar pointed out that the bulk of the Nigerian labour force is engaged in various forms of agricultural enterprises especially along the livestock value chain with over 30% of women and young adults depending largely on livestock for their income, livelihoods and sustenance, adding that the livestock sector remains a major component of the agricultural economy and plays a significant role in the overall national economy.
He revealed that the livestock sector accounts for about 2-5% of the National Gross Domestic Product(GDP) and 10% of the Agricultural GDP.
He said: “Recent estimates show that the livestock sector is endowed with abundant livestock resources with about 26.4 million cattle, 88.2 million goats, 50.3 million sheep, 8.9 million pigs, 465 million chickens, 36.4 million ducks, 3.8 million turkeys, 5.5 Rabbits, 353,173 camels, and 1,234,284 donkeys (FMARD 2021), thus making the nation the topmost livestock producer in West Africa”.
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
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.
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.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“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.
Business
Dangote Refinery Reduces Fuel Price
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.
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.
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.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
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.
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.
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.
READ ALSO:
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.
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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