Business
NNPC supplies insufficient crude to us – Dangote
NNPC supplies insufficient crude to us – Dangote
Amid lingering crisis, Dangote Refinery has revealed that the Nigerian National Petroleum Company Limited (NNPC) is supplying insufficient crude oil for its production demand, hence, its decision to look towards Brazil and America.
The President of Dangote Group, Aliko Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, alongside NNPCL, had been locked in a dispute, ranging from monopoly allegations to supply of crude for the refinery, substandard fuel imports and ownership of blending plants in Malta.
However, Dangote, in a new revelation, said for the $20 billion refinery to meet its production demand, must look for other sources of crude oil supply overseas as the NNPCL allocation is insufficient.
He said the refinery, which has the capacity of refining 650,000 per day, could not defend on short supply from the Nigeria’s oil company.
Rabiu A. Umar, Group Chief Commercial Officer, Dangote Industries Limited, told newsmen in Kano that NNPC supplies only 33 percent of of crude to the refinery, disclosing that it had to look elsewhere to source the remaining 67 percent to meet its production capacity.
According to Umar, the refinery had concluded plans to supply crude oil from Brazil and America by August.
“First of all the refinery is here in Nigeria. We have the crude oil here in Nigeria. We thought we would get the crude oil here and refined it here in our refinery for the benefit of the country and the citizens.
“Ironically, the country takes the crude oil overseas for refining while we have a refinery, one of the biggest in the world.
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“So, we will not stay idle. We have to look for other sources to meet our production capacity. If we get the crude oil supply here in the country we have no reason to go overseas.
“Even now, we are planning to supply crude oil from countries like Brazil and USA,” he said.
He said the refinery had commenced supplies to foreign countries since February, disclosing that they receive orders from different countries for supply, especially aviation fuel.
The Chief Commercial Officer also revealed that the refinery needs 15 cargos of crude oil in September but NNPCL promised only 5 to it, lamenting that they see the government’s lackadaisical actions towards the refinery as sabotage.
According to him, the refinery should be celebrated and embraced by the government rather than painting it black as it is the biggest employer of labour with over 50,000 workers at the moment.
He emphasized that against the government’s false narratives, the refinery had started on a positive note as the quality of its refined products are would standard.
He said even the House of Representatives, under the leadership of the its speaker, visited the refinery, saw the difference and was satisfied with the quality of the products.
The official also said, “we are here to defend ourselves and all the government narratives are not true. We urge the people to take samples of our products to ascertain their quality.
“We will not be deterred by the government’s criticism. We will continue until we reach the promised land.
A business analyst in Kano, Abdussalam Kani, on his part demanded for apology to Dangote by the federal government and the National Assembly.
NNPC supplies insufficient crude to us – Dangote
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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