₦airaland Forum

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.

First Bank Nigeria will hold a groundbreaking ceremony tomorrow for its new corporate HQ, a 40 storey tower in Eko Atlantic City that will become the tallest building in Nigeria upon completion.

Just30:
They just announced a cross border mobile money transfer between Ghana and Nigeria

Really? That would be great.

Seplat hits N1.65trn revenue in FY’24 as PBT reaches N561.4bn

Seplat Energy Plc has released its audited results for the year ended December 31, 2024. The results at the Nigerian Exchange Limited (NGX) shows Seplat reported revenue of $1.116 billion....

Dreal1247:
If they can sell it so low why was the price not reduced before now. Gradually, the truth will soon be out for public knowledge. It will not be too long before it is unveiled.

Crude oil prices are low and naira is appreciating. That’s why.

just2endowed:
i said it that NNPC is the number one enemy of nigerians.

why cant they be the first to adjust price when they knew the cost of production have reduced,

Dangote is the market leader. He has the scale and size to determine the market price. NNPC said their stations in Lagos in particular also buy from Dangote.

Baffupdrizz:
What I wrote down here is not something that I just invented. It is a statement of fact based on historical record that is available to everyone who wishes to find out to see. Dangote refinery began production of gasoline in September 2024, while NNPC through its PortHarcourt refinery began production in November 2024. This is what happened. My question is, why did the NNPC have to wait until after Dangote's privately-owned refinery had started production before they began to do same?

Did NNPC just suddenly go switch on the refinery in November 2024? Haven’t they been on the rehabilitation since 2021? Didn’t they give a documentary of their works in December 2023 when they said the mechanical works were finished? When Dangote completed mechanical works in 2023, why couldn’t he start until April 2024?

Baffupdrizz:
But, Why did the NNPC have to wait for many years until after Dangote had begun production in his privately-owned refinery before they (NNPC) began producing too?

Who told you they waited? Is a refinery a generator which you just switch on and off?

historic:
I tell you... I was wondering where they buy their own foodstuffs cheap.

Compare prices of beans, rice, onions to November last year in your area. Check the prices in November and the prices now.

This thread is funny 😀. When it comes to debates about our political economy and the effects of Tinubu’s policies on the general economy (which even includes the stock market), we are quickly told that we are derailing but I have been reading several pages of Putin, Russia, NATO here. While that also relates to oil prices and the economy, the previous debate especially on policies affecting the naira was on topic as well, or wasn’t it?

femi4:
It's difficult to defend incompetence....we understand your struggles

Which do you prefer? Available FX at 1500 or non available FX at 450??

sanerugwei:
https://punchng.com/militants-blow-pipelines-linking-warri-kaduna-refineries/

Also see below report excerpts from AriseTV report:
He noted that the Warri refinery cannot produce petrol, producing only SRN (Straight Run Naphta), and cannot produce premium motor spirit (PMS), essential for the country’s fuel needs. Furthermore, he said that the refinery’s infrastructure is severely compromised, with a crucial 46km pipeline, which was intended to transport crude oil from Escravos to Warri, having been vandalised in 2016. Despite the damage, the subsidiary of the Nigerian National Petroleum Corporation (NNPC) responsible for pipeline operations has yet to provide an update on its condition.

He stated, “It is also important to note that that same trunkline is what provides feed or the loop for you to take crude oil from Warri all the way to Northern Edo state, Auchi to Lokoja to Suleja in Niger state, then to Kaduna.

https://www.arise.tv/kelvin-emmanuel-nigerians-emotionally-attached-to-moribund-refineries/

This is a 2016 story. Warri refinery operated until 2019 before shutting down for this rehabilitation. So how did they operate between 2016 and 2019?
Also Kevin Emmanuel is not a trustworthy analyst on these issues. He also alleged that the pipeline to PH refinery was not in operation which is false.

Putindbutt:
NNPCL is importing no shit presently. Back then the marketers imported on behalf of NNPC and were paid subsidy. It ended soon as subsidy ended and the marketers began importing in their private capacity.

People forget subsidy practically ended since October 2024 with the coming of Dangote into the game.

Gboss247:
You have internet on your device, use it effectively.

I have been checking and can’t find it. Just a link and I would really appreciate because that would be news to me.

sanerugwei:
Never a time that NNPC imports directly as an entity. It issues the import license to marketers who import on its behalf. So its still NNPC that pays them and take ownership of the imported products.
If NNPC insists they are not importing, they let them show where they are getting the products they are selling at their retail outlets since none of the Federal refineries are working to any substantial volume. In fact they maybe producing diesel and other products not not petrol.

Warri is not yet working as its reported that the pipelines that feed it with crude is damaged. 60000 refinery in Port Harcourt cannot product more than 5/10 truck loads of petrol depending on the size of truck ie 33k or 66k liter trucks.

Can you show this report that says the pipeline that feeds Warri with crude is damaged?

Gboss247:
NNPCL is not regulator yet private importers demand for under-recovery from them, continue to defend lies.

Can you give me evidence of private importers demanding for under recovery from them? Any link to this story? Thanks.

vaxx:
MTN Ghana reports over GH₵5billion profit after tax, declares 24 pesewas final dividend


#GraphicOnline


All thanks to the resilient cedis

That’s 350 million dollars profit. Nice one from MTN Ghana.

MTN Group reported a loss in 2023 and 2024 due to naira devaluation.
Naira devaluation also depleted their revenue in Nigeria from the usual $4.5 Billion to $2.24 Billion (now second behind SA).

As a result, MTN Group in general declared a loss for the first time in many years due to naira devaluation from MTN Nigeria.

Impressive when you consider the fact that MTN Nigeria is only around 50% of the Nigerian market.

But I believe the MTN Group would bounce back strongly this year.