Business

US Assures Edo Of Benefiting From Trade With Nigeria

Published

3 years ago

June 19, 2022

Miami Trade Missionaries from District 2, Miami Florida, at the weekend, said Edo State would benefit from the $3.2bn worth of investment annually from the United States of America and Nigeria’s bilateral trade relations.

The Miami Commissioner, Jean Monestime, led a 40-man delegation to Edo State on bilateral trade relations.

He said the Federal Capital Territory, Abuja, as well as Lagos and Edo states would benefit from aviation, tourism, and cultural investments to build on the US and Nigeria’s existing trade relationships.

He said, “The United States and Nigeria currently trade more than $3.2 billion. I do not think that this pie is big enough for Edo State to receive its fair share of trade and Commerce with Miami Dade County.

“I have learnt a little about the rich culture that you have here. So, we look forward to you bringing your delegation to Miami.

“So, you can basically share with us your thoughts about how you desire to promote this great state – Edo, and how the exchanges may continue between Miami Dade and Edo State.

“We have amongst us, different business owners. We are not here to transact ourselves, but to transact business and tell you about the values that we have that you can take advantage of which will be beneficial to your state, Nigeria, and the United States.”

Continuing, the commissioner said, “Honourable guests, we are here (Edo) on a business development mission. We have a diverse workforce and more than 52 per cent of our workforce residents are foreign.

Responding, the Edo State Governor, Mr. Godwin Obaseki, expressed gratitude to the delegation for the trade mission and gave a brief history of how the talk between the state and Miami Dade County began towards diversifying the economy of the state.

He highlighted the huge potential of the state and the steps that the government had taken toward the reduction of unemployment.

The governor noted that his administration had built infrastructure and raised youths in line with his campaign promises to the electorate.

“We are looking inward to galvanise opportunities, exchange, and look out to our brothers in America. For us, culture is powerful. Our dream is to make Edo State the Culture Capital of Africa. Rabat in Morocco is the beginning of the journey, Ghana is the gateway and Nigeria is the destination.”

Business

Naira Depreciates Against Dollar

Published

2 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks 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.