Business
Dangote Harps on full benefits of domestic refining
The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development.
File photo: Aliko Dangote President of the Dangote Group, flank by visitors during a tour of the refinery, recently.
The management of the Dangote Petroleum Refinery says that Nigerians will enjoy the full benefits of domestic refining.
In a comparison of imported petroleum products and the domestic ones, the refinery said that contrary to repeated claims by certain interests, imported products which are often below acceptable standards have consistently been sold at higher pump prices than the premium-grade fuel supplied by Dangote Refinery.
“The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development.
Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once-thriving textile industry, which was a major employer of labour,” said the refinery in a statement on Monday, November 17, 2025.
The refinery reiterated its commitment to supplying high-quality and internationally benchmarked petroleum products at competitive prices, adding: “Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.”
In a response to the recent suspension of the 15% import duty on imported petroleum products by the government, the refinery, said :
” Despite the non-implementation of the tariff, we reduced the price of our products.
As a socially responsible company, this decision, which was not affected by whether the tariff was implemented or not, aligns with our long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining.”
It emphasised that Dangote refinery reduced its petrol gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre on November 6.
The refinery said these changes were publicly announced and implemented before marketers adjusted their pump prices.
It stated: “The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect. The import tariff had received the approval of President Bola Tinubu as far back as October 21 for immediate implementation.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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