Business
WAES To Fast-Track West Africa Integration, Says Nigeria
Mr Tuggar said this on Tuesday during a media parley with journalists in Abuja while reaffirming Nigeria’s readiness to host the event scheduled for June 20-21.
Foreign affairs minister Yusuf Tuggar says the maiden West African Economic Summit is not just about policy but a practical solution to fast-track economic integration in the region.
Mr Tuggar said this on Tuesday during a media parley with journalists in Abuja while reaffirming Nigeria’s readiness to host the event scheduled for June 20-21.
According to him, the summit is an initiative of President Bola Tinubu aimed at advancing trade relations and promoting a market economy among small and medium-sized enterprises in the sub-region.
”It is with a deep sense of honour and responsibility that I announce Nigeria’s readiness to host the WAES 2025 under the chairmanship of President Tinubu.
”This important economic gathering is aimed at unlocking opportunities that abound in the region and to serve as a strategic platform for shaping the economic future of our region.
“WAES will convene heads of states, ministers, private sector leaders, development partners, as well as youth innovators from across West Africa and beyond,” stated Mr Tuggar.
The minister stated the summit would enhance the economic integration of West African countries through partnerships in the economic sector,, among other objectives.
He added that the summit would also foster cross-border trade relations in line with the Economic Community of West African States vision.
On sustaining the WAES initiative, Mr Tuggar noted that the success of the summit would drive future events, explaining that the whole idea was to partner the private sector in promoting regional integration.
He revealed the Nigerian government’s partnership with the United Nations Development Programme to extend WAES ownership to the entire sub-region.
”Recently, we launched a partnership with the UNDP. The whole idea is to create a template that is not going to be owned by Nigeria alone but by the entire region and all the countries that choose to adopt it and utilise it.
”The template will also strengthen the institutions, tackle the perennial challenges that are caused by misinformation/disinformation, and engage the civil society so that there is more understanding between government and the people. It will further strengthen the social contract,” Mr Tuggar explained.
Gazettengr.com
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
Barely 24 hours after announcing a reduction in the price of premium motor spirit (PMS), commonly known as petrol, Dangote Refinery has adjusted its ex-depot price upward, joining several other fuel depot operators in responding to renewed volatility in the global oil market.
The latest development comes after the refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre.
However, fresh market data now indicates a reversal of that trend as rising crude oil prices continue to influence domestic fuel pricing.
Industry observers attribute the latest increase to growing uncertainty in the international energy market, particularly concerns surrounding the Strait of Hormuz, a critical shipping route for global oil supplies.
Data from PetroleumPriceNG shows that Dangote Refinery increased its petrol price by 0.46 per cent to N1,256 per litre, up from N1,250 per litre announced earlier.
The refinery’s adjustment was mirrored by several major depot operators across the country. According to the data, AIPEC raised its petrol price to N1,252 per litre, while Ardova also fixed its rate at N1,252 per litre. Bulk Strategic and Liquid Bulk both increased their prices to N1,285 per litre.
The coordinated adjustments reflect growing concerns among marketers and depot operators over the rising cost of crude oil and the need to manage pricing risks.
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