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Deregulation: Petrol price remains N162 for now – FG

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Petrol
Petrol
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The Federal Government says the pump price of petrol will remain at N162 for now, until it agrees with the Organised Labour for full deregulation of the downstream petroleum sector.

Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this in a chat with reporters in Abuja.

According to him, there is a consensus that the Federal Government should deregulate the sector.

He informed President Muhammadu Buhari will speak on the Petroleum Industry Bill (PIB) on Wednesday.

According to him, it is now constitutional for Nigeria to deregulate the oil and gas sector.

Sylva, who was asked to state the deregulation date, refused to reveal the time.

He noted: “I cannot give you a timeline now. But it is not going to be too far from now because we have done quite a lot of extensive work.”

The Minister said as soon as the government and the Organised Labour agree on the process of putting infrastructure in place, Nigeria will deregulate.

He submitted: “So we will keep it here at N162 within that band now for the time being but we are also in the time at the moment trying to work out to allow the deregulation to come to fruition.”

He revealed that the oil industry has cut costs by 5 per cent.

His words: “We have agreed between labour and us that we need to put a framework in place for the implementation of deregulation.

“More or less there is a consensus across the table now that deregulation is desirable. But how do we achieve it? That is the question now.

“But labour and us have agreed on the process of putting the Infrastructure and the process in place.

“And once we are able to agree on that process with labour, then we are ready to deregulate.

“So we will keep it here at N162 within that band now for the time being but we are also in the time at the moment trying to work out to allow the deregulation to come to fruition.

“Because right now we don’t even have a choice any more. It is a matter of law. But we have to ensure that this happens. We have to ensure that the ordinary Nigeria is well catered for before that law is actually operated.”

The Vice President, Yemi Osinbajo, according to him, is actually leading in that process.

He said a lot of jobs have been done on the deregulation process

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Business & Economy

Mangal Cement Reiterates Commitment to Consistence Quality, Tightens Relationship with Stakeholders

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The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa Monday, July 14th, 2025 addresses Annual Stakeholders Forum, Abuja
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By AbdulRahman Obaje

Mangal Cement has reiterate its commitment to consistence quality while reinforcing its relationship with it stakeholders.

The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa made this known Monday, July 14th, 2025 during this year Annual Stakeholders Forum, Abuja.

Omowunmi said, “We are here today basically because of this title: ‘building stronger partnership, quality trading solution and value for money’. We are here; number one, to tighten the collaboration that we’ve been having with our stakeholders. We know that we’ve been having relationship with you by virtue of the fact that you are partner to our business, you are using our brand; that automatically has clarify the fact that we are in partnership”

”We don’t just want it to be like that, we want it to be tighter, so we want to strengthen that collaboration, we want it to be tighter. That is why we are here and that is why we have invited you to be part of this event.”

“And secondly. We are also here to reaffirm the consistency in quality and innovation. We want to assure you that our quality remain the way it has ever been since inception; since we started production. My colleague said this is first of its kind; I mean the stakeholder forum we are having. But obviously this is first of its kind in Abuja environment. And I want to also appreciate us for being part of this very first one.”, she continued.

Participants also expressed satisfaction with Mangal product. Obastar Block Industry Said the cement is very good. He said, “People should join in using it, we have been using it. The cement is good. We have been using other cements but since we have tried Mangal cement, we have not been disappointed.”

“The only place they need improvement is setting, outside that, the cement is very good.” he concluded.

Olayinka AbdulWahid, IBZA Blocks said, “Mangal cement is very good in terms of quality and durability.

The blocks that we produced with Mangal cement, the customer actually vouch for. I have some few friends that whenever they want to cast, they always request that make Mangal cement available.

So, in terms of quality, it is a very good quality/ the only challenge we have is the availability and most of the time the delivery is very very poor in which sometimes, some of us we are unable to wait. we have to look for alternative product.

But with this seminar we attend today, if we can have access to more of the vendor or more of the distributor, we can have alternative demand.

So, that is the only challenge, the availability.”

However, Omowunmi further revealed that Mangal Industries is not slowing down on innovation and quality assurance, asserting that this is the reason for the forum, so as “to reaffirm our commitment to quality and innovation as an organisation.”, she continued.

The forum saw notable personalities such as Engr. Yusuf Ibrahim, Industrial Training Fund, Silifa Shagaya, SON and others in attendance

High point of the event was the distribution of wheelbarrows and protective gears to all the participants of the stakeholder forum.

 

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

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CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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 CBN Retains Nigeria’s Interest At 27.50%

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Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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