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.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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