Dangote Refinery Extends Export To Three African Countries
The Dangote Refinery has recently expanded its reach by exporting Premium Motor Spirit (petrol) to several African countries, including Cameroon, Angola, Ghana, and South Africa. This marks a significant achievement for the refinery, which is part of the larger Dangote Industries, founded by Nigerian billionaire Aliko Dangote. Devakumar Edwin, the Vice President of Oil and […]
World Bank to approve Nigeria’s $500m loan request, 10th under Tinubu
On December 13, 2024, the World Bank is expected to approve a $500 million loan for Nigeria. This funding is part of the Rural Access and Agricultural Marketing Project (RAAMP) – Scale Up, aimed at improving rural infrastructure and boosting agricultural marketing in the country. The initiative seeks to bridge the gap between rural communities […]
Global Oil Prices Fall to $71 as Major Producer Lowers Rates
Global oil prices have dropped to $71 per barrel, staying below the $75 mark. This comes after Saudi Aramco, one of the world’s top oil companies, reduced prices for its Asian customers. OPEC’s struggles to stabilize the market and weaker global demand are also playing a big role in this decline. Saudi Aramco lowered its […]
Marketers Start Direct Fuel Supply from Dangote Refinery
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has started buying petrol directly from the Dangote Refinery. This milestone agreement aims to streamline fuel distribution and reduce costs by cutting out middlemen. IPMAN began lifting petrol from the Dangote Refinery in late November 2024. Initially, the products were accessed through MRS Oil as a temporary […]
Naira Records Significant Gains Against Dollar in Official and Black Markets
The Nigerian Naira had a remarkable week, gaining strength against the US dollar in both official and black markets by Friday. This improvement reflects the impact of new measures introduced by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market. On Friday, the Naira appreciated from N1,567 per dollar on Thursday to […]
Fuel Imports Reach 2.3 Billion Litres Despite Dangote and Port Harcourt Refineries
Nigeria’s fuel imports have surged to 2.3 billion litres between September 11 and December 5, 2024, even though the Dangote and Port Harcourt refineries have begun production. This continued importation has raised questions about Nigeria’s fuel supply strategy. The Dangote Refinery, with a production capacity of 650,000 barrels per day, started operations on September 15, […]
Holcim to Leave Nigeria After Selling Majority Stake in Lafarge to Chinese Company
Holcim, a Swiss building materials giant, is set to leave Nigeria after agreeing to sell its 83.81% stake in Lafarge Africa Plc to the Chinese company Huaxin Cement Ltd. The deal is valued at $1 billion and is expected to close in 2025, pending regulatory approvals. Lafarge Africa, part of Holcim, has been a key […]
Early Morning Fire Blaze Destroys Trademore Estate Market in Abuja
A fire broke out early Monday morning at the Trademore Estate market, located off the Umar Musa Yar’Adua Airport Road in Abuja. While the exact cause of the fire is still under investigation, many residents suspect that it was triggered by an electrical fault. Joe, a local resident, was woken up by the fire at […]
Tonye Cole Explains Why Fuel Prices Won’t Drop to N700 at Port Harcourt Refinery
Tonye Cole, a former governorship candidate in Rivers State, has explained why it’s not possible for fuel prices in Nigeria to drop to N700 per litre at this time. Despite recent developments in Nigeria’s oil industry, including the announcement that the Port Harcourt refinery has started refining crude oil, Cole says that several factors are […]
John Ezeobi: Anambra’s Youngest and Most Successful Industrialist
John Ezeobi is a shining example of success in Anambra State. As the CEO of John Zobis Group of Companies, he has become one of the youngest and most successful industrialists in the region. From humble beginnings, he has built a thriving business empire, with his company specializing in manufacturing high-quality electrical wires and cables. […]