Economists warn that Nigeria's heavy reliance on crude oil revenue is risky, especially with global price fluctuations. The U.S. push for higher oil output and OPEC’s pricing decisions could impact Nigeria’s economic stability.
Thursday, January 30, 2025
Video - Experts urge Nigeria to reduce oil dependency
Economists warn that Nigeria's heavy reliance on crude oil revenue is risky, especially with global price fluctuations. The U.S. push for higher oil output and OPEC’s pricing decisions could impact Nigeria’s economic stability.
Nigeria union rejects telecom tariff hike, plans nationwide protest
Nigeria's main labour union has rejected a government-approved 50% hike in telecommunications tariffs and announced plans for a nationwide protest on Feb. 4.
The telecoms regulator last week approved the increase in mobile tariffs, the first such hike in more than a decade, bowing to pressure from operators struggling with surging costs amid high inflation and currency devaluation.
In a meeting of the Nigeria Labour Congress (NLC) late on Wednesday, union leaders called the increase "insensitive, unjustifiable, and a direct assault" on citizens already grappling with the worst cost-of-living crisis in a generation caused by reforms instituted by President Bola Tinubu.
"The rally will serve as a warning on the dangers of imposing such an unfair increase on a struggling population, NLC President Joe Ajaero said in a statement, citing high food costs and hikes in the prices of petrol and electricity.
The union demanded the immediate suspension of the tariff adjustment and called for dialogue between the government, the regulator and union leaders.
Ajaero threatened a nationwide boycott of telecommunications services and a possible strike if authorities refused to engage in dialogue.
The NLC, representing millions of workers, has repeatedly clashed with the government over economic reforms which it says exacerbate poverty, but officials argue the measures are necessary to stabilise the economy.
By Camillus Eboh, Reuters
The telecoms regulator last week approved the increase in mobile tariffs, the first such hike in more than a decade, bowing to pressure from operators struggling with surging costs amid high inflation and currency devaluation.
In a meeting of the Nigeria Labour Congress (NLC) late on Wednesday, union leaders called the increase "insensitive, unjustifiable, and a direct assault" on citizens already grappling with the worst cost-of-living crisis in a generation caused by reforms instituted by President Bola Tinubu.
"The rally will serve as a warning on the dangers of imposing such an unfair increase on a struggling population, NLC President Joe Ajaero said in a statement, citing high food costs and hikes in the prices of petrol and electricity.
The union demanded the immediate suspension of the tariff adjustment and called for dialogue between the government, the regulator and union leaders.
Ajaero threatened a nationwide boycott of telecommunications services and a possible strike if authorities refused to engage in dialogue.
The NLC, representing millions of workers, has repeatedly clashed with the government over economic reforms which it says exacerbate poverty, but officials argue the measures are necessary to stabilise the economy.
By Camillus Eboh, Reuters
Wednesday, January 29, 2025
Nigeria's petrol imports reach 8-year low as Dangote refinery expands
Nigeria's petrol imports have reached their lowest level in eight years, as the country’s new mega-refinery reduces reliance on foreign suppliers and strengthens fuel independence.
According to data compiled by Bloomberg from analytics firm Vortexa Ltd., shipments to Nigeria averaged around 110,000 barrels per day between January 1 and 24.
If this pace continues throughout the month, imports, predominantly from Europe, will hit their lowest point since 2017.
“A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp-up of the Dangote refinery,” Vortexa analyst Samantha Hartke said. “Northwest Europe will have to find alternative homes for its gasoline supplies.”
The refinery has been dubbed a game-changer for Nigeria, which has long depended on gasoline imports. The refinery has been hailed as a key step in reducing the country’s reliance on foreign supplies.
The $20.5 billion Dangote refinery, owned by Africa's richest man, has a processing capacity of 650,000 barrels per day, making it the largest refinery in Africa.
It also surpasses Europe's 10 largest refining facilities, including the Pernis Refinery, which has an installed capacity of 404,000 barrels per day (bpd).
According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is starting to disrupt the European oil market.
Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.
According to data compiled by Bloomberg from analytics firm Vortexa Ltd., shipments to Nigeria averaged around 110,000 barrels per day between January 1 and 24.
If this pace continues throughout the month, imports, predominantly from Europe, will hit their lowest point since 2017.
“A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp-up of the Dangote refinery,” Vortexa analyst Samantha Hartke said. “Northwest Europe will have to find alternative homes for its gasoline supplies.”
The refinery has been dubbed a game-changer for Nigeria, which has long depended on gasoline imports. The refinery has been hailed as a key step in reducing the country’s reliance on foreign supplies.
The $20.5 billion Dangote refinery, owned by Africa's richest man, has a processing capacity of 650,000 barrels per day, making it the largest refinery in Africa.
It also surpasses Europe's 10 largest refining facilities, including the Pernis Refinery, which has an installed capacity of 404,000 barrels per day (bpd).
According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is starting to disrupt the European oil market.
Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.
By Adekunle Agbetiloye, Business Insider Africa
Video - Nigerian basketball veterans out to inspire the growth of the game among youth
According to the veterans, the sport exposes youth to opportunities and plays a big role in keeping them away from social vices.
Video - Chinese community in Nigeria celebrates in Abuja
Members of the Chinese community in Abuja have joined millions around the world to celebrate the upcoming Chinese Lunar New Year. Festivities to bring in the Year of the Snake featured a colorful display of Chinese cuisine, music, and dance performances for more than 2,000 attendees.
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