₦airaland Forum

Idiko1:
There is no single presence of Federal Government of Nigeria in Igboland. Nigerian government has used its economic policies as weapons of war against Ndigbo.

Where the federal government has projects, there is poverty and insecurity. The Igbo should be grateful that the federal government is present in the South-South and the North and pray that your Igbo investors will emulate Innoson and other and invest they wealth the SE

Bentacur007:
God help us

Tinubu can reintroduce oil subsidies now that the country has local refineries working. The subsidies should be time-limited and based on the completion of the new electric power plants and the fixing of the nation grid (TCN)

huptin:
Nobody takes this NLC seriously again.

They are a waste of space

Bullet01:
How can imported fuel be cheaper than what is produced at home.?These guys are taking advantage of us.

If the imported fuel is dirty then it can be cheaper than local fuel

OkCornel:
You mean the entirety of your forefathers? Or the sellouts among them 🤷

Was MKO Abisola a misguided fool seeking for reparations hmmm? 🤔

MKO ITT

OkCornel:
So our forefathers invited the invaders to destroy the Bini Empire in 1897? 🤷

Our forefathers were clapping and cheerleading the invaders to loot the artifacts to their museums overseas?

Your forefathers sold slaves for top hats, mirrors, alcohol, guns and cowry shells. Your present fathers are doing the same. Any reparation will end up in a swiss account.

OkCornel:
Reno trying hard to deflect from the main issue on ground.

If the Jews got reparations for the holocaust, why can’t subsaharan Africa get reparations for the ills of slave trade and colonialism?

What are the looted African artifacts still doing in Museums overseas? 🤷

Face the crux of the matter Mr Reno the sellout.

You want reparation from a transaction that your forefather participated in. The looted African artefacts must be returned.

oluwaseyi0:
When will price crash too

The price is not the problem, Nigeria's income should be higher , minimum wage should have been N250k and not N70K

I am not a fan of Tinubu or Buhari, but the most important policy to fix Nigeria's electricity problem was empowering the state to generate, transmit and distribute electricity. This will reduce the impact on the national grid and allow productive states to support productive industries.

The state government must now be creative, stop wasting funds on airports and overhead bridges, and invest in electricity. Imagine if all states could generate 1000MW each. Nigeria would have 50,000MW

IfnobeGod20:
This is why Buhari is 100% wiser than Tinubu. For Buhari to have pushed the implementation of subsidy removal till June, 2023, just few days to the expiration of his tenure, means he knows the implications of removing the fuel subsidy. If you can recall, the IMF and World Bank had been pushing for long for the removal of the fuel subsidy but he vehemently resisted it and then stylishly pushed it til after his tenure for only implementation.
Why Tinubu was anxious to implement his manifesto, as he promised to remove subsidy on fuel, he went announcing its removal in May even when in actual sense it was to be removed after June. That singular announcement was the ache that paralyzed the economy till date, as we all know fuel is the driver of our economy.
Now, the icing on the cake was the unification of the dollar in exchange for naira. Forgetting that Nigeria is a foreign goods dependent, as we are still a consuming nation. Meaning anything that affects the price of foreign good bought, will surely affects a local product, as local producers would want to cushion the effect of the increase in foreign good bought. That's just the simple economy sense.

In a nutshell, Tinubu did not remove subsidy on fuel but he started its implementation even before the D-Day. That is what is called administrative overzealous.

In 2011, Buhari claimed that the Oil subsidy was a fraud, then campaigned against its removal in 2012. Then, the oil subsidy was kept for 8 years, acquiring $50 billion in external debt and N33 trillion in ways and means.

If you think Buhari is smart then you deserve another 8 years of his government, Tinubu and Buhari are both incompetent

2011 Buhari claims Fuel subsidy is fraud

https://www.youtube.com/watch?v=uAriq3_2zaM

tishbite42:
Watch them abuse him

We should throw stones at Osibanjo and his useless trader Moni; the fool was the vice president when Nigeria in multi-dimension poverty was 100 million. This fool was part of the government that loaded the country with 33 Trillion Ways and means and $50 billion external debt

davidif:
What I am saying is that inflation is caused by many things and not necessarily the printing of money. Another thing I am saying is that the Nigerian govt need to get out of the oil refining space and stop dictating who and who can build a refinery in this country and let business determine that for goodness sakes. This country has a large population and it needs more players in the industry to drive down the prices of oil and to bring jobs to the masses.
Also, the fed govt needs to sell those refineries asap. Govts have no business running refineries - there job should be oversight and regulation! Referees should referee the game and players should play the game. Everyone needs to stay in their lane.

The price of PMS is one of the cheapest in the world, the problem is the collapse of Nigeria purchasing power due to the devaluation of the Naira.

ManOfSon:
You can squirm and dissemble all you like but you still won't be able to justify Dangote forcing Nigerians to buy pms from him at a price set by him. I'm sure you know Nigeria has relied on imported pms for decades now. Just that Dangote built a refinery doesn't mean the heavens should fall. The market should be open to multiple operators. Let the consumers decide whose product they want to buy - whether it is low quality imported ones or Dangote's which you say is of the highest quality. Let the market decide. But Dangote wants it rigged to favor him only.

Stop importing consumption.

Those Complaining About Dangote Refinery Becoming A Monopoly Should Build A Refinery - Bernard Mikko


https://www.youtube.com/watch?v=KKsUsPB2GKQ

madridguy:
I don't know if to lay curse on OBJ or abuse him this morning over this news. The man really drag Lagos backward. This was part of Tinubu dream back then as Lagos State government, he said a state like Lagos needs to be generating its own energy, but greedy and wicked OBJ used sitting president power to frustrate the dream back then.

I believe if Tinubu has the support and approval of the FG back then, who knows maybe majority of companies that left Nigeria to Ghana back then wouldn't have left.

Meanwhile, its been a while comrade Seunmsg comment or post on this platform, I hope all is well with you bros.

OBJ was last president in 2007, and since 2007, Lagos has had three governors, all working under one godfather (Tinubu). This is a very good development that should have started 15 years ago, it is never too late.

givedemwotowoto:
The usual suspects will collect aid based on these reports and use those funds to buy properties in Canada and Dubai.

I remember when Pfizer paid Kano state government $75 million as out-of-court settlement for their controversial clinical trial on 200 Kano children. People used the money to set up offices and bought official cars and everything, yet for 2 years, none of the impacted families received any compensation, until some people did an investigation and made the news public

Nigeria is a complete mess because of the failure of political institutions, including political parties, the INEC, and the House of Assembly.

According to economists Daron Acemoglu and James A. Robinson, countries fail when their institutions are extractive rather than inclusive. In their book Why Nations Fail: The Origins of Power, Prosperity, and Poverty, they argue that political institutions, not geography, culture, or natural resources, are the primary explanation for why some countries are rich and others are poor.

Acemoglu and Robinson define inclusive institutions as those that: Educate the population, Invest in infrastructure, Fight poverty and disease, and Encourage innovation.

In contrast, extractive institutions are those where small groups of elites use state power for their own benefit. Examples of countries with extractive institutions include North Korea, Venezuela, and Saudi Arabia.

Acemoglu and Robinson's book draws on a wide range of historical and contemporary examples, from ancient Rome to modern-day China. They received the 2024 Nobel Economics Prize for their work on the comparative studies of prosperity between nations

davidif:
Yes, printing money is one way of creating inflation but monopolies are also another way. Monopolies are so counter productive in many ways and one of them is if you have only one player in an industry, they can set prices to whatever they want but if there is competition then they will be competing with other players for market share afterall consumers tend to want things at good quality and reasonable prices.
Also, the more players you have in the market, the more people they hire and the more they reduce unemployment. This Is one of the major problems with the Nigerian economy. If the govt didn't decide who and who should be a player in the economy (through bribes and other nefarious means) then boy oh boy will the Nigerian economy be soaring right now. The fact that they can't connect their bad policies with the high levels of unemployment we have now is astonishing.

Monopolies are not good, but Nigeria doesn't have a refinery monopoly. According to all data, Nigeria has a refinery capacity of 1.5 million barrels daily. NNPCL 450k, BUA Group 200k, Dangote 650K and Modular refineries 200K

Nigeria's inflation is due to the short supply of dollars to buy imported goods and services, the high level of foreign debt that costs 60% of national income, and the printing of the Naira, which created an oversupply of the Niara.

davidif:
There should be way more than this 3 cement producers in the country especially for a country of 230 million. This is why there is so much inflation in this country smh.

Inflation is linked to the oversupply of the Naira; more Naira were chasing fewer products due to the Buhari government's Ways and means of printing money.

The high level of foreign borrowing witnessed Nigeria's debt profile peaking at $110.

ManOfSon:
You can squirm and dissemble all you like but you still won't be able to justify Dangote forcing Nigerians to buy pms from him at a price set by him. I'm sure you know Nigeria has relied on imported pms for decades now. Just that Dangote built a refinery doesn't mean the heavens should fall. The market should be open to multiple operators. Let the consumers decide whose product they want to buy - whether it is low quality imported ones or Dangote's which you say is of the highest quality. Let the market decide. But Dangote wants it rigged to favor him only.

Nigeria's dependence on imported PMS is why it has an inflation rate of 34%, a debt profile of $110, and exports of less than $20 billion. The fact that Nigeria has relied on imported PMS for decades despite having four refineries with a capacity of 450k should be your main concern, not Dangote.

What rational country exports crude oil and imports dirty oil?

I leave you to ponder whether Nigeria's future should be left to ignorant consumer taste for foreign goods or what is in the country's best interest.

Kennitrust:
you have not told us how Dangote monopoly on cement products that had local crude, has helped Nigeria.

Innocent is producing clean cars and no one is fighting for it to be the sole supplier of vehicles in the country.


What has Dangote done to alleviate the pain of Nigerian?

Here's some information about Nigeria's cement industry:
Major players
The three largest cement producers in Nigeria are Dangote Cement, BUA Cement, and Lafarge Nigeria:
Dangote Cement: The largest cement producer in Nigeria and sub-Saharan Africa, with 60% of the domestic market share
BUA Cement: Second largest, with 20.4% of the domestic market share
Lafarge Nigeria: Part of the Holcim Group, with 19.5% of the domestic market share
New player New $1.5bn Mangal cement plant launches in Kogi
With a production capacity of 200 trucks of cement daily, the facility is expected to create 10,000 direct jobs and numerous indirect employment opportunities

trutharena:
Monopoly is bad for any economy.

Import is worst

ManOfSon:
You seem to be changing the topic which isn't always a good look. But if Nigerians want to spend their money on low grade pms, that's their prerogative. That's for them to decide. Deregulation means all actors are welcome in an open market. Let the consumers decide for themselves whose product meets their expectations at the level of price and quality. The problem with Dangote is that he wants to control choice for Nigerians through the suppression of competition. I'm saying that's wrong and shouldn't be allowed to happen. There's nothing special about Dangote pms. Period!

I, as a Nigerian, have standard, low-grade PMS that is destroying my environment and my car; I have a right to have regulated standards, just like the Europeans.

The consumer does not have a laboratory to check the quality of imported fuel, which pollutes the environment and destroys my car. Please use some common sense.

Nigeria's oil and gas regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), lacks a laboratory to test for substandard petroleum products.

Dangote PMS is E10 and E5 standard, equivalent to European standard, let the importers meet that standard and you will see the cost of imported fuel will be two time Dangote locally produce fuel, Nigeria needs more Dangote's

The cheapest, dirtiest petrol in the energy industry is called “African quality”. This type of petrol, laced with high levels of toxic substances, is banned in Europe.

(Regulation) The European Union has tightened its petrol sulphur standards in recent decades, allowing just 10 parts per million. But the regulations in most of Africa are much less stringent.

The European Union has tightened its petrol sulphur standards in recent decades, allowing just 10 parts per million. But the regulations in most of Africa are much less stringent.

The Economic Community of West African States allows up to five times as much sulphur, although not all member states abide by this rule. Nigeria still allows up to 15 times as much.

Large oil traders, often based in Switzerland, but operating worldwide – such as Trafigura and Vitol – have turned this into a revenue model. They mix fuels with much more sulphur, benzene and manganese than is permitted in Europe, and sell it on to African customers.

These fuels are much cheaper because it is expensive to remove sulphur from petrol.

“Only West African countries can set fuel requirements,” said Vitol.

“Importers will buy the most competitively priced product that meets those local requirements, regardless of which country the fuel comes from.”

In other words: Vitol will continue to sell dirty fuels to West African countries, until those countries tell them not to.

Harjono, the Dutch fuel specialist, has another solution. “It is of course much better if crude oil from West Africa can also be refined on-site, instead of having to ship it halfway across the world twice.”

[https://mg.co.za/africa/2024-01-22-inside-the-african-quality-fuel-scandal

ManOfSon:
There's actually something called the free market, though it could be imperfect sometimes. In the petroleum sector the Nigerian government claims to be pursuing a policy that frees market forces. It's called deregulation. Dangote wants it reversed so he can gain an advantage for his refinery at the expense of market competition. He wants importation banned so he's the sole operator in this market like for cement where his virtual monopoly means Nigerians must pay the price he dictates. If Dangote wants to be an effective actor in this industry, it's either he does it at the level of price or at the level of quality. He's interested in none of these which is why he's campaigning to be allowed virtual monopoly.

Please read the article below, written on 22 January 2024. Inside the ‘African quality’ fuel scandal, Nigeria imports the cheapest and dirtiest petrol in the world, 15 times lower than ECOWAS permitted standard. The importers have been making a killing, importing dirty fuel at very low prices and reselling it at a high price in Nigeria for 40 years.

You cannot wholly deregulate your market to regulated imported products.

In the energy industry, the cheapest, dirtiest petrol is referred to as “African quality”. This type of petrol, laced with high levels of toxic substances, is banned in Europe.

(Regulation) The European Union has tightened its standards for sulphur in petrol in recent decades, allowing just 10 parts per million. But the regulations in most of Africa are much less stringent.

The European Union has tightened its standards for sulphur in petrol in recent decades, allowing just 10 parts per million. But the regulations in most of Africa are much less stringent.

The Economic Community of West African States allows up to five times as much sulphur, although not all member states abide by this rule. Nigeria still allows up to 15 times as much.



Large oil traders, often based in Switzerland, but operating worldwide – such as Trafigura and Vitol – have turned this into a revenue model. They mix fuels with much more sulphur, benzene and manganese than is permitted in Europe, and sell it on to African customers.

These fuels are much cheaper, because it is expensive to remove sulphur from petrol.

“Only West African countries themselves can set requirements for fuels,” said Vitol.

“Importers will buy the most competitively priced product that meets those local requirements, regardless of which country the fuel comes from.”

In other words: Vitol will continue to sell dirty fuels to West African countries, until those countries tell them not to.

Harjono, the Dutch fuel specialist, has another solution. “It is of course much better if crude oil from West Africa can also be refined on-site, instead of having to ship it halfway across the world twice.”

https://mg.co.za/africa/2024-01-22-inside-the-african-quality-fuel-scandal/

ManOfSon:
There's actually something called the free market, though it could be imperfect sometimes. In the petroleum sector the Nigerian government claims to be pursuing a policy that frees market forces. It's called deregulation. Dangote wants it reversed so he can gain an advantage for his refinery at the expense of market competition. He wants importation banned so he's the sole operator in this market like for cement where his virtual monopoly means Nigerians must pay the price he dictates. If Dangote wants to be an effective actor in this industry, it's either he does it at the level of price or at the level of quality. He's interested in none of these which is why he's campaigning to be allowed virtual monopoly.

Deregulating your energy market doesn't mean you should open the market to regulated imports. European countries that have regulated that dirty fuel in Europe cannot be consumed. The regulated standard of fuel consumption in Europe is E10 and E5. Europe has banned the purchase of dirty fuel

Nigerian crude Brent is of the highest grade and, as such, very expensive.($77 per barrel) So, making a profit from buying and refining it alone is nearly impossible. As such, other lower-graded crude that are cheaper are blended (mixed) with it, thus reducing the average cost. That's one aspect of it.

Then there's the Ukrainian-Russian war aspect. Crude from Russia is sanctioned (another form of regulation) and, as such, has been sold under the table at a very cheap rate. To escape sanctions, refineries buy this cheap Russian crude at a very cheap rate and then mix(blend) it with other crude, thus masking the source of the crude.

Shell, Exxon, Chevron and other major oil companies extract and export up to 2m barrels a day of high quality, low sulphur “Bonny Light” crude from the Niger delta. But very little of this oil is refined in the country because its four state-owned refineries are dysfunctional or have closed.

Instead, international dealers export to Nigeria around 900,000 tonnes a year of low-grade, “dirty” fuel, made in Dutch, Belgian and other European refineries,
https://www.theguardian.com/global-development/2020/jul/01/petrol-sold-to-nigeria-from-europe-dirtier-than-black-market-bush-fuel#:~:text=Instead%2C%20international%20dealers%20export%20to,pipelines%20that%20criss%2Dcross%20the

ManOfSon:
It's either we're operating a free market or we're not. Dangote doesn't have standing to dictate government policy or how a free market should operate. Him trying to force Nigerians to buy his product at a much higher rate than for imported products undermines free market principles. Nigerians should have as many options as possible about where and how to spend their money. If the government wants to change policy course, it should not be just for Dangote's petrol only. It should apply to every product in Nigeria that has imported components. By the way, I'm not sure you understand how a free market works. Bye.

There is nothing called free market. What is Nigeria's government policy?

A country develops its competitive edge and competes to win.

In 2000, Obasanjo sold most of the cement industry to Dangote and the entire steel industry to the Indians. The Indians used Nigerian steel industries to dump their low-quality steel in Nigeria to the point that the government had to pay an Indian businessman $500 million to free Ajaokuta.

The Dangote turned cement industry is one of Nigeria's success stories; today, Dangote share of the cement industry has fallen from %90 to less than 45% as of today.

The Nigerian government should embark on an industrial policy to transform Nigeria into a petrochemical superpower by selling the four local refineries to Indigenous oil companies like Seplat Petroleum Development Company Plc: Aiteo Eastern Exploration Oando Plc:Shoreline Natural Resources Limited, let them compete with Dangote.

Government regulations and policies impacting the oil and gas sector

https://petropartners.co.uk/top-oil-and-gas-companies-in-nigeria/

traware:
Sir,kindly go and cry to someone else

You are the victim crying for reparation and slavery after 64 years of independence.

I am not a victim like you. Go and earn your right to be independent, and I am fed up reading your nonsense about how the white man exploited you. Exploit yourselves

integrity16:
Oga when did MTN list their shares on The Nigerian Stock Exchange?? Was it not after they were fined heavily for failure to disconnect unregistered sim cards during buhari regime??

So before they listed, they were still majorly owned by foreigners.

Nigerian banks and businessmen had a significant stake in MTN even before they were listed.

The point is Nigeria doesn't even use it stock market effectively was NNPCL suppose to be listed on the stock market

traware:
Many of you have been completely buck-broken.
Britain claimed to be halting the slave trade in Nigeria by sending armed men to the former plantations for Nigeria's "security" from slave traders like the French and Dutch but it was all a lie because they were simply forcing and using free Nigerian labour to cultivate and harvest palm oil which was then transported to Britain and sold to other colonies which made Britain richer.
What is colonialism if not enslavement on your own land.

This is 2024!

Nigeria has the 8th largest gas reserve and the 9th largest oil reserve in the world. Can you please advise me on what we are doing with these resources today?

The Dutch and English also exploited Indonesia for 400 years. Today, Indonesia is. A $1.3 trillion economy that exports $60 billion of Palm Oil from seedlings that they imported from Nigeria.

Nigeria should stop being victims and get on with Nation building

integrity16:
MTN is foreign while glo is local, We can say dangote is foreign because he is located on a free trade zone. Let government ensure our own local refinery comes on stream ( that's our glo ) do you understand now?

Majority of MTN share ownership in Nigeria are owned by Nigerian banks and businessmen

Where is the monopoly.....

NNPC - 450,000 Refinery capacity per day
BUA Group - 200,000 P/D
Modular Refineries - 150k, refinery capacity per day

ManOfSon:
He's targeting importation specifically. Which means he doesn't see these paper tiger corporations you've mentioned as any type of competent competition.

So, you want Nigeria to continue exchanging Naira for dollars and importing PMS annually? You now see why Nigeria is a failed state. These people think like you. The government should make the above corporations competitors, just as BUA Group and Lafarge up the stake and compete with Dangote in the cement business.

This is Singapore; they haven't got a single drop of oil and gas but import raw crude oil and export petrochemicals, refined oil, fertiliser, methanol, and other chemicals. Singapore earns over $100 billion annually and has become a first-world country due to the industrialisation of its raw materials.


https://www.youtube.com/watch?v=p65fHn98M8Y&t=269s

ElSudani:
She should have said something about the amazing things the British Empire did in Nigeria for example.
I guess we should thank them for ending slavery which Africans were the victims.
It is like being grateful to an armed robber who for whatever reason decided not to rob you any longer after years of pillaging your home.
The black face of racist colonizers.

Nigeria has been independent for the best part of 64 years. The people can do amazing things for their people instead of begging for reparation money that the leaders will steal and share among themselves.

The black Caribbean countries are some of the world's wealthiest and most prosperous countries despite slavery. Nigerians are presently selling their children into prostitution to the Sahel and Libya in 2024 is that another for of slavery

onuman:
It shouldn't be all about dissociating herself from cursed Nigeria. The day the British people created Nigeria in 1914, they wondered over the possibility of survival for Nigeria of multi religious and multi ethnic groups with conflicting value systems of its major ethnic groups.

She should go further by asking for dissolution of the most dysfunctional country, Nigeria.
If Nigeria was in Europe, Nigeria would have been dissolved into more manageable countries shortly after the fall of the Berlin Wall when Europe dissolved the multi religious and multi ethnic countries that existed in Europe, because Europeans understood that such countries never thrive. Colonial masters continuing to keep one Nigeria despite the millions of people killed already from the inadequacies of one Nigeria, is seen as racism of black lives don't matter.

Nigerians can sit down and implement the dissolution of Nigeria themselves.

NOETHNICITY:
She is desperate to be UK PM

She knows her best chance is for her to distance herself from Nigeria and Africa
All eyes on her
I don’t blame her

She is desperate not to allow UK to end up like Nigeria