₦airaland Forum

Kuginzi:
Why is it that it is after Importers Receive New Cargos?

If that's the case, I wish FG grant import licences to marketers for the importation of petroleum products, Fuel price will reduce automatically

Ships moving through the Strait Of Hormuz looks like a joke to you?

[quote author=GoldenGTV post=139541976]Which source said the imported fuel will be 1,600 or you've bought it before in the past?[/quote/] Can you stop pretending that Nigerians are not buying petrol at ₦1,600?

LibertyRep:
Competition is good

Monopoly is awful.

Where was your competition theory when oil prices was over a $100 and no ships passing through the Strait Of Hormuz?

Wonder2501:
Genuine question.

Nigeria has some of the most
talented fashion designers in the world.

The diaspora has millions of
Nigerians who desperately want
authentic outfits for owambe,
weddings, prom, burials.

The money is there.
The talent is there.
The demand is there.

But somehow in 2026 the best
solution people have found is
still Instagram DMs and prayers. 😅

Why has nobody solved this properly?

What is the biggest thing
stopping this from working?

The major problem here is that the Nigerian fashion industry is heavily dominated with individual tailors who made custom attires instead large-scale fashion firms making them on large quantities.

Jeezuzpick:
More pressing issues?

More pressing than making money?

Nigeria is the only country where citizens see opportunity and complain

Walai:
No dey argue blindly, the guy you quoted is saying the truth, banks are not stimulating the economy, they are rather servicing government and government officials instead of helping SME's which is the main oxygen for the economy not politicians.

Fintechs are even doing better than conventional banks in that aspect

Both you and the guy are the ones arguing blindly.
Fintechs are owned by microfinance banks, micro meaning "small" finance. As the name implies, these small finances or financing are taken by individuals and SMEs as loans. An alternative to that are venture capitalist firms who do equity financing becoming co-owner of the business. You don't always expect commercial to be giving out small loans to SMEs because that is not there primary duty.
Financing large corporations is what commercial banks are built. An entrepreneur starting an SME today should be thinking of taking a loan from a microfinance bank and not a commercial bank. It is when the SME grows big, get proper structure and needs further that commercial bank comes in.
Finally, life is lived in stages and phases.

GoldenGTV:
And who have imported and sold for you at that price? Except and Except the issue of inferior or substandard products, Opening the markets to players will beat down the price on the long run.

Keep waiting for imaginary beating down of prices while crises in the Middle East continues.

hotgates:
Nigerian banks are not creating enough real economic value despite their size because many operate as rent-seeking institutions. They would rather lend to the government or entrenched incumbents and earn predictable interest than extend meaningful credit to SMEs or ordinary customers in ways that stimulate economic growth.

The main upside of their valuations is for investors, not necessarily the wider economy.

Not creating real value as how?
Do you expect commercial banks to be doing the work of venture capitalist?

lastmessenger:
if you think banks make money through 50 naira charge then you know nothing. Banks makes money through loans;treasury bills and MMO, and currency arbitrage among money others

Allow them to deceiving themselves.
Nigerian banks and others public companies no longer joke with retain earnings, investing in cash and cash equivalents hence generating a large profit base from interest income.

neutralmind:
I'm not in support of NNPC or the government.

However , it's important to note that Dangote is a private enterprise and in a free market.

He should buckle his sleeves and compete like any other business.

Lets bear in mind that monopoly is not healthy too

It appears Dangote is not willing to compete like any other business in Nigeria

Are you aware that free market also involves petrol raising and falling with oil prices in the global market?

nairalanda1:
I am not speaking against subsidy, I am showing you with facts why Nigeria cannot afford subsidy witout getting into severe debt

As for Libya, under ghadaffy, they were doing 5 million bpd for six million people. That's why

Nigeria can afford subsidy 100%, you have to stop defending bad government

GoldenGTV:
Why is Dangote also afraid of importation? Are locally manufactured good/services meant to be expensive than imports ?

Or is there something we need to know that these guys aren't spilling out?

Expensive at ₦1,400 while your so called cheaper imported petrol is ₦1,600?

DrWokili:
HEALTHY COMPETITION, AS IN THIS INSTANCE, IS DESIRED IN ANY PROGRESSIVE ECONOMY. IT ENCOURAGES QUALITY AND PRICE COMPETITIVENESS, AND PROVIDES THE CONSUMERS WITH ALTERNATIVES.

DANGOTE SHOULD CONCENTRATE ON OPTIMIZING HIS FACTORY AND WORKFORCE FOR ENHANCED PRODUCT SUPERIORITY AND COST-EFFICIENCY, RATHER THAN FIGHTING FOR LOCAL INDUSTRY PROTECTION, AND BY EXTENSION, A MONOPOLY OF THE INDUSTRY BY HIM.

LOCAL PROTECTIONISM DISCOURAGES RESEARCH, DEVELOPMENT, AND INNOVATION, WHICH SHOULD BE THE DRIVING FORCES OF ANY PROFITABLE AND SUSTAINABLE INDUSTRY. KUDOS TO NNPC ON THIS ISSUE.

Be typing healthy imaginary competition in capital letters while citizens of other countries are demanding for subsidies from there government.

nairalanda1:


1. Saudi uses about 60 billion dollars, which is way above our budget of 40 billion dollars for this year, to keep fuel cheap. Unless you want us to take our entire budget, borrow 20-30 billion on top, and use it to fund subsidy for fuel so that we can all have cheap fuel, while salaries go unpaid and projects go unfunded, and everything grinds to a halt, but hey, you got cheap fuel that you cannot pay for now...lol......you better not bring Saudi here.

If Nigeria wanted to be like Saudi, we would have to earn something like 7-10 times what we earn from oil to be able to fund such subsides on fuel. SInce such money does not come overnight, it is either you want us to borrow the money...which would create the largest ever debt in the history of mankind, or you just accept we cannot fund oil subsides for now


2. Russia? Russia pays 22 billion dollars per annum to keep subsides on fuel. And it is not like that money is easy to come by.

And their fuel price per liter are between...466-1000 naira. Yes, it is low, but it costs a lot of money...which Russia can afford because it runs a diversifed economy...that produces industrial goods for export. Does Nigeria do that?

Nigeria relies on 1.8 million bpd revenue for crude oil. Our budget this year was about 54 trillion naira, to subsidise fuel to N200 per liter would require 22-24 trillion naira. Like I said, since we have no budget for subsidy...having a budget now, would mean taking money from other sectors of the budget, including money we borrowed...to fund the subsidy budget.

You know that means we go borrow more, worsening our debt, sha?

We are not RUssia or Saudi..we are Nigeria, a nation that since independence has not diversifed our economy and has a very poor tax uptake. And sadly tinubu dey continue am up till now

So, please forget subsidy, unless you want your debt to be around 500 trillion naira or more in two years time.

Let's also remind ourselves that Saudi Arabia has one of the lowest taxes in the world while Nigeria is the opposite

Henjor48:
I support competition

You support fairytales while suffering and smiling

Bluearrow:
You ended up writing long note for nothing, I said who will build the refinery? Since the subsidy was removed how many individuals have started building apart from Dangote? It means he was the only one that could have also built back then. You think building refinery is building fuel station? Maybe u think the likes of Elemelu & Adenuga can build refinery? Anyone that can build a refinery must be as rich as Dangote or richer than Dangote. Name that billionaire that is richer than Dangote in this country

So, BUA building refinery is richer than Dangote?

pepericozi:
It is NNPC that encouraged Dangote to monopolize the price of fuel in Nigeria. Yes. If Nigeria refineries are working, there is no way he can monopolize it.

NNPC is now fighting because Dangote has blocked their crude way of circumventing funds from the government and taking bribes from importers.

This l see.
.

If NNPCL refineries were working, the cheapest will be the current price you are buying.

Bluearrow:
When Dangote was building this refinery, everyone was screaming fuel will go down to 500 naira immediately the refinery kick off, but today fuel is already selling for 1500. I just hope nnpc is able to fight this, if there is no competition in the market, Nigerians will buy fuel for 5k sooner than they think. Monopoly is very bad for consumers.

Every intelligent person knows that petrol is determined by oil prices in the global market bad will only sell below it if the government introduce subsidy and reduce taxes and not the opposite.

nairalanda1:
It would cost 23-25 trillion naira to subsidise fuel to N200 per liter today, if not more.

Our budget is 54 trillion naira.

Since the government has not budgeted for subsidy this year, that means that money would have to be taken from other sectors of the budget to pay for the subsidy

Which means that you probably won't get paid your minimum wage at all at all.

Also, many people in AUstria do not use their cars like we use them , they use public transport, and they use their cars sparingly. And for the public transport, they pay excessively hefty taxes...that would make tinubu tax look like chicken feed.

Make we face reality, abeg.

Can you tells the cost of borrowing dollars from multilateral institutions with crude collateral, importing expensive substandard petrol and subsidizing it secretly

Omoreal01:
This guy has shown that na exploiter him be for Nigerians. Without monopoly he for no be this rich. Na the corruption in the system that made him rich. The useless deal he did Buhari to get the dollars to build personal refinery never do am.

Vote in bad government and shifts on your fellow citizen while suffering and smiling

fashrola:
How much is their minimum wage compared to Nigeria?

Three days wages can fill up your tank… can you say same in Nigeria?

The most important question what is the volume of their minimum in their local currencies compare to Nigeria

Bluearrow:
Exactly
Fuel importation should be allowed to continue to create price balance, else we may end up buying fuel at 3k sooner than we think.

Price Balance like ₦1,500 per litre?

Bluearrow:
Oga let them import, it will help checkmate Dangote fuel price. Immediately fuel importation, we have seen how fuel price has drastically gone up.

Low prices such as ₦1,600 while Dangote is ₦1,400?

commoditiesnig:
Very welcome news.. as much as I admire and respect Dangote for the tremendous job he’s done with his Refinery, he should understand it’s a free market- other players can import and sell their products as well.. I don’t support monopoly at all..

I’m with the NNPC on this!

Are you aware PIA only mandates those with functional refineries to only import petroleum if local production is not sufficient?
Are you also aware that free market means the price of petroleum products is determined by the crude price international market and if the Middle East crisis escalate further, petrol price increases further?

Didi2d:
So, because dangote built a refinery that no one can build according to you. That means we should allow him to control the downstream sector.
How una dey reason sef, this your reasoning shock me o

Last time I checked, Tinubu removed subsidy petrol exposing it to international pricing. Dangote or NNPCL, importation or local production, petrol price is tied to global pricing with Middle East not ending anything soon and the Nigerian not bring back subsidy also.
We all know that after the 2027 election, minimum wage will be increased leading to more excessive naira in circulation causing more inflation. The better you realize that the cheapest petrol is will ever buy as a Nigerian is ₦1,400 per litre, the better for you.

TechCapon:
Nnpc is right. Anything to reduce fuel price is welcome

Anything to reduce petrol when Dangote petrol is the 11th cheapest in the world while NNPCL imports the top 10th expensive petrol from Europe and receives subsidy through the backbone. How long will you keep deceiving yourself?

ogascomax:
Let me remind you that Russian fuel and Saudi Arabia is less than a dollar.

Let me also remind you that Saudi Arabia and Russian government subsidizes petrol with lower taxes while your own government removes petrol subsidy and increases taxes

Fiscus105:
He has succeeded in suffocated us in cement, he wants to extend same to Petrol

You set up your refinery and only you taking the profit and want to drain the citizens for your profit.

Vote in bad government and blame Dangote later.

keemsleek:
If NNPc don't tackle dangote now by the time other refineries come up and nnpc comes or they have sold the refineries it will be hard to compete with dangote and he will be the sole dictator of Price like otedole did with AGO then.

Wh8ch means everyone will be waiting for dangote to fix price before they will like he's doing in cement

Vote in bad government using tribe and religion and blame Dangote for showing you your reality

Razzness:
This is a good development. Fuel importation should not have been banned in the first place; it doesn't make any sense for Dangote to be the sole distributor and determinant of oil prices in the country. A healthy competition is necessary to create checks and balances that will ultimately benefit the final consumer.

Government of other countries are subsidizing energy products, reducing taxes while yours is doing the opposite and the only you could do is to quote imaginary competition theory while suffering and smiling.

ogascomax:
Dangote is a criminal and he won't hold us hostage with fuel like in cements.
Is agenda of wants to be the only one controlling the fuel industry shall fail.

A criminal someone who vote in government that removes subsidy, devalue the naira, increases taxes and expect the price of petrol to be cheap.

GEJDHERO:
If dangote cant give us cheap fuel... imports should start coming in.The masses dont want any monopoly.

Citizens of the other countries are demanding subsidies from there government why you are here dreaming about imaginary cheaper petrol coming from Europe when the same Europeans are coming to Nigeria to buy cheap petrol.