Business

Igbo Behind Major Investments In Nigeria, Says Speaker

Published

1 year ago

December 30, 2023

Editor

The Speaker of the House of Representatives, Abbas Tajudeen, has urged Igbo leaders to seek ways of interfacing with the Federal Government to address their legitimate grievances.

The lawmaker, in his address at the launch of the Peace in the South East Project, a brain child of the Deputy Speaker. Benjamin Kalu, lamented that despite South-East’s economic strengths, agitations in the zone had caused it many losses.

Speaking on Friday at the event held in Bende, Abia State, Abbas stated that the peace in the South-East was invariably, the peace and progress of the entire Nigeria.

In a statement issued by his Special Adviser on Media and Public Affairs, Musa Krishi, on Friday, Abbas noted that the PISE-P was borne out of his deputy’s deep love for the zone and profound concern over the rise of insecurity, “which has cast a dark shadow over the region.”

He lamented that the wave of insecurity “continues to cripple daily life and significantly paralyse socio-economic endeavours, in a region whose people are renowned for their resourcefulness and economic enterprise.”

Describing the project as “historic and patriotic endeavour” the statement quoted Abbas as saying, “Between 1956 and 1965, the then Eastern region was regarded as the fastest-growing economy in Africa and Asia. Indeed, the South-East has remained an economic powerhouse in Nigeria and sub-Saharan Africa, leading in trade and commerce.

“From Aba to Adamawa and Enugu to Europe, Igbo are known to be entrepreneurial, resourceful, peace-loving, savvy, tenacious and peace-loving. That is the character of the Igbo. That is who you are. Three of your cities, Aba, Onitsha and Nnewi, are among the most industrialised in Nigeria.

“A sizeable chunk of the major investments in many parts of Nigeria are Igbo-owned. Your contributions to the Nigerian economy, either through imports, business investments, or Diaspora remittances, among others, are indisputable.

“The contributions of the Igbo are apparent not only with regard to the economy but also in all fields of human endeavour, including literature, academia, the creative industry and many more.”

Despite its natural endowment, the Speaker added that the challenges facing the South-East have often manifested in the form of separatist agitations, unrest, and terrorism, noting that “The consequences on both lives and property have been colossal.”

To address these issues effectively, the Speaker said the stakeholders must first understand their root causes.

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.