Trending News: OPPOSITION COALITION REJECTS PDP, LP PLOTS MASSIVE MOVE TO SDPMASS EXODUS HITS KADUNA APC AFTER EL-RUFAI’S EXITI REMOVED FUEL SUBSIDY TO PROTECT UNBORN GENERATION – TINUBUWHY RETAILERS, MARKETERS DUMP DANGOTE REFINERY PETROL FOR IMPORT – STAKEHOLDERSDRAMA IN LAGOS ASSEMBLY AS OBASA FILES CORRUPTION CASE AGAINST MERANDA, MOVES TO REMOVE HER NAME AS FORMER SPEAKEROVER SEVEN MILLION SMALL BUSINESSES SHUT DOWN IN TWO YEARS – NESG2025 GLOBAL FIREPOWER INDEX: NIGERIAN MILITARY RANKS 31ST, 3RD IN AFRICAFUBARA, WIKE, OTHER GOVERNORS BREAK FAST WITH TINUBU IN ASO ROCKPRESIDENCY DISAGREES WITH CATHOLIC BISHOPS OVER STATE OF NATION, SAYS GOVT MOVING IN RIGHT DIRECTIONDUBEM ONYIA, FORMER MINISTER DIES AT 73LG AUTONOMY: ALGON DRAGS FG, STATES TO COURT OVER FAAC SHARINGWHY I DUMPED APC FOR SDP – EL-RUFAIRIVERS ASSEMBLY ORDERS ARREST OF RISIEC CHAIRMAN’S ARREST OVER MISSED SUMMONSUPREME COURT DISMISSES ANYANWU’S BID TO STAY EXECUTIONRESIGN OR BE IMPEACHED, RIVERS APC CHAIRMAN, TONY OKOCHA, TELLS FUBARATINUBU KICKS OFF 2027 CAMPAIGN RE-ELECTION IN THE NORTHEL-RUFAI QUITS APC, JOINS SDPEFCC RECOVER N1TRN STOLEN CASH, ASSETS FROM POLITICIANS, OTHERSEFCC RECOVERS N1TRN STOLEN CASH, ASSETS FROM POLITICIANS, OTHERSPREMISES OF ABA GEOMETRIC POWER STATION ON FIRENIGERIAN BILLIONAIRE SOCIALITE, FOLORUNSO ALAKIJA, BACK ON SOCIAL MEDIA AFTER REPORT OF LOSING SIGHTUS SUPREME COURT RULES TRUMP MUST UNFREEZE FOREIGN AID PAYMENTSNIGERIANS DEBATE SENATE MATTERS LIKE COMMENTATORS ARGUING MESSI, RONALD – AKPABIONIGERIANS DEBATE SENATE MATTERS LIKE COMMENTATORS ARGUING MESSI, RONALDO – AKPABIORIVERS LAWMAKER REJECTS FUBARA’S INVITATIONRIVERS LAWMAKER REJECTS FUBARA’S INVITATIONMANY NIGERIANS ABROAD LIVING IN REGRETS, DEPRESSION – ABIKE DABIRI-EREWACATHOLIC BISHOPS REJECT TINUBU’S POLICIES, SAY THEY’RE PUSHING MILLIONS INTO POVERTYWHY GOV FUBARA INVITED RIVERS ASSEMBLY MEMBERSWHY GOV FUBARA INVITED RIVERS ASSEMBLY MEMBERSFUBARA INVITES ASSEMBLY MEMBERS TO MEETING OVER SUPREME COURT JUDGEMENTAS COCOA PRICES SOAR, NIGERIA EYES BIGGER MARKETNIGERIA RANKS AMONG WORLD’S DEADLIEST UNDER TINUBU’S GOVTMIYETTI ALLAH LEADER SHOT DEAD IN KWARAANAMBRA CLERICS SLAM GOV SOLUDO OVER BAN ON PUBLIC PREACHINGINTEREST GROUPS FLOOD NASS WITH MEMORANDA OVER TINUBU’S TAX REFORM BILLSINTEREST GROUPS FLOOD NASS WITH MEMORANDA OVER TINUBU’S TAX REFORM BILLSATIKU NOT DEFECTING – MEDIA AIDEI WAS KIDNAPPED BY FULANI HERDSMEN – AFENIFERE YOUTH LEADERTRUMP APPOINTS NEW AMBASSADORS TO REPRESENT US IN DIFFERENT COUNTRIESFUEL PRICE SLASH: WE WON’T REDUCE FARES – TRANSPORTERSHOW LAGOS SPEAKER OBASA TRICKED ASSEMBLY MEMBERS TO RETURN, FAILED TO RESIGN AS AGREEDPAROCHIALISM OR COMPETENCE?, EXPERTS ANALYSE TINUBU’S ECONOMIC TEAMPAROCHIALISM OR COMPETENCE?: EXPERTS ANALYSE TINUBU’S ECONOMIC TEAMPOPE FRANCIS SHOWING GOOD RESPONSE TO TREATMENT – VATICANPOPE FRANCIS SHOWING GOOD RESPONSE TO TREATMENT – VATICANFEMALE LEGISLATIVE AIDES HONOUR AKPABIO FOR BEING GENDER-FRIENDLYNATASHA AKPOTI TRAUMATIZED ME, OTHERS – AKPABIONATASHA AKPOTI TRAUMATIZED ME, OTHERS – AKPABIOWHY BUHARI RELOCATED FROM DAURA TO KADUNAOPPOSITION LAWMAKERS VISIT SUSPENDED NATASHA AKPOTI, PROMISE QUICK RESOLUTIONCOURT DOCUMENTS REVEAL PAST LEGAL DISPUTE INVOLVING NATASHA, HUSBANDNNAMDI KANU’S CASE FINALLY REASSIGNED TO ANOTHER JUDGEFUBARA’S COMMISSIONERS, ELECTORAL COMMISSION CHAIRMAN DRAG RIVERS ASSEMBLY TO COURT AS TWO ELECTORAL COMMISSIONERS RESIGNNATASHA VS AKPABIO: LET NATASHA TAKE LIE DETECTOR TEST – RENO OMOKRIWHEN I SACKED EX-NDDC BOSS FOR PARADING FAKE NYSC CERTIFICATE, SHE ALLEGED IT WAS BECAUSE OF SEXUAL HARASSMENT – AKPABIOBABANGIDA IN HIS OWN WORDS BY BUNMI MAKINWA40-STORY FIRST BANK HEADQUARTERS, TALLEST BUILDING IN NIGERIAMY SEAT HAD BEEN CHANGED AS WELL – OSHIOMHOLEAMERICANS APPLY IN RECORD NUMBERS FOR UK CITIZENSHIP AFTER TRUMP’S RE-ELECTIONRIVERS ASSEMBLY EXTENDS 72 HOURS INVITATION TO ELECTORAL COMMISSION CHAIRMANTINUBU REJECTS N942BN CENSUS BUDGET, PROPOSES USE OF CORPS MEMBERSOBASA’S REINSTATEMENT AS LAGOS ASSEMBLY SPEAKER DIVIDES GACFG MOVES TO BROKER PEACE BETWEEN NATASHA AKPOTI, SENATEI DIDN’T CALL SUPREME COURT’S RULING ON RIVERS STATE RECKLESS – PETER OBIFG APPROVES 11 PRIVATE VARSITIES SUSPENDS NEW APPLICATIONSWHY NO SENATOR OPENLY SUPPORTED NATASHA – SHEHU SANITRANSPORT FARES REMAIN HIGH DESPITE PETROL PRICE DROPENUGU GOVT BANS UNLAWFUL PASTING OF POSTERS, OFFENDERS TO PAY N50M FINEDR. DOYIN OKUPE IS DEADRIVERS CRISIS: WHY WE RESTORED PRO-WIKE LAWMAKERS – SUPREME COURTNATASHA AND SEAT REARRANGEMENT CONTROVERSY, BY SENATE SPOKESMANFG FREEZES BANK ACCOUNTS OF SIMON EKPA, 16 OTHERSTENSION IN RIVERS AS ASSEMBLY CONTINUES TO PRESSURIZE GOVERNORWE ARE ONLY CELEBRATING OBASANJO’S OFFICIAL AGE, HE’S 90 PLUS – AMOSUNPDP SUFFERS BAD MARKET IN ANAMBRA AS GUBERNATORIAL ASPIRANTS FAIL TO BUY FORMFULL TEXT OF NATASHA’S PETITION AGAINST AKPABIOFULL TEXT OF NATASHA’S PETITION AGAINST AKPABIOTINUBU’S WIFE SPEAKS ON NATASHA’S SUSPENSION, SAYS SENATE DOING WHAT IS NEEDFULI SLEPT AT DANGOTE CEMENT FACTORY WHEN I ATTENDED NATASHA’S WEDDING – AKPABIOLAWMAKERS WHO SUFFERED SUSPENSION BY NATIONAL ASSEMBLYWHO IS THE REAL SENATOR NATASHA AKPOTI?BAD MARKET FOR PDP IN ANAMBRA STATE AS ASPIRANTS FAIL TO BUY GUBERNATORIAL FORMTHIS INJUSTICE WILL NOT STAND – NATASHA AFTER SUSPENSION BY SENATESENATE HANDS SIX MONTHS SUSPENSION WITHOUT PAY TO NATASHA OVER SEXUAL HARASSMENT ALLEGATIONI’M RESTING AFTER DELIVERING $20BN REFINERY – DANGOTESEXUAL HARASSMENT: CSOS BACK AKPABIO, CALL ALLEGATION CHEAP BLACKMAILNO PLAN FOR CHIEF GEORGE TO GO ON LEAVE – RIVERS JUDICIARYCOMPLAINTS OF HUMAN RIGHTS VIOLATIONS IN NIGERIA INCREASE BY 25% IN FEBRUARY 2025ENOUGH IS ENOUGH: SOUTH EAST YOUTHS GIVE KILLER HERDSMEN 48 HOURS TO VACATEWHAT STATES CONTRIBUTED TO VAT POOL AND WHAT THEY RECEIVED IN JANUARY 2025NIGERIA RANKS SIXTH IN GLOBAL TERRORISM INDEX, 565 KILLED IN 2024SECURITY BEEFED UP AT ABUJA HOTEL WHERE EX-IMMIGRATION BOSS WAS FOUND DEADWILD ELEPHANTS ATTACK FARMLANDS IN BOKI, CROSS RIVER STATE, REPS RAISES ALARMWILD ELEPHANTS ATTACK FARMLANDS IN BOKI, CROSS RIVER STATE, REPS RAISES ALARMHIGH COURT HAS AUTHORITY TO STOP RIVERS REVENUE ALLOCATION, SUPREME COURT, FAULTS APPEAL COURTI HAVE NOT RESIGNED AND NO PLANS TO RESIGN – RIVERS DEPUTY GOVERNORI HAVE NOT RESIGNED AND NO PLANS TO RESIGN – RIVERS DEPUTY GOVERNORRIVERS ASSEMBLY SUMMONS STATE ELECTORAL COMMISSION CHAIRMANRIVERS ASSEMBLY SPEAKER TO FUBARA: SACK ALL YOUR COMMISSIONERS, SUBMIT NEW LIST
Tue. Mar 11th, 2025
Trending News: OPPOSITION COALITION REJECTS PDP, LP PLOTS MASSIVE MOVE TO SDPMASS EXODUS HITS KADUNA APC AFTER EL-RUFAI’S EXITI REMOVED FUEL SUBSIDY TO PROTECT UNBORN GENERATION – TINUBUWHY RETAILERS, MARKETERS DUMP DANGOTE REFINERY PETROL FOR IMPORT – STAKEHOLDERSDRAMA IN LAGOS ASSEMBLY AS OBASA FILES CORRUPTION CASE AGAINST MERANDA, MOVES TO REMOVE HER NAME AS FORMER SPEAKEROVER SEVEN MILLION SMALL BUSINESSES SHUT DOWN IN TWO YEARS – NESG2025 GLOBAL FIREPOWER INDEX: NIGERIAN MILITARY RANKS 31ST, 3RD IN AFRICAFUBARA, WIKE, OTHER GOVERNORS BREAK FAST WITH TINUBU IN ASO ROCKPRESIDENCY DISAGREES WITH CATHOLIC BISHOPS OVER STATE OF NATION, SAYS GOVT MOVING IN RIGHT DIRECTIONDUBEM ONYIA, FORMER MINISTER DIES AT 73LG AUTONOMY: ALGON DRAGS FG, STATES TO COURT OVER FAAC SHARINGWHY I DUMPED APC FOR SDP – EL-RUFAIRIVERS ASSEMBLY ORDERS ARREST OF RISIEC CHAIRMAN’S ARREST OVER MISSED SUMMONSUPREME COURT DISMISSES ANYANWU’S BID TO STAY EXECUTIONRESIGN OR BE IMPEACHED, RIVERS APC CHAIRMAN, TONY OKOCHA, TELLS FUBARATINUBU KICKS OFF 2027 CAMPAIGN RE-ELECTION IN THE NORTHEL-RUFAI QUITS APC, JOINS SDPEFCC RECOVER N1TRN STOLEN CASH, ASSETS FROM POLITICIANS, OTHERSEFCC RECOVERS N1TRN STOLEN CASH, ASSETS FROM POLITICIANS, OTHERSPREMISES OF ABA GEOMETRIC POWER STATION ON FIRENIGERIAN BILLIONAIRE SOCIALITE, FOLORUNSO ALAKIJA, BACK ON SOCIAL MEDIA AFTER REPORT OF LOSING SIGHTUS SUPREME COURT RULES TRUMP MUST UNFREEZE FOREIGN AID PAYMENTSNIGERIANS DEBATE SENATE MATTERS LIKE COMMENTATORS ARGUING MESSI, RONALD – AKPABIONIGERIANS DEBATE SENATE MATTERS LIKE COMMENTATORS ARGUING MESSI, RONALDO – AKPABIORIVERS LAWMAKER REJECTS FUBARA’S INVITATIONRIVERS LAWMAKER REJECTS FUBARA’S INVITATIONMANY NIGERIANS ABROAD LIVING IN REGRETS, DEPRESSION – ABIKE DABIRI-EREWACATHOLIC BISHOPS REJECT TINUBU’S POLICIES, SAY THEY’RE PUSHING MILLIONS INTO POVERTYWHY GOV FUBARA INVITED RIVERS ASSEMBLY MEMBERSWHY GOV FUBARA INVITED RIVERS ASSEMBLY MEMBERSFUBARA INVITES ASSEMBLY MEMBERS TO MEETING OVER SUPREME COURT JUDGEMENTAS COCOA PRICES SOAR, NIGERIA EYES BIGGER MARKETNIGERIA RANKS AMONG WORLD’S DEADLIEST UNDER TINUBU’S GOVTMIYETTI ALLAH LEADER SHOT DEAD IN KWARAANAMBRA CLERICS SLAM GOV SOLUDO OVER BAN ON PUBLIC PREACHINGINTEREST GROUPS FLOOD NASS WITH MEMORANDA OVER TINUBU’S TAX REFORM BILLSINTEREST GROUPS FLOOD NASS WITH MEMORANDA OVER TINUBU’S TAX REFORM BILLSATIKU NOT DEFECTING – MEDIA AIDEI WAS KIDNAPPED BY FULANI HERDSMEN – AFENIFERE YOUTH LEADERTRUMP APPOINTS NEW AMBASSADORS TO REPRESENT US IN DIFFERENT COUNTRIESFUEL PRICE SLASH: WE WON’T REDUCE FARES – TRANSPORTERSHOW LAGOS SPEAKER OBASA TRICKED ASSEMBLY MEMBERS TO RETURN, FAILED TO RESIGN AS AGREEDPAROCHIALISM OR COMPETENCE?, EXPERTS ANALYSE TINUBU’S ECONOMIC TEAMPAROCHIALISM OR COMPETENCE?: EXPERTS ANALYSE TINUBU’S ECONOMIC TEAMPOPE FRANCIS SHOWING GOOD RESPONSE TO TREATMENT – VATICANPOPE FRANCIS SHOWING GOOD RESPONSE TO TREATMENT – VATICANFEMALE LEGISLATIVE AIDES HONOUR AKPABIO FOR BEING GENDER-FRIENDLYNATASHA AKPOTI TRAUMATIZED ME, OTHERS – AKPABIONATASHA AKPOTI TRAUMATIZED ME, OTHERS – AKPABIOWHY BUHARI RELOCATED FROM DAURA TO KADUNAOPPOSITION LAWMAKERS VISIT SUSPENDED NATASHA AKPOTI, PROMISE QUICK RESOLUTIONCOURT DOCUMENTS REVEAL PAST LEGAL DISPUTE INVOLVING NATASHA, HUSBANDNNAMDI KANU’S CASE FINALLY REASSIGNED TO ANOTHER JUDGEFUBARA’S COMMISSIONERS, ELECTORAL COMMISSION CHAIRMAN DRAG RIVERS ASSEMBLY TO COURT AS TWO ELECTORAL COMMISSIONERS RESIGNNATASHA VS AKPABIO: LET NATASHA TAKE LIE DETECTOR TEST – RENO OMOKRIWHEN I SACKED EX-NDDC BOSS FOR PARADING FAKE NYSC CERTIFICATE, SHE ALLEGED IT WAS BECAUSE OF SEXUAL HARASSMENT – AKPABIOBABANGIDA IN HIS OWN WORDS BY BUNMI MAKINWA40-STORY FIRST BANK HEADQUARTERS, TALLEST BUILDING IN NIGERIAMY SEAT HAD BEEN CHANGED AS WELL – OSHIOMHOLEAMERICANS APPLY IN RECORD NUMBERS FOR UK CITIZENSHIP AFTER TRUMP’S RE-ELECTIONRIVERS ASSEMBLY EXTENDS 72 HOURS INVITATION TO ELECTORAL COMMISSION CHAIRMANTINUBU REJECTS N942BN CENSUS BUDGET, PROPOSES USE OF CORPS MEMBERSOBASA’S REINSTATEMENT AS LAGOS ASSEMBLY SPEAKER DIVIDES GACFG MOVES TO BROKER PEACE BETWEEN NATASHA AKPOTI, SENATEI DIDN’T CALL SUPREME COURT’S RULING ON RIVERS STATE RECKLESS – PETER OBIFG APPROVES 11 PRIVATE VARSITIES SUSPENDS NEW APPLICATIONSWHY NO SENATOR OPENLY SUPPORTED NATASHA – SHEHU SANITRANSPORT FARES REMAIN HIGH DESPITE PETROL PRICE DROPENUGU GOVT BANS UNLAWFUL PASTING OF POSTERS, OFFENDERS TO PAY N50M FINEDR. DOYIN OKUPE IS DEADRIVERS CRISIS: WHY WE RESTORED PRO-WIKE LAWMAKERS – SUPREME COURTNATASHA AND SEAT REARRANGEMENT CONTROVERSY, BY SENATE SPOKESMANFG FREEZES BANK ACCOUNTS OF SIMON EKPA, 16 OTHERSTENSION IN RIVERS AS ASSEMBLY CONTINUES TO PRESSURIZE GOVERNORWE ARE ONLY CELEBRATING OBASANJO’S OFFICIAL AGE, HE’S 90 PLUS – AMOSUNPDP SUFFERS BAD MARKET IN ANAMBRA AS GUBERNATORIAL ASPIRANTS FAIL TO BUY FORMFULL TEXT OF NATASHA’S PETITION AGAINST AKPABIOFULL TEXT OF NATASHA’S PETITION AGAINST AKPABIOTINUBU’S WIFE SPEAKS ON NATASHA’S SUSPENSION, SAYS SENATE DOING WHAT IS NEEDFULI SLEPT AT DANGOTE CEMENT FACTORY WHEN I ATTENDED NATASHA’S WEDDING – AKPABIOLAWMAKERS WHO SUFFERED SUSPENSION BY NATIONAL ASSEMBLYWHO IS THE REAL SENATOR NATASHA AKPOTI?BAD MARKET FOR PDP IN ANAMBRA STATE AS ASPIRANTS FAIL TO BUY GUBERNATORIAL FORMTHIS INJUSTICE WILL NOT STAND – NATASHA AFTER SUSPENSION BY SENATESENATE HANDS SIX MONTHS SUSPENSION WITHOUT PAY TO NATASHA OVER SEXUAL HARASSMENT ALLEGATIONI’M RESTING AFTER DELIVERING $20BN REFINERY – DANGOTESEXUAL HARASSMENT: CSOS BACK AKPABIO, CALL ALLEGATION CHEAP BLACKMAILNO PLAN FOR CHIEF GEORGE TO GO ON LEAVE – RIVERS JUDICIARYCOMPLAINTS OF HUMAN RIGHTS VIOLATIONS IN NIGERIA INCREASE BY 25% IN FEBRUARY 2025ENOUGH IS ENOUGH: SOUTH EAST YOUTHS GIVE KILLER HERDSMEN 48 HOURS TO VACATEWHAT STATES CONTRIBUTED TO VAT POOL AND WHAT THEY RECEIVED IN JANUARY 2025NIGERIA RANKS SIXTH IN GLOBAL TERRORISM INDEX, 565 KILLED IN 2024SECURITY BEEFED UP AT ABUJA HOTEL WHERE EX-IMMIGRATION BOSS WAS FOUND DEADWILD ELEPHANTS ATTACK FARMLANDS IN BOKI, CROSS RIVER STATE, REPS RAISES ALARMWILD ELEPHANTS ATTACK FARMLANDS IN BOKI, CROSS RIVER STATE, REPS RAISES ALARMHIGH COURT HAS AUTHORITY TO STOP RIVERS REVENUE ALLOCATION, SUPREME COURT, FAULTS APPEAL COURTI HAVE NOT RESIGNED AND NO PLANS TO RESIGN – RIVERS DEPUTY GOVERNORI HAVE NOT RESIGNED AND NO PLANS TO RESIGN – RIVERS DEPUTY GOVERNORRIVERS ASSEMBLY SUMMONS STATE ELECTORAL COMMISSION CHAIRMANRIVERS ASSEMBLY SPEAKER TO FUBARA: SACK ALL YOUR COMMISSIONERS, SUBMIT NEW LIST
Tue. Mar 11th, 2025

SOUTH KOREAN INVESTORS TO BUILD FOUR REFINERS IN NIGERIA

download 10

SOUTH KOREAN INVESTORS TO BUILD FOUR REFINERS IN NIGERIA

A consortium of South Korean investors is set to build four refineries, each with a 100,000-barrel-per-day capacity, in various parts of Nigeria.

This was disclosed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the first summit organised by the Crude Oil Refineries Owners Association of Nigeria, held in Lagos on Tuesday.

According to Lokpobiri, the Federal Government was committed to attracting refinery investments by creating an open and conducive environment. He emphasised the importance of public-private partnerships as a means to drive development in the midstream and downstream sectors of the oil and gas industry. He also highlighted the government’s approval for the South Korean consortium to establish the new refineries, although he did not disclose the consortium’s name.

“We encourage investors to build limited refineries by providing an open environment. A recent approval was granted to invite to Nigeria a consortium of investors from South Korea, which intends to establish four 100,000 barrels-model refineries in four different locations in Nigeria,” Lokpobiri stated.

He explained that the Federal Government’s approach included equity investment in both modular and larger refineries, aimed at ensuring energy security for the nation. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has also published guidelines to enhance transparency and facilitate local refinery access to crude oil supplies.

“In addition, we prioritise and work with stakeholders to ensure effective implementation of the recommendations of the Modular Refinery Committee to give special concession to local refineries’ owners, thereby guaranteeing feedstock to their refineries,” he added.

Addressing the potential economic impact, Lokpobiri said, “We will ensure the deregulation of the downstream sector is 100 percent and put in place a necessary framework that will ease the impact on the poor masses.”

He also mentioned steps being taken to simplify access to tax exemptions for importing refinery equipment as part of the strategy to make Nigeria self-sufficient in petroleum refining. In his remarks, he suggested that the Petroleum Industry Act (PIA) could be amended to allow a portion of the National Gas Infrastructure Fund to support refinery-related infrastructure.

Lokpobiri also noted that the ministry is looking to foster partnerships for knowledge transfer and workforce development in refinery operations. “In no distant time, we intend to create the apprenticeship programme in collaboration with existing refineries to develop expertise in our refinery operations,” he disclosed.

To combat crude oil theft and illegal refining activities, Lokpobiri revealed that an international emergency committee has been established to find home-grown solutions for refining within the country.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

    Related Posts

    WHY RETAILERS, MARKETERS DUMP DANGOTE REFINERY PETROL FOR IMPORT – STAKEHOLDERS

    WHY RETAILERS, MARKETERS DUMP DANGOTE REFINERY PETROL FOR IMPORT – STAKEHOLDERS Petroleum Products Retailers and marketers have explained why petrol imports have persisted despite the Dangote Refinery and other local refineries’ production capacity. The President, Petroleum Products Retail Outlet Owners Association and the Chairman, Major Marketers Association of Nigeria, Billy Gillis-Harry and Tunji Oyebanji in an exclusive interview with DAILY POST on Monday cited fear of healthy market competition, competitive pricing and inadequate petrol production capacity as reasons for the product’s continued import. This comes amid the National Bureau of Statistics’ foreign trade data showing that petrol imports surged by 105 percent to N15.4 trillion at the end of 2024. Similarly, the report indicated that fuel imports hit N930 billion in February 2025 alone, raising concerns among stakeholders in the country’s downstream sector. Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority said that Dangote Refinery, Port Harcourt and Warri refineries met only 50 percent of the national petroleum products consumption requirement in February 2025. # However, in a statement last month, the president of Dangote Refinery countered NMDPRA and insisted that the $20 billion Refinery can meet 100 percent of Nigeria’s 100 percent petroleum production requirements. Nigerians are now left in limbo amid the controversy as NNPC said it has not imported petrol so far in 2025. Meanwhile, Gillis-Harry and Oyebanji in their insights to DAILY POST put clarity to the debate. Speaking, Gillis-Harry insisted that petroleum retailers get their products from all sources, including Dangote Refinery, NNPC and import. According to him, petrol retailers will continue to get fuel from sources with the best pricing to avoid a monopoly of the country’s petroleum downstream. He frowned at a situation where the refinery would reduce fuel prices overnight without due consultation with its partners and retailers. Gillis-Harry added that healthy competition and price stability must be guaranteed in Nigeria’s downstream sector for the good of Nigerians. “Retailers are not running away from Dangote Refinery. We patronize every refinery, but we subscribe to full liberation so that we will not run a monopolized downstream sector. “A situation where one refinery is shifting prices up and down without consideration of retailers is uncalled for. “We cannot buy a product at N889, and over the night, the prices are dropped to N825, which is unfair. “We continue to buy petrol from all sources that are profitable to us, either NNPCL, Dangote Refinery or through import”, he told DAILY POST. On his part, Oyebanji explained that local refineries such as Dangote Refinery were not meeting 100 percent of domestic demand- the reason for fuel import to augment the vacuum. According to him, if local refineries produced enough to meet the domestic market and with competitive prices, no right-thinking businessman would import. “The report circulated today was for 2024. I don’t understand why it is being played up in the media as if it is new. “Seems it is to advance a particular agenda. I don’t think local refineries are meeting 100 percent of local demand. “So, to prevent shortages, some importation is being allowed, but to give the impression that such importation is growing isn’t correct. “NNPCL, which has been the largest importer up to last year, has confirmed that they have not imported and yet someone is pushing this narrative. “If local refineries produce enough to satisfy local demand and sell at a competitive price, then no right-thinking businessman will import”, he told DAILY POST. Recall that earlier this month and last month, NNPC and Dangote refineries reduced petrol prices to between N860 and N880 per liter. The development sparked a price war among the bigwigs in the country’s downstream sector, as Nigerians now buy petrol between N860 and N970 per liter nationwide. On…

    Continue reading
    AS COCOA PRICES SOAR, NIGERIA EYES BIGGER MARKET

    AS COCOA PRICES SOAR, NIGERIA EYES BIGGER MARKET Booming cocoa prices are stirring interest in turning Nigeria into a bigger player in the sector, with hopes of challenging tobigger player in the sector, with hopes of challenging top producers, Ivory Coast and Ghana, where crops have been ravaged by climate change and disease. Nigeria has struggled to diversify its oil-dependent economy, but investors have taken another look at cocoap producers, Ivory Coast and Ghana, where crops have been ravaged by climate change and disease. Nigeria has struggled to diversify its oil-dependent economy, but investors have taken another look at cocoa beans after global prices soared to a record $12,000 per tonne in December. “The farmers have never had it so good,” Patrick Adebola, Executive Director at the Cocoa Research Institute of Nigeria, told AFP. More than a dozen local firms have expressed interest in investing in or expanding their production this year, while the British government’s development finance arm recently poured $40.5 million into Nigerian agribusiness company, Johnvents. Nigeria is the world’s seventh-biggest cocoa bean producer, producing more than 280,000 tonnes in 2023, according to the most recent data compiled by the UN’s Food and Agriculture Organization. The government has set an ambitious production target of 500,000 tonnes for the 2024-2025 season, which would move it into fourth place behind Ivory Coast, Ghana, and Indonesia. Adebola doubts Nigeria can reach the target this season, but he believes it is feasible in the next few years as interest rises in rehabilitating old plantations or establishing new ones. He said Nigerian growers are much more exposed to the highs and lows of the global cocoa market than their peers in Ivory Coast and Ghana, as prices are regulated in those countries. Cocoa futures contracts in New York have fallen from their December record, but they remain high at more than $8,000 per tonne. Cocoa prices typically ranged between $2,000 and $3,000 before the recent surge. “Individuals are going into cocoa production at every level… to make sure they also enjoy the current price,” said Comrade Adeola Adegoke, President of the Cocoa Farmers Association of Nigeria. ‘Full-sun’ monocrop Ivory Coast is by far the world’s top grower, producing more than two million tonnes of cocoa beans in 2023, followed by Ghana at 650,000 tonnes. However, both countries had poor harvests last year, as crops were hit by bad weather and disease, causing a supply shortage that sent global prices to all-time highs. Nigeria’s cocoa has largely been spared from the worst effects of climate change so far, but expanding the crop could carry environmental risks. The government has stepped up efforts to promote the long-unregulated sector via the National Cocoa Management Committee, established in 2022 to regulate the industry and support farmers. However, agriculture modernization efforts have encouraged the development of “full-sun” monocrop plantations that focus solely on growing cocoa beans without using companion plants or trees. A recent study in the journal Agroforestry Systems has raised concerns about this approach, stating that monocrop farming can be less sustainable than growing cocoa alongside shade trees, which promote biodiversity and improve environmental health. Land and money? Scaling up the sector could also prove challenging because much of Nigeria’s cocoa is grown by small-scale farmers.Peter Okunde, a farmer in Ogun State, told AFP he lacks both the capital and land to expand his four-hectare (10-acre) cocoa plantation. “Land is the major instrument farmers need… and the money to develop it,” said Okunde, 49. However, John Alamu, Group Managing Director of Johnvents, told CNBC Africa this week that “the problem is not land area.” Noting that Nigeria has 1.4 million hectares dedicated to cocoa production—more than Ghana’s 1.1 million—he told the broadcaster that a more holistic approach was needed.…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Politics

    OPPOSITION COALITION REJECTS PDP, LP PLOTS MASSIVE MOVE TO SDP
    Politics

    MASS EXODUS HITS KADUNA APC AFTER EL-RUFAI’S EXIT
    News

    I REMOVED FUEL SUBSIDY TO PROTECT UNBORN GENERATION – TINUBU
    Business

    WHY RETAILERS, MARKETERS DUMP DANGOTE REFINERY PETROL FOR IMPORT – STAKEHOLDERS
    News

    DRAMA IN LAGOS ASSEMBLY AS OBASA FILES CORRUPTION CASE AGAINST MERANDA, MOVES TO REMOVE HER NAME AS FORMER SPEAKER
    News

    OVER SEVEN MILLION SMALL BUSINESSES SHUT DOWN IN TWO YEARS – NESG

    DISCLAIMER - TERMS AND CONDITIONS - PRIVACY POLICY