Authorities in Nigeria have launched an investigation into an oil tanker explosion in northern Jigawa state, which claimed the lives of more than 140 people. President Bola Tinubu has pledged support for the victims' families and has called for a review of fuel transportation safety protocols.
Related story: Death Toll rises to 153 from Nigeria fuel tanker explosion
Healthcare workers have reported a rise in severe malnutrition among young people in the Lake Chad region, where years of conflict have devastated agriculture and worsened food security. Humanitarian agencies estimate 6.1 million people will face food shortages in the coming months.
Nigeria is set to receive its first shipment of the highly anticipated malaria vaccines on Thursday, marking a significant step in the country’s fight against one of its deadliest diseases.
The National Primary Health Care Development Agency (NPHCDA) announced that the vaccines would be received in Abuja by Prof. Muhammad Ali Pate, the Coordinating Minister of Health and Social Welfare.
The News Agency of Nigeria (NAN) confirmed the event through an invitation sent by the agency on Wednesday in Abuja.
NAN reports that the arrival of the vaccines is an initiative by the World Health Organisation (WHO) to distribute malaria vaccines to high-burden countries across Africa, including Nigeria.
The NPHCDA said that barring any unforeseen circumstances, the country would officially unveil the malaria vaccines on Thursday to help protect children from the life-threatening disease.
NAN reports that the introduction of the malaria vaccine is expected to significantly reduce malaria cases and deaths, especially in vulnerable populations.
The government has developed a strategic distribution plan to prioritise regions most affected by malaria, particularly in rural areas where access to healthcare is limited.
The rollout will begin in these high-burden regions before expanding nationwide.
The expected vaccines, known as RTS, S/AS01 (Mosquirix), have been proven to reduce malaria cases and mortality among young children in large clinical trials across Africa.
Nigeria will be the third African country to introduce the vaccine, following Ghana and Kenya, which began using the vaccine in 2023.
Meanwhile, malaria remains a serious public health issue in Nigeria, affecting 97 percent of the population.
Transmission occurs all year-round in the southern regions and lasts up to three months in the northern regions.
The primary malaria vectors are “Anopheles coluzzii” and “Anopheles gambiae”, with “Anopheles funestus” playing a secondary role in some areas.
Nigeria accounts for 27 per cent of global malaria cases and 31 per cent of global malaria deaths, making it the country with the highest malaria burden in the world.
The prevalence of malaria among children under five years dropped from 42 per cent in 2010 to 23 percent in 2018.
There are significant disparities between rural (31 per cent) and urban (13 per cent) populations, as well as socioeconomic groups.
The National Malaria Elimination Programme (NMEP) launched the High Burden, High Impact (HBHI) approach in response to the ongoing malaria crisis.
The goal is to reduce malaria prevalence to below 10 percent and malaria-related deaths to fewer than 50 per 1,000 people by 2025.
Efforts have included switching to injectable artesunate for severe malaria treatment and increasing coverage of preventive malaria treatments for pregnant women.
The percentage of pregnant women receiving at least three doses of intermittent preventive treatment with sulfadoxine-pyrimethamine increased from 16.6 per cent in 2018 to 31 per cent in 2021.
However, challenges such as low antenatal care attendance and limited access to treatment remain obstacles to further progress.
NAN reports that public health experts are optimistic about the vaccine’s potential to save lives.
They believe that this vaccine, when combined with other preventive measures, will significantly reduce the malaria burden in Nigeria and bring the country closer to achieving the goal of a malaria-free Africa.
Related story: Video - Nigerian health workers seek increased government support to control malaria
The death toll from a fuel tanker explosion in northern Nigeria has risen to at least 153, with another 100 people injured, police told CNN Thursday.
The blast, which happened late evening local time on Tuesday in Majiya, a village in Jigawa state, came after the vehicle crashed and while locals were attempting to retrieve the fuel.
“The driver lost control and the tanker somersaulted and spilled fuel into a drainage ditch,” Jigawa police spokesperson Shiisu Lawan Adam said.
“As a result, residents rushed to scoop the fuel when the explosion happened.”
A mass burial was held on Wednesday afternoon for some of the victims, Adam said.
The death toll rose steadily since news of the deadly explosion broke.
“People are feeling very sad,” said Umar Majia, a member of the community whose 12-year-old nephew was killed in the blast.
“This type of incident has never happened in the community. It is the worst tragedy so far,” he told CNN.
Nigeria’s Vice President Kashim Shettima mourned the victims in a statement Wednesday, saying: “My heart aches for those who have had their families torn apart by this disaster.
“This devastating incident has shaken us all to our core. The Federal Government stands with the people of Jigawa. We are mobilising all necessary resources to support the injured and assist the families affected by this calamity.”
Shettima also announced “immediate federal government intervention and called for a comprehensive review of fuel transportation safety protocols.”
The blast comes a month after at least 48 people were killed in a similar accident in the north-central Niger state.
Fuel tanker explosions are not unusual in Africa’s most populous country, where oil supplies are frequently dispatched by road.
Previous fires have led to multiple casualties. In 2020, more than 500 people lost their lives in more than 1,500 fuel tanker accidents recorded that year, according to Nigeria’s road safety agency.
Residents, beleaguered by soaring living costs in the West African nation - where gasoline is scarce and expensive - often brave danger to scoop fuel from fallen tankers or damaged oil pipelines.
Gas prices have risen dramatically to more than six times their usual rate since the government ended fuel subsidies last year.
Poverty remains rife in Nigeria despite its status as one of Africa’s largest oil producers.
By Nimi Princewill, CNN
Related story: Nigeria fuel tanker explosion kills over 90, injures dozens
More than 90 people have been killed and 50 wounded after a fuel tanker exploded in northwestern Nigeria, according to police.
The overnight explosion took place on an expressway in Jigawa state as dozens of people rushed to the vehicle to collect the fuel, a police spokesman said on Wednesday.
“The residents were scooping up fuel from the overturned tanker when the explosion occurred, sparking a massive inferno that killed 94 people on the spot,” Lawan Adamu told The Associated Press news agency.
The fire burned into the early hours of Wednesday.
Last month, at least 48 people were killed in an explosion after a fuel tanker collided with another truck in Nigeria’s north-central Niger state.
Deadly truck accidents are common along most of the major roads in Nigeria, with experts attributing many of them to reckless driving, poor road conditions and poorly maintained vehicles.
In 2020 alone, there were 1,531 petrol tanker crashes resulting in 535 fatalities and 1,142 injuries, according to Nigeria’s Federal Road Safety Corps.
The Nigerian National Petroleum Company in early September increased the price of petrol by at least 39 percent, the second major hike in more than a year.
Related story: More than 50 killed in Nigeria fuel tanker crash
Nigeria’s informal sector, which accounts for around 80 percent of total jobs has been hit by a wave of resignations, as some workers are unable to afford the daily commute after a hike in fuel prices. Economists said a rise in unemployment could affect the country’s economy and security.
The Flamingoes, who finished third in the last edition of the tournament in India in 2022, completed preparations for the upcoming competition in the Dominican Republic. The team is placed in Group alongside the hosts, Ecuador and New Zealand.
It has been almost eight months since Binance executive and former IRS agent, Tigran Gambaryan, has been wrongfully detained in Nigeria over a feud between the African nation and the world’s largest crypto exchange. In the latest blow to his fight for freedom, he was denied bail by a Nigerian judge on Friday despite his deteriorating health.
Gambaryan was jailed in February after visiting Nigeria to address allegations that Binance was undermining the local currency, which began to crash in May 2023. Economists have laid the blame for this on corruption and economic mismanagement by the country’s leaders—but, in what critics say is an effort to find a scapegoat, Nigerian officials arrested Gambaryan and another Binance executive and charged them with financial crimes.
Since his detention, Gambaryan’s condition has worsened significantly. He is now being held at Nigeria's notorious Kuje prison alongside members of the Boko Haram terrorist group and has been denied access to his legal team. Throughout his time in prison he has suffered from malaria, tonsillitis, pneumonia, and complications from a herniated disc in his back which requires “high-risk specialized surgery.”
While he sits in a cell thousands of miles away from his wife and children in Georgia, U.S. representatives and Binance executives have intensified calls for his release. His wife, Yuki Gambaryan, has continued to fight for his freedom since he was detained.
Following the hearing on Friday, a Binance spokesperson said in a statement, ”He has been unlawfully detained for over 220 days. Tigran did not go to Nigeria as a decision-maker and there is no good reason to continue to hold him. We are committed to working with the Nigerian government to resolve issues, but Tigran must be allowed to go home.”
While initially reluctant to get involved, U.S. officials began to advocate for Gambaryan’s release over the summer. Most recently, Rep. Rich McCormick (R-Ga.), a member of the Armed Services and Foreign Affairs Committees, called upon the U.S. State Department to take a stronger stance in talks with Nigeria. “All cards should be on the table. We should be putting enormous leverage against Nigeria until they release him or at least turn him over to the consulate to be treated fairly, he get an expedient case with a legitimate charge,” McCormick said on the Illicit Edge podcast.
In June, 16 bipartisan U.S. lawmakers sent a letter to President Joe Biden urging for Gambaryan to be released, while over 100 U.S. prosecutors and special agents sent a similar letter to the U.S. State Department. In the following weeks, Rep. French Hill (R-Ark.) and Rep. Chrissy Houlahan (D-Pa.) visited Gambaryan in the Nigerian prison. Also in June, Nigeria dropped some charges against Gambaryan after FBI director Christoper Wray visited the country on an unrelated matter.
Gambaryan’s ongoing detention came after the State Department negotiated the release of basketball player Brittany Griner and journalist Evan Gershkovich from Russia earlier this year. Both Americans had received a “wrongfully detained” designation, which made their release a top priority with a special agency within the State Department. Gambaryan has yet to receive that designation to the frustration of his family and others, likely because Nigeria is a nominal ally of the U.S.
By Catherine McGrath, Fortune
Related stories: US Urges Nigeria to release Binance executive as health worsens
Video - Detained Binance executive appears in court in Nigeria for tax, money laundry charges
The Transmission Company of Nigeria says it is working to restore power after blackouts engulfed the country following another collapse of the power grid on Monday night.
Power generation fell to zero and by Tuesday morning some plants in the capital Abuja and parts of the commercial city were coming online. Daily average supply has hovered around 4,500 megawatts in recent times until the sixth collapse this year.
Nigeria's grid has shut down due to aging power infrastructure, vandalism and inadequate gas supply for its thermal plants which accounts for over 75% of output.
Related story: Millions in Nigeria have little to no electricity. It’s straining businesses and public services
Though authorities in Libya denied it was sabotage, the Confederation of African Football which organizes the competition said it will investigate the “disturbing and unacceptable experiences” of Nigeria.
The Super Eagles were scheduled to play the Group D game on Tuesday. Nigeria won 1-0 when the teams played on Friday, when similar accusations of sabotage from the Libya team came after they were delayed at a Nigerian airport.
Nigeria captain William Troost-Ekong said the plane was due to land at Benghazi Airport but was diverted at the last minute to Al Abraq some 220 kilometers (130 miles) away.
“The Libyan government rescinded our approved landing in Benghazi with no reason,” Troost-Ekong said on X. “They’ve locked the airport gates and left us without phone connection, food or drink. All to play mind games. As the captain, together with the team, we have decided that we will not play this game.”
The Libyan Football Federation said it regretted the flight diversion, adding: “It is essential to note that such incidents can occur due to routine air traffic control protocols, security checks or logistical challenges that affect international air travel,” it said on X.
CAF said it referred the incident to its disciplinary board which will take “appropriate action against those who violated” its rules.
Pictures posted online by the players showed some of them lying on airport seats, their luggage beside them and with no other passengers in sight. By Monday morning, some of them were asleep.
Nigerian Football Federation spokesman Ademola Olajire said the team spent 19 hours at the Libyan airport and they were prevented from leaving the facility to board the buses that Nigerian officials eventually hired.
“At past midnight, it was learnt that there had been word from ‘higher authorities’ that the Nigeria delegation should be delayed for a minimum of 10 hours at the airport for what they falsely claimed was done to their team in Nigeria,” Olajire said without elaborating.
The Nigerian players and officials eventually resorted to games and music to play down their anger and frustration, he said.
Among the players in Nigeria’s squad were Ademola Lookman, who scored a hat trick for Atalanta in the Europa League final last season and is on the Ballon d’Or shortlist, and Victor Boniface, a striker for German champion Bayer Leverkusen.
English Premier League players Ola Aina, Calvin Bassey, Alex Iwobi, Taiwo Awoniyi and Wilfred Ndidi were also in the team that beat Libya 1-0 on Friday.
The Libya team accused Nigeria of maltreatment ahead of the first leg, an allegation the Nigerian federation denied.
Libya captain Faisal Al-Badri said they were delayed “from one city to another” for three hours after their bags were searched, and before they were transported on a road trip to the city where the match was played. He had called for “reciprocity.”
Nigeria sports minister John Owan Enoh said he instructed the soccer federation to send a formal complaint to CAF. “This must be on record and thoroughly addressed,” he said in a statement.
By Chinedu Asasdu, AP
The Nigerian Flamingoes have wrapped up their preparations for the eighth FIFA Under-17 Women's World Cup set for the Dominican Republic from next week. They head into the competition as one of the strong contenders from Africa after finishing the third in the previous edition.
According to Nigeria's Ministry of Health, about 55 million people in the country contract malaria annually. Out of those, 90,000 die. Health experts are now urging the government to scale up efforts to address the issue.
Former Nigeria national team goalkeeper Peter “Apo” Fregene has sadly passed away after a prolonged battle with health issues.
He was 77 years old.
Fregene, a 1968 Olympian, died peacefully in the presence of his wife, Tina, and two children.
Segun Odegbami, a renowned sports journalist and former Nigerian international, confirmed the development.
Odegbami, a former national team captain, expressed gratitude to the numerous individuals who supported Fregene’s treatment until his eventual death.
“On behalf of all generations of Nigerian footballers, Olympians, sports persons, his family, friends, fans and a few incredible Nigerians that quietly rallied round and, with their support, prayers and the will of the Creator of the Universe, kept him alive until this night, I say a big ‘thank you’,” Odegbami wrote on his Facebook Page.
Fregene’s health struggles had sparked widespread concern, prompting an outpouring of support from the sports community.
Frantic effort to save Fregene
PREMIUM TIMES reported how three generous Nigerians volunteered to support his treatment at Obule Medical Centre in Sapele, Delta State.
This was on the heels of Odegbami’s initial appeal for assistance, sharing a distressing photo highlighting Fregene’s dire situation.
He noted that repeated appeals to well-known philanthropists had yielded support in the past but expressed concern that these individuals may be exhausted from continually supporting Nigerian sports heroes in need.
The sports community’s response brought comfort to Fregene’s family, with Odegbami thanking Nigerians for their response to the “humble cry of their hero currently in distress.”
However, he also lamented the government’s neglect of sports, leaving veterans like Fregene vulnerable.
Odegbami posed a poignant question: “Why can’t we set up a simple welfare scheme for active and retired athletes to take care of our declining health in old age?”
This highlights the need for systemic support for Nigeria’s sports heroes.
As the football community mourns Fregene’s passing, his legacy as a dedicated athlete and Nigerian icon will be remembered.
Mr Odegbami’s final words to Fregene reads:
“Good night ‘Apo’.
“Rest, my friend, rest in peace, finally!”
By Tunde Eludini, Premium Times
Nigerian tech firm Data-Lead Africa is teaching coding and bridging the skill and employment gap for people living with disabilities. Aside from equipping participants with tech skills like coding, the company is also fostering an atmosphere of inclusivity and diversity. Students see the program as a stepping stone to a brighter future by getting better jobs.
Related story: Deaf students in Nigeria boost their coding skills – and their self-esteem
The Central Bank of Nigeria introduced the 0.005% cybercrime levy targeting banks and telecommunications companies. The government said money raised from the levy will help strengthen defenses against digital threats. In 2023, Nigerian banks lost more than 5.9 million U.S. dollars to cyber fraud.
Nigeria's state-owned oil company, NNPC Ltd, has increased petrol prices by over 15%, marking the second hike in less than a month and the exit from a costly subsidy programme that has strained its finances.
At NNPC fuel stations in Lagos the price of gasoline rose to 998 naira per litre ($0.6257) from 858 naira, while in Abuja the price increased to 1,030 naira per litre from 950 naira. Long queues formed as customers came to terms with higher prices.
NNPC, the country's sole importer of refined products, can now recover its costs in full, having bought gasoline from the Dangote Oil Refinery at 898 naira per litre.
This is the first time in three decades that Nigeria is selling gasoline at full market prices, relieving the treasury of the heavy cost of subsidies, projected to cost the government at least $3.7 billion this year.
President Bola Tinubu scrapped a costly but popular subsidy on petrol last year when he took office, to cut government expenditure. But he reintroduced subsidy partly after inflation skyrocketed, worsening a cost of living crisis and stoking tension among the population.
By September, NNPC said it faced severe financial strain, admitting it was unable to continue importing fuel after weeks of scarce supplies at its petrol stations.
The price increase has sparked criticism from labour unions to manufacturers, who warn that it will worsen the cost-of-living crisis.
Gasoline prices are a particularly sensitive issue in Nigeria, where millions of households and small businesses rely on generators powered by fuel due to the country’s creaking national electricity grid.
Last week, Nigeria began selling crude oil to the Dangote Refinery in naira, with the understanding that the refinery would fully meet the country’s fuel needs. This month, NNPC is supplying the refinery with 13 cargoes of crude oil.
Edwin Devakumar, head of the Dangote Refinery, said the facility now has the capacity to meet all of Nigeria's needs.
Industry insiders say that with gasoline now being sold at market rates, NNPC will no longer be the sole buyer of products from the Dangote Refinery.
"We have applied to buy directly from the Dangote Refinery, but this hasn’t been finalised yet. For now, we are still buying through NNPC," said Billy Gillis-Harry, head of a local fuel traders association.
By Isaac Anyaogu, Reuters
More than 60 million U.S. dollars in loans and grants were allocated to boost the National Youth Skills Programme. The actual roll-out of the programme has not been announced but the government hopes the programme will increase youth led-enterprises by at least 50 percent within 5 years.
The Red line is the second Chinese-built metro rail in the city, connecting the communities of Agbado and Oyingbo. Officials hope the Chinese-built network can address the challenges of traffic congestion and commuting delays that have long plagued the nation.
Analysts say the oil-for-naira program seeks to change the problems facing Nigeria’s petroleum industry by facilitating domestic oil transactions in naira. The move could inject liquidity into the naira, reduce dependency on foreign exchange, and stimulate investment in the oil sector.
Fashola Oba and his wife, Shiba, launched the Local Eats App to help small local restaurants up scale their operations using technology. The app allows people to order traditional Nigerian meals from local restaurants. The app has helped keep the popular joints in competition with modern restaurants.
Related story: Chowdeck is hungry for Nigeria’s food delivery market. One day, it wants to be a ‘super-app for Africa’
Dangote stated this in Lagos Tuesday in a speech delivered on his behalf by the company’s Group Executive Director, Mr. Mansur Ahmed, at the inaugural edition of the Crude Oil Refiners Association (CORAN) Summit, with the theme: ‘Making Nigeria A Net Exporter of Petroleum Products.’
The $20 billion Dangote refinery sited at the Lekki Free Trade Zone, Lagos is reputed to be the seventh largest refinery in the world, as well as the world’s largest single train refinery.
The refinery, envisioned to transform Nigeria from a petroleum products import-dependent country to a net exporter of refined products, has since January 2024 been producing white products including diesel, aviation fuel, Naphtha and recently, Premium Motor Spirit (PMS) popularly known as petrol in Nigeria.
But addressing industry stakeholders at the CORAN Summit, Dangote restated that the refinery produces sufficient diesel and jet fuel to meet Nigeria’s demand.
He said the company recently started the production of petrol, adding that the refinery will soon ramp up its production to meet Nigeria’s demand.
He maintained that the refinery’s products are being exported to diverse markets including Europe, Brazil, the United Kingdom, United States, Singapore and South Korea among others.
He said to achieve the vision of the conveners of the summit, which is to make Nigeria a net petroleum products exporter and an energy sufficient country, the country will need to build up to 1.5 million bpd refining capacity, with support from the government and collaboration by industry stakeholders.
Dangote said: “To grab this opportunity, we will need to build 1.5m barrels per day of refining capacity. This will not be an easy feat and strong government support will be required to achieve this.
“We built the Dangote Refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub, investors need to be incentivized.”
To ensure sufficient feedstock availability for local refineries, he said Nigeria will need to stop mortgaging its crude oil.
According to him, “It is unfortunate that while countries like Norway are putting oil proceeds into a future fund, in Africa we are spending oil proceeds from the future. We will also need to prioritise the implementation of the domestic crude supply obligations.
“We will need to expand our crude oil production capacity to support demand from new refining capacity.”
The government of President Bola Tinubu is taking active steps to achieve this through fast-tracking IOC divestments and other initiatives.
Dangote expressed optimism that Nigeria and Africa can become completely self-sufficient and can keep all the value on their shores.
Having achieved self-sufficiency in cement, he said the country can certainly replicate that in petroleum products.
To realize the vision of improving Nigeria’s refining capacity and increase values from the nation’s oil resources, Dangote called for full implementation of the Domestic Crude Supply Obligation (DCSO) as enshrined in the Petroleum Industry Act (PIA) 2021.
“We will also need to prioritize implementation of the Domestic Crude Supply Obligation rightly. We will need to expand crude production capacity to support demand from the new refining capacity.
“The government of President Bola Ahmed Tinubu is taking steps to achieve this through fast-tacking the IOC divestment and other initiatives,” he added
Dangote warmed that global developments in the petroleum sector particularly in Europe will disrupt historical trade flows for refined petroleum products in Africa.
However, he said Nigeria is uniquely positioned to take advantage of this opportunity and be a formidable player in the global oil industry.
He added: “As a vibrant exporter of refined products, Nigeria will witness an improvement in its balance of trade and generate the much needed foreign currency. Nigeria’s potential as a refining hub is clearly not in doubt, let’s work together to make it happen.”
By Peter Uzoho, This Day
People in Yauri, in Kebbi state, have been terrified of the hippo after she killed a fisherman who worked for the local traditional leader.
It prompted the Kebbi state government to order that the animal be killed for the safety of the community living along the River Niger.
Nigeria’s hippo population has declined rapidly over the last few decades - estimates suggest there are now around 100 animals, which mainly live in conservation areas.
The hippo in Yauri was tracked down by young men, who used locally made spears known as a “zagos” to kill it.
Its carcass has since been ferried in a canoe to the palace of one of the Emir of Yauri's high-ranking administrators, where it has been butchered and its meat given to those in local community.
“We are a town of fishermen and farmers and this hippo has made many to stop going out due to fear of an attack,” resident Sani Yauri told the BBC.
“Apart from killing a member of the emir’s staff, it also seriously injured another person - not also forgetting the damage it regularly does to our farmlands.”
There are many paddy fields along the banks of the river near the town, where the hippo had sometimes been spotted.
“We are happy it has been killed and people came out in jubilation - and also got their share of the meat,” Mr Yauri said.
Another resident, Isa Jamilu, said he was relieved that could now go to his farm, which he had abandoned weeks ago.
Photos of the dead animal have been widely shared on social media - with mixed reactions: some hailed members of the local community for standing up for themselves while others expressed concern about the welfare of the animal.
The common hippopotamus is on the red list of threatened species put together by the International Union for Conservation of Nature (IUCN).
“This is an endangered species and I was sad when I saw the video clip of people celebrating after it was killed,” Isyaku Abdullahi, animal rights activist and founder of Nigeria's African Voice for Animals Initiative, told the BBC.
“What the people of Yauri ought to have done was to report to relevant authorities who would capture and relocate it.”
He said communities living in rural areas, especially places like Kebbi state where there are several rivers and lakes, needed to be made aware of other options when dealing with the dangerous mammals.
Kebbi is renowned for hosting the annual Argungu Fishing Festival, which is on the United Nations' cultural heritage list.
Hippos are the third-largest land mammal and their teeth can reach up to 50.8cm (20in) in length. Despite their size, they can also reach speeds of up to 20mph (32km/h).
While the animals are herbivores, they can become highly aggressive when they feel threatened or their habitats are disturbed - and kill around 500 people every year in Africa.
By Mansur Abubakar, BBC
Nigeria must enhance its crude oil production capacity and effectively manage its crude supply to ensure adequate feedstock for domestic refineries in order to transit from a net importer to a net exporter of petroleum products, Chairman of the Dangote Refinery and Petrochemical Company Limited, Aliko Dangote, has said.
Dangote made this assertion during his keynote address at a summit held in Lagos by the Crude Oil Refinery Owners Association of Nigeria, CORAN.
The event attracted top government officials and key stakeholders from the midstream and downstream sectors.
Addressing Nigeria’s potential as a refining hub, Dangote expressed concern that, despite producing over 3.4 million barrels of crude oil per day, Africa imports around 3 million barrels of petroleum products daily.
He noted that these imports, primarily from Europe, Russia, and other regions, were estimated to cost approximately $17 billion in 2023.
He said Nigeria could capitalise on this situation to become a net exporter of refined petroleum products, as the markets would be more competitively served by the country.
“Both the crude oil and the petroleum products will travel shorter distances. The logistics costs of floating storage will be eliminated, and countries can purchase their petroleum product requirements just in time.
”Nigeria and Africa can become completely self-sufficient, and we can keep all the value on our shores. We have done it in cement, and we can certainly do it for petroleum products.
“It is worth noting that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s demand. We recently started the production of PMS and will soon ramp up to meet Nigeria’s needs.
”Our refined products have been exported to diverse markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea,” he added.
Represented by Engr. Mansur Ahmed, Group Executive Director of Dangote Industries Ltd, Dangote emphasised that Nigeria must develop a refining capacity of 1.5 million barrels per day and prioritise domestic crude supply obligations to seize this opportunity.
Acknowledging present and future challenges, he urged the government to incentivise investors, contrasting this with the Dangote Oil Refinery, which was built without any government incentives.
He said: “It is unfortunate that while countries like Norway are putting oil proceeds into a future fund, in Africa, we are spending oil proceeds from the future. We will also need to prioritise the implementation of domestic crude supply obligations.
”We will need to expand our crude oil production capacity to support demand from new refining capacity. The government of President Bola Ahmed Tinubu is taking active steps to achieve this through fast-tracking IOC divestments and other initiatives.”
Emphasising that global developments in the petroleum sector, particularly in Europe, would disrupt historical trade flows for refined petroleum products in Africa, Dangote stated that Nigeria was uniquely positioned to capitalise on this opportunity to become a significant player in the global oil industry.
While calling for consultation, collaboration, and cooperation among stakeholders, he said: “As a vibrant exporter of refined products, Nigeria will witness an improvement in its balance of trade and generate much-needed foreign currency. Nigeria’s potential as a refining hub is not in doubt; let us work together to make it happen.”
The foremost industrialist noted that the summit’s theme, “Making Nigeria a Net Exporter of Petroleum Products,” would have seemed unrealistic a few years ago, adding that despite being Africa’s largest crude oil producer, Nigeria has historically relied on imports to meet its refined petroleum product needs.
However, he emphasised that the Dangote Petroleum Refinery and Petrochemicals was poised to transform Nigeria from a “net importer” to a “net exporter” of refined petroleum products, establishing the country as an emerging player in global downstream trade flows; with refined products already exported to various markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea.
Commending Dangote for this transformation, Chairman of IPPG/Waltersmith Refinery & Petrochemicals Co. Ltd, Abdulrazaq Isa, called on the government to support domestic refiners by ensuring the availability of crude, adhering to domestic crude supply obligations, and implementing effective pricing and monitoring measures to prevent smuggling.
Chairman of CORAN’s Board of Trustees and CEO of Integrated Oil & Gas, Captain Emmanuel Iheanacho, retd, said Dangote Oil Refinery had set a high standard by producing Euro-V products, thus protecting citizens from exposure to high-sulphur products.
He noted that transforming Nigeria into a net exporter will bring numerous benefits but reiterated the need for increased investment to boost crude production, lamenting that Nigeria loses approximately $83 billion annually by not meeting its OPEC quota.
While acknowledging that tank farms remain essential despite local refining, Iheanacho urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to consider cancelling import licences, as Nigeria can now meet its local demand.
Chairman of the Major Energies Marketers Association of Nigeria, MEMAN, Huub Stokman, said Nigeria was on the verge of becoming Africa’s refining powerhouse, which would significantly boost the economy.
The Chairman of CORAN, Momoh Oyarekhua, also expressed concern over challenges related to crude supply, stating that domestic refiners would work with regulators and stakeholders to address these issues.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lopkobiri, assured that the government would continue to refine frameworks to enhance crude production and support domestic refineries.
His counterpart from the Ministry of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, emphasised the Tinubu-led administration’s commitment to ensuring value addition for mineral resources before export.
By Udeme Akpan, Vanguard
Foreign capital inflow into Nigeria more than doubled to $6 billion in the first half of 2024 from last year as portfolio investors returned after the west African nation eased currency controls, official data showed on Tuesday.
The National Bureau of Statistics (NBS) said inflows rose to $5.98 billion between January and June this year, up from $2.16 billion during the same period in 2023.
The United Kingdom and Netherlands were the biggest sources of capital, with portfolio investors piling into the country's banking sector.
Nigeria's central bank has allowed the naira currency to freely trade in a bid to boost forex inflows as part of President Bola Tinubu's reforms, which also included slashing petrol and electricity subsidies.
The bank plans to automate foreign currency trades from December to enhance transparency and remove market distortions.
The central bank has hiked interest rates five times this year to head off inflation and attract portfolio investors hungry for yields.
However, the fares in Lagos, Ondo, and Taraba states were significantly higher than the national average during the same month.
Lagos led with N850 per journey, followed by Ondo at N725, and Taraba at N670, highlighting regional disparities in transportation costs.
These are according to the latest National Bureau of Statistics (NBS) Transport Fare Watch report for March 2024, as published on the website of the data agency.
