₦airaland Forum

Bluntemperor:
We thank God for Dangote but where is NNPC and their confused Management by Kyari,as he Promised 3- weeks ago,to make the Port-Harcourt- Refineries to be Functional in 2- weeks then!
To some of us,we knew he was just talking the impossible because he wanted to be like Dangote,but he and his Crew can't as, they don't have what it takes to be Productive!
Shame on the NNPC and most of the MDAs - for making Nigeria unproductive - e g Humanitarian Poverty Dept,the DISCOS ( No Light- Day and Nights),the Customs Dept,the FERMAS,the NNPC,etc.they are only after the yearly -NBillions Budgets,for Corruption in some of these Agencies are too bogus and too corrupt!
Most of these MDAs should be scrapped!

themanderon:
Is it not the same Dangote that has muscled out and is still trying to push his competitors out of business in the cement sector? He will simply try to do the same to maintain control.

themanderon:
How and why?

Blazadenise:
🤣🤣🤣🤣Just wait for 3 months to come and see how much the diesel will become if dangote wont sell for 1800 per Litre

ufotunang:
..will that port Harcourt refinery ever start... Tinubu said the refinery will start by December 2023 ...and the mele kyari the CEO of NNPC said in March 2024 that the refinery iwill start in 2 weeks time...but up till now it has not yet started

themanderon:
Dangote is still making Nigerians feel good till he eventually ties the rope on Nigerians and squeezes them to death like he is doing in the cement sector.

forgiveness:
Because you can't think. Amushua.

If importers are selling for 1,200 after all the taxes, shipping fee and logistics, why should Dangote sell for 1,000 naira when he is not paying taxes to Lagos state government (free trade zone), no exportation, etc?

Mo ronu pelu opolo eee.

iamtoofan:
Are you speaking as a novice or as a bad belle, how can dangote drop diesel at 1000 and retailers will sell @ 1500 (50% profit margin) haba
The only cost incured is logistics, highest pump price should be between 1100 -1200 depending on location. lets be reasonable

2shure:
Idiot. It ahold be crashed to 500 a liter,while pms should drop down to 300 a liter.fools

dominique:
Is that what's reflecting on the pump price?

The International Monetary Fund has reviewed upwards Nigeria’s economic growth forecast for 2024 from three per cent to 3.3 per cent.

This revision was announced in the IMF’s World Economic Outlook for April, which was released during the ongoing 2024 Spring Meetings of the World Bank and IMF in Washington, United States.

The updated forecast marks an increase of 0.3 percentage points from the previous 3.0 per cent growth prediction published in the IMF’s January 2024 World Economic Outlook.

However, the IMF has taken a more conservative stance for 2025, reducing Nigeria’s economic growth forecast to 3.0 per cent, a slight decrease from the 3.1 per cent projected earlier in January.

Within the broader Sub-Saharan Africa region, the IMF has maintained its 3.8 per cent economic growth forecast for 2024 but has revised the 2025 forecast downward to 4.0 per cent, from the previously projected 4.1 per cent.


The global economic outlook also received a modest boost, with the IMF raising its growth forecast for 2024 to 3.2 per cent, up from the 3.1 per cent projected in the January 2024 World Economic Outlook. The forecast for 2025 remains unchanged at 3.2 per cent.

The IMF stated, “Global growth, estimated at 3.2 per cent in 2023, is projected to continue at the same pace in 2024 and 2025. The projection for 2024 is revised up by 0.1 percentage point from the January 2024 WEO Update and by 0.3 percentage point to the October 2023 WEO forecast. Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 per cent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth.”

The report further elaborates on the expected trends in various economies, saying “Advanced economies are expected to see growth rise slightly, with the increase mainly reflecting a recovery in the euro area from low growth in 2023, whereas emerging market and developing economies are expected to experience stable growth through 2024 and 2025, with regional differences.”

Specifically for sub-Saharan Africa, the IMF projects an increase in growth from an estimated 3.4 per cent in 2023 to 3.8 per cent in 2024 and 4.0 per cent in 2025.

“This positive outlook is attributed to the diminishing impact of previous weather shocks and gradual improvements in supply issues. The forecast for 2024 remains consistent with the January 2024 WEO Update, as negative adjustments for Angola due to a contraction in the oil sector are largely balanced by positive revisions for Nigeria,” the report said.

President Bola Tinubu on Tuesday said Nigeria stands to benefit about $2.7bn annually by implementing the Single Window Project.

He also noted that the project will save the country at least $4bn lost annually to complex bureaucracies and corruption hindering its trade efficiency.

Tinubu revealed this when he inaugurated a new digital trade compliance initiative, code-named the National Single Window project at the Council Chamber of the State House, Abuja.

The Single Window project is a cross-government website which will facilitate trade by offering a single portal for Nigerian and international trade actors to access a full range of resources and standardised services from different Nigerian agencies.

The initiative, Tinubu said, would expedite cargo movement and optimise inter-African trade, thereby facilitating $2.7bn worth of annual paperless trade.

While noting that the economy can no longer stomach $4bn annual losses, the Nigerian leader directed the Presidential Steering Committee on the National Single Window Project to “Dismantle all block webs” in the way of trade efficiency.

This way, Nigeria would join the ranks of Singapore, Korea, Kenya and Saudi Arabia which have experienced significant improvement in trade efficiency after implementing a single window system, the president argued.

He affirmed, “We cannot afford to lose an estimated $4bn annually to red tape, bureaucracy, delays and corruption at our ports.

“The benefits of this initiative are immense. The paperless trade alone is estimated to bring an annual economic benefit of around $2.7bn US dollars.

“Countries like Singapore, Korea, Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing Single Window Systems. It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralised trade process.”

Tinubu lamented that although Nigeria has immense potential – having been blessed with people of resilience, creativity, and unwavering spirit of enterprise – “for far too long, our economic growth has been hindered by the complexities and inefficiencies in our trade processes.”

“Today, we say that there should be no more,” he assured.

He described the national single window as a game changer that will revolutionise the conduct of trade in the country, “by simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.”

The President also noted that the National Single Window will prevent revenue leakage and facilitate effective trade.

“By doing so, we will create a more transparent, secure and business-friendly environment that will attract investment and spur economic growth,” he added.

He assured the newly inaugurated steering committee of his full support admitting that implementing the National Single Window “will not be an overnight process.”

“It requires dedication, collaboration and a phased approach. But I assure you, my fellow brothers and sisters, that we are fully committed to seeing this project through.


“We will work tirelessly to ensure its success by engaging all partner agencies and stakeholders to create a system that works for every one of us,” Tinubu stated.

The President charged the committee to get rid of any obstacles in their way, expressing his readiness to listen to new ideas to make the initiative succeed.

“Dismantle all block webs along your way. I will be ready to listen to conversations, your discoveries, to any problem-solving areas that will make the Single Window a big success,” he remarked.

Tinubu who serves as the Chairperson of the ECOWAS Authority of Heads of State argued that the Single Window Project transcends Nigeria.

Therefore, by linking its system with those of other African nations, “we will expedite cargo movement and optimise inter-Africa trade,” he said.

He called on all Nigerians to embrace the initiative with open arms appealing, “Let us work together as one nation to make the National Single Window a resounding success.”

“This initiative is a testament to our commitment to regional integration and our belief in the power of collaboration.

“Let us show the world that Nigeria is ready to take its rightful place as one of the leaders in global trade,” the President urged.

Briefing State House correspondents afterwards, Managing Director of the Nigerian Ports Authority, Bello Koko, affirmed that imports would be cleared at all seaports within 24 hours, even though it takes 72 hours in neighbouring countries.

Koko said the Single Window initiative will cut back the amount of paperwork involved in transactions for import and export as the relevant government agencies will now share information through a unified platform.

“So, for clearance, the target is 24 hours. Of course, we know what is obtainable in neighbouring countries, it’s 48 to 72, but the target is actually 24 hours,” he asserted.


Koko said key shipment details such as type, year of manufacture, Form M, and cargo weight, among others will be unified for seamless sharing across government agencies.

He explained, “So, we are trying to unify this information in such a way that you fill as little as possible and all related government agencies that are in the value-chain of import or export processing, should be able to pick the information they need from there. So, you can see the picture here. We are reducing the current numbers.

“The second thing is it’s not going to be printed. So, the efficiency it brings here is that you can fill it in your bedroom and your offices.

“Shipping lines, freight forwarders, Nigerian Customs, NPA and so on should be able to process your requests, whether it’s in terms of import or export. That is the target.”

Mr. Tola Fakolade is the head of the project secretariat. Members include representatives of the Federal Ministry of Finance, Marine and Blue Economy, the Federal Ministry of Transportation, the Federal Ministry of Trade and Investment, the federal Inland Revenue Service, the Nigerian Customs service and representatives of the Nigeria Sovereign Investment Authority.

Others are representative of the Central Bank of Nigeria, National Agency for Food and Drug Administration and Control, Standards Organisation of Nigeria, Nigerian Maritime Administration on Safety Agency, Nigerian Ports Authority and Presidential Enabling Business Environment Council.

Ezeama400:
The way dollar will jump 🦘🦘🦘 back to 2000 like a kangaroo will be brutal this time because what they have been doing is artificial depreciation of the dollar. Once the reserves they used in servicing the forex finishes, it will go back to high. It's not the first time, Buhari did the same thing. That's the reason Nigerian foreign reserves went down recently. If the naira is naturally going down, it will instantly reflect on the prices of Products in the country


Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?


The only thing that can make Naira to gain is high exportation/ productivity, unfortunately Nigeria as a country depends and relies so much on importation..

FG should stop deceiving the guilible masses ..

Nigerians deserve to know the truth

Nigerians deserve better..

Enough of these lies and deceits by the FG

Objectivist04:
Atiku won more states in north west

nedekid:
Dangote bought his crude supplied to him from Nnpc ie Agbani and exxon mobile here in Nigeria. The crude he imported from the US is for export market.
The question is did Nnpc give him crude in forex?

nedekid:
Dangote bought his crude supplied to him from Nnpc ie Agbani and exxon mobile here in Nigeria. The crude he imported from the US is for export market.
The question is did Nnpc give him crude in forex? And even if Nnpc gave him in forex it likely would not be at the market rate. Assuming it was even market rate, the cost of international shipping, insurance, taxes, customs duty etc ought to factored out of his current cost, not to talk of his local cheap labour.
What still is the benefit of having local refining capacity if imported Ago is still the same price.
Yes diesel was sold as high as 1600 to 1800, it came down to 1450 to 1700 before Dangote refinary started supplying. It is currently sold still between ₦1395 (some Nnpc with manipulated pumps) to ₦1650 in some stations, atleast within mainland Lagos.
It does not make sense that diesel refined in Nigeria will be dragging price with one imported from far away Russia.
You saw what air peace did, tickets was 3m, air peace came in and cut it to 1.2m despite their aircrafts being wet leased which is more expensive to operate (forex wise) for the airline than a dry leased aircraft foreign airlines mostly use. He used home advantage, dangote too should use home advantage to our benefit

imam07:
they are not as stupid as u are.

7lives:
Em actually,.... em you see, em in fact Dangote is dangerous to the Nigerian economy.
How can government allow one man to single handedly own a refinery.
Some fools will swallow this bait.

okoroemeka:
I am trying to imagine dangote trucks loaded with fuel and diesel flying on our highways,with the current drivers they have it will be the greatest terrorist attack in history,pls let them employ quality trained gradute drivers for this job,fuel is not cement

nedekid:
https://punchng.com/dealers-demand-n850-litre-diesel-as-dangote-marketers-meet/

iwaeda:
The Premium Breadmakers Association of Nigeria, PBAN, has disclosed the causes of rising prices of loaves of bread as the common staple food in the country.


PBAN said the volatility in the exchange rate has affected the prices of bread in Nigeria, adding that most of the materials in producing it are imported.



PBAN President, Emmanuel Onuorah, made this known while appearing as a guest on Arise News’ Global Business Report on Tuesday.


He added that the ongoing war between Ukraine and Russia has impacted negatively on the production of bread, as both warring European neighbours are wheat suppliers to Nigeria.

“Bread is a staple. Bread is supposed to be a pick-and-grab food at any location. It’s on the table for the children,” Onuorah said.

“Bread is a spiritual product, outside of being physical because it does so much for humanity. As bakers, for us in Nigeria, it’s been tough for us.

“Some of the basic materials we use in producing our bread are imported into Nigeria, that is about almost 98 per cent and that’s the truth.”


“In a country, where you almost don’t have a strong productive base, and at that, everything is dependent on the dollar. When there is volatility in dollar-naira exchange, when (there is) FX issue where naira begins to go down against the dollar, we are in a problem,” he said.

Late last year, following the removal of fuel subsidy and other economic reforms by President Bola Tinubu, the country began to experience an increase in the prices of food and other commodities.



Consequently, in December 2023, Onuorah said prices would increase by 15 per cent to 20 per cent in January 2024 across Nigeria amid economic hardship, and checks by Vanguard showed that loaves of bread in Lagos from N400 have increased to N700, N700 before now sold at N1,100, while N1,100 rose to N1,1400.


Kogi Bread Levy: Permanent secretary faces dismissal
Speaking further about the significance of bread prices to Nigerians, on Tuesday, Onuorah said, “The kind of bread we eat in Nigeria, there is a way Nigerians want their bread, the structure of the bread.


“You know we’re are the highest consumers of white bread globally. When you go to other places, they take croissants, they take baguettes, and other forms of bread.

“But, our bread (in Nigeria) comes in certain shapes. It must be sweet, it must be soft, and succulent. If you don’t produce it that way, you’re out of business.”

“And this whole thing, 60 to 65 per cent of the whole thing comes from wheat, and most of our wheat comes from Ukraine, Russia, and other parts of the world,” he added.




https://www.vanguardngr.com/2024/04/why-prices-of-bread-are-high-bakers/

rolams:
Your Analysis is very funny. Who is the most popular between Atiku, Musa Yar'adua and Buhari. Look at the result once again before you tell me that Yar'adua's vote came from the south 24 million plus. While Buhari came second with 6 million plus and Atiku came third with 2 million plus.

Never been their man but where did he get the two million plus votes in 2007, only time will tell. Come 2023, you will see that the worse Atiku will be chosen ahead of Jagaban by the Northerners.

No matter how big Tinubu spend his money to buy them, they will do him the GEJ 2015 stuff.

Just keep this post for a record purpose.

Goodnight!

mrvitalis:
How can law makers not know the simple law they made

No assembly has power to suspend it's member the court has ruled on this

imam07:
have they not done their worst

Whalis:
They mined almost every item needed for cement production almost free of charge in Nigeria yet sell at a price equivalent to other countries where the raw materials are imported.

lexy2014:
you therefore saying that the same way it was predicted that PH refinery will work and didnt same way your prediction will not work?