Business
Oil Marketers Request N100 Billion to Avoid Business Shutdowns
The oil markets have sent a letter to the President, dated October 21, seeking a grant of N100 billion to help prevent the imminent closure of businesses for about 10,000 marketers facing significant financial distress.
This appeal is due to the dire situation that many in the oil industry find themselves in during these challenging economic conditions.
Dr Joseph Obele, the National Public Relations Officer for the Petroleum Products Retail Outlets Association of Nigeria (PETROAN), expresses concerns regarding the skyrocketing costs within the sector.
He noted that the price of a truckload of Premium Motor Spirit (PMS) has skyrocketed from N7 million to an astonishing N47 million over the past 16 months.
This drastic increase has severely strained the financial viability of many marketers.
In a recent meeting held at PETROAN’s national headquarters, Dr. Obele revealed troubling projections that around 10,000 members may be forced to exit the business within the next 45 days due to expensive trading conditions.
He stated, “Our letter to the President reflects the urgent need for assistance.
The continuous rise in operational costs has made it nearly impossible for our members to sustain their businesses.
Without support, we fear many will be unable to keep their doors open much longer.”
Adding to the gravity of the situation, Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), acknowledged the concerning decline in fuel consumption affecting the industry.
He noted that the increased costs have compelled marketers to reduce their fuel purchases. “Previously, if someone bought 10 truckloads of fuel, they are now only able to afford eight.
This reduction means that we are not receiving the quantities needed to meet demand, and we are left selling only limited amounts,” Maigandi explained.
Also, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has raised alarms about the fallout from oil marketers’ inability to secure fuel supplies.
Mr Afolabi Olawale, the Secretary-General of NUPENG, painted a grim picture of the consequences faced by workers in the industry.
“The economic climate is bleak for many in this sector.
Numerous petrol station owners find it challenging to purchase even a single truckload of fuel, directly impacting our members,” he stated.
“Truck drivers struggle to find loads to transport, and many petrol stations have closed their doors, resulting in widespread job losses for station workers.”
The situation continues to evolve, and while Mr. Olawale noted that precise figures regarding the number of affected individuals remain elusive, he emphasized that the crisis affects both the formal and informal sectors of the economy.
“Everyone is feeling the impact, but those in the downstream sector, including truck drivers and petrol station workers, are facing the huge impact of these challenges,” he remarked.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has made a passionate appeal to Nigerians, particularly the youth, urging them not to leave the country.
In a keynote address at the 59th annual Bankers Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso highlighted the importance of staying and contributing to the growth of Nigeria’s economy.
Cardoso acknowledged the challenges facing the country but reassured citizens that the Central Bank was actively working to create an environment where both individuals and businesses could flourish.
He pointed out that leaving the country at this time could have detrimental effects, particularly for those who might choose to sell off their assets in the process.
“If you leave now, you’ll be selling your assets for a fraction of their value,” he explained.
“There are external forces looking for bargains who would take advantage of this situation, pocketing the profits and waiting for a time to sell it for a higher price.”
He further emphasized that now more than ever, Nigerians needed to stay and be part of the solution to the country’s problems.
“This is a critical time, and we need everyone’s efforts to help us turn things around,” he said.
“Leaving may seem like an easy solution, but it’s important to be part of the change and help shape the future of our nation.”
Despite the economic struggles Nigeria has faced, Cardoso remains optimistic about the country’s prospects.
He pointed to the growing interest in the Nigerian market, citing positive developments over the last year and particularly in the past six months.
“Opportunities are everywhere if we stay committed and invested in our nation’s future,” he remarked, adding that the reforms introduced by the Central Bank, although tough, were necessary to address the issues of today while securing better opportunities for tomorrow.
The United Kingdom plans to regulate cryptocurrency full time, a stamen was released on Tuesday stating new plans for crypto in 2026. This announcement was made amid the high demand of Bitcoin, crypto highly increased since the appointment of Donald Trump as president.
Donald Trump has made plans to be supportive and to better the cryptocurrency world, this alone gave the finance a huge boost and has been in high demand.
Dangote Price of cement increases from 50kg bag for 8800 thousand naira to Ten thousand naira in some states. The price inflation has sparked concerns as it affects construction workers and homebuilders.
Earlier in the year, the House of Representative summoned popular cement manufactures and addressed the issue of price. However the prices still remains and unchanged and increases, leaving building materials expensive.
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