Business
NECA faults ban on sachet alcohol
The Nigeria Employers’ Consultative Association (NECA) has faulted the ban on alcohol sold in sachets and small bottles, warning that the policy could worsen smuggling and lead to job losses.
NAN, reports that the Director-General of NECA, Mr Wale Smatt-Oyerinde, expressed the association’s position during a media briefing on Tuesday in Lagos.
He said such a blanket ban was not the appropriate solution to concerns surrounding the products, emphasising that the ban could open more opportunities for smugglers, particularly given Nigeria’s more than 1,000 unmanned entry and exit points.
” The ban poses serious risks to the economy, as it could result in the loss of jobs and investments across the value chain.
“Looking at the overall economic objectives, where do you throw the jobs that would be lost in that place?
” We are not worried about the rate of unemployment. We’re not worried about the business investment that will be lost. We’re not worried about the consequences of the message we are communicating to other investors,” Smatt-Oyerinde said.
He added that banning sachet alcohol would also create additional challenges for law enforcement agencies, the Ministry of Labour and Employment, and the wider economy.
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Official CBN Exchange Rates
US DOLLAR (USD) ₦1,380.08
GREAT BRITISH POUND (GBP) ₦1,815. 63
EURO (EUR) ₦1,566.63
SWISS FRANC (CHF) ₦1,696.05
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦202.62
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54
SAUDI RIYAL (SAR) ₦367.58
SOUTH AFRICAN RAND (ZAR) ₦82. 91
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Dangote Petroleum Refinery has strongly rejected allegations that its refined petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria.
In a statement issued on Tuesday, the refinery described the claims as “a web of falsehoods,” “baseless,” and “unsubstantiated,” arguing they lack commercial logic and contradict its core business objectives of boosting local production and achieving energy self-sufficiency.
The refinery emphasized that its sales contracts and tender terms explicitly prohibit buyers from reselling or re-importing the products back into Nigeria. It further noted that available trade data and the high costs of round-trip shipping (estimated at US$68–90 per ton) make such a scheme economically unviable.
The allegations surfaced amid reports suggesting that a significant portion of Nigeria’s seaborne fuel imports between March and May 2026 originated from Dangote products rerouted through the offshore ship-to-ship trading hub in Lomé.
Some marketers claimed pricing differences made it cheaper to buy from foreign traders via Togo.
Dangote Refinery dismissed these assertions, insisting there is no evidence to support them and reaffirming its commitment to supplying high-quality fuels directly to the Nigerian market at competitive prices.
The development highlights ongoing tensions as the refinery continues to reduce Nigeria’s reliance on fuel imports.
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