Business

FG Commences Construction Of First Aviacargo Village

Published

2 years ago

August 16, 2023

Editor

The Federal Government through the Federal Airport Authority of Nigeria, FAAN, has commenced the construction of the first aviacargo village in the country.

This move according to FAAN is geared towards transforming the country into an export driven economy and also a hub for agro-export in Africa.

The cargo village occupies 27,000 square meters land mass, and can accommodate all the exports processes at the airport.

Vanguard had reported that since the introduction of air cargo system in the country, successive governments have failed to facilitate more export by air despite the availability of goods in the country.

A reflection of the development shows that the sector’s share of total trade volume appears abysmal, as most aircraft leaves the country almost empty.

But, in reaction to the development, the Managing Director, FAAN, Mr. Kabir Mohammed, while speaking at the ground breaking ceremony stated that, establishing an aviacargo village was identified as one of the quick wins in addressing the rejection of agro-export from Nigeria and increasing the country’s exports and earnings.

He said: “The cargo village which is one of the proposed recommendations of the aviacargo road map committee, setup by FAAN, is meant to streamline the process of agro-export in the country and create a seamless operation from the farm to the airplane before it’s ferried abroad.

“By this ground breaking ceremony taking place today, you can agree with me that FAAN management is truly determined to implement your recommendations with a view to taking the rightful number one position in aviacargo exports in Africa with the next few years.

“This cargo village will be one-stop-s aimed at addressing most challenges militating against massive aviacargo exports in our country.

“It will have facilities for cargo processing, packaging, certification, laboratory services, data gathering for traceability of products and produces etc.

“You can be assured that in the couple of years, cargo planes will be departing from our airports fully loaded with goods that meet destination standards and acceptance.”

On his part, the coordinator, Aviacargo Roadmap Committee, Mr Ikechi Uko said the ground breaking ceremony is a small step for agency and the committee members but a giant step for Nigeria.

“I want use this opportunity to thank FAAN, the management staff, for what they have done. This is a small step for those of us here but it is a magic leap not just for FAAN but for Nigeria. We are number five in Africa, when we ought to be number one and this today starts the journey to number one aviation cargo hub Africa.

“I thank the Managing Director for bringing this to fruition and the whole committee members for supporting this project since we started. And the next time we will be here, there will be evidence of what we have done today.”
VANGUARD

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

1 day 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

4 weeks 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.