Business & Economy
Deregulation: Petrol price remains N162 for now – FG
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
Business & Economy
Dangote Refinery Will Generate ‘Massive Job Opportunities’ – Aliko
The President of The Dangote Group, Aliko Dangote, on Monday, said his refinery will generate “massive” job opportunities for the teeming Nigerian youths.
He stated this in Lagos during the commissioning of the 650,000 bpd Dangote Petroleum Refinery and Petrochemicals by President Muhammadu Buhari.
The project is expected to churn out Premium Motor Spirit (PMS), diesel (AGO), aviation jet fuel and Dual-Purpose Kerosene (DPK), among other refined products.
“The refinery operation will generate massive job opportunities in their hundreds of thousands,” he said while highlighting the benefits of the refinery.
“The refinery will make available to our industries vital raw materials to a large range of manufacturers in the pharmaceuticals, food, beverages, construction and many other industries.”
The businessman also expressed thanks for the “massive” support for him and The Dangote Group towards the creation of the Dangote Petroleum Refinery and Petrochemicals plant.
He appreciated Buhari and Nigerians for the immeasurable support his company received from the inception of the project to its completion.
“What I want to share with Nigerians is actually to show my personal gratitude and that of The Dangote Group, for all the assistance that we got from the President, from the Federal Government of Nigeria, from even the President-elect, because he also set the pace by creating the Lekki Free Trade Zone as part of his dream.
“And also we want to thank most especially Governor Fashola, Governor Ambode and most especially Governor Sanwo-Olu; because they have given us all the assistance that we were looking for.
“We thank all Nigerians for giving us their support which is too numerous to mention,” the industrialist said.
Business & Economy
Dangote Refinery To Generate 12,000 Megawatts Of Electricity – CBN
The Central Bank of Nigeria (CBN) has said that the newly inaugurated Dangote Petroleum Refinery and Petrochemicals will help Nigeria generate more power for its electricity sector.
Speaking today at the inauguration in Lagos State, Governor of the apex bank, Mr Godwin Emefiele, said the Dangote Refinery is expected to generate 12,000 megawatts of electricity.
He further stated that over 135,000 permanent jobs will be available to Nigerians as operations get underway.
According to him, it is also expected that the refinery saves Nigeria between $25 and $30 billion in forex annually.
Like a venture that continues to give, the refinery Emefiele says will further give the economy an inflow of $10billion yearly.
In his opinion, the Dangote Refinery is an indication that Nigeria can produce whatever it Needs.
Business & Economy
SANWO-OLU PRAISES BUHARI, TINUBU, DANGOTE CONTRIBUTIONS TO NIGERIA’S FIRST PRIVATE REFINERY
•LASG has provided enabling environment for private sector growth, says Dangote
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Monday, said the stories of President Muhammadu Buhari; President-elect, Asiwaju Bola Tinubu and Chairman of Dangote Group, Alhaji Aliko Dangote are a testament that prosperity can be achieved when leaders have shared vision for the people they are leading.
Sanwo-Olu shared three different stories on how President Buhari, Asiwaju Tinubu and Dangote are connected to the newly commissioned first privately owned refinery in Nigeria, the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, said the three leaders have shown Nigerians that leadership is about consistency and commitment to Nigeria’s economic growth.
He said: “The vision of Aliko Dangote, President Muhammadu Buhari and incoming President Asiwaju Bola Ahmed Tinubu, is a story of possibility when men have a shared common vision, purpose and they have the possibility that things can happen, things can change and things can be prosperous for the people they are leading.
“These three men; Aliko Dangote, President Muhammadu Buhari, and President-elect Bola Ahmed Tinubu epitomise all the great qualities of great leadership. They have shown us that nothing can be something. They have shown us that leadership is about consistency. It is about showing that whatever it is that you believe in, give it all it takes and at the end of it you will see the results coming out.”
Governor Sanwo-Olu while commending Dangote, said the business mogul is a completely detribalised Nigerian who has impacted many lives positively.
He said: “To our son Alhaji Aliko Dangote, we are indeed truly proud that you have put Nigeria and indeed Africa on that world map in which you have done the very first. We are proud of your belief in your country and your belief in the youth that you are giving the opportunity to. We are proud of the fact that you are a Nigerian that is completely detribalised and you have imbibed it in many ways.
“It is about the opportunity this (refinery) has provided for all the youth and young people of our country. It is about the fact we can say to them the work these three men – Mr. President, Alhaji Dangote, and our incoming president have done and will continue to do.
“It is about our future. It is about providing an opportunity for the youth because over 150,000 direct and indirect jobs that will be created are for our youths; young leaders that are in their 20s and their 30s for them to believe that indeed Nigerian is a place for them. Nigeria considers them as an important and veritable tool in developing and ensuring the very best.
“I want to also thank our President-elect who propelled a vision of what we are enjoying today. As governor and as Lagosian, he was the main architect of the modern history of the trajectory of Lagos and we are hopeful and praying that when he comes in as president, all of those additional vision that he has will come to reality.”
Governor Sanwo-Olu, who was part of the birth of the Lekki free zone in 2006 during the tenure of Tinubu as Governor of Lagos State, praised the host communities for showing hospitality to investors in the area.
“I want to use this opportunity to thank our host community. This community has been the host to several firsts in our country and I want to thank all of them; from the traditional rulers to all of the indigenous citizens that have continued to reflect the true spirit of Lagos to be able to show hospitality and accommodation in everything that we are about,” he said.
Governor Sanwo-Olu also commended President Muhammadu Buhari’s eight years in office, saying the people of Lagos State are proud of what the President has done for Nigeria.
He said: “You (President) have spent 2,915 days out of 2,922 days that you have. Mr. President, you have spent 99.98 percent of your time. Mr President history will certainly judge you well. We in Lagos are happy. This is your third trip to the Lekki Free Zone in less than a year.
“We are proud of you. We are indeed excited that you have thrown everything you have into it and as you bow down, I might not have the opportunity of holding a microphone again, I want to say to you, that on behalf of Lagos State, we are truly proud of the things that you have done for us in this country.”
Speaking earlier, Dangote commended Lagos State Government under the leadership of Governor Sanwo-Olu for providing an enabling environment for private sector growth, particularly the Dangote Refinery.
He said: “Lagos State Government has been exceptionally remarkable in their efforts toward the completion of this project.
“The Lagos State Government under the leadership of Governor Babajide Sanwo-Olu has provided an enabling environment for private sector growth in the state and this project. It has allowed us to invest over $30 billion in different sectors of the industry.”
President Tinubu Suspends Emefiele As CBN Governor
Share President Bola Tinubu has suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) governor. “President Bola Ahmed Tinubu...
Fuel Subsidy: Nigeria No Longer Father Christmas To Neighbouring Countries – Tinubu
SharePresident Bola Tinubu has justified the removal of fuel subsidy, saying that the country cannot continue feeding smugglers and acting...
Celebrating Senator Michael Opeyemi Bamidele: A Pillar Of Progress In The 9th
Share By Victor Alade As the curtains draw close on the remarkable journey of the 9th Senate at the Nigeria...
10th Senate Presidency: Tinubu Insists On Akpabio-Barau Ticket
Share …..Yari, Abbo and Jimoh Ibrahim boycott meeting with The President ….. As Sex Toy Senator Elect Leads Yari’s Campaign...
10th Senate Presidency: Tinubu Appeals To APC Senators-elect To Abide By Party’s Zoning
Share Ahead of the inauguration of the 10th Senate next week, President Bola Tinubu has made a strong appeal to...