Aliko Dangote spoke on Tuesday about the pricing of fuel produced at his 650,000 barrels per day refinery. The refinery owner stated that as soon as his company finalizes protocols with the Nigerian National Petroleum Company Limited (NNPCL), the product will be available.
“Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours, depending on NNPCL,” he said. Asked to speak on the pricing of petrol from his refinery, Dangote said, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.
“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.
He declared that “it’s a celebration day” for Nigerians and assured all citizens that they “are now going to have good petrol while the engines of your vehicles will last longer. You will not be having an engine issue, which a lot of us were having. It won’t happen at all”.
“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality,” Dangote said. Last December, Dangote, Africa’s leading industrialist, commenced operations at his $20 billion facility sited in Lagos with 350,000 barrels a day.
The refinery, which was previously hampered by regulatory disputes, wants to reach full capacity of 650,000 barrels per day by the end of the year. The refinery has begun to deliver diesel and aviation fuel to the country’s marketers, as well as petrol.
Nigeria, Africa’s most populous country, is facing energy issues, with all of its state-owned refineries inoperable. The country relies significantly on imported refined petroleum products, with the state-owned NNPCL being the primary importer of these important commodities.
Fuel queues are commonplace in the country. Prices of petrol tripled since the removal of subsidies in May 2023, from around ₦200/litre to about ₦869/litre, compounding the woes of the citizens who power their vehicles, and generating sets with petrol, no thanks to decades-long epileptic electricity supply.
President Xi Jinping expressed his willingness to collaborate closely with President Bola Tinubu to fully realize the exemplary roles of China-Nigeria diplomatic relations and boost China-Africa cooperation.
This was revealed during their meeting at the Great Hall in Beijing, when Tinubu was on a state visit at Xi’s request. The meeting comes ahead of the 2024 Forum for China-Africa Cooperation (FOCAC) summit, which will be held in Beijing from September 4 to September 6.
Xi added that since establishing diplomatic relations half a century ago, China and Nigeria have treated one other with mutual understanding, aiming for collective strength, unity, and win-win cooperation.
Xi proposed elevating bilateral ties to a comprehensive strategic partnership, citing the upcoming FOCAC summit as an opportunity to advance China-Africa relations.
He expressed readiness to work with Tinubu to fully unleash the exemplary role of China-Nigeria cooperation.
Tinubu expressed appreciation for the invitation, noting that the visit marked his second to China, first as governor of Lagos and now as president.
He acknowledged the long-standing China-Nigeria relations and the potential for strengthened trade and economic development.
The meeting culminated in the signing of a Memorandum of Understanding (MoU) on Belt and Road Initiative projects, news exchange cooperation, and television cooperation, among others.
President Tinubu was accompanied by Minister of Foreign Affairs Yusuf Tuggar, Sen. Uba Sani, Governor of Kaduna, and Gov. Abdul Rahman AbdulRasaq of Kwara, among others.
EU to Boost Renewable Energy in Nigeria's with €165 million Investment
On Tuesday, the federal government signed two Memorandums of Understanding (MoUs) with Mutual Commitment Company (MCC), a Chinese company focused on renewable energy. Mr. Bolaji Tunji, Special Adviser on Strategic Communication and Media Relations, submitted this statement to the Minister of Power in Abuja.
The Rural Electrification Agency (REA), an agency of the Ministry of Power, facilitated and signed the MoUs in Beijing during the African-China Cooperation Summit. Mr Adebayo Adelabu, Minister of Power, and Mr Abba Aliyu, Managing Director of REA, attended the ceremony.
Speaking at the event, Adelabu said that the MoUMoUs signings were important and would go down as a memorable day for Nigeria. He congratulated the REA and the National Power Training Institute of Nigeria (NAPTIN) for the achievement. ”The MoU will go a long way towards achieving Nigeria’s vision for the renewable energy subsector of the electricity sector value chain.
”I know Nigeria and China have lots of things in common, one of which is the high population of both countries. And countries with high populations have so much pressure. The first pressure is that of energy access, and the second is job creation. ”So when you take steps to achieve both, it is a thing of joy. I am particularly happy that this is happening during the tenure of President Bola Tinubu, as it is in line with achieving the Renewed Hope Agenda of the administration for the country, ”he said.
The minister reiterated that President Tinubu had prioritised the power sector as the driver of all other critical sectors of the economy and giving all the support to ensure that he delivered on his electoral promises.
He noted that energy access and expansion were the government’s major priorities because nothing could be achieved without a strong, stable, functional, and reliable electricity sector. ”We have relied so much on centralisation of our power sector for so long that it is not taking us anywhere, as almost 40 percent of Nigeria’s population lacks access to energy with its attendant consequences.
”So moving away from centralisation, we have decided to adopt the distributed power model to ensure that every Nigerian has access to energy.
”A lot of our population resides in the rural areas; a lot of our institutions—educational and tertiary health institutions—are isolated, and they are still facing epileptic power supply,” he said.
Adelabu said that the federal government also found out that the adoption of the distributed energy model would expand the energy net for Nigeria’s rural dwellers, rural businesses, universities, and tertiary health institutions.
He said that this was the reason the focus was now on renewable energy, which is believed to be scalable and could exist in isolation of the national grid that was currently facing lots of pressure.
According to him, as Nigeria continues to expand energy access, the country also wants to achieve a transition to cleaner sources of energy that are sustainable and environment-friendly. ”Which is why we have both a long-term and medium-term target to achieve net zero carbon emissions by year 2060 and also to enable us to achieve 30 percent of our energy generation coming from renewable energy by year 2030.
”So renewable energy is currently a major focus for us in the power sector,” he said.
He added that the two MoUs would achieve the vision for the renewable energy sub-segment of the power sector. ”A step like today’s will enable us to move up on our level of electrification. This will consequently lead to growth in our Gross Domestic Product (GDP) because of the economic activities that will be created.
”This will also save us foreign exchange expenditure on importation and create jobs for our people if we assemble these things locally,” he further said.
Speaking earlier, the managing director of REA reiterated the importance of the ceremony as it was capable of delivering on the presidential mandate of building local capacity and creating more job opportunities. Aliyu said that the REA would track the MoUs and ensure the delivery of the commitment within the tenure of the present administration.
”We will also track the economic factor that this initiative will drive, the level of GDP contribution, the employment opportunities provided, and the socio-economic activities that will crystallise,” he said.
Aliyu also said that the MCC was presently engaged in Nigeria with the construction of 12 MW and 3 MW power plants in Maiduguri and Kaduna, respectively. In the same vein, the Vice Chairman of MCC, Yan Zhezhu, expressed appreciation for the power minister’s commitment to Nigeria’s energy growth.
”We are not new to Nigeria, having started in Oyo State a long time ago. Presently, we have ongoing projects in Maiduguri and Kaduna, and we appreciate the cooperation we have so far received.
”Our projects have seen us working with states and the federal government in Nigeria, and we are committed to doing more,” he said.
Banks’ credit to the private sector in Nigeria surged by 34%, from N56.46tn in the previous year to N75.48tn in July. According to the data gotten from Central Bank of Nigeria (CBN), on credit to the private sector, this represents a monthly increase of approximately N2.29tn between June and July.
The credit to the private sector (CPS) encompasses loans, trade credits, and other account receivables and support provided by banks to the private sector within a specific period. It serves as a global measure of the banking sector’s financial strength and its contribution to the national economic agenda.
Experts believe that increased private sector credit is a significant boost to the economy, as there is a strong correlation between credit to the private sector and economic growth. Analysts at Cordros Capital predict that this trend will likely continue in the near future.
“We believe the re-enforcement of the CBN’s limit on Deposit Money Bank’s loans-to-deposits macro-prudential ratio will continue to drive the willingness of commercial banks to create risky assets over the short to medium term,” Cordros Capital stated.
Analysts, however, noted that the apex bank’s intensified monetary policy tightening measures could impact the magnitude of growth going forward.
A study published by the CBN noted, “Credit is growth-enhancing, even when trade openness, monetary policy, investment climate and infrastructure are low.”
The study found that private-sector credit increased economic growth.
The balance sheet strength of banks also determines the flow of credits, with the continuing increase in lending amidst macroeconomic headwinds underpinning Nigerian banks’ resilience and stability.
In a study on ‘Balance Sheet Strength and Bank Lending During the Global Financial Crisis’, researchers at the International Monetary Fund examined the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the credit outlook remained cautious, calling for an expansive distribution of credits across all tiers of companies and sectors.
Yusuf expressed concern about the uneven distribution of credit among different sectors and companies, particularly small businesses. He noted that while small businesses play a crucial role in job creation and economic inclusion, they may not benefit significantly from current credit allocation.
He attributed this to banks’ concerns about credit risk associated with lending to small businesses and certain sectors. He emphasized the need for efforts to promote inclusive and stable credit access to all sectors, including those that are particularly important for growth and employment, such as agriculture, manufacturing, real estate, mining, and construction.
Meanwhile, a report by the CBN showed that Nigerian banks had seen a significant increase in deposits during the first half of this year.
The report indicated that banks’ demand deposits rose from N26.7tn recorded at the end of December 2023 to N33tn by June 2024.
Nigerian banks have experienced steady growth in deposits throughout the year. Total demand deposits rose by 8.1% in the first quarter, reaching N28.9 trillion, and continued to climb by 14.3% in the second quarter, reaching N33 trillion.
This surge in deposits has provided banks with ample resources to expand their lending activities. Financial analysts believe that banks are well-positioned to continue increasing their loan portfolios, driven by a supportive regulatory environment and their aggressive growth strategies.
This article was written by Tamaraebiju Jide, a student at Elizade University
Cryptocurrency exchange platform, Binance, has called for the immediate release of its detained executive, Tigran Gambaryan, quoting concerns about his deteriorating health.
The company is urging the Nigerian government to allow Gambaryan to return home, warning of the potential long-term consequences of what it deems an “unjust detention.”
In a statement released by a Binance spokesperson on Tuesday, the company voiced its distress over a recent video showing Tigran in court, describing it as “a snapshot of Tigran’s current reality.” The spokesperson emphasized that “his health is rapidly declining,” and the company is “deeply concerned about the long-term consequences” of his continued detention.
Binance has argued that Tigran Gambaryan’s presence in Nigeria is not essential for resolving any alleged issues, suggesting that the Nigerian government could allow his release while continuing to address any concerns.“Nigeria does not need to keep Tigran in order for us to settle any alleged past issues,” the spokesperson said, adding, “We continue to implore the Government of Nigeria to let Tigran return home and let us continue in our engagements.”
Binance cited its recent successful resolutions of disputes in Brazil and India as examples of how constructive dialogue and legal adherence can effectively address historical issues. “Our recent resolutions with Brazil and India demonstrate how historical issues can be resolved through constructive dialogue and adherence to legal standards,” the statement read.The statement emphasized that such practices align with international business standards, implicitly urging Nigeria to adopt a similar approach.
Also, the CEO of Binance, Richard Teng, reacted to the video that had circulated social media, showing the Binance official lamenting unfair treatment reportedly meted out to him, saying, “This inhumane treatment of Tigran must end. He must be allowed to go home for medical treatment and to be with his family.”
Gambaryan, who appeared in court on Monday, informed Justice Nwite that his health had deteriorated since his detention, making it increasingly difficult for him to walk. He urged the court to seriously consider his counsel’s request for a wheelchair, emphasizing the urgent need for adequate medical care.
In response, Justice Nwite immediately addressed the issue by questioning the prison official present about the lack of a wheelchair for Gambaryan. After receiving an unsatisfactory explanation, the judge ordered that a wheelchair be provided without delay.
Gambaryan’s detention is part of a larger investigation into Binance’s operations in Nigeria, where authorities are scrutinizing the exchange for its alleged involvement in facilitating unregulated transactions and potential violations of Nigeria’s financial laws. While Binance has been cooperating with the investigation, the arrest and extended detention of Gambaryan have sparked considerable dispute.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company Limited (NNPCL) has entered into an agreement with the Dangote Petroleum Refinery to sell crude oil in Nigerian Naira.
This confirmation was provided by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday via its X handle, @NMDPRA_Official.
According to the statement by NMDPRA, the NNPCL has agreed to commence the sale and supply of crude oil to the Dangote Refinery using local currency.
The agency also revealed that the refinery is dedicated to providing an initial supply of 25 million liters per day of Premium Motor Spirit (PMS) to the domestic market starting in September 2024. Additionally, the refinery intends to raise this volume to 30 million liters per day in October.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million liters daily from October 2024,” it stated.
This article was written by Tamaraebiju Jide, a student at Elizade University
The UN has expressed its readiness to partner with Nigeria to strengthen food security and boost agricultural productivity in the country. UN Deputy Secretary-General, Dr Amina Mohammed, made this pledge when she visited the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, on Tuesday in Abuja.
Mohammed assured Kyari that the international community was ready to support the ministry to realise its mandate of ensuring food and nutrition security in the country. She expressed concern over the impact of climate change, food insecurity, cross border issues and other global challenges.
According to her, climate change knows no border. “On this visit, for us we hope to give you the visibility and support of the UN to continue to consolidate and increase and in convening many more partners for the challenges.
“I want to reassure you of the support of the UN on the journey ahead,” she said. In a remark, Kyari said that her visit Nigeria was timely in creating a paradigm shift that would further improve the agriculture sector with food systems.
The minister said Nigeria’s partnership with the UN was critical to addressing the attendant huge consumption demand in the immediate and long-term Plan of Action.
He said that the visit of the UN deputy secretary-general to Nigeria was to discuss the mutual partnership Nigeria had with the UN in the agriculture and food security sector.
“Also, the partnership will bolster efforts towards delivering on the Renewed Hope Agenda of President Bola Tinubu, as well as our strategies of operations over the next four years
“As you know, with our large population and growing demand for food security, Nigeria’s partnership with the UN is critical to meet the attendant huge consumption demand in the immediate and long-term plan of action.
“The UN organisations have, over the years, provided technical assistance in ensuring food systems and nutrition security in Nigeria.
“Currently, the ministry would appreciate further support on the Value Chain Development Programme; Value Chain North targeted at increasing food production in the northern part of Nigeria,” he said.
Equities investors on the Nigerian Exchange (NGX) won around N46 billion as oil stocks continued to gather pace on the local exchange. The market closed the trading session on a bullish note, following a significant boost in market valuation at the start of the week.
Key performance metrics increased by 0.08 percent. The All-Share Index rose 79.79 basis points to 96,873.74 points. The market rise has been fueled by increased purchasing activity in large and mid-cap stocks. Stocks include oil stocks. ETERNA, BERGER, OANDO, and others were among the biggest winners today.
According to Exchange data, market activity fell somewhat as total volume and total value traded fell by 5.04% and 5.67%, respectively. In its market update, market analysts at Atlass Portfolios Limited said approximately 473 million units valued at ₦10,411.32 million were transacted across 12,532 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 22.51% of the total volume of trades, followed by OANDO (9.94%), PRESTIGE (6.72%), UBA (4.27%), and TRANSCORP (3.76%) to complete the top 5 on the volume chart.
Again, OANDO emerged as the most traded stock in value terms, with 41.49% of the total value of trades on the exchange. CILEASING, GUINEAINS, and IMG topped the advancers’ chart with a price appreciation of 10.00 percent each. These stocks were trailed by ETERNA, which popped up by +9.90%.
Other gainers include ETRANZACT (+9.82%), DEAPCAP (+9.38%), LEARNAFRCA (+8.59%), BERGER (+8.39%), and twenty others. Thirty stocks depreciated during the trading session, according to data obtained from the Nigerian Exchange. RTBRISCOE was the top loser, with a price depreciation of -10.00%.
Other decliners include ABBEYBDS (-9.96%), MCNICHOLS (-9.68%), MAYBAKER (-4.05%), JAIZBANK (-3.59%), and ZENITHBANK (-1.79%). Given the trading direction, the market breadth closed negative, recording 28 gainers and 30 losers. Stockbrokers said the market sector performance was negative as four of the five major market sectors were down.
The insurance sector dropped by 0.35%, the consumer goods sector dipped by -0.30%, the banking sector fell by -0.06%, and the industrial sector fell by-0.02%. The Oil & Gas sector was a lone gainer, up by 0.59%. Overall, the equities market capitalisation of the Nigerian Exchange gained₦45.84 billion to close at₦55.65.
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The US dollar strengthened against its major trading partners early Tuesday, with the exception of a drop vs the yen following the long holiday weekend, as investors focus on August jobs statistics.
With the Federal Reserve currently focusing more on employment difficulties, a second consecutive lackluster report this Friday would raise expectations for a greater rate cut at the September 17-18 meeting.
The quiet period before of the Federal Open Market Committee’s September 17-18 meeting begins on Saturday, so Fed officials may speak after the report on Friday.
Thursday will see the publication of challenger layoffs, weekly jobless claims, revised productivity and labor costs, and service readings. Following the jobs report on Friday, the St. Louis Fed is expected to offer an update to the GDP estimate.
Currency volatility in the FX market increased Monday as US markets reopened following the lengthy Labor Day weekend and data releases took precedence.
The slack in the manufacturing sector has been priced in for some time, and analysts believe a relatively soft number is required to raise recession warnings and drive the currency considerably down. The consensus predicts a minor improvement in August, from 46.8 to 47.5.
A quick summary of foreign exchange activity heading into Tuesday showed that USDEUR fell to 1.1035 from 1.1072 at the Monday close and 1.1067 at the same time Monday morning. There are no Eurozone data on Tuesday’s schedule. The next ECB meeting is scheduled for Sept. 12.
GBPUSD fell to 1.3121 from 1.3147 at the Monday close and 1.3136 at the same time Monday morning. There are no UK data on Tuesday’s schedule. The next Bank of England meeting is scheduled for Sept. 19.
USDJPY fell to 145.9138 from 146.8849 at the Monday close and 146.8150 at the same time Monday morning. Overnight, Bank of Japan Governor Kazuo Ueda repeated his previous comments that the BOJ will raise interest rates further if the Japanese economy evolves as expected, according to Bloomberg. There were no Japanese data released on Tuesday.
The next Bank of Japan meeting is scheduled for Sept. 19-20. USDCAD rose to 1.3540 from 1.3493 at the Monday close and 1.3496 at the same time Monday morning. Canadian manufacturing PMI for August is set to be released. The next Bank of Canada meeting is scheduled for Wednesday, when the BOC is expected to lower its target rate to 4.25% from 4.50%.
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The Lagos International Trade Fair is set to make a comeback after 14-years, with organizers anticipating a massive turnout with the purpose of boosting the Nigeria’s economy, Vera Ndanusa, Executive Director, Lagos International Trade Fair Complex said.
Ndanusa further announced that the upcoming Lagos International Trade Fair is expected to draw over 100,000 visitors from around the world. She emphasized that the participation of foreign and local investors at the Fair will significantly contribute to the economic growth of both Nigeria and Lagos State.
The executive director made this revelation during the relaunch of the Fair in Lagos, which marks a 14-year break due to a lack of strong political support for holding the annual exhibitions at the Complex arena.
According to Ndanusa: “This year’s trade fair will attract over one hundred thousand visitors, within and outside the country and the gathering will in no doubt boost the economy of the nation. Participants are drawn from business leaders, industry professionals, and consumers from all over the world.
“Attendees will have the opportunity to explore a vast array of products, from consumer goods to industrial equipment, and engage with global exhibitors”.
She said the event will also feature seminars, workshops, and networking opportunities designed to foster business connections and spur economic growth in Nigeria and beyond.
“The objective of the Fair will showcase the latest industry innovations, foster networking and partnerships, as well as provide a platform for businesses to connect with potential customers, investors, and industry experts.
“With this relaunch, the management aims to reinforce Lagos status as a major commercial hub in Africa, significantly contributing to Nigeria’s economic growth, create job opportunities, and boost exports”, Ndanusa added.
The Lagos International Trade Fair relaunch, hosted by the Minister of Industry, Trade, and Investment, Dr. Doris Nkiruka Uzoka-Anite, emphasized the government’s intention to reposition the Complex as an alternative revenue source for the federal government, shifting away from oil.
Dr. Simon Omo-Ezomo, the Director of Special Duties at the Federal Ministry of Trade, Investments, and Commerce, representing the Minister, assured that the federal government would make concerted efforts to sustain the achievements of the ministry in enhancing the Complex’s appeal.
Lagos State Governor Babajide Sanwo-Olu commended Vera Ndanusa for successfully reviving the Fair after a 14-year break.
The Governor said the State government will continue to play a good host to ensure that the federal government achieves its objective of setting up the Trade Fair Complex.
Sanwo-Olu who was represented by the Secretary to the State Government (SSG), Bimbola Salu-Hundeyin, however, commended the efforts of the Fair Management Board for bringing back the popular trade fair after over a decade.
Also speaking, a House of Representative member, representing Lere Constituency of Kaduna State, Ahmed Munir, said the aim of the government is to provide a suitable working environment for businesses to thrive at the Complex.
Munir, the Chairman of the House Committee on Commerce, emphasized that the Lagos International Trade Fair is a valuable asset that requires basic amenities to thrive and generate significant revenue for the government.
He highlighted the importance of infrastructure such as good roads, reliable power supply, and adequate security to ensure the Complex’s success as an alternative source of government revenue.
The upcoming Fair, themed “Commercial and Industrial Trade Fair,” is scheduled to take place from November 15th to 26th, 2024.
This article was written by Tamaraebiju Jide, a student at Elizade University
Galatasary fans welcomed Victor Osimhen to Istanbul at 3 a.m., after he completed his loan move from Napoli. This move came after he was left off Napoli’s season squad list in favor of Romelu Lukaku, who was signed from Chelsea.
Osimhen was heavily linked to Chelsea and Saudi Arabian club Al Ahli throughout the summer transfer window, but none of the trades worked out for him.
His loan contract with Turkish club Galatasary has been arranged, and medicals were completed on Tuesday morning. According to transfer specialist on X @FabrizioRomano, his contract has a €75 million release clause, with Napoli having the option to extend it until 2027.
Loan move to Galatasary until June 2025, €9/10m salary covered by Galatasary with no buy option and no obligation.
The NNPC has raised petrol prices across Nigeria to between N855 and N897 per litre. The Nigerian National Petroleum Company Limited has increased the price of Premium Motor Spirit (PMS) from N568-N617 per litre to N855-N897 per liter.
This development is said to take effect on September 3, 2024. The NNPC’s fuel costs vary depending on location, with Lagos usually having the lowest price.
Internal communication reportedly emanating from the oil company said, “This is to inform you that NNPC Retail Management has approved upward review of PMS pump price from N617/itre to N897/litre effective today, 3rd September, 2024. Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter.”
However there has been no official confirmation from NNPC. While the NNPC filling station on Awolowo Road, Ikoyi, Lagos, is selling at N855 per litre, an NNPC station in Ibadan displayed N865 per litre.
The hike means that consumers will now pay much more at the pump. This price increase is also likely to have a wide-ranging economic impact, affecting transportation expenses as well as the prices of goods and services throughout the country.
This event comes just a few days after the NNPC announced that it is facing serious financial issues as it tackles increasing debt to petrol suppliers. In a press statement issued on Sunday by Olufemi Soneye, Chief Corporate Communications Officer, the NNPC confirmed stories in national newspapers concerning its large financial commitments. The corporation acknowledged that the financial hardship has put significant strain on its operations, putting a risk to its capacity to maintain constant gasoline delivery across the country.
“The financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply,” the statement read.
As the nation’s principal fuel supplier, NNPC plays a critical role in ensuring the availability of petroleum products, a responsibility underscored by the Petroleum Industry Act (PIA). The company reaffirmed its commitment to this duty, despite the current challenges, stating, “NNPC Ltd remains dedicated to its role as the supplier of last resort, ensuring national energy security.”
Recently, the NNPC revealed a record-breaking net profit of ₦3.297 trillion for the financial year ending December 2023, marking a significant increase of ₦749 billion, or 28%, from the ₦2.548 trillion profit reported for 2022. The company had also declared a substantial final dividend of ₦2.1 trillion.
This, however, is at variance with its declaration of facing financial challenges.
Oil prices are trading on a mixed note in the market, with concerns about global demand and deepening supply problems in Libya. China, the world’s largest crude oil user, has also seen a lack of demand due to economic difficulties.
China’s purchasing manager index (PMI) dropped to a six-month low in August, raising concerns about the top crude importer’s demand forecast. The country’s PMI fell by 0.3 points to 49.1 in August 2024, as China’s manufacturing industry continued to deteriorate over the preceding three months.
Meanwhile, Libya’s National Oil Corp. declared force majeure on a key oil field, which produces around 70,000 barrels a day, after exports at major ports were halted and production was curtailed across the country. Analysts now expect OPEC and its allies to stick to their plans to gradually unwind some output curbs and reintroduce some barrels into the market starting in October.
“Sustained outages at Libya could be a reason to add more barrels without weakening the fundamentals,” ANZ Research analysts say in a note. Brent crude is down 0.6% at $77.05 a barrel, while WTI is up 0.3% at $73.77 a barrel.
Meanwhile, despite the downward movement in the oil market, the OPEC+ group, which consists of OPEC and some non-OPEC producing countries, does not give up its decision to gradually reduce its voluntary additional cuts until the end of September 2025.
The group announced that the 2.2 million barrels per day (bpd) cuts will be gradually phased out on a monthly basis until the end of September 2025, and the United Arab Emirates’ (UAE) decision to increase output by 300,000 bpd.
The 38th Ministerial Meeting of OPEC and non-OPEC countries is scheduled for 1 December 2024. The decision alleviates the supply concerns of market players and aids the downward movement of prices.
On the other hand, ongoing uncertainties about the timing of the Fed interest rate cuts, continue to impact oil prices. Analysts stated that the data in the US employment report to be released on Friday might provide more information about the course of the country’s economy, and might also embody the Fed’s roadmap for the next period.
While it is certain that the US Federal Reserve (Fed) will cut interest rates by 100 basis points by the end of the year, predictions that a 50 basis point rate cut will be made at the meetings in November or December remain strong.
Billy Gilly-Harry, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, has warned of a potential increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming days.
This warning comes despite the Dangote Refinery commencing petrol production on Monday, which many believed could lead to a decrease in retail prices.
Gilly-Harry attributed the unsustainable current price, hovering around ₦600 per liter, to the Nigerian National Petroleum Company Limited’s (NNPCL) struggle to maintain an adequate supply of the product nationwide.
“We’ve been raising alarms that the NNPC has been selling products at ₦590 per litre. But the question is, who is bearing the brunt? We can’t continue to play politics with everything; the reality needs to be addressed.
“My advice to Nigerians is to brace themselves to buy petroleum products at prices dictated by market forces. While we recognize that fuel subsidies exist globally and that oil and gas are natural blessings for Nigerians, we must weigh the benefits of subsidizing PMS against other pressing challenges, such as health,” Gilly-Harry disclosed during an appearance on Channels Television’s Morning Brief on Tuesday.
The Nigerian National Petroleum Company Limited (NNPCL) has admitted to owing its petrol suppliers the sum of $6 billion, attributing this debt to the recent fuel queues observed in filling stations nationwide.
Inspite of this, Gilly-Harry, commended the NNPCL for its transparency in acknowledging this issue. However, he noted that the situation remains challenging for retail outlet owners.
Gilly-Harry also noted that PETROAN and other industry stakeholders are actively exploring innovative solutions to address the current fuel supply crisis.
“NNPCL is currently the only entity with the financial muscle to import PMS due to its access to dollars and a guaranteed market.
“However, this situation demands creativity and out-of-the-box thinking to ensure that Nigerians are adequately served,” he said.
This article was written by Tamaraebiju Jide, a student at Elizade University
Aliko Dangote, the President of the Dangote Group, has unveiled the first sample of Premium Motor Spirit (PMS), commonly known as petrol. Dangote made this presentation on Tuesday during a broadcast at his refinery located in the Ibeju-Lekki Area of Lagos State.
The 650,000-capacity refinery has conducted a test run of the product, marking a significant milestone in Nigeria’s domestic petroleum refinery.
“I would like to salute the people of Nigeria and the government of President Bola Tinubu for giving us the platform for growth, development, and prosperity. I also want to thank him personally for creating the idea of the Naira for crude. Doing that will give Naira stability.
“As we have this refinery working, it will show the true consumption of Nigeria; we can track every loaded truck and ship,” he said
He also said that his refinery will meet the demands of not only Nigerians but also sub-Saharan Africa.
Aliko Dangote has emphasized that his refinery will not only meet the domestic demand for petrol in Nigeria but will also cater to the needs of sub-Saharan Africa.
More details would be revealed later…
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian Employers’ Consultative Association (NECA) has expressed concerns over the Federal Competition and Consumer Protection Commission’s (FCCPC) recent focus on pricing regulations, suggesting that the commission’s actions may inadvertently harm the economy if broader issues affecting market dynamics are ignored.
Speaking during an appearance on the popular TVC business program “Business Nigeria”, Director General, NECA, Adewale Oyerinde expressed displeasure with the FCCPC’s recent directives mandating retailers to reduce prices.
Oyerinde noted that while the intent behind these directives—to protect consumers—is commendable, the approach failed to account for the complex factors driving up prices, which include foreign exchange volatility, rising energy costs, and supply chain disruptions.
“Price manipulation does occur, but the market should be allowed to regulate itself within the boundaries of fair competition,” he stated.
He emphasized the importance of empirical data and a comprehensive understanding of cost structures in determining fair pricing rather than what he termed as “conjectures” by regulatory bodies.
Oyerinde also highlighted the need for a more holistic conversation between regulators and the private sector to address the root causes of rising prices stressing that the government’s role should be focused on creating a conducive environment for businesses to thrive, including addressing supply chain bottlenecks and offering support in critical areas like energy costs.
While advocating for reforms that would reduce contradictions within the regulatory system, he urged the Federal Government to create a fair playing field for businesses as against giving handouts.
He also cited instances where different regulatory agencies impose conflicting requirements, thereby creating additional challenges for businesses already struggling with high operational costs.
The NECA DG called for government intervention that would ensure that regulatory actions do not inadvertently lead to negative socio-economic outcomes, such as job losses and increased insecurity.
Urging for an approach that balances the need for consumer protection with the realities of operating a business in Nigeria’s challenging economic environment, he expressed the organisation’s commitment to continue to engage with both governments to drive sustainable development and create a stable market environment that benefits all stakeholders.
Aliko Dangote, billionaire businessman has announced that the introduction of the naira-for-crude policy will lead to a 40% reduction in foreign exchange demand. He made this statement on Tuesday as he officially launched the production of petrol at the Dangote refinery located in Lagos.
Dangote, speaking on Arise TV, said, “I will like to salute the people of Nigeria and the government of President Bola Tinubu for creating the environment for us to thrive and also achieve this monumental of giving energy to our people for growth, and prosperity.
“I want to thank President Bola Tinubu for creating this idea of Naira for crude and Naira for the product. Doing that will give a lot of stability to the Naira and remove 40 per cent of the demand for dollars. That’s not just it, there is a lot of round t
Dangote emphasized that it would enable the tracking of loaded trucks, thereby facilitating an easier calculation of national fuel consumption.
“Now that we have this refinery working, it will show the true consumption of Nigeria. We can track each loaded truck and we will try as much as possible to track the loaded ships. Trucks, we can tell you where they are and for some of the products we have, we can tell you the consumption,”he said.
In April, the Federal Government announced that indigenous refineries now have the option to purchase crude oil in either naira or dollars. Additionally, it revealed that Nigeria’s total crude oil and condensate reserves had increased to 37.5 billion barrels as of January 1, 2024, with a life index of 68.01 years.
When operating at full capacity, the Dangote Refinery, is capable of processing 650,000 barrels of oil per day, converting over half of that into petrol.
This article was written by Tamaraebiju Jide, a student at Elizade University
Applications for the 2024 Aurora Tech Award for women innovators and entrepreneurs are now open from September 2, 2024, till November 21, 2024.
The award, which is open to women tech entrepreneurs from around the world, offers opportunities to showcase their innovations.
In the last two consecutive years, African innovators have won home the coveted top prize, offering an exciting opportunity for female tech visionaries across Africa to step into the global spotlight and make their mark once again.
This year, the award returns with expanded opportunities, increased financial support, and an ongoing commitment to nurturing the next generation of women tech leaders.
In recognition of the vital role women play in the tech industry, the prize fund for the award has been significantly increased with new prize distribution as follows: 1st Prize: $30,000; 2nd Prize: $20,000; 3rd Prize: $15,000; 4th Prize: $10,000 and 5th Prize: $10,000.
The application process for the award includes three stages of assessment: longlist, midlist, and shortlist.
After an initial evaluation by venture fund analysts, 100 participants will be selected for a pitching session with fifteen of them to be advanced to the final shortlist.
Aside that, shortlisted participants will also benefit from an enhanced mentoring program offering sessions with leading industry experts. This mentorship will span 2 to 2.5 months and will provide critical insights and guidance to help participants refine their projects and implement strategic changes.
To be eligible to participate, women entrepreneurs must meet the following criteria and these include ownership or co-ownership of a startup, the startup should have received funding or seed round less than or equivalent of $4million, startup must be 5 years or less, and a minimum viable product to showcase.
Speaking on the new development, Operations Excellence and Sustainability Director at inDrive, Asya Vildtstated that the company remains committed to women’s empowerment adding that supporting women in tech isn’t just about leveling the playing field but about unlocking the full potential of innovation.
“Women entrepreneurs bring fresh perspectives that are essential for solving today’s complex problems. At inDrive, we are committed to creating opportunities that empower women to lead in technology, as their success drives positive change across industries and communities. The Aurora Tech Award reflects our belief in the power of diverse leadership to shape a better, more sustainable future,” Vildt said.
Folake Owodunni, 1st prize winner of the 2024 Aurora Tech Award and founder of Emergency Response Africa in Nigeria, emphasized the importance of this platform, stating, “I don’t dwell on whether it’s because I’m a woman, or because of my color, or simply personal dislike.
“As entrepreneurs, we build resilience. We optimize for those who understand or align with us in some way. They don’t have to agree with everything, but at least there’s common ground”.
Also commenting, 3rd prize winner of the 2024 Aurora Tech Award and Founder of Deaftronics in Botswana, Sarah Phiri-Molema said winning the Aurora Tech Award has truly accelerated the company’s development and opened new doors.
“We participated in various other competitions, increased our visibility, especially outside our home country, and attracted the attention of international investors and potential partners.”
The Aurora Tech Award was established in 2020 to recognize and empower women founders of IT startups who are driving innovation and breaking down barriers. Both finalists and winners of the award will be announced between March and May 2025. Interested applicants can submit their entries through the Aurora Tech Award website athttps://www.auroratechaward.com/
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