NNPCL Confirms Shutdown Of Port Harcourt Refinery For Maintenance

  The Nigerian National Petroleum Company Limited has officially announced the shutdown of the Port Harcourt Refining Company. In a statement on Saturday, the NNPC confirmed a report by Saturday PUNCH that the facility will be shut down for a month for maintenance activities. According to the NNPC Chief Corporate Communications Officer, Olufemi Soneye, the shutdown will commence on Saturday, May 24. “NNPC Ltd wishes to inform the general public that the Port Harcourt Refining Company will undergo a planned maintenance shutdown. “This scheduled maintenance and sustainability assessment will commence on May 24, 2025,” he said. Soneye added that the company is working with relevant stakeholders to ensure efficiency and transparency during the exercise. “We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure the maintenance and assessment activities are carried out efficiently and transparently. “NNPC Ltd remains steadfast in its commitment to delivering sustainable energy security for Nigeria. “Further updates will be provided regularly through our official channels, including our website, media platforms, and public statements,” he stated. PUNCH Online reports that indigenous fuel retailers in Eleme, the community hosting the refinery, kicked against the plan to shut down the refinery, accusing some officials of sabotage. However, Soneye debunked claims of sabotage, saying the maintenance will ensure safe and sustainable operation of the refinery. “Please be informed that the refinery remains fully operational. However, we are preparing to undertake a scheduled critical safety maintenance exercise aimed at ensuring the continued safe and sustainable operation of the facility. “This maintenance activity, which will follow global best practices, is expected to last approximately one month. To ensure uninterrupted supply during this period, we have adequate volumes of AGO, kerosene, and other products,” he said on Friday. Punch

Petrobras Return To Nigeria’s Oil Sector

  Brazil’s state oil company, Petrobras, is seeking to re-enter Nigeria’s oil sector, with a specific interest in frontier deepwater acreage. Senior Special Assistant to the President on Media & Communications in the Office of the Vice President, Stanley Nkwocha, said in a Wednesday statement that the company, which had previously wound down its operations at Nigeria’s Agbami field, is now actively engaging with Nigerian authorities as part of broader efforts to revitalise bilateral cooperation ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism. This development emerged during Wednesday’s interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, which aimed to coordinate Nigeria’s preparations for the second session of the SDM scheduled for June 2025. Shettima described the presence of six ministers and the Solicitor-General of the Federation at the review meeting as a reflection of the importance attached to Nigeria’s relationship with Brazil. “We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MOUs) and unlock investment flows,” he stated. The Vice President particularly noted that 2025 represents a critical moment for Nigeria-Brazil relations, emphasising that the convergence of international events provides Nigeria a unique opportunity to advance its interests globally. “This year is our moment of interface with Brazil. Brazil is hosting numerous global events this year, from the BRICS Summit to the G20 Summit and COP30. This convergence provides us with a unique opportunity to advance our interests on the global stage,” the Vice President added. He also commended the ministers for their passion and commitment in pursuing Nigeria’s national interests, noting that “there is a sea change in our attitude, disposition, and commitment.” Foreign Affairs Minister Yusuf Tuggar confirmed ongoing engagements with Petrobras, stating: “Apart from ethanol, which they hope to engage NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on returning. They have expressed interest in frontier acreage in deep waters.” Tuggar further reported that Brazil’s preparations for the dialogue are well advanced, with both government agencies and private sector players being actively engaged by the Brazilian Vice President. The Ministry of Foreign Affairs, which is coordinating the interministerial working groups, has compiled at least 12 draft MOUs pending approval from the Ministry of Justice. These cover areas such as energy, health, culture, and agriculture. The Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, emphasised the historical and ancestral connections between Nigeria and Brazil, noting that a significant percentage of Brazilians trace their roots to Nigeria. “We must not only preserve this relationship but deepen it. We’ve finalised MOUs with the Nigerian Film Corporation on audiovisual co-productions, the National Gallery of Arts for joint exhibitions, and the Centre for Black and African Arts and Civilisation ahead of FESTAC at 50 next year,” Musawa said. Agriculture Minister Abubakar Kyari outlined completed MOUs focused on research collaborations, “We have finalised MOUs that focus on research in three areas: soybean value chain development, cassava research and technology transfer, and agro-forestry systems, which promote integrated crop and livestock models, erosion control, and climate adaptation,” he said. The minister noted that these efforts build upon the previously signed Green Imperative Project (GIP) agreement between Nigeria and Brazil. Also, the Coordinating Minister of Health and Social Welfare, Mohammed Pate, pointed to Brazil’s achievements in universal health coverage as a model for Nigeria. “There are important opportunities in several areas in our efforts to achieve universal health coverage and primary healthcare. Brazil has accomplished much that we can learn from. Knowledge sharing, workforce development, and human capital training in specialised areas present significant opportunities,” he stated. Pate added, “We see potential for collaboration in pharmaceutical research, local drug manufacturing, and workforce training. Brazil’s experience in addressing tropical and sub-tropical diseases makes it an ideal partner for joint research and development.” Punch

VDM’s Arrest: GTBank Victim Of Narrative Manipulation – Isaac Asabor

  IBADAN – The recent arrest of popular Nigerian social media activist Martins Vincent Otse, widely known as VeryDarkMan (VDM), has been generating series of reactions among Nigerians. Just as the Guaranty Trust Bank GTB involvement’s over the issue was described by a seasoned journalist, Isaac Asabor as a “Victim of Narrative Manipulation.” Isaac Asabor’s digression over the issue stated as this, “Let us pause here and consider the logic behind this outrage. A citizen walks into a bank to make a complaint, a right guaranteed by his status as a customer. He is attended to and then exits the premises. Sometime after that, he is arrested by officers of the Nigeria Police Force. Yet somehow, without evidence or an official statement linking the two events, the bank becomes the villain in the eyes of the public. If that is not a textbook example of scapegoating, what is?” “In the age of social media, it has become far too easy for misinformation to spread like wildfire, and in the process, facts are trampled, reputations are dragged, and innocent entities are often scapegoated. “Since the news of his arrest broke, many Nigerians on social media have been quick to point fingers, and unfortunately, one of the first institutions to fall under the weight of public outrage was Guaranty Trust Bank (GTBank). The basis of this backlash? VDM had earlier visited one of the bank’s branches in Abuja to lodge a complaint regarding alleged unauthorized transactions from his mother’s bank account. “Let us pause here and consider the logic behind this outrage. A citizen walks into a bank to make a complaint, a right guaranteed by his status as a customer. He is attended to and then exits the premises. Sometime after that, he is arrested by officers of the Nigeria Police Force. Yet somehow, without evidence or an official statement linking the two events, the bank becomes the villain in the eyes of the public. If that is not a textbook example of scapegoating, what is? “Thankfully, in this case, we are not operating in an information vacuum. VDM’s own legal representatives, Barrister Deji Adeyanju, a well-known human rights lawyer, have publicly clarified the sequence of events as he explicitly stated that his client was not arrested inside or outside any GTBank branch. According to Adeyanju, the arrest occurred in Area 3, a different part of Abuja, hours after the bank visit. “Furthermore, the legal team later discovered that VDM was being detained by the Economic and Financial Crimes Commission (EFCC), not GTBank, not private security operatives, and certainly not on bank premises. These are not speculations; they are statements made by legal professionals actively involved in the case. “So, what exactly did GTBank do wrong? Listen to a customer’s complaint? Allow a citizen to use their platform to seek help over suspected fraud on an account? Since when did being present at a location prior to an arrest translate to complicity? customer who visited one of its branches, is not its fault, and should not be made to seem like it is. “To allow this misinformation to fester unchallenged is to participate in the erosion of corporate integrity. Tomorrow, it could be another bank, another school, another public institution, all falsely accused because they happened to be in the wrong place at the wrong time. “There are more important questions that deserve the public’s attention: Why was VDM arrested? What charges, if any, have been formally filed against him? Was due process followed in his arrest and detention? What role is the EFCC playing, and how transparent has it been in its handling of this matter? “These are the real issues that demand scrutiny. Redirecting anger toward an uninvolved party not only derails the conversation but also lets the real actors off the hook. Exonerating GTBank in this context is not a recourse to shield institutions from criticism, rather, it is an act of advocating for fairness, truth, and focus. “It is said that in times of confusion, facts are our best compass. That compass is clearly pointing in the direction of GTBank’s innocence in the arrest of VeryDarkMan. The bank neither instigated, facilitated, nor benefited from the event. The arrest was a state action, carried out in a different location, and connected, according to legal sources, to entirely different matters. “Let us not make GTBank the scapegoat for an incident in which it played no role. Let us be mature enough to separate presence from participation, and coincidence from conspiracy. “Social media may thrive on heat, but newspapers, and history, must favor light. The truth is simple and unembellished: GTBank did not arrest VeryDarkMan. And that should be the end of it.” Isaac Asabor stated.

UPDATED: Dangote Refinery Slashes Petrol Price Again

  Fresh from implementing a ₦15 price reduction in its loading cost for Premium Motor Spirit, also known as petrol, the Dangote Refinery has again slashed its refined product prices to make them cheaper, cutting its ex-depot rate to ₦835 per litre. The new price represents a ₦30 reduction from ₦865 per litre implemented six days ago, marking a 3.5 per cent decrease, and a ₦45 reduction from the ₦880 per litre sold by the facility last Wednesday. This price cut marks Dangote’s third downward adjustment in under six weeks. PUNCH Online gathered that the refinery informed its customers in a notice sent out on Wednesday morning. A pro forma invoice was sighted by our correspondent, and checks on petroleumprice.ng also confirmed the development. It stated that the new price is inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The document detailing the revised price structure shows that PMS at the gantry will now sell for ₦835 per litre, inclusive of NMDPRA statutory levies, while coastal sales remain on hold. The diesel gantry price is set at $608 plus a $70 surcharge, payable either in naira at ₦1,650/$ or in USD. Coastal sales are also on hold. Jet fuel will be sold at $664.75 with a $42 gantry surcharge and a $22 coastal surcharge. Prices for cooking gas at both gantry and coastal points are currently on hold. On Wednesday, PUNCH Online hinted at a possible price cut after the landing cost of imported petrol dropped to ₦853 per litre on Tuesday. This development comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from 8 to 16 April 2025, to boost fuel supply nationwide. These figures were revealed in separate documents obtained by our correspondent from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria. Dealers said the ₦853 per litre spot import parity into tanks, which includes expenses such as shipping, import duties, and exchange rates, marks a notable ₦3 reduction from ₦856.75 per litre last Monday and ₦852.02 on Tuesday. The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to ₦853.12 per litre, while the 30-day average cost also declined to ₦844.84 per litre. Within the period, marketers brought in six vessels conveying 117,000 metric tonnes through Tin Can Port in Lagos and Calabar Port in Cross River State. Importantly, the continued price drop coincides with the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension. The Ministry of Finance disclosed this in a statement published last week on its official X handle, titled: “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery—a major beneficiary of the agreement — to review progress and address ongoing implementation issues. The committee stated that the policy is not a temporary measure but a long-term strategy to reduce Nigeria’s dependence on foreign exchange for petroleum. It added that the initiative is a key policy directive designed to support sustainable local refining and strengthen energy security. Punch

Warri South LG Chair Celebrates Revival Of Refinery.

  The Chairman of Warri South Local Government Area in Delta State, Agbateyiniro Isaac, on Monday, expressed excitement following reports that the Warri Refining and Petrochemical Company, has been resuscitated by the Nigerian National Petroleum Company Limited. The Council Chairman, in reaction to the announcement of the Warri refinery resuscitation, described the development as “reassuring”. According to him, “With the development, the task of resetting the nation’s economy on a progressive path is on course”. The Group Chief Executive Officer of NNPCL, Mele Kyari, had earlier in the day, during a tour of the WRPC facilities, announced that production had commenced at the refinery. The Warri South LGA boss, while commending the management of NNPCL for the feat, enjoined the company not to rest on its oars “until WRPC works to its fullest capacity”. He also tasked all stakeholders, including people of the host and surrounding communities, to sustain the enabling environment for WRPC to compete favourably with its contemporaries. PUNCH Online had earlier reported that barely a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery, the Nigerian National Petroleum Company Limited has announced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Company in Warri, Delta State, is now operational. A video posted by Channels TV on Monday showed Kyari addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed. Punch

Peter Obi Seeks Transparency As Production In Port Harcourt Refinery Begins

  The presidential candidate of the Labour Party in the 2023 general election, Peter Obi, has called on the Nigerian National Petroleum Corporation Limited to ensure transparency and accountability in the operations of the newly launched Port Harcourt Refinery. After several postponements, the Port Harcourt refinery finally commenced fuel production on Tuesday. The refinery would start with 60,000 barrels capacity per day, releasing Premium Motor Spirit, diesel, and others into the Nigerian market. The NNPC spokesperson, Olufemi Soneye, revealed that the loading of trucks would start on Tuesday. “Port Harcourt Refinery begins production. Truck loading starts today, Tuesday,” Soneye told our correspondent.” Reacting to the development on Wednesday in a post on his X handle, Obi described the revival of the refinery as a positive step while praising NNPCL for achieving this milestone. He, however, emphasised the need for NNPCL to be transparent in its activities. The statement read, “I wish to congratulate the Nigerian National Petroleum Corporation (NNPC) for fulfilling the long-standing promise of revamping the old Port Harcourt refinery. The refinery, which comes on stream today boasts an installed production capacity of 60,000 barrels of crude oil per day. Approximately 200 trucks are expected to load products daily from the refinery. Nigerians now await the corresponding impact and benefits on pump prices and the overall economy. “Additionally, news of the Kaduna refinery’s revival is promising, as it is expected to boost productivity, improve transportation, and alleviate economic burdens across the country. While we acknowledge these achievements as a step in the right direction, it is crucial to emphasize the importance of transparency in the operations of the NNPC. “Nigerians deserve clarity and accountability regarding the management of the nation’s vital oil resources, ensuring that the benefits of increased refining capacity reach every Nigerian and that the gains are used to support long-term development.” Punch

Trump Threatens Trade War On Mexico, Canada, China

  China and Mexico lashed out Tuesday after President-elect Donald Trump threatened to begin his presidency with an immediate trade war against the top three United States economic partners. Trump made his threat in social media posts, announcing huge import tariffs against neighbours Canada and Mexico, and also rival China if they don’t stop illegal immigration and drug smuggling into the US. China responded that “no one will win a trade war,” while Mexican President Claudia Sheinbaum warned that “for every tariff, there will be a response in kind.” A Canadian government source said Prime Minister Justin Trudeau called Trump and had a “productive” discussion, without giving further detail. Such tariffs threaten to disrupt the global economy, deepen already fierce tensions with China, and upend relations with the US’s two largest neighbours. Nervous stock markets saw “volatile trading conditions” as they digested the news, said an analyst at City Index, Fawad Razaqzada. On his Truth Social platform, Trump said late Monday that he would enact the tariffs when he takes office on January 20, 2025, if his — vaguely worded — demands were not met. The posts signal Trump’s intention to return to the governing style of his first presidency when he regularly shocked Washington and US partners with abrupt, major policy shifts which he announced on social media. They also confirmed that Trump is serious about his major campaign promise to use the US economic muscle as leverage on issues having little to do with trade — namely his claim that the US is under siege by foreign crime and dangerous migrants. On Tuesday, Trump named two important figures to his economic team: Jamieson Greer as his trade representative and Kevin Hassett as his top economic advisor, heading the White House National Economic Council. Both had roles in his first administration, with Greer serving as the Chief of Staff to former US Trade Representative Robert Lighthizer. “I will sign all necessary documents to charge Mexico and Canada a 25 per cent tariff on all products coming into the United States,” Trump earlier posted. “This tariff will remain in effect until such time as drugs, in particular Fentanyl and all illegal aliens stop this invasion of our country!” he said. In another post, Trump said he would be slapping China with a 10 per cent tariff, “above any additional tariffs,” because the world’s second-biggest economy was failing to execute fentanyl smugglers. The spokesman for China’s embassy in the US, Liu Pengyu, told AFP, “China believes that China-US economic and trade cooperation is mutually beneficial in nature.” Mexico’s Sheinbaum fired back at Trump, saying his tariffs diplomacy was “not acceptable” and based on erroneous claims. “It is not with threats or tariffs that the migration phenomenon will be stopped, nor the consumption of drugs in the United States,” she said. Sheinbaum pointed out that the Mexican narcotics industry largely exists to serve demand in the US. “Seventy per cent of the illegal weapons seized from criminals in Mexico come from your country. “Tragically, it is in our country that lives are lost to the violence resulting from meeting the drug demand in yours,” she said. A senior adviser at the Centre for Strategic and International Studies, William Reinsch, said Trump’s online threats may be bluster — a strategy of “threaten and then negotiate.” However, Trump’s first White House term was marked by an aggressive and protectionist trade agenda that also targeted China, Mexico and Canada, alongside Europe. While in office, Trump launched an all-out trade war with China, imposing significant tariffs on hundreds of billions of dollars of Chinese goods. China responded with retaliatory tariffs on American products, particularly affecting US farmers. Economists say tariffs can hurt US growth and fuel inflation since they are paid by importers who often pass those costs on to consumers. Trump has said he would put his Commerce Secretary-designate Howard Lutnick, a China hawk, in charge of trade policy. AFP

Dangote Resumes Buying US Crude Oil After Three Months.

  The Dangote Petroleum Refinery has recommenced the purchase of crude oil from the United States in its ongoing efforts to ramp up oil production and enhance its refining capacity. The new purchase comes after a three-month hiatus in purchasing crude from foreign countries, focusing instead on domestic supply. A report by Bloomberg on Wednesday said the cargo conveying two million barrels of WTI Midland crude from Chevron Corp is due to be delivered to the refinery next month. The latest development may be an indication that the naira-for-crude initiative by the Federal Government may have stalled or that the refinery is not getting enough crude supply from the Nigerian National Petroleum Company Limited. THE LOUNGE: Why Should Housewives Be Understanding While Side-chics Live Large on Husband’s Wealth0:00 / 0:00 “Dangote refinery purchased its first shipment of US oil after a hiatus of three months as the site continues to ramp up production. “The plant purchased about two million barrels of WTI Midland crude from Chevron Corp,” the report said. Chevron booked the supertanker Azure Nova to load crude from the US Gulf around December 5 to Dangote, according to tanker fixtures seen by Bloomberg. Earlier this year, Dangote was typically receiving one or two supertankers of US crude every month alongside domestic supplies. However, these imports were reduced around August following an agreement with the federal government that the NNPCL would supply crude oil to the refinery in naira rather than dollars. The agreement stated that the refinery would take up to 400,000 barrels a day of Nigerian crude paid for in local currency. Dangote is taking a growing role in US and European oil markets, after gradually raising purchases of crude from Nigeria and the US. The plant’s pull on those barrels increases the competition for the oil faced by traditional buyers in Europe. The report added that reasons for the return to US imports remain unclear, though a report from Sparta Commodities earlier this week suggests lower shipping costs may have made US oil more affordable in Europe recently. On Monday, The PUNCH reported the refinery was seeking to raise billions of dollars to import crude oil and increase production. The report said the Chairman of Dangote Group, Aliko Dangote, was in concrete talks with commercial lenders, development banks, oil traders, and other industry participants to raise funds for crude supplies to turn into refined products. According to the report, the refinery would need a minimum supply of 300,000 b/d to secure more crude to reach its refinery’s capacity. On Tuesday, the plant began refined petroleum product shipping to West African countries, a sign to traders that the mega-refinery’s operations could soon potentially shake up regional fuel markets. IOCs couldn’t build refineries In another development on Wednesday, the Dangote Group said it had done what international oil companies could not do by building a refinery in Nigeria. The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, stated this while receiving members of the Senate Committee on Trade and Investment at the refinery complex in Lekki, Lagos State. During the visit led by the Chairman of the committee, Sadiq Umar, Edwin told the senators that the Dangote Group did what Shell, Chevron, or ExxonMobil has never done in any part of the world. According to him, a Nigerian company took up the challenge to build the largest single-train refinery in the world. He said about six companies in the world could do the same. “Here, a Nigerian company took up the challenge which nobody like Shell or Chevron or ExxonMobil has ever done in any part of the world. So, the Nigerian company—Dangote Projects Limited—took up the challenge and built the refinery on time. And this is the world’s largest single-train refinery,” he said. Speaking, the Chairman of the Senate Committee on Trade and Investment, Umar, assured the refinery of the National Assembly’s support. According to him, the $20bn project is a national asset that must be protected. “For us as legislators, you can rest assured that we know what you have done here, we know what it means to the country. We will do anything within our power to see how we support you to succeed so that Nigeria can succeed. “This investment we have seen here is an investment for the country and for the world, not necessarily for Dangote himself. It is our responsibility to see what we need to do to encourage him. “I am sure you can see a lot of actions in what the president has done to support him so that the country will be better for it,” the senator said. Located within the Lekki Free Zone in Lagos, the 650,000-capacity began production in January this year, releasing diesel and aviation fuel into the local market while exporting to other countries. In September, the facility started producing premium motor spirits. This is after weeks-long controversies with IOCs over crude supply. The President of the Dangote Group, Aliko Dangote, repeatedly accused the IOCs of refusing to sell crude to him, saying it was an attempt to sabotage the refinery. After presidential interventions, the refinery started getting crude in naira to boost the local supply of petrol in naira. It was learned that the refinery might export petrol to other West African countries soon. Punch

Dangote Refinery Commences Fuel Exports to W’African Countries

  The Dangote Petroleum Refinery has begun the export of refined petroleum products to neighbouring West African countries, a sign to traders that the mega-refinery’s operations could soon potentially shake up regional fuel markets. A report by Bloomberg on Tuesday, quoting data sourced from Vortexa, Kpler, Precise Intelligence, a port report, and ship-tracking platform, said a tanker has hauled a shipment of gasoline from the Dangote Petroleum Refinery to waters off the coast of Togo, a neighbouring West African country. The report said a CL Jane Austen recently loaded more than 300,000 barrels from Dangote and sailed west. Recall that last month, the chairman of the Ghana National Petroleum Authority, Mustapha Abdul-Hamid, said the country is considering buying petroleum products from the Dangote refinery to help the country cut more expensive exports from Europe which cost the country about $400m monthly. The chairman of NPA, Ghana, who spoke at the OTL Africa Downstream Oil Conference in Lagos, said importing from Nigeria rather than Europe would reduce the prices of other goods and services by removing freight costs. “If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Hamid said. Similarly, The PUNCH exclusively reported two weeks ago that the refinery was set to begin fuel exports to South Africa, Angola, and Namibia. It added that four other African countries – Niger Republic, Chad, Burkina Faso, and Central Africa Republic – had also started negotiations with the refinery. A highly credible source, who confirmed this exclusively to one of our correspondents, said the management of the 650,000bpd capacity refinery was at the advanced stages of talks with the countries to start lifting fuel. “I can confirm to you that talks are actually at the advanced stage with Ghana, Angola, Namibia, and South Africa, while the initial discussion is coming up with Niger, Chad, Burkina Faso, and the Central African Republic,” the source said. The report further stated that the petroleum product shipment is now floating off the coast of Lome, a popular area for ship-to-ship transfers. It’s also not certain where the CL Jane Austen’s cargo will ultimately end up. Although it’s off Togo, the area is often used for Ship-to-ship transfers, meaning the fuel could subsequently be taken elsewhere. “While the shipment is tiny in the context of the global gasoline market, it signals the ramp-up of Dangote’s production and the potential to export significant volumes of gasoline beyond Nigeria, which could upend regional markets.” The refinery last month shipped its first seaborne gasoline cargo to the nearby commercial hub of Lagos. Whether large amounts of Dangote’s gasoline output end up being exported remains to be seen. Last month, the Federal Government ended its state-owned oil company’s monopoly on buying the fuel from the plant for domestic use but has allowed the continued importation of fuel from Europe and the US in line with the regulatory act. According to the report, a Dangote spokesperson didn’t respond to a request for comments.

Report – Naira May Fall To N1,993 Per Dollar

The naira is forecasted to depreciate to N1,993 against the United States dollar by 2028, posing a significant challenge to Nigeria’s pharmaceutical industry, particularly in importing essential medical devices, a new report by BMI, a Fitch Solutions subsidiary, has revealed. In the report titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth”, BMI projected that despite an anticipated rebound in the economy, Nigeria’s medical devices sector will face operational and demand challenges in the near term. The report noted that Nigeria relies on imports for over 95 per cent of its medical devices, making it vulnerable to fluctuations in exchange rates. “Continued weakness of the naira will increase medical device import costs and erode consumer purchasing power. Similar to other markets in sub-Saharan Africa, Nigeria heavily relies on medical device imports, with reliance of over 95 per cent. “We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018. As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power especially to invest in essential medical technologies given underfunding of the public health sector. “This would particularly affect high-cost demand for devices such as diagnostics, orthopaedics and dental products. On the export front, a weaker naira will enhance the competitiveness of locally manufactured medical devices, fostering growth in the sector,” the report stated. While a weaker naira could enhance the competitiveness of locally manufactured medical devices, BMI highlighted persistent barriers to local production. These include a scarcity of skilled labour, limited access to modern technology, and inadequate infrastructure, which continue to undermine manufacturing efforts despite government incentives. The administration of President Bola Tinubu has implemented measures aimed at easing these pressures. In June 2024, an executive order was issued to reduce medical service costs by eliminating tariffs, excise duties, and Value Added Tax on specific machinery, equipment, and raw materials, with the goal of lowering local production costs. However, BMI observed that the medical devices market would continue to face significant challenges in the short term. The report forecasted that Nigeria’s medical devices market could grow to a value of N171.1bn (£344.7m) by 2028, supported by a large population, an increasing focus on universal health coverage, and the double burden of chronic and communicable diseases. Nigeria’s economy is expected to recover in 2025, with a growth rate of 3.0 per cent predicted for 2024, compared to 2.9 per cent recorded in 2023. However, persistent issues such as high inflation, tighter monetary policies, and weak foreign direct investment could weigh on the growth of the medical devices sector. The PUNCH further observed that the naira traded at N1,681.42 per dollar on Monday, November 11, 2024, reflecting a marginal decline of 0.15 per cent from Friday’s closing rate of N1,678.87, as recorded on November 8, 2024. FX turnover on the official market dropped significantly by 66.41 per cent, from $1.4bn on Friday to $471.5m on Monday, indicating lower market activity. During the period under review, the naira reached a high of N1,695 and a low of N1,631.   Punch