₦airaland Forum

Nigeria’s importation of petroleum motor spirit aka gasoline or petrol has now dropped to its lowest in about 8 years.

This has been attributed to increased production by Dangote Refinery, as it ramps up production and is consequently pushing out foreign suppliers.

According to a Bloomberg report, from 01 to 24 January to 2025, shipments of fuel into Nigeria was about 110,000 barrels per day, based on data compiled from analytics firm Vortexa Ltd.

This is the lowest since 2017 when imports used to be above 200,000 barrels per day, and sometimes as high as above 400,000 bpd.

Experts say the Dangote Refinery, which has the highest refining capacity in Africa and Europe has disrupted global oil trade and pushed some refineries in Europe out of the market.

Even though it is not operating up to its full capacity yet, Dangote Refinery is boosting Nigeria’s fuel independence by reducing imports.

“A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp-up of the Dangote refinery. Northwest Europe will have to find alternative homes for its gasoline supplies,” Vortexa analyst Samantha Hartke told Bloomberg.

thesicilian:
Great news. And as usual, the private sector has come to the rescue.

stonemasonn:
Marketers should join resources together to buy Warri and PH refineries.

NaijaphiliaBlog:
https://x.com/NaijaphiliaBlog/status/1933660304937799970

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.



https://www.youtube.com/watch?v=4JH8CC_JdUA

Lifestone:
But you guys were happy when Yaradua canceled the sale of same refineries. Yaradua set Nigeria back for several years on that singular act

MrMcJay:
Not only that, the officials managing those two refineries must immediately be forcibly conscripted into the Forest Guards service Tinubu wants to establish.

Since they are useless to humans, they should be useful to animals.

thesicilian:
Great news. And as usual, the private sector has come to the rescue.

NaijaphiliaBlog:
Yes indeed.

Hoping for even more positive news.

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

helinues:
Good. Nigeria is in the right direction with president Tinubu

ManirBK:
Aug 28, 2023
The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

https://www.vanguardngr.com/2023/08/fg-ends-borrowing-finance-minister/amp/

EponObi:
If not that this nation was sick, how can a oil producing nation like use be importing up to 400,000 BPD. That's so ridiculously. And on top of that, the FG paid subsidy on all that massive quantity.

anonimi:
Can you guys please explain how this is positive news or great news when it has not helped ebilokan crash the exchange rate in the short term as he promised?

empron:
This is good news and I think private sectors are more better in facilities&business management than this so call FG bodies.

thesicilian:
Great news. And as usual, the private sector has come to the rescue.

stonemasonn:
Marketers should join resources together to buy Warri and PH refineries.

nairalanda1:
The only way to crash the exchange rate is to develop an economy based on the export of manufactred goods and services...not just refined products.

We won't see a stronger naira...and Lord knows, I have been hearing about the naira's weakness since the 1980's...until we export things like radios, cars, cutlery, televisions, etc...that were made in Nigeria.

The problem is, we have built an economy, since independence, that has been based on exporting raw materials and sharing the money.

Your PDP that you are praising, the reason why people were fooled by APC was that they were angry that the naira was weak....and had fallen from N1 to 1 dollar in 1978 to N120 by 2012. APC even made matters worse because instead of using 2015 as a new start...they chose to ramp up the borrowing....because they did not want to make hard and unpopular but MUCH NEEDED reforms to our economy.

And then you Nigerians want stuff for free. Cheap fuel, cheap electricity, cheap everything. Abi e no cost money make these things?

Anyway, if PDP wins tomorrow, they cannot reverse the decline of the naira, and if Tinubu rules till 2041, he cannot reverse the decline of the naira, until people and leaders wake up and realize what china did to go from being behind SIerra Leone in gdp in 1974 to lending to SIerra Leone today.

thisweekng:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Private sector to drive the economy

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

Godfullsam:
Are we still importing petrol?

Thought we have gone past that phase with dangote and PH refineries in operation.

Abi, is the largest refinery (dangote) in African not able to meet our daily consumption?

I thought we should be talking about zero petroleum products importation right now.

anonimi:
Wale Edun knows something about privatisation and deregulation focused capitalist PDP that you don’t know.

Was Dangote refinery licensed by PDP’s Jonathan as part of the 2012 deregulation of the petroleum downstream sector that Fayemi and APC played politics with, so as to jeopardise the economic wellbeing of 200 million Nigerians?

How long did it take Glo to crash the prices of telecom services after PDP’s deregulation of the market? Definitely not up to 13 years, which is how many years now since the 2012 protests were led by Buhari’s 2011 running mate, pastor Tunde Bakare.

nairalanda1:
And then there was the 1973-82 period. Economy looked great.

But at the end, it was an illusion fuelled by high oil prices, just as your PDP economy of 2009-14. (I know you won't like this, and you will think I am defending APC, but bear with me before you get annoyed).

Venezuela too had a boom economy in the 1970's. Caracas was a happening town. Then the oil price fell in 1982, and by 1984, Venezuelans were eating from the refuse dump.

Same thing happened between 2007-14, and now the country is in a mess too.

And I doubt that tinubu was running the country during the lean times.

My mission on this site for you APC and you PDP supporters, because you both play for the same team, just different factions....is simple. Strong nations use what they have to make stuff the world needs. Weak nations just sell resources, just sell oil

But you are so convinced I am defending tinubu, that you miss the main point.

Ah well, at the end, you want PDP back. Well, I don't want PDP or APC back, just a government that would take us off oil, because our oil depdnency always leaves us vulnerable when the prices drop.

EponObi:
If not that this nation is sick, how can an oil producing nation like us be importing PMS of up to 400,000 BPD. That's so ridiculously. And on top of that, the FG paid subsidy on all that massive quantity.

I hope importation quota runs dry to 0 by the end of this decade.

Those marketers ate crazily and massively over the past decades. I wonder why none of them had the initiative to build refineries before Dangote entered the game. Lmaoooo. They were too confident and comfortable eating our subsidies and fraudulently exporting our fuel to neighboring countries for insane markups. Lol. Never in their dream did they see a crazy, ogbontarigi, president like Jagaban with balls of diamonds arising and destroying the feeding bottles.

This is the past some manshafani want us to return to.

Our past encouraged laziness, zero initiative and innovation. That is changing now. By the end of this decade, our trade surplus will be bogus.

Abeg, e patewo fun Tinubu 👏👏👏👏