Civil Society Groups Urge President Tinubu to Investigate Fuel Import Monopoly Impacting Nigerian Economy

The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to investigate alleged actions by a “powerful group” that is reportedly blocking local refinery development and pushing for the continued importation of Premium Motor Spirit (PMS). NICOCSO claims this group’s activities threaten Nigeria’s economic stability by depleting resources, weakening the Naira, and hindering job creation.

Speaking at a press conference in Abuja, NICOCSO Executive Solomon Chinemerem advocated for a policy shift requiring Nigerian crude oil to be sold to local refineries in Naira. Chinemerem argued that local reliance on PMS imports costs billions in foreign exchange, making Nigeria vulnerable to global market fluctuations and diminishing foreign reserves.

Chinemerem further noted that despite investments like the Dangote Refinery, which promises fuel independence, vested interests have allegedly obstructed such projects. NICOCSO warned that if support is not given to local refineries, they will organize a nationwide advocacy march.

The group is urging President Tinubu to order an immediate probe into the alleged monopolistic practices within the Nigerian National Petroleum Company Limited (NNPCL) and enact policies to strengthen local refineries, protect foreign reserves, and stabilize the Naira by mandating that Nigerian crude be sold in Naira.

Federal Government Vows to Address Frequent National Grid Collapses with New Action Plan

The Nigerian Federal Government has committed to a comprehensive strategy aimed at ending the repeated national grid collapses that have plagued the power sector. Minister of Power, Adebayo Adelabu, announced this on Thursday after receiving a report from the committee investigating the recurring grid failures.

Adelabu reassured Nigerians that steps are being taken to prevent future incidents, with short-term recommendations from the report expected to stabilize the grid within six months. “These recommendations are practical and implementable, and I believe they will bring an end to this recurring issue,” he stated.

The announcement comes after another grid collapse on November 7, just two days after a previous failure, leaving many parts of the country without power. The National Grid managers confirmed the incident, stating on X (formerly Twitter): “BREAKING: Another Grid Setback Experienced.”

Following recent outages, the National Orientation Agency (NOA) attributed the persistent collapses to electricity distribution companies (Discos) rejecting load allocations, adding further urgency to the government’s efforts to enhance grid stability.

Bimbo Manuel Claims Nollywood Stars’ Luxury Lifestyles Are ‘Fake’ and Not Funded by Acting Fees

Veteran Nollywood actor Bimbo Manuel recently shared his perspective on the luxury lifestyles flaunted by some Nigerian actors, stating that the wealth displayed by stars driving Range Rovers and living in upscale Lagos mansions often doesn’t come solely from acting. Speaking on TVC’s Your View, the 66-year-old actor remarked that it’s nearly impossible for actors in Nigeria to afford such lavish assets purely from acting income.

Manuel emphasized his preference for a modest lifestyle, saying, “The actors you see flaunting Range Rovers and mansions in Ikoyi are living fake lives. No actor in Nigeria would say he or she can buy a Range Rover from acting fees alone.”

In a similar sentiment, actress Bimbo Akintola has also raised questions about the financial disparities in the industry, expressing surprise at the opulence of some of her female colleagues. During an interview with actor Emmanuel Ehumadu, Akintola suggested that many stars fund their lifestyles through alternative sources, such as family wealth, business ventures, or relationships with affluent partners, rather than solely from Nollywood earnings.

Both actors have urged fans to consider the reality behind the image, highlighting the financial struggles often faced by Nigerian actors and the importance of financial transparency within the industry.

Trump’s Election Victory Drives Oil Prices Higher Amid Market Volatility

Oil prices saw an upward shift yesterday following Donald Trump’s re-election, despite an initial drop of over $2 per barrel due to a report from the U.S. Energy Information Administration (EIA) showing an unexpected rise in U.S. crude stockpiles.

Brent crude futures increased by 38 cents to $75.91 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 57 cents to $72.56. The EIA reported a rise in U.S. crude, gasoline, and distillate inventories last week, with crude stocks climbing by 2.1 million barrels to 427.7 million barrels, surpassing forecasts of a 1.1 million-barrel increase.

Initially, Trump’s re-election led to a significant market reaction, causing a sell-off and a spike in the U.S. dollar, which pressured oil prices downward. John Kilduff of Again Capital commented, “There was an over-reaction to the election results…Trump’s victory could lead the U.S. industry to over-drill, potentially flooding the market.” However, he noted that “cooler heads have prevailed,” pointing out that geopolitical tensions in the Middle East continue to support oil prices.

Analysts are watching Trump’s policies, which could strengthen the dollar, potentially increasing oil prices for international buyers. Independent analyst Tina Teng added that possible tariffs on China, the world’s top oil importer, could lower demand. Giovanni Staunovo from UBS echoed concerns that Trump’s policies might impact global growth, though renewed sanctions on countries like Iran and Venezuela could reduce supply, supporting prices.

Ashley Kelty, an analyst at Panmure Liberum, noted that Trump’s minimal focus on renewable energy might encourage U.S. oil production, which could create challenges for OPEC+. “Trump’s stance on renewables means he’ll push U.S. oil production, complicating OPEC+’s efforts to balance market share with price stability,” she said.

Further affecting the market, the American Petroleum Institute reported an unexpected increase in U.S. crude stockpiles, and oil companies in the Gulf of Mexico began shutting down production as Tropical Storm Rafael approaches, potentially intensifying to a hurricane.

Nigeria’s National Grid Experiences 11th Collapse in 2024 Due to Frequency Spike – TCN Explains

The Transmission Company of Nigeria (TCN) has provided insights into the cause of the national grid’s 11th collapse in 2024, which occurred shortly after a similar event earlier in the week. According to Mrs. Ndidi Mbah, TCN’s General Manager of Public Affairs, Thursday’s grid failure was triggered by a sudden rise in frequency.

Mrs. Mbah explained that the disturbance happened around 11:29 AM when the frequency spiked from 50.33Hz to 51.44Hz. This was traced to a malfunction at one of TCN’s substations, which had to be taken offline to prevent further complications. Immediate recovery efforts were initiated, with power in the Abuja area restored within minutes, while work to stabilize other areas continues.

Mrs. Mbah noted that TCN is currently conducting major repair work on critical infrastructure, including the 330kV transmission line on the Shiroro–Mando axis, extensive upgrades at the Jebba Transmission Substation, and the restoration of the second Ugwuaji–Apir 330kV line. Following recent investigations into past grid collapses, TCN is also addressing systemic weaknesses identified in the report.

TCN warned that the grid may experience some ongoing instability as repairs progress. However, the company reassured the public of its commitment to improving the reliability and resilience of Nigeria’s electricity supply. Mrs. Mbah emphasized the importance of these upgrades for stabilizing power in Nigeria, urging patience from the public as TCN works to address both technical and security challenges, including vandalism of transmission lines.

Black Market Dollar to Naira Rate Rises Amidst Economic Concerns, DAPPMAN Rebukes Dangote Refinery on Fuel Pricing

Dollar to Naira Black Market Rate Hits N1730 as Fuel Price Dispute Escalates

The dollar-to-naira exchange rate in Nigeria’s black market continues to rise, with Bureau de Change operators in Lagos buying at N1725 and selling at N1730 as of November 6, 2024. This parallel market rate remains significantly higher than the Central Bank of Nigeria’s official rates, which are currently set at N1668 for buying and N1669 for selling. The CBN does not recognize the black market, urging individuals to seek forex directly through banks.

In a separate development, the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has refuted recent claims by Dangote Refinery that oil marketers offering lower-priced petrol are distributing substandard fuel. DAPPMAN’s Executive Secretary, Olufemi Adewole, labeled these claims as “preposterous,” emphasizing that its members adhere to quality standards and adjust pricing based on transparent international market factors. He criticized Dangote for keeping its pricing structure undisclosed, rejecting any implication that lower prices equate to inferior quality.

This ongoing debate highlights tension in Nigeria’s fuel market as consumers and businesses grapple with rising costs amidst a volatile economic landscape.

Nigeria’s Fuel Crisis: Oil Marketers Warn Against Dangote’s Monopoly Amid Rising Petrol Prices

Oil Marketers Warn Against Dangote Refinery Monopoly as Fuel Prices Surge in Nigeria

As Nigerians struggle with soaring petrol prices, oil marketers are pushing back against a potential monopoly by the Dangote Petroleum Refinery. In a court case filed under number FHC/CS/ABJ/1324/2024, marketers including AYM Shafa, A.A. Rano, and Matrix Petroleum argue that allowing Dangote exclusive market control could lead to inflated fuel costs and heightened energy vulnerability.

The marketers contend that Dangote’s refinery does not currently produce enough to meet national demand, challenging its claim for a monopoly in fuel imports. They argue that fair competition is essential to stabilize prices and prevent over-dependence on a single source.

Meanwhile, oil marketers, led by PETROAN President Gilli Billis-Harry, have expressed willingness to partner with Dangote Refinery for sourcing Premium Motor Spirit (PMS), provided favorable terms are met. Talks this week aim to establish a balanced arrangement on pricing, logistics, and distribution practices, with both parties hoping to create a framework that supports Nigeria’s economic stability amid the ongoing fuel crisis.

CSOs Demand Probe Of Cabals Hindering Local Refineries

The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to urgently launch an investigation into cabals impeding the progress of local refineries and perpetuating the importation of Premium Motor Spirit (PMS).

The coalition held a press conference in Abuja on Wednesday, 6th November 2024, to address the important national issue.
NICOCSO’s National Coordinator, Benjamin James, who addressed journalists expressed deep concerns over the actions of a powerful group prioritizing self-interest over the nation’s economic well-being.

As contained in the press release issued to journalists by NICOCSO’s National Spokesperson, Segun Adebayo, it highlighted the detrimental impact of fuel importation on Nigeria’s economy, emphasizing the billions lost in foreign exchange annually and the vulnerability to global market fluctuations.

The coalition condemned the sabotage of local refining investments, particularly efforts like the Dangote Refinery, which aim to achieve fuel independence but face obstruction from vested interests.

NICOCSO called on President Bola Ahmed Tinubu to intervene and caution the NNPC cabal against actions that could lead to economic crises.

The coalition urged for a transparent probe into the cabal’s activities and proposed a policy shift mandating the sale of Nigerian crude oil to local refineries in Naira. This, they argued, would empower local investors, preserve foreign reserves, and strengthen the economy while stabilizing fuel prices domestically.

In a final plea for public support and accountability, NICOCSO called on all Nigerians, civil society organizations, and the press to stand together in demanding transparency and fairness in the fuel sector.

The coalition emphasized the importance of breaking the monopolistic grip of those hindering progress and building a Nigeria that prioritizes economic sovereignty and local industry empowerment.

As Nigeria stands at a critical crossroads, NICOCSO remains hopeful that President Tinubu’s administration will take decisive action to hold accountable those obstructing the nation’s economic growth.

The coalition believes collective advocacy and leadership would help Nigeria pave the way for a prosperous and self-reliant future.

China will always be important opportunity for global development

By Guo Jinpin, People’s Daily

The 7th China International Import Expo (CIIE) kicked off at the National Exhibition and Convention Center (Shanghai) on Nov. 5. Running from Nov. 5 to 10, the 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions. It also sets a new record with 297 Fortune Global 500 companies and industry leaders attending the event.

Besides, it has brought together 77 countries and international organizations to participate in the Country Exhibition, with France, Malaysia, Nicaragua, Saudi Arabia, Tanzania and Uzbekistan serving as guest countries of honor.

Political and business leaders from 152 countries, regions and international organizations attended the opening ceremony. Around 3,800 Chinese and foreign journalists from more than 400 media outlets are participating in the coverage of this event.Additionally, the area dedicated to cultural exchanges exceeded 32,000 square meters, marking a new high in the history of the expo.

Opening up is a defining feature of Chinese modernization and is also the core philosophy of the CIIE. Hosting the import expo is an important step for China to further open up and a concrete action China took to build an open world economy.

In July this year, the 20th Central Committee of the Communist Party of China (CPC) concluded its third plenary session, drawing up a grand blueprint for further deepening reform comprehensively to advance Chinese modernization.

The CPC noted that to further deepen reformcomprehensively, it is a must to maintain a unified approach to reform and opening up. The deeper the reform goes, the higher the requirements for the level of opening up; the higher the level of opening up, the greater the boost to reform.

As a significant economic diplomatic event held after the Third Plenary Session of the 20th Central Committee of the CPC, this year’s CIIE highlights China’s confidence, determination, and practical actions in further deepening reformcomprehensively, promoting high-quality development, and advancing high-level opening-up.

Based on the super-sized Chinese market, the CIIE has enabled exhibits to become traded goods and exhibitors to spot more investment opportunities. It has become a catalyst for enhancing global consensus on open cooperation and pursuing an open world economy, creating new opportunities for the world through China’s further development.

Open cooperation is a defining feature of the CIIE, and the key to its success. The annual expo has leveraged the strengths of China’s enormous market and fulfilled its platform function for international procurement, investment promotion, people-to-people exchanges and open cooperation, facilitating the exchanges of cultures and ideas, as well astransactions of goods and services.

The CIIE has continuously embraced innovation and green development. The previous six editions of the expo saw nearly 2,500 new products, technologies, and services make their debut. The 7th CIIE has, for the first time, establishedthe new materials section, which showcases over 400 representative new products, technologies, and services, unleashing the vitality of innovation and green development.

Theexpo has served as a platform of high-standard opening up that allows China’s enormous market to be shared by the world. The first six editions of CIIE have generated a total intended transaction amount exceeding $420 billion. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.A total of 186 enterprises and institutions have achieved full attendance across all seven editions of the expo, and many exhibitors have gone on to open new stores, factories, and R&D centers in China.

With a population of over 1.4 billion, a middle-income group exceeding 400 million people, a complete supply chain, a well-developed infrastructure, an abundant talent pool, and a vibrant innovation ecosystem, the Chinese market continues to unleash tremendous dividends, enabling all parties to achieve mutual benefit.

“The CIIE is a unique grand eventfilled with opportunities,” said Nicolas Hieronimus, CEO of L’Oreal androtating chairman of the CIIE Enterprise Alliance. He noted that the expo serves as an “amplifier” for new product debuts, a “catalyst” for cooperation, and a “propeller” for business development.

The spring breeze of China’sopenness has continuously brought warmth to all parts of the world. So far, China has signed 22 free-trade agreements with 29 countries and regions. The country has been continuously deepening regional economic and trade cooperation by applying the highest standards in implementingthe Regional Comprehensive Economic Partnership Agreementand taking proactive steps to align its economic and trade rules with the high standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).

In the first three quarters of this year, China’s goods trade volume exceeded 32 trillion yuan ($4.45 trillion), reaching a new high, and its trade with over 160 countries and regions around the world achieved growth.

As a developing country and a natural member of the Global South, China is a staunch supporter, active participant and key contributor of South-South cooperation. By committingitself to openness to meet development challenges, fostering synergy for cooperation, building the momentum of innovation, and delivering benefits to all, China has provided all nations with greater and fairer access to the fruits of development.

Since its inaugural edition of the CIIE, China has offered free booths and other support measures to the least developed countries, such as product transportationand personnel reception, to help them showcase their products at the import expo.

This year’s CIIE offered more than 120 free exhibition booths for vendors from 37 least developed countries. To expand unilateral opening to the least developed countries, the expo has also enlarged the exhibition area for African agricultural products.

Starting from Dec. 1 this year, China will give all the least developed countries having diplomatic relations with China zero-tariff treatment for 100 percent tariff lines. This significant measure was announced by Chinese President Xi Jinping at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC). China is the first major developing country and major global economy to implement such a measure.

The 7th CIIE has once again demonstrated to countries around the world that China remains committed to high-level openingup and open international cooperation. By further deepening reforms comprehensively and open its doors wider to the outside world, China will always be an important opportunity for global development.

Xizang keeps enhancing efforts in ecological conservation, restoration

By Yuan Quan, Xu Yuyao, People’s Daily

To the southwest of Geladaindong Peak in northwest China’s Qinghai province, stands Jianggudiru Glacier, which rises up to 6,542 meters above the sea level. It is one of the sources of the Yangtze River, the largest river in China.

At the foot of the glacier, lies Maqu township, Amdo county, Xizang autonomous region. To protect the glacier and the meadows surrounding it, Maqu township has reduced the number of livestock by nearly 40 percent in the recent decade.

“To chase short-term interests is something we’ll never do,” said Tsewang Drolma, Party head of Maqu township. According to her, the township has banned development in all forms within the key protection area of the glacier.

Protecting the ecological environment of Xizang benefits future generations and serves the whole world. In recent years, Xizang has kept enhancing ecological protection and restoration efforts to reinforce the shields for ecological security.

It has comprehensively implemented a law on ecological protection of the Qinghai-Xizang Plateau, and carried out large-scale land greening initiatives and urban space greening projects. It is also actively advancing the establishment of a protected areas framework with a focus on national parks.

Committed to optimizing the development of territorial space, Xizang is working to protect every blade of grass and every mountain and river on the plateau.

With the priority given to eco-environmental conservation, Xizang adheres to integrated conservation and restoration of mountains, rivers, forests, farmland, lakes, grasslands, deserts, glaciers and snow mountains.

The autonomous region has implemented regulations on building itself into a pacesetter of ecological civilization, enforced protective measures to restrict access to important snow-capped mountains and glaciers, and promoted the inclusion of key areas such as Changtang, Mount Qomolangma, and Mount Kailash into a layout plan of national parks. Currently, nature reserves in Xizang account for 36 percent of the autonomous region’s total land area.

As of the end of 2023, Xizang was home to 1,072 species of wild terrestrial vertebrates. It led the country in the number of large and medium-sized wildlife. In particular, the population of Tibetan antelope exceeded 300,000 in the autonomous region, while the number of Tibetan red deer, once believed to be extinct, had grown to over 800.

To improve the systematic governance mechanism, efforts have been strengthened for the ecological protection and restoration of important river basins.

In the middle reaches of the Yarlung Tsangpo River, a lush “green ecological corridor” that is 1,800 meters wide stretches approximately 160 kilometers long.

From a high vantage point in Luodui village, Chaqi township, Chanang county, one can see endless trees.

“Forty years ago, there wasn’t a single tree here. Now, greenery is increasing,” said villager Paljor, who manages a nursery spanning over 450 mu, or 30 hectares.

In recent years, he has taken on a number of greening projects. “We’ve improved the environment, earned money, and lifted our living standards – all in one go,” he said.

Xizang is accelerating key ecological projects, including afforestation in the mountains to the north and south of Lhasa and around Gonggar Airport in the middle reaches of the Yarlung Tsangpo River, and greening projects for the basins of the Yarlung Zangbo, Nujiang, Lhasa, Nyangqu, Yalong and Shiquan rivers.

The region is also establishing an ecological compensation mechanism that covers forests, wetlands, grasslands, and water ecosystems.

In 2023, Xizang completed 1.2 million mu of afforestation, restored and rehabilitated 6.14 million mu of degraded grasslands. Its forest coverage rate was lifted to 12.31 percent, and fractional vegetation coverage on grasslands to 48.02 percent.

Nyingchi has been recognized as a national forest city, while 11 counties, prefecture-level cities and districts, including Bome, Qonggyai and Gyamda, have been awarded the title of national demonstration zones for eco-environmental progress.

In the 2023 report on Xizang’s ecological environment, all ecological quality indicators were rated as excellent. The health rating for rivers and lakes across the autonomous region stood at 100 percent, and 99.96 percent of key rivers and lakes met standards regarding ecological flow. The report said Xizang is one of the regions with the best ecological quality in the world.

With continuous improvement in ecological quality, a green development pattern has been initially established in Xizang. The clean energy and low-carbon industries are growing steadily, with clean energy accounting for over 90 percent of the installed power capacity in the autonomous region. More than 2.2 million farmers and herders benefit from subsidies for grassland ecological protection.

Wang Junzheng, secretary of the Communist Party of China Xizang Autonomous Regional Committee, said that Xizang will continuously enhance its sense of responsibility and mission in ecological and environmental protection.

The region will make every effort to safeguard the ecology of the Qinghai-Xizang Plateau according to law, and strive to build a beautiful Xizang where human and nature coexist harmoniously, Wang added.