Business
Nigeria to Supply Dangote Refinery with 400,000 Barrels Daily
The Federal Government plans to supply the Dangote refinery with up to 400,000 barrels of Nigerian crude oil daily under its naira-for-crude agreement, as reported by Bloomberg. This initiative will be implemented over the next two months, totaling 24 million barrels between October and November 2024.
The deal is expected to enhance the refinery’s operations and significantly impact the local oil market by reducing Nigeria’s crude exports. The Dangote refinery, the largest in Africa, will require 13 to 14 shipments from Nigeria’s typical monthly crude cargo of about 50, potentially lowering national exports to below 1 million barrels per day.
Although some shipments may face delays, the planned supply is much larger than the 255,000 barrels a day the refinery received during the first half of the year. As the refinery approaches full capacity, Nigeria may finally reduce its reliance on costly oil product imports, impacting the West African gasoline and diesel markets.
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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