Business
Dangote Refinery hasn’t received full operational licence – NMDPRA
Dangote Refinery hasn’t received full operational licence – NMDPRA
Africa’s largest refinery, the Dangote Petroleum Refinery, has not yet been granted a full operational licence, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
George Ene-Ita, Head of Public Affairs at NMDPRA, revealed that the refinery, which has a capacity of 650,000 barrels per day, remains in its pre-commissioning phase.
The refinery is undergoing a phased process, with only two out of four priority sections having received approval for the introduction of hydrocarbons.
This update highlights that while the refinery is making progress, it has not yet completed the necessary regulatory steps to commence full operations.
“The entire plant is subdivided into four sections technically referred to as priorities one, two, three, and four.
“At this stage of pre-commissioning, only priorities one and two have been given approval to introduce hydrocarbons, which allows the plant to operate on a test-run basis,” Ene-Ita told The Guardian.
Considering the refinery’s stages of approval, the NMDPRA said the refinery only has permission to produce petroleum products like diesel, jet fuel, and kerosene.
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According to the regulator, only the approved products are permitted to be released into the Nigerian market under its regulatory supervision.
Ene-Ita said the audits to be undergone by the refinery include tests on the plant’s mechanical, electrical, and instrumentation systems, an action to ensure the refinery’s preparedness for full-scale production.
He added that full production and an increased volume of PMS would only be achieved when approval is given to introduce hydrocarbons into priorities three and four.
He said, “Once these sections are operational, the plant will undergo a 90-day observation period during which additional tests and audits will be carried out to confirm compliance with regulatory guidelines. If, after 90 days, our technical team confirms that the facility adheres to all parameters, the refinery will be issued a License to Operate (LTO), marking its full operational status.”
Ene-Ita also reacted to the concerns over the colour of PMS produced during the pre-commissioning phase.
He explained that the Nigeria Industrial Standards (NIS) specified colour for PMS is Oxblood Red.
He said the refinery is not fully operational, adding that the colour may not conform to NIS standards until it is fully operational.
“It’s important to note that colour is not necessarily an indicator of product quality, nor is it a quality parameter in regulatory compliance. When the Dangote Refinery becomes fully operational, it will be expected to produce PMS that conforms to the NIS colour specifications,” added Ene-Ita.
Dangote Refinery hasn’t received full operational licence – NMDPRA
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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