Business
Nigeria Has Potential Of Growing Automobile Industry, Exporting – Chinise Ambassador
Published
4 years agoon
By
Editor
The Chinese Ambassador to NIgeria, His Excellency, Mr. Cui Jianchun says NIgeria has potentials of growing the automobile industry, exporting to other countries in the process.
A statement signed by the Executive Assistant to GM Commercial CIG Motors, Adaugo Okoroji expressed this on July 9, 2021, when receiving delivery of a diplomatic fleet from GAC Motors in the Nigerian capital Abuja.
“This remarkable development will place Nigeria on an industrial landmark to other African countries both in economic advancement as well as strengthened diplomatic ties with the aim of encouraging foreign investment.
“The Diplomatic Delivery of the GAC Nigeria vehicles to the Chinese Embassy underlines the strength and cooperation between both Nations, bringing Know-how and Technology to a new level and marking the start of further Industrialization; while creating jobs and improving the living standards through independent manufacturing, in order to achieve a sustainable socio-economic development in Nigeria,” he said.
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The Chinese Ambassador said that the ceremony was the result of a long lasting relationship between GAC Motors Nigeria and the Lagos State Government. In a Milestone that was celebrated on the 4th of March, 2021.
“GAC MOTOR Nigeria entered a successful Joint Venture with the Lagos State Government, where H.E. Governor Babajide Sanwo-Olu signed an agreement to assemble and Produce GAC vehicles in a state of the art assembly plant in Lagos, marking the next step of the GAC Motor Brand’s local operation and effort to impact positively in the life of Nigerians,” he added.
H.E Mr. Cui Jianchun, in his speech, used the platform to express China’s and his personal support for the Nigerian Industry and the support and growth of GAC Motor Nigeria together with Lagos State and the Nigerian G
government.
He also used the platform to inform the audience that, “this really is an important time for me, I want to share with you that yesterday I presented my strategy – Nigeria China GDP Strategy for the next 50 years cooperation.
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“I want to let you know that this year is very special year, as both countries are celebrating 50 years anniversary since we started diplomatic relations 50 years ago in 1971. What I mean here is that in my strategy, one of the most important prioritized areas is the INDUSTRY.”
He further added “Without Industry you cannot get rich, you cannot get young people to work in this country, so what I mean here is that today is a good testament that the Chinese embassy including myself support the industry, the Motor industry in Nigeria in form of GAC Motors Nigeria.
“I believe that in the future if we get the confidence and get the support from the young Nigerian people, that GAC Motor Nigeria could send more young Nigerians to go to China to learn not only about Chinese culture, but most importantly about skills. In my strategy I think Industry, Technology and also Talent is very important for the development of Nigeria.
“I also want to take this opportunity to mention that GAC Motor not only represents a Chinese brand, I do believe this is also a good opportunity to let young Nigerians represent a local brand like GAC Motor Nigeria.”
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He assured that the partnership is gearing towards reinforcing the commitment of both parties in fostering massive economic growth of the Nigerian economy through business collaborations with China and as a role model for other countries and brands to follow this business model on a political and diplomatic level.
Following the handover, GM Commercial and Head of Communication of GAC Motor Nigeria, Mr.Jubril Arogundade said he was delighted by the development.
”GAC Motors is today, very delighted to venture into a partnership with the Chinese Embassy.
“This partnership is not just about growth, but it is a huge reflection and significance, to importance of the wide acceptance of the Chinese innovations and technology in the world and especially here in Nigeria where GAC Motors also operates its automobile company.
“GAC Motors identifies with young, innovative and brilliant individuals, and our business in Nigeria has enormously carried them along as the visionaries of tomorrow.
“We are glad to continue to showcase our strength in automobiles innovation through their young energies.
“Our brand has brought hope to the youth by creating industrialization; a factory where many talented Nigerians will have the opportunity to work and prosper as well. These youths are the future of Nigeria and the future is important to us at GAC Motor.”
It would be recalled that GAC Motors has invested in the future of mobility in Nigeria, and have continued to strengthen values through strategic partnerships with government and organizations, while delivering excellent service which is primary to the brands representation.
GAC Motor Nigeria in recent years achieved continuous growth results, fully demonstrating the quality, performance and excellence in service of this Premium product and the trust it enjoys within the Governmental and Diplomatic environment.
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
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.
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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.

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.
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“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
Published
3 weeks agoon
August 11, 2025By
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.
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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.
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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.
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