Category archives: Business

Petroleum product marketers have denied claims of a boycott of Dangote Refinery’s Premium Motor Spirit (PMS), also known as petrol. Olufemi Adewole, the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), stated that there was never a boycott but stressed the need to finalize operational modalities. Adewole emphasized that the […]

The highly anticipated petrol from Dangote Refinery is scheduled to enter the Nigerian market on Sunday, 15th September 2024. The refinery, based in Lagos, will begin distributing its petrol to marketers, with trucks already being dispatched to facilitate the process. This move is expected to ease the country’s fuel supply challenges. Despite this development, the […]

In response to rising fuel costs, the Federal Government has ramped up efforts to distribute auto gas conversion kits nationwide through the Presidential Compressed Natural Gas Initiative (P-CNGi). The initiative aims to facilitate a transition to Compressed Natural Gas (CNG) as a cleaner and more affordable alternative to petrol. On Friday, a representative from P-CNGi, […]

The Nigerian Bulk Electricity Trading (NBET) is in the process of seeking a licence renewal from the Nigerian Electricity Regulatory Commission (NERC) to enhance its efficiency and operational capacity within the electricity sector. This move comes as NBET’s trading volume has reached an impressive $2 billion annually. Key Developments: This process underscores NBET’s critical role […]

The Nigerian National Petroleum Company Limited (NNPC) and Dangote Petroleum Refinery are finalizing discussions on a crude oil sales agreement in naira, alongside a product buy-back arrangement in local currency. This deal involves NNPC supplying crude oil to the Dangote refinery, while refined products will be bought back by NNPC. Devakumar Edwin, Dangote Industries’ Vice […]

The Central Bank of Nigeria (CBN) has issued a directive mandating all Point of Sale (PoS) operators to route their transactions through licensed Payment Terminal Service Aggregators (PTSAs) within the next month. This move aims to enhance the tracking and management of electronic transactions in Nigeria. According to a circular posted on the CBN’s website, […]

The Nigerian National Petroleum Corporation (NNPC) Limited has requested dedicated office space for 10 of its staff at the Dangote Refinery as part of a crude oil supply agreement. During a discussion hosted by Nairametrics on the topic “Unlocking How Dangote Refinery Shapes Price,” the Vice President of Oil & Gas at Dangote Group, Devakumar […]

Local petroleum marketers in Nigeria are pressing Dangote Refinery to reveal the price of its petrol, as they are eager to begin purchasing from the facility. The President of the Petroleum Products Retail Outlets Owners Association (PPROOA), Gillis-Harry, emphasized the need for transparent communication regarding the pricing, stating that marketers cannot rely on unverified claims […]

The dollar to naira exchange rate at the black market, also known as the parallel market (Aboki fx), has been released for Thursday, September 12, 2024. According to sources at the Lagos Parallel Market (Bureau De Change), traders buy a dollar for ₦1,660 and sell it for ₦1,665. However, it’s important to note that the […]

Nigeria achieved a trade surplus of N6.94 trillion in the second quarter of 2024, as foreign trade surged to N31.89 trillion. According to a report from the National Bureau of Statistics (NBS), the country exported goods worth N19.4 trillion and imported goods valued at N12.4 trillion during this period. The total merchandise trade for the […]