Business
OPS Fears Job Losses As Economic Growth Slows To 2.31%
Published
2 years agoon
By
Editor
The Organised Private Sector has expressed concern about possible jobs losses as the country’s economy in the second quarter of 2023.
The Nigeria’s Gross Domestic Product data released by the National Bureau of Statistics on Friday showed that the economy slowed to 2.51 per cent (year-on-year) in real terms in Q2 2023, compared to 3.54 per cent growth rate recorded in the corresponding period of last year.
The statistics body attributed the growth decline to the challenging economic conditions being experienced.
According to NBS, the performance of the GDP in the second quarter of 2023 was driven mainly by the services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.
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It added that the agriculture sector grew by 1.50 per cent, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.
“The growth of the industry sector was -1.94 per cent relative to -2.30 per cent recorded in the second quarter of 2022. In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022,” it noted.
In the quarter under review, aggregate GDP stood at N52.1tn in nominal terms, higher when compared to the second quarter of 2022, which recorded aggregate GDP of N45tn, indicating a year-on-year nominal growth of 15.77 per cent.
The GDP growth in the second quarter saw a slight improvement from Q1, which recorded a growth of 2.31 per cent.
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Earlier this week, the Manufacturers Association of Nigeria, in its Manufacturers CEOs Confidence Index, said that manufacturers were forced to cut jobs due to the current harsh economic environment.
The manufacturers also projected that there would be more job losses in the coming months, going by its forecast of the economic environment.
While speaking in an exclusive interview with The PUNCH, the President of the Manufacturers Association of Nigeria, Francis Meshioye, expressed worry that manufacturers were beginning to downsize, while others were divesting away from Nigeria.
On his part, the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the decline in economic growth could trigger job losses due to the decrease in productivity.
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He said, “If the GDP decreases, it can trigger job losses. It means that our output is on the decline. It means there is reduced productivity.”
Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Musa Yusuf, said the recent economic reforms in the country set off shocks that impacted the GDP growth negatively.
Yusuf said, “It is going to be difficult because nobody foresaw that the economic reforms will hit the economy so badly.
“It turned out to be a major shock, which has affected practically all sectors of the economy. The economy is still struggling to recover from the shock of the reforms.”
PUNCH
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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
2 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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