Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I (4560 Views)
| Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Omooba77(op): 3:51pm On Dec 17, 2024 |
Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation In Nine Months Which Is Double Of 2023https://saharareporters.com/2024/12/17/despite-local-refineries-nigeria-spends-n91trillion-petroleum-importation-nine-months
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| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Namaster: 3:56pm On Dec 17, 2024 |
Dangote Refinery is a SCAM! The launch of the refinery marked an INCREASE in the price of Petrol and Foreign Exchange. Dollar went up! Petrol went up! YET Dangote is making plans to EXPORT more petrol to FOREIGN countries in 2025. A real SCAM! 22 Likes 3 Shares |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by nedu666: 3:57pm On Dec 17, 2024 |
If this kwantry no tire you, you must be part of those that don't give a Bleep 17 Likes 2 Shares |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by BlackfireX: 4:45pm On Dec 17, 2024 |
TPain The more ya look the less you see and confused.  Master strategist 11 Likes 2 Shares |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by TimeManager(m): 5:05pm On Dec 17, 2024 |
This is an improvement from last year, the government deserves some credit, we are just starting with our refineries, the import will even drop further with time. -Kiss the truth! 9 Likes
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| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Paraman: 5:08pm On Dec 17, 2024 |
Omooba77:The report is for Q1,Q2 and Q3, the money we spend on importing fuel will drop in Q4 7 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Paraman: 5:09pm On Dec 17, 2024 |
Namaster:The report is for the first, second and third quarter of the year, what quarter of the year did the Dangote refinery start refining fuel? When Dangote started operation, he was producing only diesel, it's around September he started producing petrol. The effect of the refineries will start showing in Q4 2024 11 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by merits(m): 9:06pm On Dec 17, 2024 |
Omooba77:clueless Nation. 1 Like |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by beyep: 9:06pm On Dec 17, 2024 |
Paraman:see them 8 Likes 1 Share |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by grandstar(m): 9:07pm On Dec 17, 2024 |
I fully support what is happening. Nigeria is gradually becoming a hub for the petroleum industry in Africa. The US which exports crude oil to Nigeria also imports 4.3mbpd of crude oil from Canada. Nigerian refineries would have to fight for market share and also be forced to export to survive as that's what Dangote is doing. All those who said when Dangote starts refining, it would be so cheap that imports would have to be stopped, I just laughed. Many experts who know a lot about the industry were booed here. Now, the reality has now dawned on everyone. The crude oil isn't free. Many of the refineries exporting to other countries are quite competitive as they are debt free and not servicing debt which would enable them price their products competitively. Anyway, these are early days. Things are going to get better. These are teething days. 5 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Ironfaceman(m): 9:07pm On Dec 17, 2024 |
Tinubu the master of Gbajue politics. Well let's see with all the progress claimed to have been made by this Gbajue junta if prices of fuel will drop. 4 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by etrouble: 9:07pm On Dec 17, 2024 |
Not FG, but private businessmen |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by PlasmaTV: 9:08pm On Dec 17, 2024 |
For the APC supporters, may your life be run as APC has ruled Nigeria. Amen. 4 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Kelklein(m): 9:08pm On Dec 17, 2024 |
In all fairness, the major local refineries came onstream late in the year.. so we can only hope that this value comes down drastically by next year.. But then this is Nigeria, knowing who we are, someone somewhere would sit in one office and ensure that that import reduction doesn't happen.. collects his own and pockets it at the expense of an entire nation. It is well tho 🤔🤔 5 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by PlasmaTV: 9:08pm On Dec 17, 2024 |
TimeManager:You need spiritual and psychological help. 4 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Melchizzedek: 9:08pm On Dec 17, 2024 |
This is b4 dangote refinery start selling pms na. Let's wait for another 3 months to see if they'll still import 2 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Judolisco(m): 9:14pm On Dec 17, 2024 |
Is that not what dangote is saying... He says he has the capacity of supplying Nigeria and that we should stop importing... People are saying he is trying to monopolize it... Toor oya go build your own refinery and compete na |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by cjudy(m): 9:16pm On Dec 17, 2024 |
Which Refinery? Make una Dey play |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by ClassicMan202(m): 9:17pm On Dec 17, 2024 |
9ja and fuel wahala.... Upon say we get crude oil o Paraman:Hahahaha... Small time una go say we go start to see the effects of Tinubu administration for him second term 🤣 1 Like |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Kukutente23: 9:18pm On Dec 17, 2024 |
Toh Govt magic |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by NewDea4: 9:19pm On Dec 17, 2024 |
Namaster:Dangote is not the scam, rather it is NNPCL, DPR, Petroleum Ministry and Mele Kyari that are robbing you dummies blind in broad fûcking daylight Average IQ in this country cannot be >80 1 Like |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Bizaustine: 9:21pm On Dec 17, 2024 |
Apc na scam. |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Kukutente23: 9:22pm On Dec 17, 2024 |
grandstar:Cornfused analysis Neither here nor there 1 Like |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Blackdisciple(m): 9:32pm On Dec 17, 2024 |
They are lying to us in one way or the other |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by chinchum(m): 9:33pm On Dec 17, 2024 |
The urge to release what appears to be doom should be reduced, Dangote refinery only started producing petrol 3 months ago. PH refinery may have been truly producing too only about 3 weeks ago. Was any local crude oil refinery available in the first 3 quarters to supply petrol( the biggest refined oil import) ? Nigerian journalists appear to be shallow or intentionally like to create rubris where there is none. Let the dust settle. What period was the 9.1 trillion import again ? 3 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by jaxxy(m): 9:37pm On Dec 17, 2024 |
No accountability, transparency or truth. Just lies and scams.. |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by OkCornel(m): 10:11pm On Dec 17, 2024 |
That blending plant in Malta… 2 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Eriokanmi: 10:23pm On Dec 17, 2024*. Modified: 10:53pm On Dec 17, 2024 |
Namaster:Dangote refinery, a scam or the super corrupt government of the day? Dey play. Where were you when dangote said he'd flood the market with his petrol in August and sell even cheaper and the NNPCL suddenly stopped him? As if that wasn't enough, they made sure he didn't meet the August deadline and engaged dangote in rigorous meetings in order to dictate the selling price to him. Where were you when dangote was said to have been refining substandard products just to frustrate him because he was unwilling to yield to their dictates to sell at a high price? Dangote invited the national assembly members to his lab to prove them wrong. This forced him to say a top government official owned a blending facility in Malta and everyone kept quiet cos they knew dangote was desperate to fight dirty. The same dangote's product they claimed was substandard now became the NNPCL adopted product, did you wonder why all these were happening to this man? The NNPCL succeeded in dictating the price and took over the downstream activities and lifting was so smooth as the daily truck loads were being published. Suddenly, the NNPCL in a bid to keep corrupting the nation, said dangote can't meet local demand so, they'd appoint 3 marketers to be importing to complement dangote's local supplies and the latter kicked and showed the whole world the figures, saying not only will he meet the local supply, but he can surpass it. After noticing that NNPCL wasn't going to stop their plans, he too went to court to stop them. You can't compell dangote to sell at your dictated price and still frustrate him by giving some cabals food to eat by way of importing petrol that wasn't even needed. Dangote is now considering petrol export. I'm not surprised at the amount they claimed to have spent on importing the petrol. The phc refinery is a blending facility. They only import to blend and sell to the unsuspecting public. If you ask them the real amount at which they imported those petrol per liter, it may not be less than half of the actual figure declared. Don't you think you need to set yourself free from these liars? You may be one of those destroying this country by taking sides. 2 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Okuns007(m): 10:23pm On Dec 17, 2024 |
Nigeria’s Petroleum Import Crisis: N9.1 Trillion Spent in Nine Months Despite Local Refinery Efforts The National Bureau of Statistics (NBS) report revealing that Nigeria spent N9.1 trillion on refined petroleum imports between January and September 2024 paints a grim picture of the country’s persistent energy challenges. This figure, which doubles the N4.5 trillion recorded in the same period of 2023, raises serious questions about the efficacy of Nigeria’s refining infrastructure and energy policies amid ongoing economic difficulties. Escalating Petroleum Importation Costs A closer look at the data indicates a worrying trend: • Q1 2024: N2.6 trillion • Q2 2024: N3.2 trillion • Q3 2024: N3.3 trillion In stark contrast, the same period in 2023 saw significantly lower expenditures: • Q1 2023: N1.4 trillion • Q2 2023: N1.2 trillion • Q3 2023: N1.9 trillion The doubling of petroleum importation costs in just one year underscores a worsening dependence on foreign refined products, despite the government’s renewed efforts to revive local refining capacity. Why Are Local Refineries Not Delivering? Nigeria’s inability to maximize its local refining capacity is a decades-long problem. Despite announcements that the Port Harcourt Refinery has resumed operations, its true production capacity remains unclear. Questions about its ability to meet domestic demand persist, fueling skepticism about the government’s claims of progress. At the same time, the much-anticipated Dangote Refinery in Lagos—a $20 billion private investment capable of refining 650,000 barrels per day—has been entangled in disputes over pricing structures. Accusations of inflated costs and policy disagreements have hampered its widespread adoption as a reliable domestic alternative. Economic Impact of Petroleum Importation The economic implications of spending N9.1 trillion on refined petroleum imports are far-reaching: 1. Pressure on Foreign Exchange Reserves: Importing refined petroleum requires significant foreign exchange, which strains Nigeria’s already weakened reserves and exacerbates naira depreciation. 2. Inflationary Pressures: The cost of importing petroleum inflates pump prices, which cascades into higher transportation and production costs, fueling inflation across key sectors. 3. Revenue Drain: The funds spent on imports represent a massive revenue outflow that could otherwise be invested in infrastructure, healthcare, and industrial growth. Policy Failures and Unmet Potential The recurring energy crisis reflects both structural and policy failures. Nigeria, despite being Africa’s largest crude oil producer, has struggled to achieve self-sufficiency in refining. This failure highlights: • Inadequate Policy Implementation: Previous turnaround maintenance plans for refineries have yielded little result, marred by corruption and inefficiencies. • Dependence on Imported Solutions: The reliance on international refiners locks Nigeria into a cycle of vulnerability to global oil price fluctuations and forex challenges. The Role of Dangote Refinery The Dangote Refinery, hailed as a potential game-changer, represents a critical private sector effort to address Nigeria’s refining deficit. However, ongoing disputes regarding pricing models and government patronage threaten its ability to integrate fully into Nigeria’s domestic supply chain. Resolving these disputes is essential for the refinery to achieve its intended impact. Charting a Path Forward To address this deepening crisis, Nigeria must adopt a multi-pronged strategy: 1. Enhancing Refinery Transparency: The government must provide clear, verifiable data on the Port Harcourt refinery’s production capacity and output. 2. Private Sector Collaboration: Resolving pricing controversies with the Dangote Refinery is critical to ensuring its products are accessible, affordable, and integrated into the supply chain. 3. Strategic Policy Overhaul: Implementing a sustainable refining policy that includes timely investments, maintenance, and transparent governance of state-owned refineries. 4. Diversification of Energy Sources: Accelerating the development of renewable energy solutions to reduce over-reliance on petroleum. Conclusion Nigeria’s N9.1 trillion expenditure on petroleum imports in just nine months underscores the urgent need for structural reforms in the energy sector. The disconnect between local refinery operations and the rising cost of imports highlights critical policy and operational failures that must be addressed. With global energy prices volatile and domestic inflation on the rise, achieving refinery self-sufficiency is no longer an option but a necessity. Nigeria must act decisively to break free from its import dependence and leverage its oil wealth for sustainable economic growth. |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Gentleora: 10:30pm On Dec 17, 2024 |
PH refinery is a scam na 2 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Richie6(m): 10:37pm On Dec 17, 2024 |
Petrol importation will never end in this zoo of a country called Nigeria.. If you like fix all the refineries plus dangote own, those cabals will find a way out..To all those people who brought APC and force it on Nigerians, your reward is in hell waiting for you. 2 Likes |
| Re: Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation I by Eriokanmi: 10:46pm On Dec 17, 2024 |
Gentleora:Every Nigerian, excluding those defending them knows. I wish there was a military coup right now. None of them would escape firing squad. The masses are bleeding 1 Like |
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