₦airaland Forum

Mpeace:
I want to buy one drum of fuel to sell black market.
Dangote says he will stop selling to the Nigerian market once the deal ends as he cannot buy in dollars from abroad and sell to Nigerians in Naira.
Fuel price go soon go up

In that case, NNPC can be the sole buyer again in dollars and then they distribute to marketers in Naira.

KarlTom:
ARADEL. -2.43%
CONOIL. ±
ETERNA. ±
OandO. -4.55%

Expected for today at least.

mikeapollo:
It is for the stocks market and everything or anything that affects the stocks market.

I tire oo. As if oil in Rivers state does not affect the likes of Oando, Seplat, Aradel, etc.

Saw this somewhere (yet to verify) but if true then thank God. My Aradel can breathe 😆

mikeapollo:
Fubara said clearly that he will obey the Supreme Court ruling immediately after the ruling was given and he took concrete steps to do that including inviting the Speaker for a meeting and also going to present the budget to the RSHA. What was the reaction and response from Wike's camp? They gathered signatures to impeach the governor.
The attack on the pipeline is not a response or reaction to the Supreme Court ruling because Fubara had said that he will obey fully.
The pipeline attack was a response and reaction to the signatures gathered for the impeachment of Fubara and Wike said nothing will happen and went on to attack a whole Ijaw people! And he was being tolerated by the president. Now, the president has appointed Wike's ally and friend as sole administrator .
Wike said he would blow up Nigeria. That is his handiwork. Such a reckless talk by a minister and the president wa looking and did little or nothing to put him in check for the peace of Rivers and Nigeria

Nah, the militants threatened that they would blow up pipelines if the FAAC allocation was kept aside for the Governor until he presents a legal object. This happened before Wike’s interview. Also, Fubara knows what to do if he wants to resolve the problem. You have withdrawn the salaries of those legislators for some time now, you destroyed their building and you just want to go there to present the budget without some back door political resolutions.

The retired chief of naval personnel was a top navy chief during his service years so he would have definitely been close to all state Governors in the Niger Delta. So it’s not out of place to see him take pictures with Wike who was Governor in a key Niger Delta state for the navy.

mikeapollo:
The president himself is the reason all this is happening. zhe gas been clueless in handling the matter. zhie could you allow someone you appointed in your govt yo go about causing confusion and destabilizing a critical state like Rivers where huge oil revenye comes from?
The president is having a meeting with PANDEF and elders from Rivers State, and then his appointee minister holds a press conference to abuse, insult and even threaten his guests! Which sound president would tolerate that?
The biased Supreme Court ruled that there should be no revenue allocations to Rivers state government. Now let us see if they will allocate funds to this illegal Sole Administrator to run the state for the next 6 months or not.

Wike or no Wike, the moment militants threatened to destroy pipelines as a response to the Supreme Court order, the battle line was drawn.

The supreme court is the law and in a democracy, the president and the entire state acts on their orders. In the eyes of the law, there is nothing to hold Wike responsible for if the militants threatens the state with blowing of pipelines as a response to a decree based on the law. That is war against the state and once that happens, it matters little if the president just calls Wike to order because the court judgement was against Fubara the state Governor not Wike. Suspending Wike’s allies in the house as well is already enough of a statement made to Wike by the president in this case else they would have easily been the ones to take over to Wike’s delight.

You must also understand Fubara is not on record as CSO of the state clearly condemning the threat of the militants against the supreme court order, instead we have him on video telling the youths he would give them the order when the time comes. Also, 12 hours after the pipeline vandalization, the state Governor was yet to release a statement but seem to act non chalantly.

Let us judge fairly considering the broader context and not just because we hate the president.

Willie2015:
I don't think you have a better Intel than...
the President and the NSA on this event...
They are in the best position to do the needful...
Those boyz you mention will sell their entire 1st -10th generation to get a piece of the cake...
Sometimes , we need to have a good risk management when trading...
It saves one from unforeseen events and make you prepare for better opportunity...

The truth is that if the president just watched and allowed the House of Assemblies impeach Fubara, that would have been more problematic.

Also, as a president you don’t cower to those blowing pipelines and issuing threats. You get firm else we are just a banana republic and the state would be surrendering her power to those people whose first response to the Supreme Court order was to threaten to blow the pipelines.

If the sponsors of the militants sense fear as a response to their threat, that’s the end. It would mean they have the power to always threaten or demand more. Other political sponsors would not hesitate to also use the militants against the president.

Tinubu understands these things having been in the political arena in Nigeria for long. To Tinubu, it wasn’t the militants speaking or issuing threats but their political sponsors testing the waters.

The appointment of the retired naval chief to head the state in response is a clear statement.

Badgers14:
The appointee is the luckiest of all...

Retired... they just called him to come and chop

He is a naval chief and the target is the protection of the oil pipelines.

Wouldn’t this further lead to increase in oil prices?

https://apnews.com/article/israel-palestinians-hamas-war-news-ceasefire-hostages-03-17-2025-b8753b9458a44f10ab08aa9b12582780

zendi:
Brent Crude oil has just jumped from 70 to 71 in first trading after the war started on Sat/Sun night.

These downstream boys you're showing me (save Oando, a special case) should be in red because the raw material for their products (crude) is getting more expensive.

If you ask me, I think an average of $75 per barrel
would be perfect.

Nigeria's gasoline imports have dropped since the Dangote refinery started producing the road fuel in September, reaching a record-low of 112,000 bpd in February, from 372,000 bpd in February 2024, Kpler data show.

Captures domestic market according to spglobal.

“They are importing a lot less, and traders are making up the shortfall from offshore Lome" said one trader, referring to the nearby transshipment hub off the coast of Togo where traders blend product.

https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/022025-nigerias-dangote-refinery-captures-domestic-gasoline-market-share

SEPLAT settles debt to FG.

https://nairametrics.com/2025/03/16/alleged-debt-seplat-and-chorus-energy-pays-n28-7-billion-to-nigerias-federation-account-reps/

Youngzedd:
Dangote Refinery said they will list in Q1 of 2025.

Alhaji is battling with the oil cabals.


We wait....

Most likely early next year. He would first want to sign long term contracts for steady crude supply.

Streetinvestor2:
This will happen to sugar on the 200B forex loss again.How much has Naira appreciated to dollars against end of the yr exchange rate Figure. Abeg at what rate did Naira end against dollars last yr

I think the NAFEM window ended around 1537 last year. The NAFEM window as at last week Friday is 1517.

However, going by the PMI of 52 and 53 in January and February according to Stanbic Bank report, it would mean business confidence based on increased purchases and new orders is growing and is already better than 4th quarter last year. So with stable exchange rate and more sales, businesses are likely to make profits this quarter than they have ever done since Q2 2023.

chimex38:
The Nigerian Mafia
Those ones don't have crude to beg Dangote to take again.
They have sold all of them 5-10 years in advance if not more..

Shey u dey read the latest shenanigans and tit-for-tat playing out in the Crude-for-Naira Deal?
( to be or not to be going forward)

I think the mafias will be better off if crude price crashes. As they have already sold our crude 5yrs in advance at a costlier rate of $70 and above before Drill-baby-Drill ascension to power.

So weather low prices + low crude demand worldwide..
The so called mafias have secured their future clients..

They still supplied crude to Dangote refinery this past Friday though and by their statement (yet to be refuted), have supplied an average of 297k bpd since October 2024.

https://punchng.com/dangote-refinery-gets-fresh-crude-cargoes-from-nnpcl/

Nigerian food delivery startup chowdeck is expanding to Ghana, aiming to reach 52 cities across Nigeria and beyond by year-end.

With the completion of this asset take over by the Renaissance group, indigenous Nigerian firms now dominate the upstream oil sector especially onshore (at least 60%). This is laudable.

theenchanter:
Very soon, Many companies will like to have their headquarter in Eko Atlantic. I predict some Consulates will follow the US too.

On a second note, the rate at which LASG is demolishing shanties is 🥶. Almost all shanties in major places is Lagos are currently being demolished.🫠 I'll like to see what the city would look like in the next decade.😂

I’m just happy real work is now being done at Makoko. The center of poverty porn shows.

Eko Atlantic

MTN Nigeria, the country’s largest telecoms operator, plans to establish its new headquarters in Eko Atlantic, becoming the first telecom company to build in the rapidly expanding coastal city, Chief Executive Officer Karl Toriola said.

Nigeria's Dangote complex has started producing from its 830,000 mt/year polypropylene facility.

The petrochemical units are some of the last to be commissioned at the new site and promise around an 800% increase in Nigeria's polypropylene capacity.


Nigeria's new Dangote refinery has commenced the startup of its polypropylene facility in Lagos, market sources told Platts March 10.

Starting up Dangote's 830,000 mt/year polypropylene site was one of the last outstanding milestones for the oil refining and petrochemical complex in its commissioning sequence, which has been taking place since January 2024.

Polypropylene production has now started, with supplies being distributed in 25 kg bags, and has already threatened to upend the domestic market, two market sources told Platts, part of S&P Global Commodity Insights.

One trade source said that the Dangote Group began preemptively offering polypropylene supplies as early as February. A company representative was not immediately available for comment.

Dangote Group CEO Aliko Dangote previously set out hopes that the complex would fully cover some 250,000 mt/year domestic demand for polypropylene, which is commonly used in plastic packaging and textiles.

Once fully operational, the Dangote facility is set to become Africa's largest polypropylene production site, producing from two polypropylene units with capacities of 500,000 mt/year and 330,000 mt/year.

Market participants have warned that the new capacity could quickly capture market share in the existing polypropylene homopolymer market, which has so far been concentrated at Indorama Eleme's Port Harcourt refinery in Nigeria and drawn imports from the Middle East.

In the oil market, the giant privately owned Dangote complex has so far shown an ability to significantly undercut local producers, triggering steep discounts in the gasoline retail market from state oil company NNPC.

Already, the refinery has substantially displaced traditional trade routes for oil products that would typically flow from Europe to West Africa, serving a growing share of the domestic market as NNPC's newly restarted Port Harcourt and Warri refineries have suffered outages.

A Dangote executive told Platts in February that the oil refinery should reach its full 650,000 b/d capacity by mid-March, without providing an updated timeline for the petrochemicals site to reach full utilization.

Platts last assessed the CFR West Africa PP raffia spot price at $1,090/mt March 5, unchanged on the week.

Nigeria Demand: 250k MTPA
Port Harcourt Eleme Capacity: 120k MTPA
Imports: ~130k MTPA (250 - 120)

Dangote capacity: 830k MTPA

Skyehigher1:
Everything must dropped their price because polypropylene is the raw materials for all those things they are imported for this country

The problem is smuggling. For example, Dangote’s LPG cooking gas price is so cheap at around 950 per kg but people are already selling it to Niger Republic when it should first saturate in Nigeria to reduce prices everywhere to 1000 per kg.

StivoH2022:
Seems like it's a having a negative effect on private sector

Why should it?

Abuja is truly beautiful. Watch this: Ibrahim Babangida Boulevard.


https://www.youtube.com/watch?v=JF3ZamPcCXQ?si=u6tHbl3PXWkntOQm

zikter:
Are you sure? This same song was sang a million times when he was about to refine fuel. How many forex have we saved? Naira to dollar is still very high. This is Nigeria where something as ideal as you said doesn't really work

Maybe because of the amount of crude oil needed. Crude oil is also a high dollar commodity. Also, Dangote would be in the process of paying his 5.5 Billion dollars debt at the moment. But if Nigeria increases oil production and produces more crude for the refinery, then there would be a bigger effect on FX than what it is now.

Pacesetter123:
Who even told you people in the first place that there's any FG refinery producing fuel in this country?
It's only Dangote refinery that is working.
Anybody saying PH and Warri refineries are currently refining fuel is a pathetic liar.
Such a person should first of all answer a very pertinent question that you asked them before coming to argue trash here.
I am waiting for those Jr brothers of Liar Muhammad to come answer this your question.

PH refinery has been producing fuel since December last year but very small and not up to 5% of Nigeria’s demand. The yellow line on this graph is production from PH refinery.

chinchum:
it is sited on a free trade zone. No tax for FG.

There is a clause in the new tax bill that states that whatever is sold into the Nigerian market from a free zone that is more than 25% of the company’s production would be taxed. If that bill scales through, then Dangote would also likely be taxed

iwaeda:
More to this Dangote refinery, no gas produced, no kerosene, this polyethylene is somehow. You can call me pessimistic.

He produces gas. I know LPG is supplied by the refinery.

otokx:
slightly if at all

In wholesale markets of places like Kano mostly and for bulk purchases (not all products though).

Mkenya2019:
Kenya largest slum - Kibera slums - giving way to largest affordable housing.

Ruto intend to build a million units countrywide

Very cheap affordable houses that even slum dwellers can afford to buy leave alone rent.

Nice one, same thing Tinubu started around February last year in all 36 states of the federation (pictures taken in October 2024).
The program aims to deliver 100,000 housing units nationwide through different financing models. Work is ongoing at a total of 13 states plus FCT to deliver 10,112 housing units under the Renewed Hope Cities and Estates Program

chimex38:
I suppose the point being made is more in reference to the major source of Govt revenue which is the upstream oil sector..
If its global prices drops especially below the $75 bench mark of our budget , it could trickle down to the economy in general like paying salaries, completing projects, etc and indirectly to businesses getting local returns, etc..and negative sentiment to FPI, etc.

Not necessarily directed at Dangote Refinery but entire NGX.
The ngx is a subset of the economy as well..

Yes but I think the Nigerian economy is more sensitive to low crude oil production than it is to prices as long as oil prices can stay above $55 per barrel. If we refine locally, it reduces the pressure on FX. Correct me if I’m wrong, but I don’t think crude oil sales dominate FG revenues like in 2016, it only dominates exports (80%) but if it still does, then increased production to at least 1.8 million bpd this year would help. But crude oil prices has the effect on FX which can be mitigated to an extent via reduced importation.

yMcy56:
Did you factor in our own refinery?
We self don dey refine oil nah

True. The Dangote refinery is ramping up and we have reduced petrol imports by so much this year.

The yellow in this data signifies Port Harcourt Refinery and the blue line signifies imports, the DORC cabotage is Dangote supply via sea and DORC trucking is Dangote supply via truck. Local production dominated the market over imports for the first time in a long while in February 2025.

Source : CITAC Africa.