Economy
NLC Urges FG to Sell Crude in Naira for Lower Fuel Prices
By Aduragbemi Omiyale
The federal government has been urged to consider selling crude in Naira to private refinery like Dangote Petroleum Refinery to allow Nigerians enjoy lower fuel prices.
This appeal was made by the Lagos State Chapter of the Nigerian Labour Congress (NLC) when its officials visited Dangote Refinery in Lagos recently.
The labour union commended the oil facility owned by Mr Aliko Dangote, describing it as a transformative national asset, capable of bridging Nigeria’s fuel supply gap, boosting employment, and restoring public confidence in the country’s industrial capacity.
It asked the government to prioritise the sale of crude oil to the Dangote Refinery in Naira, arguing that forcing the company to import crude or purchase locally in dollars undermines the promise of lower fuel prices for ordinary Nigerians.
The chairman of the chapter, Ms Funmi Sessi, said, “Today, we have seen the massive Dangote Refinery project, as well as the fertiliser plant. We have also observed some of Dangote’s other investments in this axis. It is truly enormous and highly impressive.
“I believe what we have seen is a clear effort to bridge the gap in the availability of essential products in the country and to create job opportunities for Nigerians and others as well as industrialise the country.”
The union acknowledged that following the federal government’s removal of petrol subsidies, Nigerians experienced an unprecedented surge in the cost of Premium Motor Spirit (PMS). However, the entrance of Dangote Petroleum Refinery into the market helped to stabilise prices.
“It wasn’t until Dangote came into the picture that we started seeing some relief. His intervention significantly crashed the escalated prices of PMS and other refined products. That’s a clear demonstration of private sector leadership,” she stated.
“This country has crude oil in abundance. So, why is Dangote still being made to import crude or pay for it in hard currency?” the NLC queried, noting, “If the government is truly committed to reducing fuel prices and supporting local refining, it must sell crude oil to Dangote in Naira.”
The union stressed that sourcing crude locally in local currency would significantly lower operational costs and, by extension, lead to a more sustainable reduction in fuel prices.
“With a daily capacity of 650,000 barrels, this refinery can serve Nigeria and even the West African sub-region. We also see big ships taking fertilisers to other countries. The government must maximise,” the NLC stated.
The group further said, “When government-owned refineries failed, one man stepped up. Aliko Dangote didn’t just make promises; he fulfilled them. He has proven that Nigeria can not only refine its own products but also meet international quality standards.”
The union also hailed the refinery’s production of Euro 5-compliant fuel, which features significantly reduced sulphur content, aligning with international environmental standards and boosting Nigeria’s credibility in the global petroleum market.
“This is the kind of pride we want to see — a Nigerian company producing at global standards. It is changing the narrative and elevating Nigeria’s position globally. It’s time the government supports and maximises the capacity of this asset.”
In addition to fuel, the NLC noted the group’s fertiliser company, which is already exporting to international markets. It urged the government to leverage these capabilities to enhance food security and reduce dependence on imported agricultural inputs.
In his remarks, the Vice President for Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, said the planned deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks to support the distribution of refined petroleum products across Nigeria is aimed at ensuring that the benefits of domestic refining and the resulting reduction in fuel prices are fully passed on to Nigerian consumers.
Mr Edwin stated that the introduction of the CNG-powered fleet is a strategic step to reduce logistics costs in fuel distribution — a major factor in the final pump price.
“The deployment of these 4,000 CNG-powered trucks will help us pass down the benefits of domestic refining and the reduction in product prices to consumers,” Mr Edwin said. “The aim is to support logistics and make distribution more efficient, not to displace any existing players in the sector.”
He further explained that the use of CNG-powered trucks, in addition to being more environmentally friendly, will significantly reduce transportation expenses, ultimately making refined products more affordable for Nigerians.
Mr Edwin also highlighted the wider impact of Dangote’s industrial ventures, particularly in stimulating competition and growth in key sectors of the Nigerian economy. He cited the Dangote Sugar Refinery as an example, noting that its success paved the way for other companies, including BUA Group and Nigerian Flour Mills to invest in sugar production.
“We’ve seen it with sugar, and we’ve seen it with cement. The success of Dangote Cement led to the emergence of players like BUA, Mangal, and the expansion of Lafarge,” he said. “In the same way, the success of this refinery will drive the emergence of more private refineries in Nigeria.”
According to him, the Dangote Refinery is not only helping to address Nigeria’s long-standing reliance on imported refined products but is also setting the pace for a sustainable and competitive refining industry that will benefit the broader economy.
He noted that the Dangote Group has become a nurturing ground for Nigerian engineers, scientists and technicians, many of whom have gone on to work as expatriates in various countries. He assured the labour leaders of the company’s steadfast commitment to human capital development, staff welfare, and the overall wellbeing of the economy, emphasising that Aliko Dangote is a patriotic Nigerian fully dedicated to the nation’s progress.
By Adedapo Adesanya
Seven price gainers flipped recent declines at the NASD Over-the-Counter (OTC) Securities Exchange, raising the alternative stock market by 2.19 per cent on Friday.
According to data, the market capitalisation added N51.24 billion to end N2.389 trillion compared with the previous day’s N2.338 trillion, while the NASD Unlisted Security Index (NSI) climbed 85.65 points to close at 3,994.32 points, in contrast to the 3,908.67 points it ended a day earlier.
Business Post reports that the advancers were led by MRS Oil Plc, which improved its value by N13.00 to N200.00 per share from N187.00 per share, FrieslandCampina Wamco Nigeria Plc gained N7.40 to settle at N91.55 per unit versus the previous day’s N84.15 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N6.08 to N71.00 per share from N64.92 per share, Afriland Properties Plc added 66 Kobo to finish at N17.17 per unit versus N16.51 per unit, IPWA Plc rose 37 Kobo to N4.15 per share from N3.78 per share, First Trust Mortgage Bank Plc grew by 11 Kobo to N1.20 per unit from N1.09 per unit, and Food Concepts Plc went up by 10obo to N3.70 per share from N3.60 per share.
On the flip side, there were two price losers led by Geo-Fluids Plc, which depreciated by 28 Kobo to N3.32 per unit from N3.60 per unit, and Industrial and General Insurance (IGI) Plc dropped 5 Kobo to sell at 45 Kobo per share from 50 Kobo per share.
Yesterday, the volume of trades went down by 92.0 per cent to 3.7 million units from 45.8 million units, the value of transactions fell by 59.4 per cent to N84.5 million from N208.2 million, while the number of deals went up by 7.7 per cent to 42 deals from 39 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 32.6 million units exchanged for N1.9 billion, trailed by Geo-Fluids Plc with 119.6 million units valued at N470.3 million, and Resourcery Plc with 1.05 billion units traded at N408.6 million.
Resourcery Plc closed the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 119.6 million units worth N470.3 million, and CSCS Plc with 32.6 million units worth N1.9 billion.
By Adedapo Adesanya
The Naira weakened further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, February 20, by N4.97 or 0.37 per cent to N1,346.32/$1 from the N1,341.35/$1 it was transacted on Thursday.
Heightened FX demand tilted the market toward the downside yesterday, exerting upward pressure on rates despite efforts by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market.
Also in the official market, the domestic currency depreciated against the Pound Sterling during the session by N9.39 to sell for N1,815.25/£1 versus the previous day’s N1,805.86/£1, and lost N7.33 against the Euro to close at N1,584.62/€1 compared with the preceding session’s N1,577.29/€1.
The story was not different for the Nigerian Naira at the GTBank FX desk, where it depleted against the Dollar by N7 on Friday to quote at N1,356/$1 versus the N1,349/$1 it was sold a day earlier, but remained unchanged in the black market at N1,370/$1.
It was observed that risky sentiment among Foreign Portfolio Investors (FPIs) contributed to the FX market, amid fears of hot money flight due to capital gains tax and other factors.
As for the cryptocurrency market, it was mostly green yesterday in reaction to a Supreme Court verdict dismissing a fresh 10 per cent global levy by President Donald Trump.
The apex court on Friday described Mr Trump’s global tariff rollout as illegal. The decision did not clarify what should happen to tariff revenue already collected, and it doesn’t necessarily spell the end of the trade agenda, with multiple legal and executive avenues still available.
Litecoin (LTC) grew 2.7 per cent to $55.00, Cardano (ADA) appreciated 2.6 per cent to trade at $0.2815, Binance Coin (BNB) expanded by 2.6 per cent to $627.19, Dogecoin (DOGE) recouped 1.3 per cent to quote at $0.1, Ripple (XRP) jumped 0.7 per cent to $1.43, Solana (SOL) improved by 0.5 per cent to $84.15, and Ethereum (ETH) soared 0.1 per cent to $1,962.78.
However, Bitcoin (BTC) lost 0.2 per cent to sell for $67,850.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
A further 0.99 per cent was gained by the Nigerian Exchange (NGX) Limited on Friday after a positive market breadth index supported by 53 price gainers, which outweighed 23 price losers, representing bullish investor sentiment.
During the trading day, the trio of Jaiz Bank, Fidson, and NPF Microfinance Bank chalked up 10.00 per cent each to sell for N11.00, N86.90, and N6.27, respectively, while Deap Capital appreciated by 9.96 per cent to N7.62, and Mutual Benefits increased by 9.94 per cent to N5.42.
Conversely, Secure Electronic Technology shed 10.00 per cent to trade at N1.62, Sovereign Trust Insurance slipped by 9.73 per cent to N2.32, Ellah Lakes declined by 7.91 per cent to N12.80, International Energy Insurance retreated by 5.56 per cent to N3.40, and ABC Transport moderated by 5.26 per cent to N9.00.
Data from Customs Street revealed that the insurance counter was up by 2.52 per cent, the industrial goods sector grew by 2.28 per cent, the banking space expanded by 1.43 per cent, the consumer goods index gained 1.23 per cent, and the energy industry rose by 0.05 per cent.
As a result, the All-Share Index (ASI) went up by 1,916.20 points to 194,989.77 points from 193,073.57 points, and the market capitalisation moved up by N1.230 trillion to N125.164 trillion from Thursday’s N123.934 trillion.
Yesterday, investors traded 820.5 million stocks valued at N28.3 billion in 63,507 deals compared with the 898.5 million stocks worth N38.5 billion executed in 61,953 deals, showing a jump in the number of deals by 2.51 per cent, and a shortfall in the trading volume and value by 8.68 per cent and 26.49 per cent apiece.
Closing the session as the most active equity was Mutual Benefits with 79.0 million units worth N427.1 million, Zenith Bank traded 44.0 million units valued at N3.8 billion, Chams exchanged 43.9 million units for N182.0 million, AIICO Insurance transacted 42.4 million units valued at N179.8 million, and Veritas Kapital sold 36.0 million units worth N90.6 million.
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