Nigeria's economy on right track, says CBN – Newstrends
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Nigeria’s economy on right track, says CBN

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Dr Hassan Mahmud, Director, Monetary Policy Department of the Central Bank of Nigeria (CBN) said there were positive sides to Nigeria’s economic growth, despite uncertainties in the domestic and global economy.

Mahmud said this at the Mid-year Economic Review and Outlook 2021, organised by the CIBN Centre for Financial Studies, in collaboration with B. Adedipe Associates, on Friday in Lagos.

He said if policy challenges with exchange rates, insecurity, among others, were addressed effectively, the country would start seeing some positive projections into 2021 and the beginning of 2022.

“Also, if the CBN forecasts for GDP growth are sustained and there is improved vaccination and the health hazards and lockdowns are not resurfacing, we will see GDP getting close to three per cent by the end of 2021.

“We will also see the inflation number coming down less than 13 per cent by the end of the year and further down to the NBS projection of single digit by 2022 or the middle of 2022.

“We will start seeing a downward trend in inflation numbers particularly, headline inflation,” he said.

Mahmud added that food inflation should also go down substantially if the supply side of it was addressed and security issues abated.

He said inflows should also improve substantially over the rest of the year given that market confidences were already building, particularly, in the financial sector.

Dr Biodun Adedipe, Chief Consultant of BAA Consult, said if the oil sector was positive in terms of prices and production volume and export volume, it would go a long way in driving growth.

“At BAA, our projections for Nigeria economic growth for 2021 had remained 2.54 per cent since February and we have maintained it so.

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New dawn in Nigeria automotive solutions as Motul Lubricants, Winpart by CFAO launch partnership 

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New dawn in Nigeria automotive solutions as Motul Lubricants, Winpart by CFAO launch partnership 

A new era in automotive solutions opens in Nigeria as Motul Lubricants and Winpart by CFAO have officially launched their strategic partnership in Lagos.

The nation’s auto industry is expected to receive unparalleled benefits from the formal collaboration between the two automobile solution giants.

The launch held Wednesday at the Whitestone Event Centre in Lagos, marks a significant milestone in the automotive sector with both brands affirming their commitment to delivering premium quality and exceptional value to their customers.

While Motul is a globally recognized leader in the formulation, production and distribution of high-tech engine lubricants and industrial products, Winpart by CFAO remains a leading distributor of multi-brand spare parts and lubricants in Nigeria.

Both companies noted at the launch that by combining Motul’s global expertise in high-performance lubricants with Winpart by CFAO’s established distribution network for multi-brand spare parts and lubricants, the partnership would make world-class automotive products more accessible to consumers in Nigeria.

Some of the industry stakeholders at the event are fleet maintenance companies, workshop owners, distributors, retailers and biker communities.

Senior Marketing Officer at Winpart by CFAO, Michael Ikiebe, stated, “This partnership is more than just about products; it’s about providing high-quality lubricants to a broad range of customers —from motorcycles to cars and trucks— ensuring that they can maintain and maximize the lifespan of their vehicles.”

“We are thrilled to partner with Winpart by CFAO, a name synonymous with quality and trust in the automotive industry.

“Together, we are setting a new standard for lubricant availability and service delivery in Nigeria,” said Omar Mecheri, Business Development Manager for Key Countries Africa at Motul.

Mohamed Taleb, General Manager at Winpart by CFAO, added, “This partnership marks a significant milestone for us.

“Our shared values and complementary strengths will undoubtedly provide unmatched value to our customers, and we are excited for the opportunities ahead.”

Key benefits of the partnership highlighted include: Enhanced accessibility in which Winpart by CFAO’s extensive distribution network will ensure that Motul products are widely available in key markets throughout Nigeria.

Expert support was also guaranteed with the partnership leveraging the technical expertise of both brands to educate and guide consumers and mechanics on best lubrication practices.

Sustainable solutions will be offered as both Motul and Winpart by CFAO expressed commitment to sustainability, ensuring their operations and products support environmentally friendly automotive care.

Attendees had the opportunity to experience Motul’s high-performance lubricants firsthand, gaining insights into their role in enhancing engine durability and overall vehicle performance.

Discussions also focused on how the partnership will foster innovation and improve automotive maintenance practices across the country.

The reliability and performance of Motul products were attested to by David Yakubu, promoter of 4teesautowerks, a performance garage in Lagos.

He said, “I’ve been using Motul products for over eight years, and I can personally attest to the superior quality of their lubricants and other automotive products.”

In another testimonial, Olukayode Kosile-Palmer, President of the Bikers with Attitude and Determination (B.A.D.) club, stated, “Our members have relied on Motul products for years to improve the performance and longevity of our bikes.”

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Shocking, Port Harcourt refinery stops working days after operation resumed – Investigation

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Shocking, Port Harcourt refinery stops working days after operation resumed – Investigation

 

The Port Harcourt Refining Company (PHRC) has stopped production of petroleum products days after the Nigerian National Petroleum Company (NNPC) Limited boldly announced the resumption of the refinery’s operation, which instantly elicited jubilation across the country.

Photos and videos of loading of fuel trucks from the just rehabilitated refinery on the day of announcement were flaunted on the internet, generously used by both conventional and online media.

However, an investigation by a reporter who visited the refinery on Friday showed that the facility was idle, with no visible signs of operation.

This tallies with the position of a Rivers State community leader (from Alesa), Timothy Mgbere, who declared that the refinery was yet to start producing fuel.

Indeed, Mgbere who came on a national television on Thursday accused the NNPCL of lying to Nigerians and faulted the claim that the revived facility was already processing 1.4 million barrels of fuel per day.

Although he confirmed that the refinery had commenced skeletal service, he said the NNPCL only sent out old stock of fuel in the so-called first loading to mark its resumption.

“They released that stock and then loaded six trucks and then televised it to Nigerians that it is the production from the old refinery. That is not true,” he said.

A report by PUNCH in Saturday also quoted one of refinery’s workers as revealing that the loaded trucks contained ‘dead stock’.

He said, “Before the refinery was shut down between 2015/2016, we had dead stock left in the tank, including some Premium Motor Spirit (petrol) DPK (kerosene), and Automated Gas Oil (diesel). These products were in large quantities in stores in those tanks.

“So, the product that was loaded was dead stock, that is the old product that was in the system.

“So, after these dead stocks, they will have to clean the tank, remove all the debris before pumping the new project into that tank, and redye it.”

It was also leant that the facility was still undergoing a calibration process, which might continue until next week.

The NNPC had earlier proudly claimed that trucks had commenced loading petroleum products, including petrol, diesel and kerosene from the refinery but would restrict its fuel supply to the NNPCL retail outlets for now.

The Chief Corporate Communications Officer of NNPCL, Femi Soneye, came out to debunk Mgbere’s claim that the refinery was not producing fuel and declared that it was operating at 90 per cent capacity.

He tried to rubbish any contrary report describing it as “sheer mischief and blatant display of ignorance.”

But Mgbere insisted, “Let it be clear here; no single product has moved from the Port Harcourt refinery area into the product reception area of the depot.”

He stressed the need for a complete system audit to establish the true status of the refinery’s operations.

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Updated: NNPC debunks claims Port Harcourt refinery trucking-out old product

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Updated: NNPC debunks claims Port Harcourt refinery trucking-out old product

The Nigerian National Petroleum Company (NNPC) Limited has denied claims by a community leader in Alesa, Rivers State, alleging that the Port Harcourt refinery is not yet producing fuel.

In a statement released on Friday, NNPC spokesperson Olufemi Soneye criticized the comment made by the community leader, it was based on ignorance about refinery operations.

Soneye explained that while he would have typically ignored such remarks, he felt compelled to respond in order to clarify the situation.

Timothy Mgbere, a leader in the Alesa community, appeared on national television on Thursday, where he accused the NNPCL of misleading Nigerians by claiming that the Port Harcourt refinery was already processing crude oil.

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But  Soneye said the Port Harcourt refinery was currently operating at 90% capacity.

He emphasized that the allegations lacked merit and were inconsistent with the facts.

The NNPC spokesperson noted that the community leader had acknowledged fuel being loaded out from the refinery’s gantry but dismissed it as “old stock” from the previous refinery, which, Soneye argued, further undermined the credibility of the allegations.

“He (Mgbere) claimed that the old Port Harcourt Refinery was only operating skeletally and was not processing PMS. His proof was that the PMS truck-out was done at the gantry of the new Port Harcourt Refinery as against the gantry of the old Port Harcourt Refinery.

“This betrays his scant knowledge of the operations of the refinery. The old and new Port Harcourt refineries have since been integrated with one single terminal for product load-out.

“They share common utilities like power and storage tanks. This means that storage tanks and loading gantry which he claimed belong to the new Port-Harcourt Refinery can also receive products from the Old Port Harcourt Refinery

“The nameplate capacity of the refinery is 60,000 barrels of oil per day. It is currently producing at 90 per cent throughput which translates to Straight-Run gasoline (Naphtha) blended into 1.4 million liters of PMS, aside from other products like diesel and kerosene.

“We call on the general public to disregard the claims of the self-acclaimed ‘community person’ which are obviously borne out of sheer mischief and blatant display of ignorance,” Soneye said.

 

Port Harcourt refinery now 90% operational, says NNPC, tackles community leader claim

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