By Adedapo Adesanya

Oil prices slid marginally on Wednesday, fuelled by a build in US petroleum stocks and worries about US interest rate cuts next year, with Brent crude futures losing 2 cents to trade at $72.83 a barrel and the US West Texas Intermediate (WTI) crude shedding 5 cents to sell for $68.72 per barrel.

Data from the Energy Information Administration (EIA) said US gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels, indicating a decline in demand.

Crude stocks fell by 1.8 million barrels in the week ended November 22, the EIA added, countering the American Petroleum Institute (API) which said on Tuesday that oil inventories fell by 5.94 million barrels and fuel inventories rose last week.

Slowing fuel demand growth in top consumers the US and China have weighed heavily on oil prices this year, although supply curtailments from the Organisation of the Petroleum Exporting Countries and its allies, OPEC+  have limited the losses.

OPEC+ will meet on Sunday, December 1 and there is an increasing possibility that members have been discussing a further delay to a planned oil output hike that was due to start in January.

OPEC+ which produces about half of the world’s oil, had aimed to gradually ease production cuts through 2024 and 2025, but weaker global demand and rising output outside the group have cast doubt on that plan.

The market is also expecting the US Federal Reserve to lower borrowing costs by 25 basis points at its December 17-18 meeting.

However, there is also anticipation that the US central bank will leave rates unchanged at its meetings in January and March.

Prices drew support from concerns about supply eased after a ceasefire deal between Israel and Hezbollah brokered by the US and France.

The ceasefire started on Wednesday and helped ease concerns that the conflict could disrupt oil supplies from the top-producing Middle East region.

Market participants are uncertain how long the break in the fighting will hold, with the broader geopolitical backdrop for oil remaining.

There is also an increased possibility that oil may not be exempted from the 25 per cent tariffs that incoming US President Donald Trump has threatened to impose on all products coming into the US from OPEC+ member Mexico and Canada.

By Modupe Gbadeyanka

The Dangote Refinery located in the Lekki area of Lagos State has been described as a game-changer for Nigeria’s economy because of its significance to the country’s sustainable growth.

This was the view of the Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) through its president, Mr Niyi Oshiyemi.

“The Dangote Refinery is a game-changer for Nigeria’s economy. With a capacity to refine 650,000 barrels of crude oil daily, it has reduced Nigeria’s reliance on imported petroleum products, conserved foreign exchange, and fortified our energy security.

“This milestone reinforces the critical role the private sector plays in national development,” Mr Oshinyemi said, noting that, “The refinery’s operations have created employment for Nigerians at all levels while fostering technology transfer and skills acquisition. This has strengthened local businesses and equipped them with the tools to compete in domestic and global markets.”

The emphasis on local content has been a cornerstone of Dangote Refinery’s strategy. By sourcing materials locally and partnering with indigenous companies, the refinery has supported the growth of Nigerian enterprises and encouraged investments in infrastructure, engineering, and technology.

The ripple effects of the Dangote Refinery extend beyond the energy sector. Its presence has catalyzed industrialization by attracting investments in related sectors such as petrochemicals, manufacturing, and transportation. This multiplier effect has significantly expanded Nigeria’s industrial base and enhanced the nation’s economic competitiveness.

“This refinery is a shining example of what can be achieved through visionary leadership and investment in strategic sectors. It demonstrates Africa’s potential to compete globally and foster regional integration,” Mr Oshiyemi remarked.

In addition to its economic contributions, Dangote Refinery has maintained a strong commitment to corporate social responsibility. The Dangote Group’s investments in education, healthcare, and infrastructure have improved the quality of life for many Nigerians and strengthened community resilience.

“Dangote Refinery exemplifies the role of private sector enterprises in driving social progress alongside economic development. Its initiatives in healthcare and education are building a brighter future for Nigerians,” the OGUNCCIMA chief noted.

He urged stakeholders across public and private sectors to emulate the Dangote Refinery’s innovative approach to development. By fostering partnerships and investing in transformative projects, Nigeria can achieve sustainable economic growth and reduce its reliance on external resources.

“This refinery stands as a model for what is possible when the private sector leads with vision and commitment. We call on all stakeholders to collaborate and replicate such success stories to build a resilient, self-reliant, and prosperous Nigeria,” Mr Oshiyemi concluded.

By Adedapo Adesanya

The House of Representatives on Wednesday passed the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the next three years (2025-2027).

In passing the MTEF, the lower chamber’s committees on Finance, Petroleum Upstream, and Petroleum Downstream were tasked to investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission (RMAFC) alleging that the Nigerian National Petroleum Company (NNPC) Limited’s withheld N8.48 trillion as claimed subsidies for petrol.

Additionally, the investigation will address the Nigeria Extractive Industries Transparency Initiative (NEITI) report that claimed the NNPC failed to remit $2 billion (N3.6 trillion) in taxes to the federal government.

The committees were further directed to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.

Some of the recommendations in the MTEF as adopted by the house are; that the projected oil benchmark prices are $75, $76.2 and $75.3 per barrel in 2025, 2026 and 2027, respectively.

Three-year projections for domestic crude oil production are 2.06 million barrels per day, 2.10 million barrels per day and 2.35 million barrels per day for the subsequent years of 2025, 2026 and 2027.

The country’s economic growth rate forecast, measured by the gross domestic product (GDP) was put at 4.6 per cent, 4.4 per cent and 5.5 per cent for the years 2025, 2026 and 2027, respectively.