African Petroleum Producers Organisation (APPO) has said that the establishment of Dangote Oil Refinery will bring about a 36 per cent reduction in the importation of petroleum productions into the continent.
The organisation expressed optimism that the success of the project would incentivise the construction of similar projects across Africa despite the current focus on energy transition.
The Secretary-General, African Petroleum Producers Organisation, Dr. Omar Farouk Ibrahim, said in an interview that Dangote Refinery shall be supplying over 12per cent of Africa’s products demand when it becomes operational.
Ibrahim stated, “To appreciate the impact that the Dangote refinery is going to have on African economies and especially on the supply of petroleum products, and to some extent the conservation of scarce foreign exchange, a look at some statistics on the continent’s petroleum products demand and supply is in order.
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“Currently, Africa’s daily petroleum demand is 4.3 million barrels per day (mbd). Of this volume, 57per cent is produced locally (on the continent) while 43 per cent is imported. When Dangote is fully onstream, the percentage of Africa’s products import shall drop to 36 per cent. This is even as the total volume of products demand rises to 5.4 mbd. You can therefore see the huge impact that Dangote refinery shall be making to overall products supply in Africa. Dangote shall be supplying over 12per cent of Africa’s products demand.
“That is huge savings for a continent that has scarce foreign exchange and little to export. We shall save from buying abroad and from shipping and insurance costs. Furthermore, the success of Dangote could incentivise the rise of similar projects, the noise about energy transition notwithstanding,” oil analyst noted.
Ibrahim also hailed Dangote’s decision to go ahead with the construction of crude oil refinery despite a campaign against fossil fuels, adding that the demand for fossil fuel is going to continue for several decades to come.
“We believe that Dangote made a very wise decision to proceed with the project, despite the campaign against fossil fuels. There will be demand for petroleum products for many decades to come. Indeed, we see petroleum products prices rising steadily in the next few years for at least two decades.
“This is because new refineries are not coming up in Europe and North America, where Africa imports 34 per cent of its supplies, because their governments have embraced energy transition, some willingly, others due to pressure. So, some of the sources of Africa’s imports are going to dry up. At the same time, Africa will not be in a position to fast track the development of non-fossil fuels.
No plane crashed in Lagos – FAAN, NEMA
Two government agencies, the Federal Airports Authority of Nigeria and National Emergency Management Agency, have dismissed reports of a fresh plane crash in the Ikeja area of Lagos.
An internet user who saw a plane being towed away had sent the picture to the social media, concluding that it was the wreckage of a fresh plane crash in Lagos.
The aircraft, which had missing wings, was spotted on Ikeja-Agege road, causing gridlock along the route on Tuesday as the news went viral on the social media.
But FAAN in a terse statement posted on its social media handles, said Nigerians should disregard the news.
It stated, “The Federal Airports Authority of Nigeria would like to inform the general public to disregard the news making the rounds on social media about an alleged crash at Ikeja Airport.
“The aircraft was sold by the owner to a buyer, who was taking it to its final destination.”
Also, Ibrahim Farinloye, the zonal coordinator, South-West, NEMA, said after due consultations with all critical stakeholders and tracking of all incoming and outgoing flights in Lagos, there was no plane.
An aviation analyst, Daniel Dikio, had also tweeted his observation of the viral video.
“It is an Airbus A319, hasn’t flown domestically in years. I can see traces of a green logo; it likely belonged to First Nation Airways in its time.
“The wings are separated cleanly; this wouldn’t happen in a crash. The separation is a sign of dismantling.
“There is no damage to the fuselage, almost impossible given the purported circumstances”, Dikio noted.
FG targets 1.4mbpd domestic refining before 2027
The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.
Nigeria’s GDP grew by 3.11% in Q1 – NBS report
The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.
The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.
It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.
Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.
“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.
“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.
“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”
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