Business
Local Refineries Still Await Crude Oil in Naira Following Tinubu’s Directive
Dangote Refinery and other local refineries have yet to acquire crude oil in Naira, despite a recent directive from President Bola Ahmed Tinubu.
Eche Idoko, the Publicity Secretary of the Crude Oil Refiners Association of Nigeria, revealed this information in a statement issued on Tuesday.
Idoko explained that, following the President’s directive last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was expected to initiate the process.
However, the refineries have not yet begun purchasing crude from the Nigerian National Petroleum Company (NNPC). While individual refinery members have submitted requests to NNPC, no progress has been made in this regard.
Idoko also pointed out that the usual protocol would involve the NMDPRA organizing a meeting with all relevant stakeholders to establish a framework for crude oil supply.
Alternatively, NNPC would need to address the numerous requests from the refineries for crude.
Last month, President Tinubu instructed NNPCL to provide crude oil to the Dangote Refinery, which has a capacity of 650,000 barrels per day, along with other local refineries.
This directive was aimed at ensuring the country meets its domestic production target of 450,000 barrels per day, as stipulated by the Petroleum Industry Act.
The President’s intervention was intended to resolve the ongoing crude supply issues faced by the Dangote Refinery.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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