Petroleum marketers under the auspices of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned Nigerians against the habit of panic buying and stocking Premium Motor Spirit, popularly known as petrol anytime they suspect and imminent price increment.
The National Public Relations Officer of the association Alhaji Suleiman Yakubu gave the advice in an interview with the News Agency of Nigeria (NAN) monitored by our correspondent in Abuja on Sunday.
Yakubu was responding to questions with regards to the long fuel queues witnessed at some filling stations in Abuja and other parts of the country.
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The member representing Darazo/Ganjuwa federal constituency of Bauchi State, Mansur Manu Soro, on friday stated that the refinery being built by the Dangote Group and as well as the $1.2 billion planned turnaround maintenance of existing ones will put the Nigerian economy back on its feet.
The rep member made this disclosure yesterday after his tour of the Dangote Refinery and other government-owned refineries in laogos, Port Harcourt, Warri, and Kaduna respectively.
According to him, oil refineries in the country requires a total overhaul to return to full production capacities and generate revenues for the government.
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The deputy Regional Economic Counsellor, for the West African region, French Embassy, William Levasseur, has expressed optimism and positivity that with the price of oil rising globally, Nigeria will recover economically, creating opportunities for starters as well as Small and Medium-scale Enterprises (SMEs).
Levasseur made this disclosure yesterday at a webinar organized by Franco-Nigeria Chamber of Commerce and Industry, in partnership with AELEX, on the theme ‘Finance Act 2020: Implications For Businesses’.
Speaking further, the french envoy stated that the Finance Act is critical, involving changes for several sectors and contributing to economic stability.
In a related …
Delta State government has announced that it has finally signed off the Asaba Airport facility to concessionaires after many months of discussions in a deal that will earn the state, at least, ₦100 million in concession fee yearly.
The strategic move to further develop the airport and make it run profitably (the first of such concession in the country), will also earn the state 2.5 percent yearly revenue earnings over the next 30 years that the concession agreement would run.
In a related development, the Osubi Airport in Warri, Delta State, is scheduled to reopen in the next two weeks …
Former Minister of Agriculture and President of the African Development Bank, Dr. Akinwumi Adesina has said that Nigeria’s restructuring should be driven by economic and financial viability.
Speaking during a Commonwealth event in Akure, Akinwumi stated that economic and financial viability are necessary for the growth of any country.
He also urged the government to map out a better plan on ways to support states in financing infrastructures.
Akinwumi also stressed the need to diversify the source of financing for states across Nigeria.
He also noted that Nigerians in Diaspora remitted $24 …
The Lagos State Government led by Governor Babajide Sanwo-Olu and the leadership of the Nigerian Port Authority (NPA) have recorded major progress in an effort to proffer lasting solutions to the menace of trucks causing gridlocks in Apapa even as they have threatened to take full actions against any defaulter.
From next Saturday on, the movement of trucks in and out of the Lagos seaports will now be organized through a transparent electronic call-up system that will be based on a first-come-first-serve basis.
With the new system, no container-laden truck is expected to go on the Apapa corridor without clearance …
Crude oil price accounts for a large chunk of the final cost of petrol, and the deregulation of petrol price by the Federal Government last year means that the pump price of the product will reflect changes in the international oil market.
Going by the petrol pricing template of the Petroleum Products Pricing Regulatory Agency, the landing cost of petrol rose to ₦186.33 per litre on February 16, with the pump
Nigeria’s economy has slightly exited one of its worst recessions after spending three quarters in the negative zone according to official figures from the National Bureau of Statistics (NBS).
The Gross Domestic Product (GDP) grew by 0.11 percent (year-on-year) in real terms in the fourth quarter of 2020 (Q4 2020), representing the first positive quarterly growth in the last three quarters.
The performance appeared to have signaled an exit from the second recession.
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Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted …
The number of Nigerians who have continued to fall victims to online fraud locally known as ‘Yahoo Yahoo’ has continued to increase on a year-on-year basis according to a report
A report from the Nigeria Inter-Bank Settlement System Plc (NIBSS) entitled, ‘Fraud in the Nigerian Financial Services’, noted that while the channel distribution showed only a moderate shift of fraud attempt towards mobile and web channels from last year’s figures, analysing the number of fraud attempts showed a more alarming narrative.
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According to the NIBSS, this trend is expected …
Jeff Bezos who first became the richest man on the planet in 2017 has reclaimed his title of world’s richest person again, ending Elon Musk’s six-week reign atop the list.
This was made possible following Musk’s loss of about $4.5 billion Tuesday after Tesla’s (TSLA) shares fell 2.4 percent, which was enough to knock him to second place on the Bloomberg Billionaires Index ranking.
Bezos’ net worth also fell as the broader stock market lost a bit of ground but his loss wasn’t as extreme, only taking a hit of about $372 million. The index currently says Bezos is …
Uche Uwaleke who is an economic expert and capital market professor, attributed to the lingering effects of increases in Value Added Tax (VAT), the pump price of fuel and electricity tariffs as well as insecurity and transport bottlenecks. But in a statement, the National Bureau of Statistics (NBS) explained that the increase is 0.71 percent points higher than the rate recorded in December 2020 …
WTO new DG, Dr. Ngozi Okonjo-Iweala, who is also Nigeria’s former Finance Minister, says she was surprised when she noticed that the administration of Ex-President Donald Trump could stand in her way of leading the World Trade Organisation (WTO).
At a press briefing monitored by Africa Daily News, the new Director-General of WTO said she did not see it coming.
She said she felt she had a good understanding with the US government which interviewed her about the job twice and showed positive signs thereafter.
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‘I think I was quite surprised …
