Business

New Ministry: Nigeria To Benefit From $1.5trn Global Blue Economy Annually

Published

2 years ago

August 19, 2023

Socio-cultural group, Ohanaeze Youths, has said that the nation will benefit from the blue economy estimated to be worth more than $1.5 trillion per year globally, with the creation of Marine and Blue Economy Ministry by President Bola Ahmed Tinubu.

The group, in a statement jointly signed by its leaders, Nwabueze Obi and Ekwem Eucharia, also said that the President made the right choice in appointing Hon. Olubunmi Tunji-Ojo as the Minister to man the affairs of the new Ministry.

The group expressed optimism that with Tunji-Ojo in charge of the ministry, the annual revenue losses occasioned by Nigeria’s inability to substantially harness its ocean resources will be a thing of the past.

The statement reads: “Nigeria will benefit from $1.5 trillion world Blue Economy with the creation of Marine and Blue Economy Ministry by President Bola Ahmed Tinubu.

“Blue economy is marine-based economic developmental process which leads to improved well-being through sound management of marine resources, fisheries, aquaculture, tourism, transportation, and maritime and inland ports.

“However, despite the massive resources in the blue economy which involve marine transportation and exploitation of living and non-living resources in the maritime environment, it has been revealed that Nigeria’s maritime sector is losing trillions annually due to its inability to exploit this resource base.

“Stakeholders have argued that harnessing the ocean blue economy would help to reduce African poverty and enhance food and energy security, employment, exports and economic growth.

“For instance, in 2009, exports from Nigeria were $80.1 billion and N49 billion as the goods were carried on Freight on Board (FoB), whereas imports to Nigeria stood at $942.3 billion and 33.9 billion and these were carried on Cost insurance and Freight (CIF).

“Evidently, the economy lost the maritime insurance and freight elements of both our export and import trade worth $122.4 billion in 2008 and $82.9 billion in 2009.

“We commend President Tinubu for finally creating this long overdue ministry, this will also create jobs for our youths.”

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

2 weeks ago

August 14, 2025

Editor

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.

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

Published

2 weeks ago

August 12, 2025

Editor

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.

Business

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

Published

3 weeks ago

August 11, 2025

Editor

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.

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.

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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.

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.