Connect with us

Business

Boosting Domestic Oil Refining

Published

on

Boosting Domestic Oil Refining

Tinubu’s Naira Crude Sale to Spur Domestic Refining and Strengthen Naira

President Bola Tinubu’s decision to sell crude oil to the Dangote Petroleum Refinery in naira is expected to lead to a significant reduction in the prices of domestically refined petroleum products. This move has been lauded by oil marketers, refiners, and experts, who believe it will enhance the output of domestic refineries, bolster the country’s foreign exchange reserves, and strengthen the naira.

The downstream oil sector has welcomed the initiative, highlighting its potential to stabilize pump prices and the dollar-naira exchange rate. This new directive, announced by the President’s Special Adviser on Information and Publicity, Bayo Onanuga, via his official X handle, mandates the Nigerian National Petroleum Company Limited to sell crude to the Dangote refinery and other upcoming refineries in naira.

Advertisement

This policy is seen as a game-changer that will eliminate the need for international letters of credit and save the country billions in import costs. By denominating crude oil transactions in naira, the government anticipates saving approximately $7.3 billion annually, significantly reducing monthly forex expenditure on petroleum products from $660 million to $50 million.

Special Adviser on Revenue Zacch Adedeji emphasized that this shift will mitigate Nigeria’s reliance on foreign exchange for crude oil imports, easing economic predictability and reducing forex fluctuations. The Federal Executive Council’s approval of this initiative is expected to bring a price advantage to local consumers and stabilize fuel prices.

Oil marketers and operators of modular refineries have praised the initiative, seeing it as a pivotal development that will lower the cost of petrol and boost the naira’s value. They believe this move will strengthen Nigeria’s oil sector, enhance local refineries’ operations, and support the country’s economic growth.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Published

on

Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

Advertisement

Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

Advertisement
Continue Reading

Business

Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

Published

on

Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

Advertisement
Continue Reading

Business

China Unveils Bold Measures to Revive Economy Amid Growth Concerns

Published

on

China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

Advertisement

Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

Continue Reading

Trending