Dangote will definitely buy crude oil from Nigeria but for political reasons he has to first source for crude oil abroad. Some people will say awa oil when rely on SS oil for his refinery. It's all politics because the Dangote is ready for profit and not ready to help us in anyway

You see this country, it's dead. Crude oil wey you get. Na em you dey import.

They took $3 billion dollars to stabilize the naira and yet the Naira still fell against the dollar and no one is asking wetin happen, that abokii in NNPC needs to be in the same cell with emefilie or whatever he is called

Obaofaba:
This is serious...

However, let us take a look at it from another angle.

Nigeria is certainly not the poorest country in the world by any metrics you want to use to measure the country's economic woes.

Then again, why is the naira one of the weakest currencies in the world?

There is no way you will tell me that Mauritania's ougiya is more stronger than the naira. No way.

Definitely, Nigeria has more vibrant economy than our francophone neighbors, why is naira weaker than their joint currency?

We certainly produce and export than all of this countries.

Take a look at it from a similar angle again, things are way cheaper here when priced with naira but costlier when priced with the dollars compared to those countries.

Could it be Western dictates to keep us a struggling nation?

The other answer is that we have more economic saboteurs in Nigeria than any country on the planet.

Bunch of unpatriotic wannabes.

I call on the government to deal with them and take back our country from the never do well crooks.

You call on the government... You weh no even get airtime call your babe

RepoMan007:
Simply put, the NNPCL has commitments to meet with the crude coming out right now and may need some weeks to clear backlog of orders they promised buyers of crude. Dangote, not wanting to wait for NNPCL and demonstrating his flexibility, goes to the sea(inyl market) where vessels of crude can be directed to Nigeria for a fee and start running his refinery ASAP. No cause for alarm here.

Hmmm you have said something here

Kukutente23:


Na this one shock me pass. A Nigerian company will buy Nigerian crude in dollars. As in. Are we an appendage of US? What is the difference between this and those francophone countries that spend CFA franc?
When Edun came the other day and said Nigeria will not borrow under Tinubu, some of us reminded him of the NNPCL loan and some Zombies came here claiming it's not a loan.
Now, Dangote is telling us it's a loan and it's why they can't get crude now but have to import crude.
Anyway, I don't even believe this story of Dangote refinery starting production in October. I think it's to preempt the PH refinery that's billed for December according to the crooks. But we'll wait and see sha.

No, there's something else afoot!

NNPCL never accessed the Afrexim Bank loan which was predicated on crude swap terms. It is on record that that loan arrangement hit the walls because other contributory financiers lost confidence in the terms after NNPCL went public with it and questions were being raised from different quarters.

However, Dangote Refinery has just confirmed that the NNPCL will be unable to supply them crude to enable them begin petrol refining from October because the company "already has prior crude oil swap commitments" to meet up. That means the NNPCL has probably taken other loans or undertaken other international financing commitments on behalf of the FG, which they have to settle with crude proceeds from the months of September and October.

The question now is, what kind of arrangement did the NNPCL have behind the curtains on behalf of the FG, and with who? Why are Nigerians not aware?

So these people have been clandestinely mortgaging SS resources for monies they have neither accounted for nor even seen fit to bring to the notice of all Nigerians. They have stolen the country dry, to the point they're already stealing crude oil that is still in the ground. And we're all here just making noise while some youths are comfortably singing their praises with no reasonable means of livelihoods.

coolcharm:
Wonderful.

The more you look, the less you see.

So, Nigeria took a loan against her crude oil, only to share the loan to state governments as palliatives to cussion the effect of subsidy removal.

The state governors now loot the palliatives..

In other words... Dangote is simply telling us that there's no way he is going to sell fuel below the international market rates because he is importing crude oil.

This country Nigeria... Is the Headquarters of lies, deceit, thieves and 419

When you tell them they will insult the hell out of you and say u should go back to southeast. Buh they seat and ignorantly because there tribes man is charge. I won't pity any of them if I have the chance to send them to grave

tnerro1:
They took $3 billion dollars to stabilize the naira and yet the Naira still fell against the dollar and no one is asking wetin happen, that abokii in NNPC needs to be in the same cell with emefilie or whatever he is called

the man who took Nigeria money to build power plants and pipelines when refinery wasn't functioning. He should be in jail now if Tinubu is serious about fighting corruption.

ShoeWorld1:
Dangote refinery is good because of employment opportunities for Nigerians.
The refinery is not going to change the price of PMS because they're for business not for national charity.

they only employ indians

ShoeWorld1:
Dangote refinery is good because of employment opportunities for Nigerians.
The refinery is not going to change the price of PMS because they're for business not for national charity.

They only employ Indians

Lol 😆 🤣 😂

Nigeria o

Obaofaba:
This is serious...

However, let us take a look at it from another angle.

Nigeria is certainly not the poorest country in the world by any metrics you want to use to measure the country's economic woes.

Then again, why is the naira one of the weakest currencies in the world?

There is no way you will tell me that Mauritania's ougiya is more stronger than the naira. No way.

Definitely, Nigeria has more vibrant economy than our francophone neighbors, why is naira weaker than their joint currency?

We certainly produce and export than all of this countries.

Take a look at it from a similar angle again, things are way cheaper here when priced with naira but costlier when priced with the dollars compared to those countries.

Could it be Western dictates to keep us a struggling nation?

The other answer is that we have more economic saboteurs in Nigeria than any country on the planet.

Bunch of unpatriotic wannabes.

I call on the government to deal with them and take back our country from the never do well crooks.

How do you measure "strength" of a currency? is it by exchange rate

This is propaganda to justify the hike in refined petroleum products by Dangote. Shege promax square loading.

This is not true, this is propaganda theory.

Dead NNPCL

Prenonjebose:


https://punchng.com/dangote-refinery-imports-crude-as-nnpcl-swaps-oil-for-loans/?amp

Shame.

Sermwell:
Nigeria has never had such gang of thieves as leaders in her history!! The kind of rape and plunder that will happen to this country will shock even the agbadorians

Agbadorians insist that Buhari & Tinubu will be president even if he is clueless and mentally retarded.
Leadership in Nigeria is not about fixing Nigeria's problems, it's about Emilokan

SMH

Why Nigeria will never get it right in the petroleum industry

1. Dependency on Imports: Nigeria's reliance on importing crude oil and petroleum products highlights a glaring lack of self-sufficiency in its energy sector. Despite being an oil-producing nation, the country still depends on foreign sources for its energy needs, which is not only ironic but also economically unsustainable.

2. Missed Opportunities: Nigeria's inability to meet the demands of its own burgeoning energy market, as seen with Dangote Petroleum Refinery resorting to importing crude oil, signifies missed opportunities for economic growth and job creation within the country. Instead of fostering a domestic industry, Nigeria's resources are supporting foreign entities.

3. Economic Drain: Importing petroleum products places an enormous financial burden on the country. Nigeria spends substantial amounts of foreign exchange on importing fuel and other refined products, depleting its foreign reserves and perpetuating a cycle of economic vulnerability.

4. Vulnerability to Market Fluctuations: Relying on global oil markets exposes Nigeria to the volatility of oil prices. When international prices rise, the cost of importing petroleum products increases, straining the economy and leading to higher prices for consumers.

5. Inefficiencies in the Energy Sector: The article mentions that the Dangote refinery's operations were delayed due to commitments made by the Nigerian National Petroleum Company Limited (NNPCL) to other entities. This highlights inefficiencies and lack of coordination within Nigeria's energy sector, hindering the development of domestic refining capacity.

6. Lost Revenue: By exporting its crude oil and then re-importing refined products, Nigeria loses out on significant revenue. If the country had a well-functioning domestic refining capacity, it could retain more of the value chain within its borders and generate revenue through exports of refined products.

7. Impact on Fuel Prices: The article suggests that diesel and jet fuel prices will only decrease when the Dangote refinery starts receiving crude oil from Nigeria, not by importing crude. This implies that importing crude contributes to higher fuel prices domestically, impacting both consumers and businesses.

8. Security Concerns: Importing petroleum products also poses security risks, as it makes Nigeria vulnerable to disruptions in global oil supply chains. Any international conflict or instability in oil-producing regions can directly affect the country's energy security.

9. Environmental Considerations: Importing petroleum products often involves longer transportation distances, which can result in higher carbon emissions. Domestic production and refining could potentially be more environmentally friendly.

In conclusion, Nigeria's continued reliance on importing crude oil and petroleum products raises serious economic, security, and environmental concerns. To achieve true energy security and economic sustainability, the country needs to prioritize the development of its domestic refining capacity and reduce its dependence on foreign sources.

Written by Comrade Ibrahim Aliyu
Comradeibrahimaliyu@gmaildotcom
Abuja

Obaofaba:
This is serious...

However, let us take a look at it from another angle.

Nigeria is certainly not the poorest country in the world by any metrics you want to use to measure the country's economic woes.

Then again, why is the naira one of the weakest currencies in the world?

There is no way you will tell me that Mauritania's ougiya is more stronger than the naira. No way.

Definitely, Nigeria has more vibrant economy than our francophone neighbors, why is naira weaker than their joint currency?

We certainly produce and export than all of this countries.

Take a look at it from a similar angle again, things are way cheaper here when priced with naira but costlier when priced with the dollars compared to those countries.

Could it be Western dictates to keep us a struggling nation?

The other answer is that we have more economic saboteurs in Nigeria than any country on the planet.

Bunch of unpatriotic wannabes.

I call on the government to deal with them and take back our country from the never do well crooks.

I keep telling people that the major challenge we have with naira, dollar rate is the arbitrage we have between the two Markets.

CBN and Black Market rate are too far apart allowing our politicians take advantage of this market. This difference is dollar Subsidy and it is worse than fuel subsidy.

If I can get dollars today from CBN at the rate of 800, what is stoping me from immediately selling at 950 at the Black Market.

Mr President tried to bring both markets rate together but the People benefiting from this corruption are fighting still to create more arbitrage.

Corruption is truly our greatest problem in this country.

TOMMYS:


Allow FG?. Dangote is FG and FG is dangote.

The guy fit no even pay for crude

Abeg which country are you typing from.

He won’t pay for imported crude lolz 😂

Go to opec and collect urs for free Dey play

coolcharm:
Wonderful.

The more you look, the less you see.

So, Nigeria took a loan against her crude oil, only to share the loan to state governments as palliatives to cussion the effect of subsidy removal.

The state governors now loot the palliatives..

In other words... Dangote is simply telling us that there's no way he is going to sell fuel below the international market rates because he is importing crude oil.

This country Nigeria... Is the Headquarters of lies, deceit, thieves and 419

How is this news? They always announce it.

Dangote refinery was created by Buhari and his cronies . . He was just a front.

The significant funds belongs to those already siphoning Nigeria's Commonwealth. That's why you see when Tinubu come in, some.and most of it's flows were undermined. . And that is why is has not yet functioned and may not be able to function quickly except Tinubu decides to continue the kind of crazy concessions that govt has been going him. .

It is the same hijackers . . The same thieves. . The northern pillars. . They are called the cabals.

Una suppose catch this buhari

Nobody should expect dangote refinery to sell at local price.

[quote author=freemi post=125905151][/quote]

Mauritania is different from Mauritius.

Two different countries.

obie3rixe:

You call on the government... You weh no even get airtime call your babe

I am not responsible for your generational poverty.

Obaofaba:
This is serious...

However, let us take a look at it from another angle.

Nigeria is certainly not the poorest country in the world by any metrics you want to use to measure the country's economic woes.

Then again, why is the naira one of the weakest currencies in the world?

There is no way you will tell me that Mauritania's ougiya is more stronger than the naira. No way.

Definitely, Nigeria has more vibrant economy than our francophone neighbors, why is naira weaker than their joint currency?

We certainly produce and export than all of this countries.

Take a look at it from a similar angle again, things are way cheaper here when priced with naira but costlier when priced with the dollars compared to those countries.

Could it be Western dictates to keep us a struggling nation?

The other answer is that we have more economic saboteurs in Nigeria than any country on the planet.

Bunch of unpatriotic wannabes.

I call on the government to deal with them and take back our country from the never do well crooks.

Cc: nairalanda1

Menclothing:
Better he import oooo
Because soon they will tell him Nigeria gave him crude for free

Dangote import crude always and sell your goods at normal rate

If you allow FG to much in ur business your business will close down soon

They already are invested in his business.. that's the reason for the whole hoolabaloo,

Naija don cast finish kpatakpata!!

Prenonjebose:


https://punchng.com/dangote-refinery-imports-crude-as-nnpcl-swaps-oil-for-loans/?amp

Welcome to Nigeria

I just know say na ride we dey for this country unbelievable stories are never in want. E full here berekete

Hohohohoho

How funny...

At first, we don't have any operational refinery in the country hence we had to take the crude outside to refine and import finished products...

Now we seem to have one, yet the refinery can't get any crude from the same country and will now have to import crude?

No be juju be this?

In Baba Fela's voice: "Government magic"