₦airaland Forum

Some people "Ghana" is no where to be found on the list.

Government needs to increase minimum wage to like 50-60k.

I can't believe the UK will be ahead of the US

oluseyiforjesus:
I could hv prefer wike in this ministry

Umahi is also a good choice

He built quality roads in Ebonyi state.

Nukilia:
This country is finished. This information should be released by the DSS or Police HQ.

It's only for FIRS staff. It's not for the public.

Foreigners are not willing to invest in Nigeria

If people are not really buying things, why's inflation still rising? Or is it the weakening of the naira that's really making inflation rise?

Belial06:
We
You see rivers people? Run from them. You think Asiwaju is stupid to relegate wilke to junior minister status?

Wike is not a junior minister. You're just pained Rivers people rejected obi and still rejecting IPOB and biafra

searchng4love:
All of you involved are stark illiterates. No wonder all bordering States are doing far better than the slum called Ondo State.

Look at the way this thing is talking down on Ondo state just because people don't agree with his opinion.

Idiots too full this country.

N3TRAL:
https://www.instagram.com/p/CxqcsJ2q6yJ/?igshid=MzRlODBiNWFlZA==

I don't agree with oppression but I don't think marley killed mohbad

Kingosytex:
The court is the problem of this country
Someone will commit an offence, head to the head and BUY on silly injunction to shield himself from being prosecuted.
Gandollar bought one too and today he is walking a free man. The politicians are setting a very bad example and the wealthy elites will join them in full since anyone can but injunction to shield himself from prosecution.

What do you expect the court to do, send him away?

iSense247:
If you look at all the economic analysis, go and look at where Bangladesh would be in 2030 and up to 2050. But no one knows where we are going to be

https://sunnewsonline.com/seeking-for-investors-abroad-waste-of-time-obi-tells-fg/?amp

Obi should speak for himself alone

Phantom233:
Audio

What's audio?

Abagworo:
No independent Ijaw son can write such a letter without political manipulation. Ijaw and Igbo know themselves and their boundaries even before creation of Nigeria.

They are independent Ijaw children

Their address and phone number is boldly written in the letter.

Plot 273 Samuel Ademulegun street, central area, garki Abuja

Phone number: 081...43...636...861

According to the letter, two Igbo guys are claiming Ijaw lands as part of Igbo land. The two guys handle are boldly written in the letter. Even here on nairaland, there are threads created by igbos claiming some part of Ijaw land as Igbo land.

nairalanda1:
The problem is, we have been seeing the same type of post like OP's post above since...well Nigeria was a country.

And at the end, someone is going to tell us that if we voted for Peter Obi, by now, fuel would be costing N100 a liter, food would be so cheap that rice would cost N200 a 10kg bag, and minimum wage would be N200000 and a dollar would be N10.

The reason why we are broke, and have been for decades...is simple. We rely on oil. Oil prices have to be above 100 dollars a barrel for us to earn enough cash to pay for all we want...and even then, it might not be enough. Most of the time, oil prices are too low to sustain us, so we take loans. Then add the corruption looting and stealing, and that small money looks less.

The way forward means that the government taxes every taxable Nigerian, removes subsides on power and petrol totally so that investment and money would flow in, and savings result...and the investment can be taxed, and Nigeria goes from being a oil dependent nation to being an industrial nation.

The problem with my above comment is that it involves more hardship.

South Korea is a country that went from being poor and broke that it was behind Senegal in 1960, to being super rich today on the back of people who were willing to work long hours to make sure it worked. Doing the 3 d's work...dirty, dangerous and difficult. Now today, SK is a rich nation, but the generation that did the hard work are mostly poor, and suffering.

Nigerians don't want to do suffering. We suffer too much as it is, so any one who comes and says we must suffer more is a joker. So, government spend more on subsides, more on freebies, more on nice things....and at the end of the day, we get into more debt...because we are paying for this on money that on a good day can sustain a nation of 10 million people.

And the desire for easy life manifests in secessionism...after all when we get Biafra, we would get all the oil money and live a life of riches and prosperity on oil money, while the rest of the country can go rely on groundnuts and cocoa and cotton. (Yeah, like that worked....cotton and cocoa countries are the World Bank's biggest customers...if you knows what i mean).

Anyway, the harsh truth is simple. We do the 3D work needed to get Nigeria rich, we stop pretending we are rich, we stop defending PDP and APC , and we all work hard.

But since we want to chop oil money...who cares.

Oil and yahoo money

Is this not the same news source that claim NNPCL do not want to sell crude to Dangote?

Ceeman2o:
Which of the traffic has really reduced? When almost all access roads are dilapidated and in worst states. What happened between mainland nd island traffic situation was the reopening of eko bridge, aside this it was a nightmare from any connections away from the two long island/mainland bridges. Try to go sangotedo from vi or join any mainland towns off 3rd mainland bridge.

I'm not interested in your unreasonably argument. I was not speaking for you but myself.

Lagos traffic have really reduce since subsidy was remove

Meerahbel:
Go to Ologolo

Where's that located mirabel

Kenneth4u205:
A Bankrupt Ghana is still millions times better than Nigeria economically

Do you know Ghana’s national debt in relation to her Gross Domestic Product (GDP) for the year 2023 stands at 98.7%?

Do you know the Ghanaian government owes independent power producers $1.58 billion?

Who can tell me what these man crime is?

What's actually the job of security agencies in Nigeria?

All this does not matter

okechuks22:
why are you complaining I guess ur one of the tiffinub urchin

I'm not complaining, just asking a question tifobi urchin

Refinery will start with diesel, jet fuel, then gasoline after ramp-up

Dangote buying crude from traders, plans to export to US, Europe

String of challenges, including swamp clearance, delayed project

The long-awaited Dangote refinery -- billed as a game-changer for Nigeria and sub-Saharan Africa -- will receive its first cargo of crude in the next two weeks and will begin producing up to 370,000 b/d of diesel and jet fuel from October, a senior company executive told S&P Global Commodity Insights.


In a wide-ranging exclusive interview, Dangote Group Executive Director Devakumar Edwin, who is overseeing the $19.5 billion refinery, outlined a detailed production timeline, shed light on crude and product flows and laid out a litany of complications and delays to the project since it was first mooted in 2013.

"Right now I'm ready to receive crude," said Edwin, who previously ran Dangote Cement. "We are just waiting for the first vessel. And so as soon as it comes in we can start."

At its full planned capacity of 650,000 b/d, the refinery would make Nigeria self-sufficient in fuels and leave plenty more for export. Currently, Africa's biggest producer imports all its refined products, eroding its foreign exchange reserves. Yet delays and cost overruns led many to question whether Aliko Dangote -- Africa's richest man -- would ever deliver. Meanwhile, fuel prices have skyrocketed in Nigeria after President Bola Tinubu scrapped a costly subsidy in late May.

Phased launch

Edwin said the refinery, which was officially inaugurated by outgoing president Muhammadu Buhari in May, will launch in phases, beginning with 350,000-370,000 b/d of diesel and jet fuel by October, when the crude distillation unit, sulfur block and hydrogen plant should be online. Then on Nov. 30, he said, the refinery will start the phased ramp-up to 650,000 b/d, around half of it gasoline, the key area of Nigerian fuel demand.

S&P Global analysts predict the refinery will not hit full operating capacity until mid-2025, according to a recent note, with further delays still possible. Still, forecasts from S&P Global suggest Nigerian gasoline production will exceed imports until the 2040s as a result of the refinery.



Although the refinery was designed to process light sweet Nigerian crude, state-owned Nigerian National Petroleum Corp, which is a shareholder in the project, cannot supply the refinery until November, Edwin said, so Dangote is buying oil from trading houses. Vitol and Trafigura recently carried out inspections of the plant, he said.

"At the last minute [NNPC] said, 'We have actually committed our crude on forward basis to someone else', so immediately they don't have the crude," he said. This is a temporary issue, and the refinery should run on exclusively Nigerian crude by November, he said.

That Nigerian oil will be purchased in US dollars, not naira as some reports had suggested, because it is located in a free zone on the outskirts of Lagos, Edwin said. However, NNPC will supply some crude at knockdown prices due to its equity stake.

Edwin said the scale of the refinery meant being "solely dependent on Nigerian crude would not be advisable", meaning the refinery can process most African crudes -- apart from heavy Angolan grades -- as well as Middle Eastern Arab Light and even US light tight oil.

"We can take even some of the Russian grades... if the global system opens up to allow us to receive [them]," he said.

Product flows

Nor is Dangote only targeting the Nigerian market with its refined products. "Basically if you look at our production profile, 50% of my production will meet 100% of the requirement of the country," Edwin said. Excess gasoline – which will be 10 ppm sulfur Euro 5 quality -- will be exported to other African markets as well as the US and South America, although the volumes will be relatively small, he said.

Meanwhile, jet fuel will be exported to Europe and diesel will be sold in sub-Saharan Africa.

In Q1 2023, Nigeria imported 383,400 b/d of gasoline and diesel, according to data from S&P Global Commodities at Sea. Imports fell to 193,000 b/d in Q2 after the subsidy removal.



Edwin said refined products can be evacuated from the refinery by road or by sea, with the two routes able to handle 80% and 75% of production respectively. Wary of theft and vandalism of pipelines in Nigeria in recent years, which is claiming 400,000 b/d of crude according to NNPC, Dangote's only pipelines connect the refinery to single buoy moorings in its purpose-built port, which Edwin said can handle VLCCs and even ULCCs. "I can load a Suexmax in a day, I can offload a VLCC in a day," he said.

The company is also widening the road connecting the refinery to the expressway. That job is 70% complete, Edwin said.

String of delays

Although discussions started as far back as 2013, Edwin said Dangote only began physical construction five years ago following a string of delays and mishaps. The first plot of land in a free zone in Ogun state was ditched following potentially "disastrous" political interference, he said.

After buying 33 square km of land in Lagos state for $100 million, the team found more than 70% of the plot was swamp and spent a year clearing it. Then, faced with the possibility of rising sea water claiming the land in the next 70 years, Dangote spent $50 million elevating the land by 1.5 meters. "We had to hire the world's largest dredger, second largest dredger, and third largest dredger to... pump in about 65 million cubic meters of sand."

The company also had to construct a port capable of receiving extremely heavy assembled equipment because it lacked the infrastructure to assemble equipment in Nigeria, import 200,000 pikes to prevent sinking, buy 320 cranes and invest in a 10 million ton per year granite quarry.

Ultimately delays proved a blessing, Edwin said, because "we had time to increase the capacity of the refinery [and] improve efficiencies in the design." What will be the world's largest single-train refinery began life as a 300,000 b/d project, Edwin said.



Further investments

Edwin, who joined Dangote Group in 1992, said the refinery would be "enormously beneficial to the country" by establishing a reliable supply of "environmentally-friendly" refined products and bringing "a huge amount of foreign exchange into the country."

It will also ease a fuel supply crisis in import-dependent West Africa, where Nigeria's recently-scrapped fuel subsidy created a thriving illicit market for gasoline amid price fluctuations.

"The money will be coming back in, and it will go for further investments," Edwin said. "[Aliko Dangote] is from Nigeria and his focus is always on Nigeria."


https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/091823-interview-nigerias-colossal-dangote-refinery-to-start-operating-in-october-at-370000-bd

Climate change people will be glad with this news

[quote author=Racoon post=126028719][/quote]

The Secretary to the Government of the Federation (SGF), George Akume has revealed that the Federal Government is poised to unveil the audit report stemming from the comprehensive investigation into the Central Bank of Nigeria (CBN).

This investigation was initiated by President Bola Tinubu, who, on July 28, 2023, appointed Jim Obazee, the former Chief Executive Officer of the Financial Reporting Council of Nigeria, as the Special Investigator for the CBN.

In his role, Obazee was tasked with probing the CBN as well as key government business entities, reporting directly to the President’s Office.


The SGF disclosed this development while addressing questions at a press conference held in Abuja on the occasion of Nigeria’s 63rd Independence anniversary.

He highlighted that, when made public, the audit report of the CBN will provide critical insights into the governance issues that have contributed to the country’s present challenges.


Akume elaborated on the importance of the forthcoming report, stating, “Most of these problems confronting us are due to bad governance. The present government has confronted and is confronting these challenges. When President Bola Tinubu came on board, he took a very sound decision at the CBN. That singular act led to a massive improvement in the capital market; as experts have told us, it is something that has never happened in the past 15 years.”

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The SGF said that substantial changes have taken place at the CBN, with a new team in place and the Special Investigator diligently working on the investigation.

He assured that the investigation’s findings would soon be made available to Nigerians, providing a clear understanding of what went wrong and how the nation arrived at its current situation.

President Tinubu’s letter to Special Investigator Obazee, dated July 28, 2023, underscored the administration’s commitment to fighting corruption and ensuring accountability.

The letter stated, “In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator to investigate the CBN and Related Entities. This appointment shall be with immediate effect, and you are to report directly to my office.”

Recent findings indicate that Obazee submitted an interim report to the president’s office over a week ago, marking a significant milestone in the ongoing investigation. While the investigation continues, the preliminary report is intended to provide the President with insights into the progress made thus far. Sources suggest that the interim report has already influenced changes in leadership within the CBN, although this information has yet to be independently verified as of press time.

The President and his team are currently reviewing the interim report with the intention of making informed decisions to facilitate the country’s progress. It is worth noting that the CBN Special Investigator has raised concerns about the accuracy of the CBN’s annual financial reports, which were recently released.

Consequently, there is speculation that the CBN may be asked to retract its audited annual financial reports, reflecting the ongoing scrutiny of the financial services sector regulator initiated by President Bola Tinubu in August.


https://businessday.ng/news/article/fg-set-to-reveal-cbn-investigation-report-promises-accountability/?utm_source=auto-read-also&utm_medium=web

Etimemy:
But there's every part of Nigeria currency is N980/$1 ?

please focus on the topic at hand.

Irony1:
seriously you want oil price to increase when you don't have local refining capacity. what did you smoke this morning?

high oil price mean more dollar revenue for Nigeria, whether we have a refinery or not.

Government can subsidize oil now because of high oil prices, we have more dollar at our disposal.

Dangote will start refining diesel and jet fuel from next month by the way and petrol by november.

prophetfire:
NNPC won't talk because they don't want to burst the government belle, but marketers are self-employed people and aren't answerable to government.
Government will rather hide the truth.

Marketers are not the ones importing oil, why are they lamenting on behalf of the NNPCL even though government have been subsidizing petrol?

Okortor:
Imagine and instead of the youths to protest against current hardship Rather the jobless youths have taken to the streets to protest for some stupid reason over somebody I believe they did not know or even listening to his so called music.
Moh-Bad simply mean: I AM BAD.
That is the kind of person that more than 60% of Naija (youth) seem to be giong haywire for.
Then suspecting & accusing one Naira Marley like that for his death who might even be innocent,when bad governance that has made life difficult for everybody stare at them in the eyes.
LAZY, USELESS & STUPID YOUTHS EVERYWHERE..........

Are you not a youth?

Economic challenges ahead: Nigeria told to prepare for a tough 2023

Economic challenges ahead: Nigeria and South Africa told to prepare for a tough 2023
Economic challenges ahead: Nigeria and South Africa told to prepare for a tough 2023
Nigeria and South Africa, are anticipating a challenging 2023, as per a report from BMI.
Nigeria faces slowing economic growth at 2.0% in 2023 due to President Tinubu's reforms.
South Africa also grapples with economic hurdles, particularly in its oil sector.
Nigeria and South Africa, the economic powerhouses of Africa, are gearing up to face a challenging 2023, according to a recent report from BMI. In this business-focused analysis, we delve into the economic landscapes of these two nations.


According to teh report, economic growth in Nigeria is projected to slow to 2.0% in 2023, down from 3.3% in 2022.

The report noted that while the economy showed signs of improvement in Q2 2023, with a 2.5% year-on-year expansion, the oil sector continued to struggle, contracting by a staggering 13.4%.

Challenges such as crude production disruptions, theft, vandalism, and industrial actions persist. The agricultural sector also faced headwinds, growing by just 1.5% in Q2 2023 due to adverse climatic conditions and security concerns.

Further insights form the report revealed that President Bola Tinubu's economic reforms, including the partial cancellation of the fuel subsidy and exchange rate adjustments, are expected to impact domestic demand.

However, rapidly rising inflation, averaging 24.6% in 2023, threatens to erode real wages and increase poverty levels, potentially weakening private consumption.

The report notes that there is optimism for 2024, with a gradual decline in inflation expected to support economic growth, potentially reaching 2.9%.

https://africa.businessinsider.com/local/markets/economic-challenges-ahead-nigeria-and-south-africa-told-to-prepare-for-a-tough-2023/s9bgwjt

SmartPolician:
He's paying subsidy so it doesn't get to that price.

Yes, so stop claiming people are buying petrol for #900

SmartPolician:
This is why they started paying subsidy again.

How can a motorist buy petrol for N800 - N900 per litre?

.

There's no part of Nigeria petrol is sold for #900 per litre

Yujin:
I'm not your brother and you should do well not to ever refer to me as one next time.

Like I replied to your former posts, we're working on it. We will make our findings public soon. Those information have been taking down already.

Your people should just stop claiming Ijaw land my Igbo brother