Business News
Dangote Refinery to export products to Europe, South America, others
Dangote Refinery to export products to Europe, South America, others
As Dangote Refinery nears completion, the Dangote Group, through its Executive Director, Strategy, Capital Projects and Portfolio Development, Devakumar Edwin, has disclosed its desire to export petroleum products to Europe, South America, West Africa and Central Africa.
The Details: This desire was disclosed during a tour of the Lekki based refinery led by the Minister of State for Petroleum Resources, Chief Timipre Sylva.
[READ MORE: Dangote refinery rules out 2020, as refinery gets new date]
Relating to the group’s desire to be the most sought-after petroleum exporter, Devakumar Edwin noted that petroleum products from the refinery were being designed with the aim of global consumption.
“It is one of our targets to take diesel to Europe. Our equipment is already being designed to do this. We can take surplus petrol to South America, apart from West African countries and Central African countries. That is why decided to go for Euro V.
“The refinery can handle all the Nigerian crude grades and all the African crude grades, as well as some of the Middle East grades and the US light oil.”
Edwin also added that the refinery is so unique that it could match 100% of the Nigerian requirements and still have reserve for export.
An impressed Sylva promised his support for the project as he promised the group that the Federal Government would ensure the refinery is fully developed.
“In terms of support, it will be in the areas of feedstock and off-take. Government will guarantee some of these things. But all these will come out of discussions with the President of Dangote Group. Once they put their needs on the table, we will look at them and see how to narrow the gap,” the minister said.
Reacting to the development, business magnate and President of Dangote Group, Aliko Dangote expressed his patriotism for Nigeria as the motive for the group’s decision.
“We believe in Nigeria, and if we don’t do it by ourselves, nobody will come down here and do it for us. Nigeria is actually supposed to feed the entire West and Central Africa and that is what we are trying to do. That is why went for this massive capacity,” he added.
[READ ALSO: Dangote discloses fuel delivery channels, refinery to explore European and American markets]
What you should know: In a recent Nairametrics report, the business magnate shed more light on the motive behind his investment in petrochemicals, refinery and gas. He highlighted the desire to bring innovation and efficiency to Nigeria’s oil and gas sector as the reason for embarking upon the refinery project, seeking a boost to Nigeria’s fortunes.
Economy & Politics
Updated: President Buhari appoints new Service Chiefs
President Buhari has appointed new Service Chiefs to replace the former with immediate effect.
President Muhammadu Buhari has appointed new Military Service Chiefs, and congratulated the outgoing Service Chiefs for efforts of “enduring peace to the country.”
The appointments was disclosed by Presidential media aide, Femi Adesina in a social media post on Tuesday.
Adesina said: “PMB appoints new Service Chiefs. Maj Gen LEO Irabor, CDS, Maj Gen I Attahiru, Army, Rear Adm AZ Gambo, Navy, AVM IO Amao, Air Force. He congratulates outgoing Service Chiefs on efforts to bring enduring peace to the country.”
President Buhari had come under heavy criticism in the last couple of years over his failure to sack the Service Chiefs for failing to tackle insecurity in the country.
“I have accepted the immediate resignation of the Service Chiefs, and their retirement from service. I thank them all for their overwhelming achievements in our efforts at bringing enduring peace to Nigeria, and wish them well in their future endeavours,” Buhari disclosed in a separate statement.
I have also appointed new Service Chiefs, to replace the retired officers:
Major-General Leo Irabor, Chief of Defence Staff
Major-General I. Attahiru, Chief of Army Staff
Rear Admiral A.Z Gambo, Chief of Naval Staff
Air-Vice Marshal I.O Amao, Chief of Air Staff.
— Muhammadu Buhari (@MBuhari) January 26, 2021
What you should know: The outgoing Service Chiefs were appointed by President Buhari in 2015 and despite clamour from several quarters for the President to replace them with fresh blood, nothing happened until today’s announcement.
Macro-Economic News
BREAKING: CBN retains MPR at 11.5%, holds other parameters constant
The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
Highlights of the Committee’s decision
- MPR retained at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- While Liquidity Ratio was also kept at 30%
More details shortly…
Coronavirus
FG says N10 billion disbursed funds not only for Covid-19 vaccines
FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.
The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.
This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.
Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.
READ: Covid-19: EU says it will force vaccine companies to respect supply contract
“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.
Ibrahim Oloriegbe, Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.
“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements
“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.
READ: Covid-19: U.S. donates field hospital worth $1.3m to Nigeria
The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,
The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.
What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.
David blunt
July 18, 2020 at 4:42 pm
I admire dangote’s bold venture in building a large refinery but there’s a lot of in-house conspiracy against that move considering what petroleum importation cartel stands to lose if that refinery were to become operational