coleon:

I have consistently informed anybody that cares to read on this forum that Dangote will not boost Nigeria's forex earnings and you are still making this nonsense submission.
PresentlyNigeria is exporting her crude oil to earn FX or adopting the NNPC model to swap crude for petrol. Either way crude and fx change hands.
Now if instead of using that crude to get FX you give Dangote to refine then the alternative forgone is FX that should have been earned selling the crude. If after Dangote refines and he exports then the crude returns to Nigeria for which he will repay shell and co that he sources the crude from.
Now any profit Dangote makes in the process will go into settling his enormous debt for the refinery or his escrow account offshore which is the model all the oil companies in Nigeria runs.
They all do not save any of their proceeds in Nigeria but with JP Morgan chase in US and you can't blame them because the oil market is internationally denominated in USD.
So please and please forget Dangote to come and solve your FX problems for you and look elsewhere.

Not entirely true.

If Dangote buys Nigeria’s crude at market rate, he refines the crude, sell to Nigerians at competitive rate in Naira, sell to international market also at competitive rate and hopefully make profit from both local and international market to pay off his debt and keep the refinery operating.

If he sells to the Nigerian market in Naira, which he should do by law, there would be less burden on forex.

Don’t forget that some of the crude derivatives have bigger demand overseas than in Nigeria, so he should be able to attract forex with ease in the overseas market.

Only way there could be a problem is if he has no money to buy crude.
As long as he buys his crude in Naira equivalent of a USD/barrel and sells to Nigeria in Naira , no issue.

Also, we avoid Dollar/Naira volatility. If Dangote buys let’s say 600,000 barrels from Nigeria a day from now for the whole year

600,000 x 366 x (78 Dollar/b *800 exc rate)=

Approx N15 trillion Naira stays in Nigeria. Which can be used to fund half of our budget a year.

Also, that’s N15 trillion naira staying in Nigeria. Imagine the multiplier effects on the economy!!

Alihamdulillahi Rabili Alameen, this is a good news.

https://www.youtube.com/watch?v=Jix2ZIQrspE?si=kcGG3qzp8ru6SiJk

Dangote Refinery Begins Production

YorubaIsGreat:
Our blodas from sadist no go like this news... God bless Nigeria

Shut your mouth abeg! This hardship for Nigeria dey touch everybody Yoruba, Hausa, Igbo, and other tribes. If Nigeria good na for everybody. So keep your ethnic bigotry out of this beautiful thread. Dangote no be Hausa man? You hear Hausas dey shout? Carry your dirty ethnic rhetorics go far. Na better Nigeria everybody dey crave for.

Wainey:
Na every weekend Dangote refinery deh start operation?

I don hear this news like 16times na

Lol you can lie sha

Dobodobo04:


Not entirely true.

If Dangote buys Nigeria’s crude at market rate, he refines the crude, sell to Nigerians at competitive rate in Naira, sell to international market also at competitive rate and hopefully make profit from both local and international market to pay off his debt and keep the refinery operating.

If he sells to the Nigerian market in Naira, which he should do by law, there would be less burden on forex.

Don’t forget that some of the crude derivatives have bigger demand overseas than in Nigeria, so he should be able to attract forex with ease in the overseas market.

Only way there could be a problem is if he has no money to buy crude.
As long as he buys his crude in Naira equivalent of a USD/barrel and sells to Nigeria in Naira , no issue.

Also, we avoid Dollar/Naira volatility. If Dangote buys let’s say 600,000 barrels from Nigeria a day from now for the whole year

600,000 x 366 x (78 Dollar/b *800 exc rate)=

Approx N15 trillion Naira stays in Nigeria. Which can be used to fund half of our budget a year.

Make him start with buying $100 crude na. The profit from that, add am to the capital n buy more crude

Abusufian:
Na only Obi fit do da one

Delusion + obidients = 5&6

God1000:
Good news

For the first time in decades, we can now refine our oil.

God bless Aliko dangote

We still refined our oil last month now

Wainey:
I be bin call ur papa too, but wetin deh my mouth na big insult, so I go rather just let this pass

Give am back joor.. No gree for obidients this 2024.. They dont have the monopoly

God1000:
Good news

For the first time in decades, we can now refine our oil.

God bless Aliko dangote

The fuel price will still increase as a result of this making the innocent poor dirt Naija to wallow in poverty. This exactly happened when he built his infamous gigantic cement at obajana , kogi state. We were all excited that cement price will drop because of reduced importation, but the result was the opposite. Be ready to see fuel cost rise. Nothing in Nigeria is designed to Favour the masses especially when it is coming from Dangote

Spuggie:

Don't mind him

Even if the price of PMS doesn't it fall, it will reduce our heavy reliance on dollars as a means of exchange internationally.

Afy91:
Believe this news,then you can believe anything. Niaja na cruz

Naija na Cruz no mean say you no go get sense small

Dee60:


It may be the opposite. Crude for that refinery was imported. PMS price may be raised to N900 or more per litre to allow this refinery to make some profits. Otherwise, Dangote will export its products, which is not bad. It will boost Nigeria's dollar earnings a bit.

The crude was imported from where? Let us know oga. The rate at which ppl confidently type what they don't know is quite amazing.

Fourfor4:
I haven't seen the CDU (crude distillation unit) performing any crushing even as at today they claimed. Or how does it work......noiseless

Lol do you work there? Have you stayed close to any refinery before? Was there a refinery in Lagos before? Because the way you talk about CDU poor man pikin go think say you don stay inside refinery plant before.

Funkyswagzz:


Dangote refinery won't produce fuel. They only do diesel, kerosene and jet fuel

Lol

Who told it will not produce fuel?

coputa:
Dangote refinery cannot cater for the needs of Nigerians.we consume 32million litres of PMS everyday not to mention AGO, they will still import to bridge the gap until all the nations refineries will start producing at full capacity.
.

What is the capacity if the refinery? You guys just confidently type thrash

We have been longing for this

God bless Aliko Dangote

FG please, place a total ban on importation of all petroleum products, it's taking a toll on naira forex performance

Make our naira breath abeg

Brendaniel:


And what would that benefit you?

Forex savings
Employment
Removing government from running businesses in Nigeria
Progress and growth around that location that will also create indirect employment

So I now ask you
What have you done to add value to me or Nigeria?

Dee60:


It may be the opposite. Crude for that refinery was imported. PMS price may be raised to N900 or more per litre to allow this refinery to make some profits. Otherwise, Dangote will export its products, which is not bad. It will boost Nigeria's dollar earnings a bit.

Crude from the refinery is not imported, it's gotten from Agbani oil well in nigeria

happney65:


"God bless capitalism". This is the one that can work not that Sakamanje government says they are doing in PH and Kaduna

The Yaradua administration took us years and years back when they cancelled the sale of the refineries sold by Obasanjo to Dangote and otedola

God bless capitalism

Anything with govt hands always turns to nonsense

Govt shouldn't be running businesses, they should use all that money to fix the basic amenities for business to thrive

That is
Good transport
Power
Security
Etc

eliyke:
Hope it's true, atleast dollar go rest small

No be naija? Tori must dey..
Anyway, to make dollar rest small, it is to quickly commence the proposed currency swap arrangement with China. They buy our crude, produce and raw material, we buy their products.
Eg, why will I want to buy something on aliexpress, but have to change my money to dollars, before paying? It does not make sense.
Currency sway will reduce the demand for $.

ManirBK:
Good news
No bad mouth abeg!

God bless Tinubu

Does it have effect in the life of average citizens?
The hardship is too much

Jackiedemie:


Do you know the refinery capacity first?
Secondly, even if by half, the other half will strengthen the naira. Hence reduce pressure on dollars for other thing

Apart from oil, Nigeria import other products

Just the play, the good news is that people like us have positioned waiting for the shares to be made public so that we can partake in sharing of the loot

UrPapa:
At least fuel go drop to #100 per litter now

Wainey:
Na every weekend Dangote refinery deh start operation?

I don hear this news like 16times na

Lolzz, but why are you hearing alone and not seeing anything? Maybe you have to visit ibeju lekki oooo,lolzz🤣

ManirBK:
Good news
No bad mouth abeg!

God bless Tinubu

Nah Tinubu get the refinery or dangote?

Kukutente23:
This is good if true

Let's hope they are able to produce PMS ASAP

And bring the expected positive impact on the economy

they don't have the license to produce pms... Only AGO, JET A1 and KEROSENE...

coputa:
Dangote refinery cannot cater for the needs of Nigerians.we consume 32million litres of PMS everyday not to mention AGO, they will still import to bridge the gap until all the nations refineries will start producing at full capacity.
.

Bros, open your eyes pls. Just one of his tanks is 120,000,000million ltrs. Now imagine so many tanks (if not more thank 50) in the refinery. So lots, cos I work there.

YorubaIsGreat:
Our blodas from sadist no go like this news... God bless Nigeria

Seun do the needful

loswhite:
Lol do you work there? Have you stayed close to any refinery before? Was there a refinery in Lagos before? Because the way you talk about CDU poor man pikin go think say you don stay inside refinery plant before.

Bros, calm down. I currently work there

Jagaban is stepping up