Same pple dat could not accept N700 to d $ black market rate under Buhari are now calling N1200 to $ official rate less rot. Nija elite and media we hail thee.
Is there or are there something hidden about Dangote's deal with previous government and his company on this refinery investment, that is preventing this new administration of PBAT, hesistate in dealing with him? With the pressure on ordinary Nigerians and the need for this energy commodity, it makes zero sense to have crude in our soil and still not be able to supply the local refinery to provide fuel & other energy sources?Something is smelling here....This refinery had been coimmission since May 2023 for crying out loud!
Nigeria has committed its crude ie current and future to foreign buyers through forward contracts during desperate times but it will make economic sense to accommodate Dangote refineries
Nigeria must export only refined oil. The days of exporting raw material from Africa are over. Exporting raw materials and importing finished products which used African raw materials, including the toxic second hand clothes is a perpetuation of Neo-Colonialism and Mental Slavery.
We need free and competitive market for the emerging refinery economy. Let us be wary of any attempt to monopolize this market. Emphasis should also be on other upcoming refinery. If we refine and our citizens cant buy at an affordable price, what is the funfare all about
Beautiful analysis by the gentleman. That's why we need private citizens running the economy, instead of government entities like NNPC. Private sector Nigerians can double the output and productivity of our major industries, without a doubt. Let's let our educated sons and daughters lead us out of this darkness, please. Keep up the good work ☺️, everyone! ✌️ Peace ✌️!
Very typical of disfunctional Nigeria. Dangote's refinery was supposed to solve Nigeria's refined products difficulties. Now it cannot itself find enough crude to process; but Aliko Dangote is a problem solver. He will contract for guaranteed foreign crude supply if he is forced to do so.
I have said it before Nnpc work in Nigeria na middle man they haven't cared for their own refineries to work na dangote them go reason they enjoy that forex import export control and manipulation
The NNPCL have been refurbishing its refineries for about three years now. Port- Harcourt will open in December this year, Warri in March and Kaduna in December next year.
If price of fuel won't fall if locally refined then why the stress? Who said Dangote must buy crude in dollars? For God's sake crude oil is extracted from Nigerian territory and if the government is to sell it to a Nigerian refinery inside Nigeria then why in dollars? There's something about this dollar that the government isn't telling us I think 😢 I used to think dollars is for foreign exchange but there's nothing foreign between the crude oil, the government, and the Dangote group is there? Or is he(Dangote) going to import the crude to Nigeria from Nigeria while in Nigeria? Please I someone to give me answers 😢😢😢
Hello Mr Rewane, there are myriad of other reasons why a private organization may shift the commencement of this kind of project. Any organization can be playing with the market not even when there is no competition at the moment. Nigerians have been told three different commencement for refining the crude by Dangote Refinery. Can he just start then tell us rather than tell us then shift it.
If the stock market capitalization gets to the national GDP of 400 billionl, how does that improve the life of the common man in Nigeria? thats the bigger question
Why was this supply not sorted since. All this while so much Hohar on the commissioning of this project but nothing solid on such a fundamental aspect of its operation?
Fuel prices are contigent on the price of world market. Price is rather dependent on global supply and demand not local supply and demand. Dangota will sell at global prices (it is export free zone). The price differential will be the landing cost and cost ex the refinery, which which will be about 10 cents per barrel. Cost of fined petroleum from Mexico is a few cents from those refined in the US: the margin is low so does not affect prices that much.
In a true capitalist system, there should be many private functional refineries and by the law of supply and demand, and equilibrium price is determined. One company alone could restrict supply thereby inducing high price. That person on the right is hardly an economist but knowing that Nigeria is a place in which anybody can pose as being an expert could be glanced from how the whole atmosphere of ingrained Nigerian corruption has swallowed the nation.
The price of fuel is not going to go down unless the price of fuel goes down on the world market. Dangote has to pay back all of those loans in USD and will have to export refine crude to do so.
Can't you see Mr Rewane was very reluctant to give a direct answer to a direct question on whether there is hope of decreasing fuel prices? I am not convinced at all.
The corrupt GMs will not allow it to work by sabotaging its operations just to rip government for repairs. The remove parts, shut dow operations almost every quarterly, put back the same part they removed but In records they write a new part is replaced. This is has been the tradition in govt Nnpc. Unless it is sold to private companies to manage.
I don't think DANGOTE can reduce the price of Petro and all his petroleum products, Even when BUA want to reduce the price of CEMENT, WHAT IS THE REACTION OF DANGOTE INDUSTRIES, LET US WAIT AND SEE WHAT IS GOING TO HAPPEN
Oga u dey mind these swindlers. 1 min they're promoting dangote as the bus stop of the countries energy mess. The next min they're reminding you not to expect a miracle from dangote bc he is a private enterprise competing on an international scale. Can FG just create a free fair enabling environment that will spur competition in the market? All these talk about giving x y z concessions or preferential treatments will not be beneficial to the citizens abi consumers. The rich have stolen enough from the country. Isn't it time the country just allowed competition in various sectors?
Problems we have with Nigerian economist, lets your analysis translate to what ordinary Nigerian can feel ,touch , and reflect in their daily life. Sir, simple English once crude oil been process in Nigeria cost of petrol suppose to authomatically come down. I dont understand all your grammer.
Your explanation does not make sense. Will output from the Dangote refinary lead to reduction in price of fuel? You went on an opaque explanation of nothing!
