₦airaland Forum

hmohammed:
Just 1 page since morning?? It is obvious we have a lot of bad bele in Naija. Thank you so much Minister Adelabu and please do not relent with this transformation. We are getting to live the Nigeria of our dreams. God bless BAT

Ikaeniyan0:
Thank God evidence full Nairaland.

According to the acclaimed investigative journalis, Dangote has been taking Nigerians for a ride of deception.

I own a "refinery" that is nowhere near complete and has functioned through its entire project lifespan to date as a conduit for money laundering and illicit financial engineering.

I

https://www.nairaland.com/7935444/david-hundeyin-exposes-phantom-dangote

Acidosis:
Why? Other than the information provided to you by the media, do you have any evidence to refute his opinions?

Nobody has bought any refined crude since he invited the previous scammers in government to commission his refinery 6 whole months ago.

The same people who fed you with lies about a so called Port Harcourt refinery and its planned operation in December, 2023, have now come out again to give you another "renewed hope", and you want Obidients to digest this hope hook, line, and sinker like br2inless z0mb1.es?

One would expect that after getting scammed over and over again by brown envelope Nigerian media and their sponsors in government, you would be patient and hold off on disparaging David until after you purchase fuel refined from his refinery, say next week. What do you think?

Prigidypogodo:
shatap
you're the one who's not wise here and cannot THINK

God bless Hundeyin

SSFeedsNigeria:
Hate him or like him, but one thing you can’t take away from this guy is his reputation for being provided right, most of the times. The way and manner Dangote alongside the government is going about this is quite fishy.

Anyways, this is not the 1990’s, if Dangote thinks he can take us all for fools, then he is the actual fool. It won’t be long before we find out the real truth.

Ikaeniyan0:
Thank God evidence full Nairaland.

According to the acclaimed investigative journalis, Dangote has been taking Nigerians for a ride of deception.

I own a "refinery" that is nowhere near complete and has functioned through its entire project lifespan to date as a conduit for money laundering and illicit financial engineering.

I have shifted the target opening date of this "refinery" at least 6 times since 2013. Every couple of years, I pay Nigerian media to serialise hagiographical fairytales about how my "refinery" will be completed in x months' time; it will save x amount of forex expenditure; it will reduce the price of fuel; it will create eleventy thousand million jobs and it will cure the sick and raise the dead.

Finally, people start getting wise to my sponsored fairytales in the newspapers, and my trusty old scam is about to lose its efficacy, so I need to uk the ante.

Of course, I have no actual fucking intention of refining any goddammn crude oil. If I had any such intention, I could have simply bought one of Nigeria's 4 existing refineries and been operational a decade ago. Plus, refining crude oil is an actual business with razor-thin margins and global regulations up to the neck. Ain't nobody got time for that. I've never done any actual business in my life before, and I'm not about to start now. I'm Nigeria's foremost subsidy baby for a reason.

So to keep my fairytale narrative going, I pay for a video release and a press release to be serialised across Nigerian media, claiming that crude oil is being delivered to the tank farms in my "refinery." I know that both the media I'm paying and the audience reading it are uncritical and shallow morons who will never think to ask why I would publicise the discharge of crude oil into my tank farm, when I can instead publicise the discharge of refined petroleum products from the "refinery" to the market - which would be a far bigger and more impressive media stunt.

None of those dunderheads will remember that:
A) Crude oil has no expiry date and can sit in my tank farm indefinitely, so merely discharging this thing that has sat underground for thousands of years into a tank where it might sit for another 5 years is not hard for me.

B) I own a private port and jetty at my "refinery" complex. I can take delivery of crude oil from NNPC today and snap all the pictures for media stunts with it, then I can quietly sell it next week to Trafigura or any number of oil trading companies active in Nigeria. Who's gonna know?

The media, whose job it is to police me and call me out, will rather be my paid lackey and collaborator in all this. That's why I will remain a billionaire subsidy baby, and these fools will remain poor like their parents and their parents before them

https://www.nairaland.com/7935444/david-hundeyin-exposes-phantom-dangote

Nigeria’s power generation rose to a three-year high of 5,313 megawatts on Monday, the Federal Ministry of Power has declared.

It declared this in a statement issued by the media aide to the power minister, Bolaji Tunji, adding that electricity distributors should ensure the distribution of the generated energy.

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

Meanwhile, the Tuesday statement from the power ministry stated that the Federal Government had signed a Memorandum of Understanding with a Chinese Company, Mutual Commitment Company Limited to assemble electric tricycles and establish a renewable energy training centre.

The MoU signing ceremony, facilitated by the Rural Electrification Agency, was attended by Adelabu and the Managing Director of REA, Mr Abba Aliyu.

The event took place in Beijing on the eve of the opening ceremony of the African-China Co-operation Summit.

Adelabu said the MoU event is important and will be a memorable day for Nigeria.

He congratulated the REA and the National Power Training Institute of Nigeria for the event, saying it will aid in achieving Nigeria’s vision for the renewable energy sub-sector of the entire electricity sector value chain.

Adelabu added, “I know Nigeria and China have a lot of things in common, one of which is the fact that Nigeria and China are both high-population countries and with a country with a high population, you have so much pressure.


“The first pressure is that of energy access and the second is job creation. So when you take steps to achieve both, it is a thing of joy. I am particularly happy that this is happening during the tenure of President Bola Tinubu, as it is in line with achieving the Renewed Hope Agenda of the administration for the country.”

The minister said Tinubu has prioritised the power sector as the driver for all other critical sectors of the economy.


“We have relied so much on centralisation of our power sector for so long that it is not taking us anywhere,” he stated.

Adelabu revealed that almost 40 per cent of Nigeria’s population lacks access to energy with its attendant consequences.

“So, moving away from centralisation, we have decided to adopt the distributed power model to ensure that every Nigerian has access to energy. A lot of our population resides in rural areas, a lot of our educational and tertiary health institutions are isolated and they are still facing epileptic power supply.

“We have also found out that the adoption of the distributed energy model will expand the energy net for our rural dwellers, the rural businesses, our universities, and tertiary health institutions; which is why the focus is on renewable energy which we believe is scalable and can exist in isolation of national grid that is currently facing lots of pressure,” he explained.

He noted that as Nigeria continues to expand energy access, the country also wants to transition to cleaner sources of energy that are sustainable and environment-friendly.

He said the MoU would achieve the vision for the renewable energy sub-segment of the power sector.

“We will be able to produce jobs for our large youthful population that is growing every day. Our polytechnics, technical colleges, and universities are turning up graduates yearly without assurance of job placement. This will go a long way to make it happen, at the same time, we will be able to achieve our energy access expansion”

He noted northern African countries such as Tunisia, Morocco, Egypt and Algeria have achieved 100 per cent electrification of their countries and in South Africa, about 95 per cent.

“Unfortunately, Nigeria is still at 62 per cent, though there are still some African countries with worse levels of achievements, but this is not where we belong. If these countries can achieve this, why is it not possible for Nigeria with the level of our natuSeeSeeral endowment? We have the gas, the dams are also there for the hydropower electric. The wind, both desert and coastal, is there while sunshine is also effective. So, what are we waiting for?

“A step like today’s will enable us to move up on our level of electrification. This will consequently lead to growth in our Gross Domestic Product because of the economic activities that would be created. This will also save us foreign exchange expenditure on importation and create jobs for our people, if we assemble these things locally,” he said.

Earlier, the REA boss said the ceremony was capable of delivering on the presidential mandate of building local capacity and creating more job opportunities.

“We will track this and ensure the delivery of the commitment within the tenure of the present administration. We will also track the economic factor that this initiative will drive, the level of GDP contribution, the employment opportunities provided, and the socio-economic activities that will crystallise,” Aliyu remarked.

He said the MCC is presently engaged in Nigeria with the construction of 12MW and 3MW power plants in Maiduguri and Kaduna, respectively.

The Vice Chairman of MCC, Yan Zhezhu, who spoke through an interpreter, expressed appreciation for the power minister’s commitment to Nigeria’s energy growth.

“We are not new to Nigeria, having started in Oyo State a long time ago. Presently, we have ongoing projects in Maiduguri and Kaduna and we appreciate the cooperation we have so far received. Our projects have seen us working with states and the Federal Government in Nigeria and we are committed to do more,” Zhezhu promised.

Bliztzer:
Manufactured figure!

CBN wey print money wey no dey circulation till date. Na the same CBN dey tell us surplus news. I no believe , Nigeria don too deceive me that I no longer believe anything she says.

Alusiizizi:
Sorry but you seem to be mistaking cheap propaganda for economic force, which it will never be. The bottom line is that this crude for Naira will never happen, and if it does, it will be fraught with all the corruption and nuances that today's petrol subsidies are troubled with, in other words, it will have no effect whatsoever on the weakened Naira.

Alusiizizi:
Very well then. I will make a note of this conversation and respond to you again after that day.

Ebubu:
You contradict yourself.

"Anioma is not the only states that's about to be establish..."


Eventually you still said "a state won't be eventually created"



In the end, if Anioma is not created like I said its due to them not accepting to be sited in SE to balance the region.

SS can never have 7 states when North East has 6.

So let Dein of Agbor and his subjects remain in Delta.

Lithiumite:
How does that delinquent inference void my candid assertion!!

Lithiumite:
The manufacturing sector is very vast and we are still not self sufficient in many areas.....take steel for example,do you know how much steel we need to drive the economy to a $1 trillion GDP,do you know how much inputs are needed in the food and beverages sector. The difference here is that if we ramp up our imports for manufacturing by adding value,the impact will be felt in the economy.

At this point we cannot allow dollar rates to go too low so as to drive up dysfunctional demand that would be good for the economy.....if you produce more you export more!!

Ebubu:
something has has passed thr first reading?

Do you not think Tinubu will approve it

You think Nwoko has not had consultations with Presidency before starting this campaign in rural area ?
Do you think he has nothing to do with his time?

TheRealestGuy:
Neither do you seem excited by the news yourself

Nigeria’s Current Account position is projected to record a higher surplus of $6.96 billion this year, a macroeconomic report by the Central Bank of Nigeria (CBN) research department has shown.

The current account balance of payments is a record of Nigeria’s international transactions with the rest of the world.

This year’s current account position will be higher than $5.31 billion recorded last year. The surge in current account balances will be driven by sustained trade surplus from robust export performance and increased diaspora remittances.

According to the report, the OPEC+ crude oil supply cuts, ongoing Middle East tensions, and anticipated rise in domestic crude oil and gas production, are likely to boost export earnings.

Additionally, the commencement of the Dangote Refinery is expected to increase export receipts and reduce petroleum product imports.

“Import in 2024 is expected to decrease to $46.11 billion from $49.68 billion in 2023, primarily, due to a decline in oil imports. The continued implementation of the Petroleum Industry Act 2021 (PIA), and operations of the Dangote and Port Harcourt refineries, are anticipated to reduce oil imports. However, a slight increase in non-oil imports is expected, due to anticipated improvement in global and domestic economic conditions,” the apex bank said.

According to the report, export is projected to rise to $55.21 billion in 2024, from $54.53 billion in 2023, arising from the sustained growth in oil and non-oil exports.

“Anticipated increase in domestic crude oil production owing to enhanced security of oil installations, is expected to boost export receipts. The improvement in export would be reinforced by the operations of the Dangote refinery and potential oil price increase amid geo-political tensions and OPEC+ supply cuts,” it added.

In the non-oil sector, high global commodity prices and government initiatives (such as the “Export 774” Programme) to diversify the export base, will further enhance total export.


Also, higher receipts from the export of key commodities, including urea, fertiliser, sesame seeds, cocoa beans, hibiscus flower, and cashew nuts, are expected to drive non-oil export.

The deficit in the services account is expected to narrow, slightly, to $12.85 billion from $12.92 billion, as higher cost and weaker naira could suppress spending, especially on business, transportation, and travel services.


The report said that in the primary income account, the deficit is projected to widen to US$9.36 billion from US$8.46 billion in 2023. This outcome is based on the anticipated increase in repatriation returns on investment by foreign investors.

Additionally, the outlook for diaspora remittances indicates a marginal increase to $19.42 billion from $19.17 billion in 2023.

This is on account of expected improvement in global economic conditions and reforms in the foreign exchange market that allow International Money Transfer Operators (IMTOs) to pay beneficiaries at market determined exchange rates.

Similarly, the ongoing efforts by the Bank to improve efficiency, transparency and confidence in the foreign exchange market is expected to boost remittances through formal channels.

The financial account is expected to maintain a higher net borrowing position at $6.41 billion, compared with $6.39 billion in 2023. This projection is based on a higher net incurrence of financial liabilities, totaling $13.08 billion, from $5.14 billion in 2023.

“The higher liabilities are attributed to expected increase in external borrowings, through euro bonds and multilateral loans, and higher portfolio inflows. On the asset side, residents are likely to increase investments abroad leading to a rise in the acquisition of financial assets,” it said.

Ebubu:
If that's their decision, Anioma won't fly.

Should SS get 7 states while SW get 6 ?

A state will be carved out from SE to make the region 6 states and Anioma state dumped.

If Anioma should be zoned to SS then 2 states should be carved out within SE to make SE 7 states just as SS and NW.

Inequality is getting addressed

Lithiumite:
We haven't gotten any where near 50% of our manufacturing capacity and more materials still needs to be imported,the manufacturing space will be expanded and smaller players who had hitherto been crowded out will be able to come in.......also the zero tariff policy on food by the govt,you need Forex to meet that increased demand for imports......our forex demand can never be fixed and there are so many factors that can eat up all ur forex you make available even if its times 2 what we already have in the market.

Arda1000:
stop spreading falsehood one day you will be arrested for it

Ebubu:
If their leaders prefer grouping Anioma as SS state.

It can't fly. Because SS has 6 states already while SE has 5 states only. Do they want to have 7 states whereas SW with two Presidents have only 6 states. Do they want to have 7 states like NW the owners of Nigeria? Inequality is trying to be solved and you're trying to create more inequality. If that's the only way to go about it they will jeopardise the Anioma state dream and it becomes an unrealistic dream.

Saying Anioma can come to the SE but will never be part of IPOB or Biafra or pro-secession would be better. About not having historic ties with SE. That does not matter. There are legitimate Igala communities in Anambra and Enugu states.

Arda1000:
The same dein that attended Izu Anioma stake holders meeting on forming Anioma 2 days ago and commending Ned Nwoke for his efforts in unifying Anioma abi na another dein?

Lithiumite:
Not true!! There are other sectors that would eat that differential up!!

Noneroone:
Okowa didn't attend. He announced that Okowa wants Anioma in south south. But that is believed to be more of a clash of ego between a serving senator and a former governor over who takes preeminent position in Anioma than Okowa's real position. Most other stakeholders support Anioma either in South East or south south. I believe things will be sorted out before public hearing.

bdon12:
Oga u voted tinubu...enjoy it.Tank God i can afford fuel at 1500 as i dont use generator at all Tank u lord for vision to heavily invest in solar long time ago.Las las agbados will be crying n thats ok

nedu666:
Do you know the meaning of deregulation. I suggest you remove your head from your anus so that you fit see road clearly