Nigeria to stop exporting raw cocoa, says VP Shettima - Newstrends
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Nigeria to stop exporting raw cocoa, says VP Shettima

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Vice-President Kashim Shettima
Vice-President Kashim Shettima

Nigeria to stop exporting raw cocoa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the commitment of the Tinubu administration to revitalizing Nigeria’s cocoa industry and transforming the country’s agricultural sector into a globally competitive value chain.

Speaking on Monday during a meeting with a delegation from the World Cocoa Foundation (WCF), led by its president, Mr. Chris Vincent, at the Presidential Villa in Abuja, Shettima highlighted the government’s strategic vision for cocoa — moving Nigeria from being a raw producer to becoming a global processor and exporter of cocoa-based products.

In a statement by his spokesman, Stanley Nkwocha, he noted that it is in a bid to return to the drawing board in respect of revamping the nation’s cocoa industry that the Federal Executive Council (FEC) recently approved the establishment of a National Cocoa Management Board (NCMB).

“Let’s walk the talk. We used to be one of the world’s leading cocoa producers, but because of the advent of oil, we have been relegated to the background now.

“But we can reclaim that lost glory, and the President is fully committed to revitalising not only the cocoa industry but all agricultural value chains.”

Senator Shettima pointed out that the price of cocoa has skyrocketed globally, assuring that “with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” Nigeria is poised to go “back to the drawing board.

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“At our last Federal Executive Council (FEC) meeting, the government approved the establishment of the National Cocoa Management Board geared towards revitalising the cocoa industry and the whole cocoa value chain,” he added.

The Vice President stressed the need for Nigeria to start processing cocoa products, just as he told the WCF delegation that the nation has the manpower, with capable young Nigerians who are willing to take advantage of the job opportunities in the agricultural sector.

He said, “We don’t want to be producers of cocoa; we want to be processors of cocoa because a tonne of cocoa will fetch you $9,000 now, but processed cocoa will get you $30,000. If you turn them into chocolate bars, that might fetch you $50,000.

“So, we have the manpower, the average age of the nation is 17. We have very virile young men who are willing to work if they have the opportunity. So, I’m speaking from the heart; we are willing to partner with your organisation.”

VP Shettima also disclosed that he was already working on building a cocoa farm to lead by example, saying the passion is not driven by profit making, but by the desire to contribute to the social welfare of the country.

“I want to walk the talk. It is not even about the profit criteria; no. It’s about the social welfare criteria – employing people. Look, let me take you to my farm and you’ll be convinced that the new Nigerian leadership is actively involved and is itching to drive the process.”

The Vice President pledged Nigeria’s readiness to work with WCF, assuring that he would personally engage the governor of Taraba State to secure the 10,000 hectares in Kurmi local government area of the state for the WCF and other partners to expand their investments in the nation’s cocoa industry.

Earlier, the Vice President of the WCF, Mr Vincent, declared the Foundation’s readiness to work with the Nigerian government to revitalise the cocoa sector in Nigeria in line with the European Union’s sustainable regulations.

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He said, “We are in the middle of a global cocoa supply shortage, and the prices have risen four times over the last three years. We are looking for new supplies of cocoa, sustainable cocoa in particular,” he stated, noting that the WCF represents the whole global cocoa supply chain, which includes the very biggest manufacturers of both chocolate and cocoa.

“The key thing here is that we have a clear alignment with industries which need to grow in supply sustainably, and I’m aware of the Nigerian State’s ambition to grow cocoa as a crop, and I know the opportunity is now. Because we are in a supply deficit, the next two to three years are an opportunity for growth,” he said .

Meanwhile, Nigeria is actively pursuing a massive $25 billion undersea gas pipeline project to supply gas to Europe.

This is just as Vice President Shettima has said, President Tinubu’s bold economic reforms have positioned Nigeria as a prime investment destination, especially in the energy sector.

Speaking on Monday during a meeting with Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa, the Vice President said Nigeria’s leadership transformation under President

Tinubu represents an unprecedented opportunity for international investors.

He said, “Most importantly is the leadership. President Bola Ahmed Tinubu grew up in that ecosystem- energy and finance.

“In the past 25 years, we have not had a leader who has the courage to take far-reaching decisions as he has taken – the removal of fuel subsidy, the unification of the multiple exchange rates, and the tax reforms.”

The Vice President made a direct appeal to global investors, stating that “he (the President) is putting Nigeria on a new trajectory. This is where the action is, invest in Nigeria.”

VP Shettima described Nigeria’s gas sector as a beacon of stability and transparency amid global uncertainty. “The world is changing, and ours is actually a gas and not an oil economy. We have the eighth largest gas reserve in the world,” he said.

Earlier, the leader of the delegation, Chief Financial Officer of Vitol Group, Jeffrey Dellapina, said that Vitol has a long-term commitment to Nigeria.

“This has been an incredibly close and important country for Vitol for a very long time. We have participated in a lot of things from the downstream, financing, trading and government support when needed.”

“We do want to maintain an understanding that Vitol is committed, and we are always available to deploy capital when needed. We want to say that Vitol is committed to this country, and we want to stay in this country and evolve with you.”

Also, Vitol Group’s Head of Public Affairs, Murtala Baloni, noted that the company is currently enjoying a favourable business relationship with Nigerian companies and the government.

“We support the business of the government in ways that we can in the deployment of capital. We were one of the major funders of Project Gazelle, a crude oil-backed forward-sale finance facility by the Nigerian National Petroleum Company Limited (NNPC Limited), where we put in $300 million during the COVID-19 period,” he stated.

Also present at the meeting was Nigeria Country Manager for Vitol Group, Thomas de Montulé.

Nigeria to stop exporting raw cocoa, says VP Shettima

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X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share

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X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share

 

Jetour Nigeria is taking its premium SUV battle to Abuja, with the seven-seater X90 Plus set to headline the Jetour Experience Abuja from September 22 to 24, as the automaker moves to capture a larger share of Nigeria’s fast-growing high-end family SUV market.

The three-day motoring showcase will give prospective buyers, families and auto enthusiasts in the Federal Capital Territory and neighbouring states an opportunity to experience the X90 Plus and other models in the Jetour range through test drives and hands-on demonstrations.

The Abuja showcase follows the success of the brand’s earlier Jetour Experience in Lagos, where strong customer interest, inquiries and sales momentum reportedly encouraged the company to take the initiative to the Federal Capital Territory.

Jetour Nigeria said growing demand from customers in Abuja and neighbouring states was a major factor behind the decision to expand the experience to the northern market.

Positioned as a full-sized family SUV, the X90 Plus is designed for executives and families seeking a combination of space, technology, performance and comfort without the price tag associated with some luxury SUVs.

The model is offered with 1.6-litre and 2.0-litre turbocharged engines paired with a seven-speed dual-clutch transmission. The powertrain produces up to 254 horsepower and 390Nm of torque.

Inside the cabin, the X90 Plus features a 12.3-inch LCD touchscreen infotainment system, panoramic sunroof, Sony premium audio system and wireless charging.

Its safety and driver-assistance features include a 360-degree panoramic camera, Forward Collision Warning, Lane Departure Warning and electronic stability systems.

Jetour’s growing profile in Nigeria has also earned the brand recognition from the Nigeria Auto Journalists Association (NAJA), which named it Fastest Growing Auto Brand, while it was also recognised as Auto Brand of the Year at the Nigeria Transport Lecture.

To support its expanding customer base, Jetour Nigeria, the sole authorised distributor, operates through seven accredited dealer partners across the country: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.

The Abuja Experience is expected to provide Jetour with another platform to engage potential customers and reinforce its position in Nigeria’s increasingly competitive SUV market.

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Dangote raises petrol price 6.7% to N1,350/litre

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Dangote raises petrol price 6.7% to N1,350/litre

Dangote raises petrol price 6.7% to N1,350/litre

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS), popularly known as petrol, gantry price by 6.7 per cent, raising it from N1,265 to N1,350 per litre, with the new price taking effect from September 12, 2026.

The latest adjustment represents an N85 increase per litre and is the fourth upward review of Dangote Refinery’s petrol price since August 21, further raising concerns about the possible impact on petrol pump prices, transportation costs and the wider cost of living.

The refinery also increased its coastal price from N1,669,543 to N1,783,530 per metric tonne, representing an increase of N113,987, or about 6.8 per cent.

In a memo to customers, Dangote Petroleum Refinery announced the revised prices and directed customers with existing loading arrangements to return their Authority to Collect (ATC) documents for repricing.

The refinery said new volume contracts would subsequently be issued to allow loading to resume under the revised prices.

The latest increase means Dangote’s petrol price has risen by N185 per litre, or about 15.9 per cent, in 22 days.

The refinery had increased its gantry price from N1,165 to N1,185 per litre on August 21. It subsequently raised the price to N1,200 on August 26 and then to N1,265 on August 29, before the latest increase to N1,350.

The development comes amid renewed pressure in the international crude oil market, with Brent crude recently trading above $100 per barrel as geopolitical tensions and disruptions to oil supplies in the Middle East continue to affect global energy markets.

The pressure on global fuel markets is also being felt by refiners and petroleum traders as disruptions to Middle Eastern refining capacity and shipping routes create concerns over the availability of crude and refined petroleum products.

Dangote Refinery’s management recently said global fuel shortages could persist beyond the current Iran conflict because of damage to refining infrastructure, high refinery utilisation rates and the need to rebuild fuel inventories.

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For Nigeria, the increase comes as the downstream petroleum market continues to operate under deregulation, meaning petrol prices are largely determined by market conditions rather than a fixed government-controlled price.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently identified crude oil sourcing, refinery delivery timelines, imported cargoes, transportation, logistics and taxes among the factors influencing movements in petrol prices.

NMDPRA Head of Public Affairs George Ene-Ita said petrol prices are fully deregulated and therefore exposed to fluctuations across the supply chain.

Consequently, the new Dangote price does not necessarily mean motorists across Nigeria will immediately pay exactly N1,350 per litre at filling stations.

The price consumers pay will depend on the cost at which individual marketers obtain their supplies, transportation and distribution expenses, depot charges, operating costs, location, competition and profit margins.

However, the increase in the refinery’s gantry price is expected to put additional pressure on marketers who source petrol from Dangote Refinery, particularly as they replenish existing stocks.

Recent reports indicate that petrol prices in several parts of the country had already moved higher, with pump prices in some locations reaching the N1,310-N1,350 per litre range before the latest Dangote adjustment.

The latest price review could therefore trigger another round of adjustments by petroleum marketers, especially if the higher wholesale acquisition cost persists.

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The development is also significant because Dangote Refinery has become an increasingly important source of locally refined petrol as Nigeria seeks to reduce its dependence on imported petroleum products.

The refinery has secured at least 16 million barrels of Nigerian crude for October delivery, equivalent to roughly 520,000 barrels per day, according to Reuters. The purchases represent a substantial portion of the refinery’s current 700,000-barrel-per-day capacity and underline its growing role in Nigeria’s domestic fuel supply.

Despite the increase in petrol prices, Dangote Refinery is pursuing plans to expand its capacity significantly. The company announced a $14.3 billion expansion programme that is expected to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.

The refinery is also preparing for a major initial public offering (IPO) aimed at raising about N2.15 trillion, with the offer scheduled to run from September 14 to October 13.

For consumers and businesses, the immediate concern remains the potential effect of the latest petrol price increase on transportation, logistics and the cost of goods and services.

Petrol remains a major input for transportation and commercial activities in Nigeria. Any sustained increase in its price can raise the cost of moving people and goods and increase operating expenses for businesses that depend on petrol-powered vehicles and equipment.

The extent of the impact of the new N1,350 per litre Dangote petrol price, however, will depend on how marketers respond and whether international crude prices remain elevated.

For now, the latest adjustment establishes a higher wholesale benchmark for customers buying petrol from Dangote Refinery, while the retail market is expected to respond according to prevailing supply, distribution and competitive conditions.

Dangote raises petrol price 6.7% to N1,350/litre

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Jetour Takes Award-Winning Dashing, Other SUVs to Abuja

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Jetour Takes Award-Winning Dashing, Other SUVs to Abuja

Motorists in Abuja are set for a close encounter with Jetour’s award-winning Dashing and other models as Jetour Nigeria moves to deepen its foothold in the nation’s capital with the Jetour Experience Abuja, beginning September 22.

The three-day motoring event, which runs until September 24, is expected to draw prospective buyers and automobile enthusiasts to a hands-on experience featuring test drives, product demonstrations and direct engagement with Jetour’s seven authorised dealers and product specialists.

The participating dealer network comprises Elizade Nigeria Limited, Kojo Motors, Mandilas Autos, Germaine Auto Centre, R.T. Briscoe, Tab Autos and New Era Auto Vehicle Services Limited.

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The Abuja Experience follows the success of the Lagos edition, which attracted thousands of visitors for test drives and direct engagement with product specialists. According to the organisers, strong demand and inquiries from motorists in Abuja and neighbouring states prompted the expansion of the event to the Federal Capital Territory.

The Dashing has gained attention in Nigeria’s competitive compact SUV segment for its combination of modern styling, technology, performance and competitive pricing.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engines, producing up to 145kW of power and 290Nm of torque, paired with six- or seven-speed dual-clutch transmissions.

Its features include a 15.6-inch central touchscreen infotainment system, panoramic sunroof, wireless charging and smartphone integration.

For safety, the vehicle comes with a 360-degree surround-view camera, automatic emergency braking, lane departure warning, blind-spot detection and multiple airbags.

Beyond vehicle sales, the authorised dealers provide warranty, genuine spare parts and after-sales support to Jetour customers across their respective locations.

The Abuja Experience is expected to strengthen customer engagement and give motorists in the FCT a closer look at Jetour’s growing range of vehicles, while further expanding the brand’s footprint in the northern market.

 

Jetour Takes Award-Winning Dashing, Other SUVs to Abuja

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