Economy
Dangote Refinery Supplies Jet Fuel to Saudi Aramco
By Aduragbemi Omiyale
Two cargoes of jet fuel have been exported to Saudi Aramco by the Dangote Petroleum Refinery located in the Lekki area of Lagos State.
The owner of the oil facility, Mr Aliko Dangote, confirmed the supply of the product to the world’s largest oil producer and a leading integrated oil and gas company globally owned by the Saudi Arabian government.
Saudi Aramco is the official Saudi Arabian Oil Company, which is majority state-owned petroleum and natural gas organisation that is the national oil company of Saudi Arabia.
Speaking when a team of the Nigerian Economic Summit Group (NESG) visited the Dangote Fertiliser Limited and the Dangote Petroleum Refinery and Petrochemicals on Tuesday, Mr Dangote said exporting products to the global markets, especially Saudi Aramco, was because of his refinery’s world-class standards and advanced technologies.
“We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco,” the businessman said.
Since its production began in 2024, the Dangote refinery has steadily increased its output, now reaching 550,000 barrels per day.
While commending Mr Dangote for establishing the $20 billion refinery, the largest single-train refinery in the world, the NESG Chairman, Mr Niyi Yusuf, stated that Nigeria needs more investments of this calibre to reach its $1 trillion economy goal.
“To achieve a $1 trillion economy, much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country.
“This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental,” he said.
“My hope is that God grants you the strength, courage, and health to realise your ambitions and that in your lifetime, a new Nigeria will emerge,” he added.
Mr Yusuf emphasised that such local industries are essential to Nigeria’s industrialisation and will help foster the growth of Small and Medium Enterprises (SMEs), adding that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity.
He lamented that Nigeria has become a dumping ground for foreign products and stressed that the country must support its entrepreneurs to become a global player.
“It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens,” he said and praised Mr Dangote’s bold vision for making Nigeria self-sufficient in several key sectors.
“The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling.
“Thank you for inspiring us and showing that nothing is impossible. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter,” he said.
“We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change,” he continued.
Mr Dangote, in his response, reiterated the importance of the private sector in national development, asserting that Nigeria’s challenges could largely be overcome by providing gainful employment to its people.
He stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency.
Mr Dangote also cited the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.
“The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he remarked.
He further emphasised that the government stands to gain substantially when the private sector flourishes, noting that 52 kobo (52 per cent) of every Naira Dangote Cement generates goes to the government.
Mr Dangote also pointed out the significant challenges involved, in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure.
He stressed that investors are often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government.
By Aduragbemi Omiyale
Two persons have been apprehended by the Rivers State Police Command in connection with the explosion that affected the Trans Niger Delta Pipeline operated by Shell Petroleum Development Company (SPDC) at the border of Kpor and Bodo communities.
On Monday night, the oil facility was affected by an inferno, which forced Shell to shut it down to prevent further damage.
It was gathered that the first was noticed during a routine night patrol by security operatives, who “promptly alerted SPDC management.”
The company initiated necessary safety protocols, including shutting down the affected pipeline, a statement from the Police Public Relations Officer for Rivers Command, Ms Grace Iringe-Koko, a Superintendent of Police (SP), said on Tuesday.
The police said the swift intervention brought “the situation is now under control, and there is no further threat to residents or the environment.”
According to her, the two accused persons were picked up after the commencement of “a thorough investigation to determine the cause of the fire.”
She said the suspects are answering questions to help the police “uncover any potential act of sabotage,” promising to ensure that perpetrators of criminal activities are identified and brought to justice.
“We urge residents to remain calm and vigilant, assuring them of our unwavering commitment to protecting lives and property. The Command will not relent in its efforts to rid the state of criminal elements and maintain peace and security for all.
“For any useful information regarding this incident or any suspicious activities, members of the public are encouraged to contact the nearest police station,” the statement said.
By Adedapo Adesanya
Cooling inflation in Nigeria could encourage the Central Bank of Nigeria (CBN) to hold interest rate steady again when the Monetary Policy Committee (MPC) meets in May.
On Monday, Nigeria’s annual inflation eased for a second straight month after the National Bureau of Statistics (NBS) overhauled the index for the first time in 16 years in January 2025.
The move was carried out to better reflect the inflation pressures facing households in Africa’s most-populous nation with the base year changed from 2009 to 2024.
According to the NBS, consumer prices rose 23.18 per cent in February by 8.52 per cent from the 31.70 per cent achieved in January 2024.
In the Consumer Price Index (CPI) data, the NBS said last month, the headline inflation slowed due to decline in the average prices of food items like yam tuber, potatoes, soya beans, flour of maize/cornmeal, cassava, bambara beans (dried), etc compared with the prices in the first month of this year.
Nigeria’s economy has grown in the last two quarters in Nigeria by over 2-3 per cent caused by inflation and the weakening of the local currency. This is slower compared to expected outcomes.
However, with further moderation, this could spur policymakers at the apex bank to pause rate hikes for yet another cycle.
The President Bola Tinubu administration is targeting a 15 per cent inflation level.
At its last meeting in February, the MPC held all rates across board with the headline monetary policy rate (MPR) retained at 27.50 per cent.
According to the Governor of the CBN, Mr Yemi Cardoso, the asymmetric corridor was retained around the MPR at +500/-100 basis points and the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50.00 per cent and Merchant Banks at 16 per cent. Also, the MPC retained the Liquidity Ratio at 30.00 per cent.
The CBN had hiked interest rates by 875 basis points in the last year as Mr Cardoso favoured inflation targeting tools to fix skyrocketing cost of prices.
Market analysts noted that subsequent ease inflation in March and April could lead to even cuts but argued that pausing the rate will offer succour to businesses who have lamented the consistent hiking on their operations.
By Adedapo Adesanya
There was a 0.15 per cent appreciation at NASD Over-the-Counter (OTC) Securities Exchange on Monday March 17, with the NASD Unlisted Security Index (NSI) increasing by 4.90 points to close at 3,368.64 points, in contrast to last Friday’s 3,363.74 points and the market capitalisation of the bourse rose by N2.83 billion to settle at N1.945 trillion compared with the preceding trading day’s N1.942 trillion.
Okitipupa Plc gained N7.66 during the session to close at N307.66 per unit compared with the preceding session’s N300.00 per unit, FrieslandCampina Wamco Nigeria Plc expanded by 78 Kobo to settle at N39.01 per share versus last Friday’s price of N38.23 per share, and Geo Fluids Plc grew by 6 Kobo to trade at N2.90 per unit, in contrast to the previous trading day’s N2.84 per unit.
On the flip side, Afriland Properties Plc lost N2.01 to close at N21.19 per share compared with its previous rate of N23.20 per share.
Yesterday, the volume of securities traded at the bourse went down by 55.8 per cent to 288,383 units from the 652,237 units recorded last Friday, the value of securities traded by investor depreciated by 45.3per cent to N18.2 million from the N33.1 million quoted at the preceding session, and the number of deals executed at the first session of the week shrank by 27 per cent to 27 deals from 37 deals.
When the market closed for the session, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with a turnover of 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.4 million units sold for N357.0 million.
Also, Impresit Bakolori Plc remained as the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.4 million units valued at N357.0 million.
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