Business
Tinubu Honors Outgoing Afreximbank President With GCON
President Bola Tinubu on Friday conferred the national honour of Grand Commander of the Order of the Niger on Professor Benedict Oramah, the outgoing President and Chairman of the Board of Directors of the African Export-Import Bank, at the 32nd Annual Afreximbank Meetings in Abuja.
“I have the honour and privilege to recognise you, the outstanding contribution of Professor Benedict Oramah, by conferring you with one of Nigeria’s highest honours, the Grand Commander of the Order of the Niger,” Tinubu said.
In a heartfelt speech, Tinubu praised Oramah’s transformative leadership, describing him as a pivotal figure in shaping Africa’s financial and trade landscape.
“Africa must remember those who chose to shape its destiny,” Tinubu remarked, adding that Oramah’s contributions to the continent’s financial resilience and support for the African Continental Free Trade Area were monumental.
Tinubu noted that under Oramah’s leadership, Afreximbank’s assets grew significantly, from $5bn to over $37bn, and that the bank mobilised more than $150bn for trade and development in Africa over the last decade.
“Nigeria has proudly benefited from over $52bn in support directed to energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industry,” Tinubu added.
He further described flagship projects like the Dangote Refinery, the African Medical Centre of Excellence, and the African Quality Assurance Centre as symbols of the confidence in Nigeria’s future and Africa’s potential.
Tinubu also used the occasion to emphasise the importance of financial integration, reaffirming Nigeria’s formal approval of the Pan-African Payment and Settlement System.
“I urge all African nations to embrace PAPSS because deeper financial integration strengthens our collective resilience,” he said.
As part of his administration’s broader economic reforms, the president highlighted the unification of the exchange rate system, the removal of fuel subsidies, and ongoing tax reforms.
He pointed out that Nigeria recorded a 3 per cent GDP growth in 2024, with significant improvements in oil production, inflation control, and a reduction in debt servicing from 96 per cent to below 65 per cent of government revenue.
The president also outlined plans for Nigeria’s energy future, announcing the launch of the Africa Energy Bank in Abuja with an initial capital of $5bn.
“This is a significant step towards financing Africa’s energy transition,” he stated, emphasising the role of gas, renewable energy, and clean technologies in the region’s future.
He further revealed that Nigeria’s fertiliser sector is set to scale up to 7.5 million tonnes annually, with a goal of becoming Africa’s fertiliser hub. These efforts, he noted, would ensure food security and drive industrialisation across the continent.
Tinubu called for stronger partnerships with Afreximbank and other financial institutions to promote intra-African trade and entrepreneurship.
“A united and purposeful Africa can define its destiny,” he declared, urging African nations to stand together in the face of rising global protectionism.
Punchng.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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