Business
Dangote: My 650,000 BPD Refinery Was Built Without Government Incentives
Aliko Dangote, President of Dangote Group, stated that the construction of his 650,000 barrels-per-day refinery was accomplished without any form of support or incentives from the Nigerian government.
He made this known during the Crude Oil Refinery Owners Association of Nigeria Summit held in Lagos, where he was represented by the Executive Director of the Dangote Group, Engr Mansur Ahmed.
Dangote highlighted the refinery’s remarkable capacity, which already supplies enough diesel and jet fuel to satisfy Nigeria’s domestic needs, addressing the country’s long-standing dependency on fuel imports.
This project, located in the Lekki Free Trade Zone of Lagos, was built at a cost of $20 billion and began operations on January 12, 2024, with an initial refining capacity of 300,000 barrels per day.
By September 2024, this capacity was increased to 400,000 barrels per day, showcasing the rapid expansion of its output.
The refinery has since played a significant role in reshaping Nigeria’s energy landscape, with the Nigerian National Petroleum Company Limited (NNPCL) being the exclusive distributor of the refinery’s petrol.
This strategic partnership led to the distribution of petrol across the nation, beginning on September 15, 2024.
Following this development, NNPCL announced an adjustment in fuel prices, setting rates between N950 and N1,100 per liter across its retail outlets nationwide.
Despite Nigeria’s status as Africa’s largest crude oil producer, it has struggled for years to meet its refined petroleum needs domestically.
This has resulted in an overreliance on imports, a situation the Dangote Refinery aims to change.
Dangote emphasized that this refinery will not only reduce the nation’s import dependency but also boost economic growth by creating jobs and stabilizing fuel prices over time.
In his continuous push for reforms, Dangote has been a vocal advocate for the Nigerian government to completely eliminate fuel subsidies.
He reiterated this stance in September 2024, stressing that the removal of subsidies is essential for economic development, as it would free up government resources that could be directed toward infrastructure and social programs.
Business
Dangote Refinery Cuts Petrol Price from N970 to N899.50 for the Festive Season
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Business
Price of Beans in Nigeria Drops to ₦100K-₦120K, Traders Show Excitement
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Business
Nigeria Reclaims Top Spot as Africa’s Leading Oil Producer in 2024
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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