Business
Dangote Refinery Increases Nigerian Crude Intake, Reduces U.S. Imports
According to a recent report by Bloomberg, the Dangote Petroleum Refinery has scaled back its importation of crude oil from the United States, opting instead to increase the intake of Nigerian crude for its refining processes.
The refinery, with a capacity of 650,000 barrels per day, is now set to source more than 80% of its crude feedstock from domestic oil supplies during the third quarter of the year.
This marks a significant shift from the previous quarter, where less than 75% of the refinery’s crude came from local sources.
Data from tanker-tracking services and insights from traders confirm this growing preference for Nigerian oil, signalling a strategic move toward relying more on local resources for its operations.
The shift underscores the refinery’s role in supporting Nigeria’s energy sector by increasing the use of indigenous crude oil.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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