Connect with us

Business

Okowa, Dikio, Others Harp On Reviving Niger Delta Economy

Published

on

Delta State governor, Dr. Ifeanyi Okowa, Interim Administrator of the Presidential Amnesty Programme (PAP), Col. Milland Dixon Dikio (rtd) and the Executive Director, Business Development, Nexim bank, Stella Okotete, have proffered solutions to the economic challenges of the Niger Delta region.

The trio spoke in Warri, Delta State at an economic summit organised by the Presidential Amnesty Programme (PAP) with the theme, ‘Restoring Wealth Creation in Niger Delta Region’.

Advertisement

Okowa, who was represented by the Executive Secretary, Delta State Micro, Small and Medium Enterprises, Orezi Esievo, called for more private sector involvement in the development of the region, saying government alone could not do it.

The governor, who spoke on the importance of SMEs to any economy, said his administration is open to partnerships that will ensure sustainable wealth is created for the people of Delta State and the region as a whole.

In his remark, Dikio said the summit was aimed at highlighting the limitless opportunities readily available within the region to enable the ex-agitators have an idea of how to benefit from it.

Advertisement

“This summit is a test-run of a larger one to come next year that will be all-encompassing. Basically, we are here to preach the gospel of shared prosperity. We can talk about how rich and prosperous Niger Delta is but if we don’t do something about it, it will be more wishful thinking”, Dikio said.

Okotete on her part worried that other regions in the country were taking advantage of their resources to create the needed wealth, while Niger Delta youths were relying on handouts.

She said with the agricultural resources in the region and the huge talents in the entertainment industry, people should form clusters and build the structures that will make it easier to access funding from institutions like the Nexim bank to begin export trade.

Advertisement

Okotete said, “Non-oil sector is what is driving the economy of every country and in this region, there are a lot of resources that can be exported. The various governments in the region need to create an enabling environment for more investors to come.

READ ALSO: Security Challenges May Affect Conduct Of 2023 Elections, Former INEC Boss Warns

“The government needs to create a balance between economic and infrastructural development. It’s not just enough to build roads, yes roads are good but they should also build industries.

Advertisement

“We must look at the export space. Export creates massive wealth. We must wake up and look into the future. Nobody will build the Niger Delta for us, it is only we that can do that. Let us start selling our region to the world and create a better future for our children.”

On his part, AVM Okorodudu (rtd), said it was unfortunate that since 2009 when the amnesty programme started, agencies of government like the Niger Delta Development Commission (NDDC), had failed to carry out their responsibility of reconstruction.

Okorodudu, who commended Dikio’s effort noted that funding the training of ex-agitators was an expensive venture, but added that it was a sheer waste of resources to train them without employing or engaging them.

Advertisement

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

on

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.

Advertisement

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.

READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

Advertisement

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.

Advertisement

 

Advertisement
Continue Reading

Business

Dangote Refinery Reduces Fuel Price

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement
Continue Reading

Business

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

Published

on

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.

Advertisement

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.

READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

 

Advertisement
Continue Reading

Trending