₦airaland Forum

charlsecy:
According to reports, oil products take 40% of our imports. That's a very significant figure. The positive effects on FX, if oil imports are suspended, ought to be immediate, but you may choose to be blind, especially when Naira is even depreciating further.

OgogoroFreak:
There is nothing God cannot do. You just have to believe.

Delay is not denial.

A patient dog, Eat the fattest bone.

nairalanda1:
You are right, but your man is still doing nada about corruption. Plus there are other reforms needed for our economy, plus we should stop focusing on oyel

yinkus6750:
So, Sanwo is now a Presidential material?
What's his antecedent in corporate business management?
Same thing that was used to evaluate his Master in Villa .
Am not interested in voting for now, but I think those that wants to vote, know better now.

naijaboy756:
Oga dollar was used to import those products before now right?

So since October, we did not need that! Dollar was saved as FX or let’s say that the pressure that amount of dollars was supposed to exert was taken off and it ought to have an immediate impact on the value of the Naira right ?

Yesterday Naira crashed further to over N1,700

Are you an APC supporter? Let me know how to package the insult

naijaboy756:
same consistency and time Buhari needed, got , used and damaged Nigeria

Asiwaju is asking for the same time

JASONjnr:
Very soon, they will come up with defamatory statement about how Dangote fuel is destroying our vehicles and not good enough for consumption and why Nigerians should boycott it.... Just to resume their import from Malta.

naijaboy756:
And Naira is still crashing against the dollar.. What is the effect of the FX not used for importation?

Demonic government in power

michealewela:
So we should sell our alt and buy bitcoin?

Petrol import into Nigeria drops sharply in October as Dangote refinery ramps up production

The importation of premium motor spirit (PMS), commonly known as petrol, into Nigeria, has significantly declined in the first two weeks of October as the Dangote Refinery increased production to meet local demand.

This is according to S&P Global Commodity Insights ship-tracking report published on Tuesday.

Data from S&P Global Commodities at Sea shows that only 280,400 barrels of gasoline and blend stock were imported into Nigeria during the first week of October, ending on the 6th, via a single Medium Range (MR) vessel.

This marks a sharp decline from the weekly average of 1.3 million barrels recorded in August.

According to the report, in the week ending October 13, only one product tanker was reported to have shipped gasoline to Nigeria, carrying 290,567 barrels from Antwerp to Lagos.

These two October shipments are significantly lower than the 12 cargoes dispatched in the first half of both August and September.

Since October 8, no additional gasoline shipments have been brought into Nigeria.

The report indicates that the decline in import activity marks the first disruption to the previously well-established flow of fuel, primarily from Northwest Europe to West Africa, driven by the emergence of Dangote refinery’s domestic refining capacity.

“There is no schedule for gasoline coming from Europe to Nigeria at the moment. The rest will have to come from whatever is in the Offshore Lome market,” one trade source said, speculating that the new refinery might meet at most a quarter of domestic demand.

Meanwhile, the report notes that traders have warned that Nigeria could still face a substantial fuel deficit in the absence of imported supply.

What you should know

Following the sale of crude oil to the Dangote Refinery in Naira earlier this month, the federal government authorized petroleum marketers to lift petrol directly from the 650,000 barrels per day (bpd) refinery, bypassing the Nigerian National Petroleum Company (NNPC) Limited.

This move marks the full deregulation of the downstream sector, signaling the end of the costly but widely supported fuel subsidy.

Since September, the Dangote Refinery has supplied petroleum products to the market, with retail prices initially ranging between N850 and N900 per litre.

However, with the NNPC no longer serving as the sole off-taker of petrol from the refinery, retail prices have risen from approximately N998 to N1,030 per litre.

Upon reaching full operational capacity, the Dangote Refinery aims to meet local fuel demand while also exporting to neighbouring African countries and the Caribbean, thereby disrupting Nigeria’s petroleum importation industry.

chival10:
Coins don't just want to move. If BTC goes down a little, the way these coins will dump hard.... Wahala go de oh. Our uptober is not living upto expectation. Please hold tight guys. Do not sell. WAGMI

TossTos:
I really want to know more of this blackrock ..

Adebayo Ogunlesi !

phantomxx:
The man who responded in the last screenshot was very correct.

Peter Obis response to Rufai was simply what he would do seeing how the floatation he himself would have done is totally uncontrollable! His response was about what he would do TODAY to stem the tide.

9jatriot:
To be fair to Oby, she hasn't criticized the policy yet, in fact, I am yet to see any real economic expert criticize the policy. For obvious reasons, they will not want to stick out their neck to defend the government and to explain the benefits of the reform because they will be accused mostly by the ever-toxic hoebidient of having taken bribes, so they would rather just keep quiet.

When the positives begin to show, of course, they will start rearing their ugly heads out then.

Immediately Springfield Aviation Company LLC, owned by Allen Onyema, got the money; it was sent to his US bank controlled by Allen Onyema, who laundered at the money and sent the money back to Nigeria.

Bebigiby1:
YES We have been able to expand the economy by subsidizing PMS and defending the naira especially during Jonathan's term....

stop defending nonsense.... You can not achieve stability by free floating your currency, you can not develop the infrastructure, and the enabling production environment when funds are been looted by a highly corrupt dishonest government..... You can not attract foreign investors to invest when there is high rate of insecurity....

phantom:
😂 😂... my brother, every serious nation subsidises its energy sector in some way... otherwise we are making no headway but let me understand your thought process.

Removal of Subsidy frees up funds ba? What then is point of subsidy removal when CURRENCY FLOATATION has wiped of its gains?

Why are companies pulling out if the future is bright? Companies that NEVER PULLED OUT during the dark days of the military and some of the worst economic conditions like SAP?

It appears you guys don't understand the impact of the damage of the twin policies of subsidy removal and naira floatation.. 😂

phantom:
How do you expand the economy? 🤔... where will you get money to do it?

proff010:
Lots, we dey comot face.