Business
Naira-for-crude crisis: Petrol imports rise to 154m litres weekly
Seven vessels carrying imported Premium Motor Spirit, popularly called petrol, are expected to berth at seaports along the nation’s borders between Monday, March 17, and Sunday, March 23.
According to a document from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.
The landing cost of imported PMS dropped to N797 per litre.
It also comes amidst the suspension of the sales of petroleum products in naira by the Dangote Petroleum Refinery following a stalled renegotiation of the naira-for-crude deal with the Nigerian National Petroleum Company Limited.
Domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.
The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders to achieve energy security in-country.
He said some persons were aggrieved by the continuous reduction in petrol prices by the Dangote refinery and only used monopolistic talks to bring back importation as an alternative.
True to this fact, the continuous importation of refined products has persisted despite improving local capacity.
Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority recently stated that the country’s three operational refineries contribute less than 50 per cent of the nation’s daily petrol consumption, with the shortfall being filled with imported products.
An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos and the Calabar port in Cross River State.
The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.
The first shipment carrying 20,000 metric tonnes of PMS allocated to the West African Port Services berthed at the Dangote terminal on Monday, March 17, 2025, at 4:03 pm.
On the same day, two vessels conveying 20,000 metric tonnes respectively berthed at the Tincan and Calabar seaports.
This was followed by the arrival of a 20,000 metric-tonne Watson vessel on Thursday, March 20, at 3:18 pm. It berthed at the Ecomarine terminal and was handled by a Kach maritime agent.
Similarly, a Binta Saleh ship was scheduled to berth at the Tincan port in Lagos carrying 5,000 metric tonnes of imported petrol on Friday, March 21 at midnight.
On Saturday, March 22, at 11:06 am, another vessel carrying 15,000 metric tonnes of fuel will berth at the Calabar port. It was assigned to Peak Shipping as its agent.
At the same port, a vessel carrying 15,000 metric tonnes of fuel will arrive at the Eco marine terminal on Sunday at 5:10 pm. This means the seven vessels should bring in 115,000 metric tonnes.
Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 154.22 million litres of petrol.
Meanwhile, depot owners have continued to effect an increase in the loading cost of petrol and other refined petroleum products at their depots.
An analysis of data revealed petrol price movements at loading depots on Thursday showed that Rainoil Depot increased its price from N835 to N860 per litre, and MEN depot effected an increase to N860 per litre despite not making sales the previous day.
Pinnacle Depot made a similar price change from N835 to N860 per litre, while Aiteo and Nipco changed their prices to N856 and N860 per litre, respectively, from N835.
Business
NAFDAC’s Ban on sachets alcohol: Is Govt ready to take the heat?
Ajayi-Kadir also stressed that the Senate’s directive for an outright ban is unjust and does not reflect the industry’s true conditions, as it seems the upper chamber has only considered NAFDAC’s perspective.
The Manufacturers Association of Nigeria (MAN) has said that the government’s move to ban the production and sale of alcoholic beverages packaged in sachets and small PET bottles, effective December 31, 2025, will have severe repercussions on the economy.
” This announcement by the NAFDAC, in our view, is counterproductive and threatens to disrupt the economy significantly at a time when it is beginning to stabilise,” said the Association through its Director-General, Ajayi-Kadir.
He emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.
• Mass retrenchment of over 500,000 direct employees and approximately 5 million indirect employees through contracts, marketing, and logistics.”
Ajayi-Kadir said that the earlier directive from the Ministry of Health for a one-year extension, which included the consideration and validation of the draft National Alcohol Policy by stakeholders, should have been taken into account before any significant announcement from another government body.
“We believe that a consultation with whether through a public hearing or focused meetings with relevant parties in the alcohol beverage industry, should have been conducted by the appropriate Senate Committee before an outright ban was imposed.
This approach was successfully followed by the House of Representatives in the recent past,” he stated.
Ajayi-Kadir highlighted that issues related to the ban on alcohol in sachets and small PET bottles were addressed by a broad committee that included all stakeholders, along with NAFDAC representatives, who validated the National Alcohol Policy in October 2025. The committee made the following key recommendations:
• Develop multi-sectoral action plans.- Strengthen enforcement by law enforcement agencies
• Establish licensed liquor stores/outlets in Local Government Areas nationwide.
• Increase monitoring and compliance checks by NAFDAC, FCCPC, and others to ensure product quality and safety.
• Regulatory bodies should focus more on regulation, monitoring, and educational campaigns to inform stakeholders and the public about the dangers of underage alcohol consumption and its sale in motor parks.
• Conduct educational campaigns in secondary schools across the country to raise awareness among students about the dangers and issues related to alcohol abuse.
Furthermore, we would like to note that the unfounded and untested claim of abuse by minors has been challenged by several independent studies conducted by the government.
The industry has proactively launched campaigns promoting responsible alcohol consumption to discourage underage abuse, resulting in expenditures exceeding one billion Naira on media outreach across the nation, which has effectively just underage drinking.
Ajayi-Kadir also stressed that the Senate’s directive for an outright ban is unjust and does not reflect the industry’s true conditions, as it seems the upper chamber has only considered NAFDAC’s perspective.
NAFDAC was part of the validation organised by the Ministry of Health, and it should have presented its views to the Committee and the Ministry during that process, rather than circumventing these channels and approaching the National Assembly without consulting other stakeholders.
Business
Following Lagos, FG moves to ban single-use plastics
In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.
The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.
Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.
The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).
Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.
In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.
He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”
Business
UBA commits $102m direct investments in Chad’s securities
Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.
•Oliver Alawuba, GMD UBA
United Bank for Africa (UBA) Plc has announced a $102 million direct investment in the State of Chad’s securities in an efforts to strengthen economic growth and financial inclusion across Africa.
The announcement was made by UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, during his keynote address at the UAE–Chad Trade and Investment Forum held on Monday, November 10, 2025, in Abu Dhabi, United Arab Emirates.
Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.
According to Alawuba, the $102 million investment underscored UBA’s confidence in Chad’s economic potential and demonstrates its long-term commitment to financing sustainable development on the continent.
“At UBA, our commitment is two-fold: we are both architects of national infrastructure and champions of grassroots financial inclusion,” he said. “Here in Chad, this is not a promise; it is a proven track record.”
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