The Dangote Refinery, Africa’s largest oil refinery, is reportedly considering increasing its crude oil imports from Angola and Algeria, as discussions are ongoing over the naira-for-crude arrangement with the Nigerian government. This development comes as the Nigerian government engages in discussions to finalise a naira-for-crude deal, aimed at strengthening the local currency and reducing dependency
The Nigerian National Petroleum Company Limited (NNPCL) has been advised against the unilateral abandonment of it’s naira-for-crude deal because of its economic implications for the country. It was that that if the decision is pushed through, it could lead to skyrocketing petroleum prices yet again and thus inflict severe hardship on the Nigerian citizens. A
The ongoing price war in the downstream oil sector intensified on Tuesday as major oil marketers began offering petrol at lower prices than the N825 per litre gantry loading cost set by Dangote Petroleum Refinery. This move follows revelations that the landing cost of imported Premium Motor Spirit (petrol) in Nigeria has dropped to N774.72
Experts at investment firm Afrinvest have emphasized the urgent need for action to address Nigeria’s debt profile and prevent further deterioration. This was highlighted in their latest macroeconomic update titled ‘Nigeria’s Debt Statistics… High Risk or Not?’ which analyzed the recent visit of IMF’s First Deputy Managing Director, Gita Gopinath. During her visit, Gopinath described
The Niger State Ministry of Communications, Technology, and Digital Economy has announced a partnership with African Women in Tech Sales (AWITS) to equip women in the state with skills in technology sales, thereby enhancing their participation in the growing digital economy. This partnership, disclosed in a statement on Tuesday, focuses on empowering women with the
Additionally, the government aims to enhance road toll collection this year as part of its infrastructure development initiative, dubbed the “Big Push.” On Tuesday, Ghana’s new government announced the elimination of several Covid-era taxes introduced to secure IMF financing, citing the economic hardship placed on ordinary citizens. Finance Minister Cassiel Ato Forson, presenting the government’s
On Tuesday, Airtel Africa announced that it had repurchased approximately 66,089 of its ordinary shares, each valued at $0.50, from Barclays Capital Securities Limited. This move is part of the company’s ongoing share buy-back program, authorized by its shareholders, which was initially announced on December 23, 2024. The purchase, made on Monday, March 10, involved
The ongoing price war in the downstream oil sector intensified on Tuesday as major oil marketers began offering petrol at lower prices than the N825 per litre gantry loading cost set by Dangote Petroleum Refinery. This move follows revelations that the landing cost of imported Premium Motor Spirit (petrol) in Nigeria has dropped to N774.72
The Nigeria’s Naira flipflops in the foreign exchange market, has been described as a bold economic step that has provided competitive leverage for the country in the global economic competition. Since the assumption of Office of President Bola Tinubu, the Naira has been devalued by more than 70 percent. It fell from 460 to the
The Nigerian National Petroleum Company Limited (NNPCL) has reacted to the recent reports circulating on the social media regarding it’s alleged unilateral termination of the crude oil sales agreement in Naira between it and the Dangote Refinery .Clarifying the situation in a statement on Monday, the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the
