Business
IPMAN commences petrol lifting from Dangote Refinery
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has begun lifting Premium Motor Spirit (PMS), popularly known as petrol, from the Dangote Petroleum Refinery.
This development follows an agreement reached between IPMAN and the refinery in November.
The Dangote Petroleum Refinery, situated in the Lekki Free Trade Zone, Lagos, has supplied millions of liters of petrol to independent marketers since the lifting began.
Chinedu Ukadike, IPMAN’s National Publicity Secretary, confirmed the development in an interview, noting that the process started in late November.
Ukadike disclosed that prior to this, IPMAN members had been loading petrol through MRS Oil as part of interim arrangements while finalizing the terms of the agreement with the refinery.
“There is a pre-arrangement we had. Our experts are putting things together for our documentation. Dangote refinery made some products available to us in MRS and we started the loading gradually (in November). We are buying Dangote products through MRS,” Ukadike said.
Asked if this is not like buying through a middleman, he refuted the claim, saying, “This is not the issue of a middleman. We have to start with something first to bridge that gap.”
He stated that it is important to note that independent marketers have started buying PMS directly from the $20bn refinery.
Ukadike maintained that the decision by the Dangote refinery to reduce PMS price from N990 per litre to N970 had increased the demand for PMS in the local market.
He added that the deal between IPMAN and Dangote influenced the drop in prices of petroleum products especially as it eliminated middlemen and profiteering.
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“The most important thing is that IPMAN members have started buying directly from Dangote. We’ve been uploading products stored in the tank and meant for commuters.
“The reduction in the price of Dangote PMS has also increased demand. We are also anticipating that the price decrease will strengthen the economy.
“IPMAN’s direct purchase agreement with Dangote influenced the dwindling price of petrol because it has eradicated the issue of middlemen and profiteering of petroleum products. So the era of middlemen has gone. You can access Dangote as quickly as possible once you pay your money,” he noted.
After several days of battling the crude supply crisis, the Dangote refinery commenced the sale of petrol on September 15, 2024, selling to only the Nigerian National Petroleum Company Limited, which served as a middleman between the refinery and the marketers.
However, the supply chain was not as effective as planned, prompting independent marketers to demand direct transactions with the $20bn refinery.
Consequently, the Federal Government said that the NNPC should no longer be the sole off-taker of Dangote fuel, allowing willing buyers to seek direct purchase from the 650,000 barrels per day capacity refinery.
“Moving forward, petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency,” the Minister of Finance, Wale Edun, who is also the chairman of the naira-for-crude committee, said in a statement in October.
Barely a month after, IPMAN National President, Abubakar Maigandi, announced that the association had signed a deal with Dangote.
“After meeting with Aliko Dangote and his management team in Lagos, we are pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets,” Maigandi told newsmen in Abuja last month.
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Recall that IPMAN has insisted that it would not patronise the newly refurbished Port Harcourt refinery if it sells its PMS at N1,030/litre.
The association’s spokesman, Ukadike, said, “If the Port Harcourt refinery’s PMs price is truly N1,030, it is unacceptable to us independent marketers. We will not buy from them. We will buy where it is cheap.”
Ukadike, however, expressed hope that NNPC would review the price.
N3.32tn petrol imported
In a report by the National Bureau of Statistics, PMS worth N3.32tn was imported into Nigeria in the third quarter of 2024.
The NBS report stated that diesel worth N1.33tn was brought into the country during the same period.
In return, the country exported crude oil valued at N13.40tn and liquefied natural gas of more than N2.10tn, between July and September.
“The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, floating or submersible drilling or production platforms,” the NBS said.
It stated further that Nigeria’s export trade continued to be dominated by crude oil exports.
“In the third quarter of 2024, crude oil export was valued at N13.40tn, representing 65.44 per cent of total exports while the value of non-crude oil exports stood at N7.08tn, accounting for 34.56 per cent of total exports; of which non-oil products contributed N2.5tn or 12.21 per cent of total exports,” the NBS disclosed.
IPMAN commences petrol lifting from Dangote Refinery
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Auto
26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.
The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.
A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”
A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.
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According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.
Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.
Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.
The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.
The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
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Auto
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Nigeria’s automotive stakeholders have called for an urgent shift from fuel subsidy to affordable vehicle financing, saying the new model could make vehicle ownership accessible to more Nigerians while driving local production, creating jobs and reducing dependence on imported automobiles.
The call was made on Thursday at the LCCI/National Automotive Design and Development Council Automobile Symposium, themed, “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”
Chairman of the LCCI Auto and Allied Sector Group, Dr Femi Eguaikhide, said affordable vehicle credit could restore access to mobility, improve productivity and create a stronger market for Nigeria’s automotive industry.
He said fuel subsidy had for decades effectively functioned as Nigeria’s mobility policy by helping to keep transportation relatively affordable for millions of Nigerians, including commercial drivers, teachers and small-business operators.
However, following its removal in May 2023, Eguaikhide said mobility costs had risen sharply, resulting in higher transport fares and increased prices of goods and services, with knock-on effects on productivity.
“Subsidy made fuel cheap, but cars remained expensive. So only the rich owned productive assets,” he said, arguing that vehicle credit could enable more Nigerians to acquire income-generating vehicles and repay loans from the proceeds.
Eguaikhide called for affordable, preferably single-digit interest rates and longer-tenor lease-to-own schemes for commercial operators using buses, tricycles and motorcycles.
“Can we create a ₦50,000/month plan for a keke driver?” he asked, urging financial institutions to develop financing products around borrowers’ earning capacity rather than conventional lending models.
He also advocated the use of vehicle telematics, tracking systems and cash-flow data to develop “mobility credit scores” that could help lenders assess the repayment capacity of commercial transport operators.
But Eguaikhide warned that vehicle financing must not become a fresh channel for importing used vehicles.
“If we use credit to import more Tokunbo, we’ve solved nothing,” he said, advocating financing for CNG conversions, locally assembled electric and hybrid vehicles, as well as mass-transit buses.
He summed up the proposed policy shift: “Subsidy gave us consumption. Credit can give us production.”
In a special address, Chairman and Chief Executive Officer of Cedric Masters Group, Chief (Sir) Anselm Ilekuba, also canvassed a fundamental shift towards vehicle financing, stressing that such a policy must simultaneously promote Nigeria’s automotive industrialisation.
Ilekuba, who was represented at the event by his Chief Finance Officer and Head of Accounts and Strategy, Christabel Mmesoma Ilekuba, decried the impact of high financing costs, short repayment periods and pressure on household incomes on vehicle ownership, despite strong demand for automobiles.
He urged the Federal Government to seriously consider the proposed National Automotive Bank being championed by NADDC, describing it as a specialised financing institution that could support consumers, vehicle assemblers and component manufacturers.
Ilekuba proposed longer-tenor financing for qualifying locally assembled vehicles, alongside industrial credit for manufacturers and funding for machinery, technology, certification and capacity expansion by component producers.
He also called for stronger localisation of automotive components, citing the proposed National Automotive Components Parts Gateway being developed by ALCMAN with Chinese partners.
According to him, the Automotive Bank and Components Gateway could create a cycle in which increased vehicle purchases stimulate local assembly, boost demand for locally produced components, expand factories and generate jobs, while reducing Nigeria’s exposure to foreign-exchange pressures.
Ilekuba said the success of vehicle financing should therefore not be measured merely by the number of loans disbursed, but also by growth in local vehicle assembly, component production, factory expansion, employment and foreign exchange conserved or earned.
“The old subsidy helped Nigerians consume mobility. The new approach should help Nigerians own mobility—and help Nigeria produce it,” he said.
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Auto
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Abuja is set for a taste of rugged luxury as Jetour Nigeria puts its adventure-ready T2 SUV in the spotlight at the Jetour Experience Abuja from September 22 to 24, 2026, giving motorists in the Federal Capital Territory and neighbouring states an opportunity to test its blend of off-road capability, premium comfort and advanced technology.
The three-day showcase at Maha Event Centre, Area 8, Garki, will feature test drives, live demonstrations and direct interaction with Jetour product specialists, offering prospective buyers a closer look at the T2 and other models in the automaker’s growing Nigerian line-up.
Positioned as a premium SUV combining off-road capability with comfort and advanced technology, the Jetour T2 is designed for motorists seeking a vehicle capable of handling both city driving and challenging terrain.
Jetour Nigeria is distributing the T2 and other models via its seven accredited dealers — Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe Motors and Tab Autos Limited.
The T 2 SUV is powered by a 2.0-litre turbocharged engine producing 254 horsepower and 390 Nm of torque. The engine is paired with a seven-speed dual-clutch transmission and BorgWarner sixth-generation intelligent four-wheel-drive system.
It also features five driving modes — Eco, Sport, Mud, Rock and X Smart — designed to provide improved adaptability across different road and terrain conditions.
Measuring 4,758mm in length, 2,006mm in width and 1,880mm in height, the SUV offers 220mm ground clearance and a 70-litre fuel tank, giving it the capability for extended journeys and off-road adventures.
Inside the cabin, the T2 combines rugged styling with modern comfort, featuring ergonomic seating and a 15.6-inch touchscreen infotainment system with Apple CarPlay, Android Auto and intelligent voice control.
Its safety and driver-assistance features include a 360-degree panoramic camera, rear parking sensors, Lane Departure Warning, Blind Spot Detection, Anti-lock Braking System and Emergency Brake Assist.
The SUV also comes with off-road crawl control as well as push-button and remote-start functions.
The Abuja experience follows Jetour Nigeria’s recent showcase in Lagos as the automaker continues to expand its presence and customer reach across the country.
With its combination of performance, technology, safety and luxury, the Jetour T2 is expected to attract motorists seeking an SUV capable of combining everyday urban mobility with adventure and off-road driving.
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