Port harcourt Aba rail completed and open for commercial operations.

Ma Kenyan people hope you guys are safe? We experienced this in 2022 as well. It’s crazy.

morikee:
When the going was smooth.

It wasn’t smooth

AntiMarxist:
Larry Fink is ruling Nigeria .

President Tinubu no be everything from BlackRock you go take.

This is pure Jewish ursury that only ends up bankrupting society .

The student loan thing is pure evil .

How is consumer credit bad? It is the best way for Government to stimulate economic growth because there would be high consumption which in turn fuels demand that fuels high production.

Dangote is set to make far more jet fuel than West Africa needs. Nigeria is by far the region’s biggest aviation market — accounting for more than two-fifths of passenger traffic in Central and West Africa, according to IATA figures. Dangote jet production is expected to reach 56,000 b/d, or four times higher than Nigeria's meager jet demand of 14,000 b/d. Some Dangote jet fuel has already gone to Togo and Gabon. Once the plant reaches full production, traders expect it to eventually flow to South Africa, Europe or the US depending on arbitrage economics. Exports will be sold on an f.o.b. basis via tender. So far only high sulfur gasoil has been sold that way, ahead of Africa's switch to 50 parts per million sulfur fuel next year, by which time Dangote will be making low-sulfur fuels.

Dangote started selling homegrown jet and gasoil to local fuel marketers earlier this month. MRS Nigeria Oil is understood to have bought the first 10,000 metric ton jet (78,800 barrel) shipment from the refinery, delivered just a few kilometers along the coast into Lagos. Another 20,000 ton parcel is already plying the same route. Around 75% of Dangote’s fuel production will be sent by sea — to ports in Nigeria as well as overseas — with the rest transported by road tanker. A new six-lane highway has already been built around the new refinery to handle mostly inland gasoline deliveries. Current refinery throughputs of just 30%-40% yield mainly high-sulfur gasoil and jet plus some naphtha. Heavyweight gasoline sales aren’t due to start until next month.

Dangote is set to flip Nigeria from a 100% jet fuel importer to a significant net exporter. “As of today, jet from India is still cheaper than Dangote barrels,” says one prospective jet fuel buyer for May delivery. Sources tell Energy Intelligence that Dangote is selling jet at a significant premium over c.i.f northwest European jet assessments for delivery into Lagos and wants pre-payment in US dollars. Prices should start to fall as the new refinery ramps up production, although local traders say imports are likely to remain competitive for the time being. Red Sea tanker diversions have dramatically improved jet availability in West Africa since Mideast and Asian tankers now routinely divert around Africa.

PressMyButton:
I was telling them on the thread when wailers were jubilating on the news on FP that PH was set for December, I said the mechanical works had already be completed while test running is ongoing and that marketers will be lifting fuel anytime soon. If your life is dedicated to negativity and bad energy, our own lives are dedicated to good, that's why good things follow us always.

The senate didn’t communicate the message well. I think the 60,000bpd refinery is what is about to start while the complete refinery with a total capacity of 210,000bpd all together is what most likely would be completed before December.

I would only put Ordega in reserve and replace her with Stella Mbachu. Ordega was great at her peak, but Mbachu was very consistent.

emkz:


Brother, we must. These people are not exposed at all. We have seen their likes set countries on fire. They have no clue about nation building and want to burn down things because they lost elections.

While my intention is not to change them because they are far gone, my efforts are to prevent others from being converted, especially their children and fencesitters who may be indoctrinated with their poison.

You are right. I observed some outflows yesterdays from naira as naira depreciated to 1170 from 1110. These people wanna scare foreign investors with their propaganda and Bloomberg’s report gave them orgasm yesterday.

Deltamani:


She doesn’t look like a woman Yes! But since FIFA and IOC already allowed her to play @ the World Cup & Olympics I don’t think there’s anything much they will do there.. Again she’s isn’t the only one that looks more like a man that’s playing in the NWSL.. Chawinga, Quinn etc are there!

Isn’t Chawinga currently in PSG?

The naira hit an eight-month high of 1000 per US dollar at the black market on Tuesday, a remarkable turnaround for a currency that had looked destined to hit N2000/$ barely two months ago.

vaxx:
Yes , Tinubu name will be written in gold. Nigeria now has a leader who understands the core fundamentals of Nigeria economy.

Hopefully so.

rvp2018:
Tinubu after 8yrs will transform Nigeria. He is brilliant. He previously turned around Lagos state. Tinubu need to free Nigeria economy from capture n provide reliable electricity to South n education & security to north.. Nigeria will fire all it cylinder n will grow at 10% for decades.

Yeah, that’s if Nigerians don’t get tired of his capitalism before then. He seems to be almost as capitalist as Obasanjo but he should remember times have changed and Obasanjo had other global factors working for him then.

rvp2018:
See this what some of us have urged

Yeah, this Government devalued twice in one year. The second devaluation which occurred on Jan 31st this year was a tough one. From 900 to 1400.

naijaseeker:


As in. She is in the top 3 and for clarity, I do not think we can say who is the best. Vera shined very brightly but very briefly. Who knows what would have happened. Stella was the most consistent and ordega is the best known internationally. They were all really good and in their days we would be assured of flank pressing. So let us give her all the dues.

I do not think she should be back though for a couple of reasons. 1. Team chemistry. This is not her team. Her team disbanded in 2019 and Oshoala and Ohale are enough for the neceesary guide and transitioning. This is the Under 20 (2016-18) team, so disrupting their chemistry is unfair. Further, there has being blends from foreign bred Nigerians so balancing this chemistry is critical.

2. Her skill is not that critical for now. SF has enough strikers and wingers. What we rally need is a holding and creative mid fielder, an Okobi fool stop, A Midfielder who can hold, distribute and control tha attacking pace. Echegini scores but I have not seen her create the Okobi type of magics. Maybe Tony Payne or Ajibade may be converted to adapt as they are the closest we have for now. ,

Esther Oyenezide is that midfielder. Just give her like a year.

nelxxy:
you're just knowing now 😆

Nah, this is too low.

Deltamani:
Nobody but Francisca Mlumun Ordega who can’t stop scoring she score in 47 mnts for her club wfccska to record 4:2 win at home in Russia 🇷🇺 league!

League TopScorer with 6goals in 5games

Hmm is she making a statement to us?

SunMusk:
I no doubt you about d second devaluation, but Can you please show me a screenshot to verify it🙏🙏??

You nor been dey this country Jan 31st this year when CBN released circular telling official market players to change their style of quoting the exchange rate and immediately they adopted that new CBN style, it moved immediately from 900 to 1300? See the screenshot here. Currency was devalued on June 2023 and January 2024.

SunMusk:
If Emefiele defend the naira the way this present cbn is doing, using BDC as a control merchant, naira will not have reach 750 in the black market. But let see how this goes sha. Every currency in the world is defended, even the US DOLLAR IS control by the fed. Pounds, yen and others. Like I used to say naira is in this state bcs of corruption, Argentina devalue to 850 almost same time as Nigeria, the lowest it has gone to is 865 peso. Corruption is what is killing us in Nigeria.

That’s because Argentina did not devalue a second time to meet up with the black market at 1100 (now around 1000). Nigeria moved the official market from 800/900 to 1300 on January 31st 2024 (second devaluation).

vaxx:
All thanks to money borrowed, even though, Nigeria will have to pay back with higher interest rate . It will help in slowering the fx rate for a little time . I must commend Nigeria apex bank for this . At least it is good for business ( short time plan ) . Buisness can easily regain confidence for the main time . And recoup their investment on time now .

Like I said here .

Only foreign borrowing can save naira unless the warehouse and factory in Nigeria are producing and exporting more than they are importing .



If you don't want to pay higher interest rate on borrowed loan, subscribe to imf ...

By foreign borrowings do you mean FPI’s? All countries get FPI’s. If you increase interest rates, you get more FPI’s. Ghana has high interest rates too at over 25% I believe. The only borrowing Nigeria has borrowed is the one they did from Afrexim Bank in December where we sold our oil into the future and got 2 Billion dollars then in December but I don’t think that was enough then.

Kukutenla:

Again you've shown your poor knowledge and ability to understand. Your headline says 18 year low. The news is from 2020. That means the oil price fell to the rate it was in 2002. Is that not under PDP?

Anyway, so you don't go about deceiving yourself that you have a point, your claim about $$ revenue, which is actually a rehashed tale that was started by Buhari has already been debunked. Here are links below that you can read to see how false you're claim on $ revenue is. I'm pretty sure if you add Tinubu's revenue from oil, it will surprise you that APC have actually had higher oil price on average than PDP years. PDP were simply more prudent. Or is that calculation and research you're too mentally lazy to do that's making you regurgitate APC's false narratives that's been debunked multiple times

https://www.premiumtimesng.com/business/504571-buhari-repeats-false-claim-on-nigerias-oil-revenue-in-past-years.html?tztc=1

https://dailypost.ng/2018/05/24/fact-check-buhari-got-wrong-nigerias-oil-revenue/

Jonathan have had the highest oil revenues so far. All through the PDP years, we did an average of 2.2 million bpd and in Jonathan’s time, we sold above 100 dollars per barrel in addition to that.
Also, 20 dollars in 2002 was much more valuable than 20 dollars in 2020 because dollar itself have also depreciated in all of those years due to inflation.

Goodlady:

I don't blv so. I v conducted researches

Give me the research you conducted on official rates. Somebody already posted proof up there that shows official rate was 22 naira. We all know black market rate was 88 naira then.

predictor1:
Who said gej made Buhari incompetent? What is dis one saying?

The subsidy was already removed in the budget, Tinubu only upheld it. With continued subsidy and without floating the naira the economy would eventually collapse. We've seen that in Lebanon and Venezuela but since all you watch is Soundcity and Africa Magic, you can know much about world economy. Or have you ever experienced fuel scarcity under this government like you used to have under Obj, Jonathan and Buhari with scarcity lasting for months? That's also one of the effects of subsidy removal.

I think there’s still some sort of subsidy though due to the naira devaluation especially the second devaluation on Jan 31st 2024. But if we can get the naira back to 800 at this current crude price ($90 per barrel) or less, the subsidy would be out or almost non existent like it was between June and August 2023.

airsaylongcome:


Lol! You completely lost your mind. The highest dollar ever got to under PDP was 216. The highest dollar got to under your jagaban was 1900. Do the math.
Don't forget that 216 was without any government intervention and with a massive SWF. Your current (government manipulated) 1100 is still a 362% hike on 216 that you all screamed about in 2015.

Under Goodluck Jonathan, despite an average oil production of 2.2 million bpd and crude at over 100 dollars per barrel, the reserves were still used to defend the naira aggressively amongst other things. Reserves were at 28 Billion dollars gross when he left. He inherited around 44 Billion dollars in reserves.

Goodlady:

Stop drooling spit. See facts below:
Abdul-Aziz Na'ibi Abubakar on X: "Dollar-Naira Exchange Rate from ... https://twitter.com/jrnaib2/status/1762127178450288784?lang=en
See screenshot attached.

This is black market. Official rate was 22 naira.

worksmart:
From the worst performing in the world to the best performing currency in just over a week tells me it is being manipulated to deceive us and cannot be sustainable.

What if it was manipulated to become the world’s worst currency then and it’s now retracing but with added fire?

Close of trade today:

Official market: 1142 naira
BDC (Parallel market) : 1115 naira.

Hmm. All hail the naira. Not only are the rates now unified, street rate is even lower than Bank rate.

predictor1:
You don't know anything about foreign reserve. Your foreign reserve can be growing while you are heavily subsidizing your currency or dropping while you do the opposite. Our foreign reserve is used for other things apart from selling to bdcs. Or how do you want the bdcs to get dollars if not From government?

I just don’t understand them. What has been given to BDC’s so far shouldn’t even be more than 60 million dollars yet, and as at when Cardoso announced he has paid the last backlog of 1.5 Billion dollars on March 18, the reserves began to plummet to probably account for it. So why they think the reserves was only used to stabilise naira, I don’t know.

olisaEze:


How old were you in '99?? Dollar exchanged for N88 not N28.

There is black market and official market. In years to come people would argue if dollar exchanged for 450 or 750 in 2022.

LegendHero:


I showed you confirmed US government source link, you’re sharing some nobody post on Twitter.

I can also go on Twitter and post it is $1 = N2, will you now say it’s the truth?

https://1997-2001.state.gov/issues/economic/trade_reports/africa98/nigeria98.html

He is showing you black market rate then. What you posted was the official rate.

gabbasin:
it was N89 to a dollar when Obasanjo take over in 1999

That was black market. Official market was 22 naira.

predictor1:
How? In the past government supported the naira with as much as $20bn In a single financial year only for bankers to take dollars to the black market and make huge profits. Now even the black market rate is lower than official rate. Removing subsidies will actually help Nigeria's economy and future better than leaving the huge subsidy regimes in place.

In Argentina today they're crying as inflation is 270% and they devalue their currency almost every month. Prices of basic goods increase by the hour. The same mistake Nigeria made for years was what they made too: crazy subsidies and not floating their currency. You should thank God for Tinubu.

If Argentina is too far you might want to check out Iran and Lebanon. Iran has the world's second largest oil reserves. They subsidized madly like Nigeria from fuels to cooking oil and sugar. Today those same subsidies have messed up their economy and led to shortages. Today in Iran fuel is being rationed. There's a limit to how much fuel you can buy in a week. You are given a ration card. Is that what you want for Nigeria

Or you want to try Lebanon where their currency has fallen to 89,000 Lebanese pound to a dollar due to unbridled subsidies like Nigeria before Tinubu?

I can go on and on but time will not permit me. Just know this: no one destroyed Nigeria in recent times as badly as Jonathan and Buhari. Jonathan was even a bit better because Okonjo advised him to stop the subsidies and he wanted to but he allowed the likes of Tinubu to bully him. Bihari was a total disaster.

Tell them. Even the 1 naira to 1 dollar in the 1980’s Nigerians love to boast about was a subsidy of the official market where the black market was 4 naira to the dollar (4 times the official market). Abacha also held the official market at 22 naira throughout his tenure with black market at around 88 naira (again 4 times the official market). Same mistake Zimbabwe made in the history of their currencies. Tinubu and Cardoso on the other hand had the guts to devalue the official market twice. First from 450 to 750, then again from 900 to 1400.

Validated:

First off, stop peddling lies. It will not help you in life. Lies can only get you through the "door", but the truth helps you to grow. Learn that mystery for your own good.

Dollar-Naira Exchange Rate from 1997 to 2000(Black Market Rate.)
1997 $1 = N84. 58
1998 $1 = N84. 70
1999 $1 = N88-N90
2000 $1 = N105.(PDP)

Then APC met it at N216 and now celebrating N1200? Is that not hypocrisy?

That was black market. At official market it was 22 naira.