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.
BLACK MARKET RATES
₦1375DOLLAR (USD)
₦1845 POUND (GBP)
EURO (EUR) ₦1550
₦1000 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦370 UAE DIRHAM
₦190 CHINESE YUAN (CNY)
₦100 GHANA CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR (AUSSIE)
Official CBN Exchange Rates
DOLLAR (USD)₦1329.16
POUND (GBP)₦1766.59
EURO (EUR) ₦1510.06
SWISS FRANC (CHF) ₦1593.91
JAPANESE YEN (JPN)₦8.47
CFA FRANC (XOF) ₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1807.23
CHINESE YUAN (CNY) ₦198.25
SAUDI RIYAL (SAR) ₦353.97
SOUTH AFRICAN RAND (ZAR) ₦81.18
Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
Business
Minister Tasks Charcoal Merchants on Sustainable Forestry
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
•Charcoal merchants and other stakeholders in the forestry sector
The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.
Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.
The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.
Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.
He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them
( THISDAY)
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