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Business News

Billions lost as Nigerian refineries remain inactive

Between April and November 2018, the Nigerian National Petroleum Corporation lost revenue totalling 228.1 billion due to inactive refineries.

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Nigerian National Petroleum Commission, Liquefied Petroleum Gas

Data from the Nigerian National Petroleum Commission, NNPC, suggest that Nigeria is losing billions of naira on a monthly basis, due to the inability of the country’s refineries to function optimally.

According to the NNPC, its revenue had decreased from N520.4 billion in April 2018 to N292.3 in November 2018, leading to the loss of N228.1 billion within the period under consideration.

The development, therefore, marked a reversal of growth pattern recorded earlier in 2018 when the NNPC’s revenue N323.19bn recorded in January to N520.4bn in April.

Dormant refineries

It’s safe to say that the NNPC figures are not surprising. Nigeria has about four refineries, none of which can be said to perform in full capacity.

For instance, the Kaduna Refinery and Petrochemical Company did not refine a drop of crude oil in early 2018 and indeed throughout much of 2018.

In the same vein, neither of the Warri Refining and Petrochemical Company and the Port Harcourt Refining Company were stable in their production capacities during the period.

Declining NNPC revenue is bad for Nigeria’s economy

The decline in NNPC’s revenue, as occasioned by the poor performance of Nigeria’s refineries, is a bad development for Nigeria. This is because the Nigerian economy is mainly funded with funds disbursed by the NNPC.

Another negative implication of the inability of local refineries to perform is that the country will continually depend on the importation of petroleum products to meet demand. This is a disgraceful thing for Nigeria, which produces a considerable volume of the global crude output.

More so, the importation of refined petroleum products is a costly alternative, seeing as the Government has been projected N39.9 billion monthly in fuel subsidy fees, according to an earlier analysis by Nairametrics.

There is hope, however, that someday soon Nigeria’s fuel importation crisis will come to an end. This is because Africa’s richest man, Aliko Dangote, is putting finishing touches to what will arguably become one of the biggest refineries in Africa and the world.

1 Comment

1 Comment

  1. chibuike dunstan

    April 18, 2019 at 10:39 am

    just sell all those leaking pocket projects we call refineries… when they are sold to may be four different serious companies, it becomes different companies and all the monies looted in pretense of maintaining them will be be by nugeria government to solve other problems of nigerians

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Tech News

Netflix competes with TikTok, launches rival product

Netflix has launched a new feature that will allow users to watch, react,r share short clips and more.

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Netflix users increase by 16 million in Q1 2020

Netflix, the world’s leading video streaming platform has launched a new feature called “Fast Laughs” that will allow users to watch, react or share short clips as well as add the show or movie to a Netflix watchlist or you can simply tap the “Play” button to start watching the show immediately.

Similar to Tiktok or Instagram’s Reel, Fast Laughs features full-screen videos that you can swipe through vertically, and places the engagement buttons on the right side of the screen. These buttons let you react to the clip with a “LOL” (crying/laughing) emoji or share it via iMessage or other social media apps, like WhatsApp, Instagram, Snapchat, or Twitter. The only difference is that there is no comment button yet.

Users can access the feed through the bottom navigation menu by clicking on the Fast Laughs tab. The clips will start playing automatically when one ends another begins.

The feature will include a full-screen feed of funny clips from Netflix’s big comedy catalog including films like “Murder Mystery”, series like “Big Mouth’’, sitcoms like the ‘Crew’’ and stand-up from comedians like Kevin Hart and Ali Wong.

Fast laugh is currently available for iPhone users in select countries, and Netflix will be testing on Android soon.

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Business News

Apapa gridlock: Sanwo-Olu explains how his administration solved the problem

The Governor said the electronic Call-Up was designed to permanently address the movement of trailers in and out of the ports.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Governor, Babajide Sanwo-Olu, has explained how his administration in partnership with the Nigerian Ports Authority (NPA) and other stakeholders in the maritime sector was able to get the heavy articulated vehicles off the road around the Apapa axis and improve traffic along that corridor.

This is as the governor has warned that the state government would resist any attempt by individuals and maritime operators that may want to reverse the progress being recorded along the Apapa corridor.

This disclosure was made by Sanwo-Olu on Wednesday while speaking at the formal hand over of newly improved 3 traffic-prone junctions along the Lekk-Epe expressway.

The Governor said the electronic Call-Up System launched, last Saturday, in the Apapa seaports was designed to permanently address the movement of trailers in and out of the ports, and bring about traffic improvement along the corridor.

What Governor Babajide Sanwo-Olu is saying

While sharing the details, the Governor described the progress recorded in Apapa as a hard-won, disclosing that it took the State Government over a year to bring together all stakeholders on the discussion table to agree on a far-reaching approach to permanently address the problem.

Sanwo-Olu said, “What we are seeing is the beginning of the lasting solution we have brought to Apapa. Our appeal is that we are not out of the problem completely yet. Our citizens can now see that a journey that took them three hours can, indeed, take between 15 and 20 minutes to commute. Everyone can now see that when we work together, indeed we can solve our problems internally.

“We have taken some troublesome people that are benefiting from the gridlock out of the way. Whatever they were earning illegally has been taken away from them. We know they will want to make an attempt to fight back. We will not stop at anything to ensure that anybody that tries to retract the progress or wants to take us back to gridlock in Apapa will be fought against. We will bring out their names and shame them.

The Governor vowed that any corporate organisation, security operative, NPA or State Government official who attempts to circumvent the newly instituted traffic procedures around the Apapa seaports would be named and shamed publicly.

The Governor said the State was serious about bringing a lasting solution to the Apapa congestion, stressing that the Government could no longer condone the careless attitude of truckers clogging the highways with heavy-duty vehicles.

He said part of the State’s efforts was to approach the Federal Government for the unbundling of the inefficient Presidential Taskforce on Apapa gridlock and took over the traffic management in the area.

Sanwo-Olu added that State Government also met with stakeholders, including the Federal Ministry of Transportation, Maritime operators and seaports unions.

He said: “I commend NPA’s Managing Director and management for working with us on this agenda. My appeal is to other stakeholders in the maritime sector who have not signed up on the electronic Call-Up System we have embarked on. I call the big logistics companies, including Sifax, Dangote, Flour Mills, Tunde Folawiyo and others, to come and collaborate with us on this progress.

“Let us have a system that our citizens will be proud of. We will stop at nothing to sustain the progress achieved. Our team will be working round the clock to keep the system working. This is one of our modest efforts to deliver what we promised in solving traffic and transportation challenges. We will not relent in doing anything required to ensure traffic improvement in Apapa.”

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What you should know

  • Following the withdrawal of the Presidential Task Force on port congestion, the Lagos State Governor, Babajide Sanwo-Olu, set up a Special Traffic Management Team to resolve the traffic gridlock in and around the Apapa corridor.
  • The Electronic Truck call-up system, Eto, which was designed and launched by NPA for the management of truck movement and access to and from the Lagos ports and to end the gridlock in and around the ports, formally took off last weekend.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.

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