News
Nigeria’s Petrol Landing Cost Drops to N971 per Liter Despite High Pump Prices
In November 2024, the cost to import a litre of Premium Motor Spirit (petrol) into Nigeria decreased to N971, according to data released by the Major Energies Marketers Association.
This marks a 20.23 per cent decline from August’s figure of N1,219 per litre.
The shift in landing cost is largely influenced by changes in the Naira to Dollar exchange rate and the fluctuating global price of crude oil.
By the end of last week, the Naira was trading at N1,678.87 to the Dollar, while the price of Brent crude closed at $73.63 per barrel.
For comparison, crude had been at $80.72 per barrel in August when the exchange rate was N1,611 per Dollar.
These shifts directly affect the cost Nigeria incurs to import fuel, as international currency and crude prices heavily dictate these expenses.
However, despite the drop in landing costs, pump prices in Nigeria have remained high.
Fuel at Nigerian National Petroleum Company (NNPC) outlets and many other filling stations currently sells between N1,060 and N1,200 per litre.
This high retail price reflects additional logistics, distribution, and profit margin costs, along with the impacts of currency devaluation, keeping fuel relatively expensive for consumers.
Just months earlier, in August, Nigerians were paying N617 per litre, highlighting how much the situation has changed in just a few months.
The country’s largest private refinery, the Dangote Refinery, which is expected to help alleviate some of the nation’s dependency on imported petroleum products, recently set its ex-depot prices between N960 and N990 per litre for ships and trucks, respectively.
While promising to reduce import reliance in the long term, the Dangote Refinery’s price points illustrate the ongoing high costs involved in local production due to currency fluctuations and global oil market prices.
The Nigeria Labour Congress (NLC), which has been vocal about the economic pressure on Nigerian households, released a statement on Sunday.
The NLC emphasized that local petrol prices have become disconnected from actual market value, placing undue financial strain on Nigerians.
News
Diezani Alison-Madueke Seeks Court Approval to Amend Lawsuit Against EFCC Asset Forfeiture
Former Petroleum Minister Diezani Alison-Madueke has filed a motion to amend her lawsuit challenging the Economic and Financial Crimes Commission’s (EFCC) order for the final forfeiture of her seized assets.
At a Federal High Court hearing in Abuja presided over by Justice Inyang Ekwo, Alison-Madueke’s counsel confirmed filing the amendment motion and serving the EFCC. Notably, no EFCC representatives appeared in court.
The embattled ex-minister also sought an extension of time to contest the EFCC’s public notice regarding the sale of her confiscated properties, claiming she was denied a fair hearing during the forfeiture proceedings.
The EFCC, however, rejected Alison-Madueke’s allegations, maintaining that the forfeiture cases were lawfully adjudicated over time.
Justice Ekwo adjourned the case to February 17, 2025, to consider the motion to amend the originating process.
News
Tron Founder Justin Sun Buys $6.2M Banana Artwork, Plans to Eat It
Justin Sun, the founder of blockchain platform Tron, has purchased Comedian, a conceptual artwork by Maurizio Cattelan featuring a banana duct-taped to a wall, for $6.2 million at a Sotheby’s auction in New York.
Initially valued at $1–$1.5 million, the sale exceeded expectations, drawing bids from seven contenders. Originally priced at $120,000 during its 2019 debut at Art Basel Miami Beach, Comedian has sparked global debates about the absurdities of contemporary art.
Sun views the purchase as a cultural statement rather than a simple acquisition. “This bridges art, memes, and cryptocurrency,” he said, revealing plans to eat the banana as part of the artwork’s experiential essence.
Known for challenging societal norms, Cattelan’s works often provoke controversy. Buyers of Comedian receive instructions to replace the banana due to its perishability.
Sun’s acquisition highlights his growing involvement in art and tech intersections, following his $78.4 million purchase of Alberto Giacometti’s Le Nez. While celebrated as an entrepreneur, Sun has also faced legal challenges, including allegations of cryptocurrency manipulation.
The $6.2 million banana reinforces the unpredictable relationship between art, commerce, and culture, embodying modern art’s power to provoke and perplex.
News
Peter Obi Donates ₦20 Million to Mary Agro Farms for Food Security
Peter Obi, the presidential candidate of the Labour Party, recently took to his social media handle to share his visit to Mary Agro Farms, located in Omughu, Obeleagu-Umana, in the Ezeagu Local Government Area of Enugu State.
After attending the Peaceland University conference in Enugu, Obi traveled to the farm to witness firsthand the progress of one of the nation’s promising agricultural initiatives.
In his post, Obi reflected on his previous visit to the farm’s pilot scheme in Udi over two years ago, during which he offered his support.
Yesterday’s visit to the farm’s permanent site, however, left him astounded by the remarkable transformation that had taken place.
The expansion of Mary Agro Farms is a testament to the hard work and resilience of its management and staff.
Obi praised the farm for its significant progress, noting that the scale of operations had grown considerably, demonstrating the immense potential of innovative farming practices to boost food security in Nigeria.
As part of his commitment to supporting productive ventures, Obi made a generous donation of ₦20 million to Mary Agro Farms.
He expressed his hope that the farm would continue to stay innovative and productive, especially during a time when Nigeria is grappling with severe hunger, food scarcity, and inflation.
The visit came at a time when global organizations have raised alarm over the worsening hunger crisis in Nigeria.
The United Nations recently issued a stark warning, indicating that at least 33 million Nigerians could face a major hunger crisis by 2025 unless urgent measures are taken.
In addition, a report by Save the Children International highlighted that 5.4 million Nigerian children are at risk of acute malnutrition within the same period.
These statistics paint a grim picture of the food security situation in the country and emphasize the need for immediate intervention.
Obi urges action by calling governments at all levels to prioritize and invest in food production to address the crisis.
He stressed that the ongoing food scarcity and inflation must be met with concrete efforts to boost local food production and secure the nation’s future.
Mary Agro Farms, which has already demonstrated its potential with a strong commitment to agricultural productivity, has played a significant role in tackling food security challenges in the region.
The farm’s success story is a model for how innovative farming techniques can transform the agricultural sector and contribute to the fight against hunger in the country.
By expanding its operations and scaling up production, Mary Agro Farms aims to play a part in alleviating the pressure on Nigeria’s food supply, which is critical in a nation struggling with high food prices and limited access to basic nutrition for many of its citizens.
Obi commended the management and staff of Mary Agro Farms for their dedication and urged them to continue their efforts, emphasizing that the country’s path to a more secure and well-fed future lies in the hands of innovators and hardworking individuals like them.
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