₦airaland Forum

sleek214:
Bla bla bla. You don dey praise Tinubu because dem don give you wetin you want. Dem don also increase fuel pump price because of you....

So what would have been the alternative!?

If he had never built the refinery, who loses?

Or if he exports all his PMS and NNPC still has to import for local consumption, who loses.

Dangote is operating in the same FX devaluation environment as the rest of Nigerians. If exchange rate were still $/600, NNPC would not be increasing the price to N855. And that has everything to do with FG and not Dangote. Funny enough, in a few months, if Dangote can reduce FX demand for PMS and Diesel and still EARN FX from exports, naira might actually appreciate a bit, making petrol from him even cheaper.

So direct your anger appropriately to the FG and stop hating on Dangote for no reason.

Ikaeniyan0:
Tinubu himself gave the order for crude to be sold to local refineries in naira, and he was fully supported by the FEC, why will anyone go against the president order?

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.

Ikaeniyan0:
Tinubu himself gave the order for crude to be sold to local refineries in naira, and he was fully supported by the FEC, why will anyone go against the president order?

The same organisation that bungled over $40 billion on maintenance of refineries from 1999 till date is also responsible for supply of crude oil to Dangote refinery.

Does that inspire any confidence?

Anyways, time will tell and I sincerely hope they don’t bungle the crude oil supply

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight


40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

Should we send you for a CT scan to check your brain? That might help

Ikaeniyan0:
https://www.vanguardngr.com/2024/09/tinubus-naira-for-crude-policy-will-slash-forex-demand-by-40-dangote/

With 80% foreign workers... until 80% of the workforce are localized... That's the only time we would see th actual impact of a local refinery

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight


40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

Fuel at how much eee Ronu rascal

Russia did it or does it

seborrhic:
I doubt.
If anyone has been following the history of this government closely and it's policies viz-a-viz expected outcome,you would know that the economics does not follow expected and usual,standard outcomes in other parts of the world.

We are operating the Chicago economy

Ikaeniyan0:
https://www.vanguardngr.com/2024/09/tinubus-naira-for-crude-policy-will-slash-forex-demand-by-40-dangote/

That is if NNPC will allow it

Eriokanmi:
Dangote refinery cannot guarantee that. Because its not the source of the FG's foreign earners. I totally disagree. The birth of the refinery is a way forward but can't also guarantee production for local consumption 100% so, fx demand will continue, including in other sectors like manufacturing.

I'd have reasoned with Dangote, had he said, the policy will slash fx demand by his own refinery by 40% because his refinery won't need to order crude from the Americas anymore,which he'd have paid for in dollars by raking up all the dollars available in our banks and ctreate scarcity of same.

I gather data just like statissens, I organise them, run them on softwares and using basic analytic skills , I analyse numbers...dat is what is called "data Analysis"

Now back to the topic, if u already know numbers concerning the rate of demand of FX by different sectors and subsectors of the economy , why do u think u can't predict the rate of decline of FX by a particular sector or subsectors...

Guy it's very easy...he is an economist, he knows numbers so much..

He knows what he is saying!

Ikaeniyan0:
Wetin b the nonsense you dey write sef?

A strong naira will lead to the reduction in the price of fuel.

And he said it very confidently

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight


40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

What do you think makes price of basic commodities like Foodstuffs, transport etc go crazy high...it not because of dollar.

It because of HIGH PRICE OF PETROL.

Now , if they increase to 1k , it will worsen the situation of the common man.

Sugar don enter en mouth, no more lament.

Eriokanmi:
Dangote refinery cannot guarantee that. Because its not the source of the FG's foreign earners. I totally disagree. The birth of the refinery is a way forward but can't also guarantee production for local consumption 100% so, fx demand will continue, including in other sectors like manufacturing.

I'd have reasoned with Dangote, had he said, the policy will slash fx demand by his own refinery by 40% because his refinery won't need to order crude from the Americas anymore,which he'd have paid for in dollars by raking up all the dollars available in our banks and ctreate scarcity of same.

A poor man is saying a billionaira does not know what he is saying, no be juju be that?

SmartPolician:
Oga, crude oil has an international price. OPEC fixes prices for its member nations. It has nothing to do with exchange rate. If IOCs want to sell crude to Dangote, they will sell to him at OPEC price in naira equivalent. The only reason the price of petrol can come down is if the government wants to subsidize it. Crude oil isn't water anyone can sell anyhow they like. However, Dangote petrol should be a bit cheaper because the freight cost will be eliminated.

1 litre of fuel in Saudi Arabia is 2.33 riyal Saudi.
2.33 riyal Saudi is #986 naira.

Minimum wage in Saudi is around 4,000 riyal Saudi.
4,000 riyal Saudi is about #1,700,000 million naira.

You want them to sell it like international players, but our Government are blind to see what the minimum wages in those countries say bah.

sleek214:
Bla bla bla. You don dey praise Tinubu because dem don give you wetin you want. Dem don also increase fuel pump price because of you....

Did he ever tell you he had anything against tinubu....intact this refinery getting of the ground is a huge advantage to tinubu.....

Neduzoma123456:
1 litre of fuel in Saudi Arabia is 2.33 riyal Saudi.
2.33 riyal Saudi is #986 naira.

Minimum wage in Saudi is around 4,000 riyal Saudi.
4,000 riyal Saudi is about #1,700,000 million naira.

You want them to sell it like international players, but our Government are blind to see what the minimum wages in those countries say bah.

I don't want anything. I just trying to explain to him how things work.

Eriokanmi:
Dangote refinery cannot guarantee that. Because its not the source of the FG's foreign earners. I totally disagree. The birth of the refinery is a way forward but can't also guarantee production for local consumption 100% so, fx demand will continue, including in other sectors like manufacturing.

I'd have reasoned with Dangote, had he said, the policy will slash fx demand by his own refinery by 40% because his refinery won't need to order crude from the Americas anymore,which he'd have paid for in dollars by raking up all the dollars available in our banks and ctreate scarcity of same.

Exactly what he was saying!! No need to import fuel anymore which you would have hitherto needed Forex for

Basicend:
A bot identified.

The same way he believed that fuel subsidy proceeds will be adequately allocated to the masses via palliatives, as promised by his master initially.

Always quick to praise, even he he does.not understand the intricacies in a statement.

What do you expect from Low IQ ppl?
It's pathetic.

Cheap dollar means Nigerians will buy more dollar so price will still spike up

Ikaeniyan0:
https://www.vanguardngr.com/2024/09/tinubus-naira-for-crude-policy-will-slash-forex-demand-by-40-dangote/

Thanks you Alhaji Dangote

Lithiumite:
Exactly what he was saying!! No need to import fuel anymore which you would have hitherto needed Forex for

His production can't meet daily local consumption. He once said his petrol will also be for export. With this, there will still be fx demand by other players. We consume 66m liters daily

Electorate:
A poor man is saying a billionaira does not know what he is saying, no be juju be that?

Olodo. What's Nigeria's local consumption? When you deduct dangote's daily output from it, where is the rest going to come from, moon? The audio local refineries aren't even operational yet.

sleek214:
Bla bla bla. You don dey praise Tinubu because dem don give you wetin you want. Dem don also increase fuel pump price because of you....

keep shut. Do you buy pure water in dollars? Transactions within Nigeria should be done in Naira.

Ikaeniyan0:
He was not the only Nigerian the government gave license to build a refinery

List please

bigpicture001:
I gather data just like statissens, I organise them, run them on softwares and using basic analytic skills , I analyse numbers...dat is what is called "data Analysis"

Now back to the topic, if u already know numbers concerning the rate of demand of FX by different sectors and subsectors of the economy , why do u think u can't predict the rate of decline of FX by a particular sector or subsectors...

Guy it's very easy...he is an economist, he knows numbers so much..

He knows what he is saying!

OK sir. I may not be as rich as dangote yet but let's do this simple maths. Dangote's daily petrol output is estimated at 25m litres right? Nigeria's daily consumption is estimated at 66m liters. When you deduct the Dangote's output from the daily consumption, who provides the rest...still dangote? This is why fx demand will always be on the table because it has to be imported in order to meet up else, you'd keep seeing queues at petrol stations. Nigeria is a huge nation. This is just the oil and gas sector only. What about the manufacturing and other sectors where fx is always needed? That's why I said dangote should have said 44% reduction in fx demand will be achieved only in his refineries with the naira-based transaction deal. He needs to be specific on that.

Again, dangote is a businessman. He once said his petrol would also be for export and some countries were already showing interest. In a simple term, not all the 25m litres will be reeled into the Nigerian market in the long run.

Lets see it in reality no be talk for mouth

OkCornel:
As long as the government does not bungle the crude supplies, then yes.

If not…Dangote refinery will have to source dollars to import crude. And you know what that means for the naira.

I love this, everyone’s eyes will be on NNPC now.

Very true. Well said

Eriokanmi:
His production can't meet daily local consumption. He once said his petrol will also be for export. With this, there will still be fx demand by other players. We consume 66m liters daily

Not true ....it has always been touted and one of the major selling point for the refinery is that it can take care of the entire local production.

Someone should please tell Pres. Tinubu we're dying of hunger and high rate of petroleum. And if we offended him by giving him our votes, he should please and please forgive us.

OkCornel:
The same organisation that bungled over $40 billion on maintenance of refineries from 1999 till date is also responsible for supply of crude oil to Dangote refinery.

Does that inspire any confidence?

Anyways, time will tell and I sincerely hope they don’t bungle the crude oil supply

Tinubu is not the president from 1999.

Tinubu is a no nonsense president. I'm sure you have seen how he has being handling his appointees.

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.

Well, let's wait till October 1