Business
Dangote Refinery on course to begin petrol production this month – Official

Dangote Refinery on course to begin petrol production this month – Official
The Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has given the assurance that Dangote Refinery will commence the production of Premium Motor Spirit (PMS), also known as petrol, this month.
Edwin disclosed this when international financial analytics corporation S&P Global’s officials visited the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria.
He reiterated that as earlier promised, the company will start producing petrol this month (July).
According to him, the move will harness Africa’s abundant crude oil resources to produce refined products locally, adding that the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity.
Edwin also noted that products from the $20 billion facility are of high quality and meet international standards, saying that it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and jet fuel, with surpluses available for export.
On its part, S&P Global said the 650,000 barrels per day refinery could resolve Nigeria’s foreign exchange (forex) issue and its huge pressure on the naira, while accelerating the country’s economic development.
The ratings agency’s team was accompanied on the visit by officials from the Federal Ministry of Finance.
Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said the Dangote Refinery would transform Nigeria into a net exporter of petroleum products.
“It is a very impressive facility, able to process 650,000 barrels a day when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly,” Bhatia said after touring the refinery for more than four hours.
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“Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment.”
The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit for ensuring the smooth automation of operations.
Other members of the team of the international ratings agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.
Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulfur diesel.
He noted that the refinery, designed to process a wide range of crudes, conforms to Euro V specifications. In addition, it is designed to comply with the US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.
While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex; handling its Engineering, procurement, and acting as the Construction (EPC) contractor.
Dangote refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.
“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.
Nigeria, one of the world’s leading oil-producing countries, exports its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. Nigeria imports an estimated 50 million litres of petrol daily to meet domestic demand.
According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately ₦12tn importing petroleum products in 2023, including petrol. This figure marks an 18.68 per cent increase compared to the ₦10tn spent on fuel imports in 2022.
Dangote Refinery on course to begin petrol production this month – Official
Business
Naira strengthens, gains N29.89 against US dollar

Naira strengthens, gains N29.89 against US dollar
The Nigerian Naira closed the week on a positive note, appreciating by N29.89 against the US Dollar in the official market.
According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,517.93 per dollar on Friday, reflecting a 1.9% increase from Thursday’s closing rate of N1,547.82.
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The currency’s recovery comes after a period of decline since March 5, offering a sign of relative stability. In recent months, the Naira has traded within a range of N1,500 to N1,900 against the dollar across both official and parallel markets.
This uptick suggests ongoing efforts to stabilize the currency may be yielding results, as market watchers remain hopeful for sustained improvements.
Naira strengthens, gains N29.89 against US dollar
Auto
How to lower fuel consumption of your car

How to lower fuel consumption of your car
When President Bola Tinubu announced an end to fuel subsidy at the inception of his regime in 2023, many motorists were jolted by the expected impact it would have on the cost of keeping their vehicles on the road.
Many Nigerians were also concerned about the impact it would have on the cost of living, especially the prices of goods, services and transportation.
And their fears were genuine; prices of goods went up astronomically and there were complaints of hardship all over the country.
This led to a swift drop on the sales of big cars, especially Sport Utility Vehicles. Many Nigerians quickly parked these cars in their homes and some immediately put up theirs for sale while others quickly bought smaller cars that they presumed would consume less fuel. They forgot that the rainy season would not be fair to the roads and their new small sedans, especially the bumpers and underneath the cars.
Those living in flood-prone areas like Lekki and some seasonally flooded areas in Rivers, Delta and Bayelsa states can attest to the advantages of SUVs over sedans from their expenses. With some of these expected challenges, it didn’t take long for the average Nigerian motorist to adjust and live with the negative impacts of the fuel subsidy removal.
Though the challenge persists, coupled with the poor state of the roads across the country, it has been almost impossible for Nigerians to totally do away with their big cars and SUVs which are renowned for higher fuel consumption. It is the classical case of choosing between the devil and the deep blue sea.
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Today, Vanguard offers you some tips on how to ensure maximum fuel economy in your vehicles at a time like this. It is clear that by improving your car’s fuel economy, you’re helping to reduce the drain on your wallet. With some simple driving tips and habits, your fuel can take you further. A combination of good driving habits, and proper vehicle maintenance of your car is essential.
The Tips
*When driving, accelerate and brake gently, quick starts and stops waste fuel, but smooth driving boosts your kilometres per litre. Driving at slower speeds leads to better fuel efficiency.
Reducing speed by 10-20 kph can help. Keep a steady speed, you may use your cruise control on motorways because when you drive at a consistent speed, you save fuel.
•Watch the traffic ahead, it will help you predict what other drivers will do or intend to do. This helps you to avoid braking and speeding up.
•Also avoid idling your engine for long periods even when it is stationary as it wastes fuel. Switch off the engine if you need to stop for more than a minute.
•Also limit short journeys, and be aware that cold starts use more fuel.
•As a motorist, ensure that your tyres are appropriately gauged. Soft tyres cause drag and waste fuel. Check pressures often and inflate correctly.
Many drivers don’t know that proper inflation of their car tyres contributes significantly to the fuel economy. Under inflated tyres have a higher rolling resistance on the road. This means that your tyres generate more friction and rolling resistance and will increase fuel consumption.
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If your four tyres are underinflated by 10 psi, this could increase your fuel consumption by 10 per cent. Car manufactures always have the recommended tyre gauge inscribed on the drivers door frame. Gauge your tyre accordingly and reduce your fuel consumption.
•Correct wheel alignment is vital. It reduces tyre wear and drag. This also saves fuel.
•Many motorists carry all sorts of things in their boots which they hardly need and this adds to the weight of the car, this should be avoided. Note that every extra 50kg of load in your car increases fuel consumption by about two to three percent.
Some used cars from abroad come with a heavy bar attached to the rear for pulling boats and other heavy objects from where they have been imported which is hardly needed in this part of the world. It is advised that you remove them to avoid unnecessary weight.
Some people however believe that this serves as protection when another vehicle hits them from behind, unknown to them that they are paying more to fuel their cars. Lighten your load and remove extra weight from the car. Less weight means better fuel economy.
•Also, reduce drag by removing roof racks as they increase wind resistance which wastes fuel.
•Use your air-conditioning system. Driving with an air-conditioner has an advantage to fuel economy but most drivers think otherwise.
Apart from keeping the interior of your car clear of dust and ensuring the safety of the driver from attacks, it also saves fuel. Driving with windows down at a speed faster than 80km/h causes a lot of wind resistance and more fuel consumption. It is more fuel efficient to drive with your air-conditioner on.
•Maintain the right speed. Avoid over speeding and going slowly too.
While both have safety consequences, they also have an impact on your fuel consumption. It has been established that on highways, your engine works hard to overcome wind resistance.
This means that you will burn up to 15 per cent more fuel at 100km/h and 25 per cent more at 110km/h. On the other way round, if you drive at a speed slower than 50km/h your engine would drop to a lower gear thus using up more fuel. It is advised that driving between 50km/h and 90km/h gives optimal fuel efficiency.
•Many people accelerate their cars as if they are running at Formula 1 Race thereby wasting their fuel unknowingly. Avoid revving your accelerator to a high revolution per minute (RPM). Your engine uses less fuel when it is revolving slower at a lower RPM.
•It is also important to note that aggressive braking is not only a disadvantage to the brake pad but increases fuel consumption.
Slamming on the brakes increases fuel consumption as the car needs to accelerate again. Give a reasonable distance between you and the vehicle in front of you. If you have been driven by a pilot before, you would understand what it means to drive with caution.
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They are very cautious of the vehicles in front of them and avoid them from afar. I am sure that if we take count of professionals who hardly get involved in traffic accidents, the pilot would take the number spot.
•Avoid hard acceleration when moving your car from complete stop or climbing hills as it increases fuel consumption. Most people who drive vehicles with automatic transmission hardly know the advantage of one special feature in the car called cruise control.
If you are driving an automatic car, you can make use of cruise control to keep your speed constant. But if you are driving a manual car, maintain a higher gear when appropriate. This ensures that your engine goes through less revolutions per minute, RPM and ensures less fuel consumption.
•Driving in traffic causes higher fuel consumption. Stop-start traffic puts a lot of pressure on your engine and burns more fuel. Avoid peak traffic if possible. Turn off your engine when it is parked. As long as your engine is on, the fuel is burning. The choice is yours to keep the engine steaming when that car is not moving. It is your fuel that is burning which you can use to cover some kilometers.
•Regular servicing with quality engine oil is key to the longevity of your engine. If your engine is poorly maintained, it will lead to sludge and corrosion build-up which will prevent the engine from working smoothly. Regular maintenance is key.
•Follow your vehicle’s schedule, a healthy engine works better. A clean air filter lets the engine breathe freely. Good airflow improves fuel use. Use the right oil type to reduce friction and boost engine performance. When buying a new car, think about fuel efficiency. Pick a model that fits your needs. If your car has a fuel-saving mode, then use it.
How to lower fuel consumption of your car
Vanguard
Business
Electricity: TCN blocks access to data from DisCos

Electricity: TCN blocks access to data from DisCos
Different interest groups in the Nigerian Electricity Supply Industry (NESI) yesterday raised the alarm as the Independent System Operator (ISO) of the Transmission Company of Nigeria (TCN) blocked access to distribution companies (DisCos) daily load profile on its website.
The section of the website has been inaccessible for over a month with no one offering explanation.
Meanwhile, the Transmission Company of Nigeria (TCN), spokesperson, Ndidi Mbah did not answer calls to her mobile line. She also refused to respond to the WhatsApp message sent to her for inquiry.
Responding to the situation, Sage Consulting, Lead Power Sector Analyst, Mr. Bode Fadipe said the fact that the TCN barred access to the DisCos load profile for this long raises the question if it has something to conceal from the stakeholders.
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He described the website’s daily load profile as the tool with which customers and other members of the public can assess the performance of the energy distributors.
Fadipe stressed that platform should be a validation measure for holding the DisCos accountable.
He said allowing the DisCos to operate without access to the load profile could aid them to reject load.
His words: “If other information is accessible on that platform and it is not a technical issue what could be responsible for that? Do they have anything to hide?
” If they have resorted to that, we call for greater transparency so that it can help us to see performance. I think it is not a very good sign because the power sector is supposed to be a transparent industry where people can pick up information and the public can monitor all the time and be able to hold DisCos responsible.”
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