Dr Muda Yusuf, the Director/Chief Executive Officer Centre for the Promotion of Private Enterprise [CPPE], says that the outbreak of war between Israel and Iran , if it persist, is beneficial for the Nigerian economy, especially the oil industry.

In a statement on Sunday, Dr Yusuf, noted : ” A major driver of energy prices in Nigeria is the global crude oil price.

With the outbreak of the Israeli-Iranian war, crude oil prices had surged to $75 per barrel from $65 per barrel a week before. This is a 15% jump within days.

This has obvious implications for petroleum product prices globally.

Economies around the world [Nigeria inclusive] would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term.

This would have far reaching implications for many economies and businesses.

“He continues: ” Crude oil price has surged to $75 per which is about 15% higher than before the outbreak of the Israeli–Iran conflict.

This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate.

Revenue Effect.

The oil sector currently accounts for about 50% of government revenue.

An improvement in crude oil price would therefore have a significant impact on government revenue.

An improvement in revenue would positively impact fiscal consolidation and hopefully moderate the growth of the fiscal deficit.

Oil And Gas Investment Effect

Investments in the oil and gas sector would post better returns if the conflict persists. High oil price is good news for upstream oil and gas investors.”

The Bashir Adeniyi Centre for International Trade and Investment (BACITI) of the Nigerian Institute of International Affairs (NIIA), called on the Nigerian Ports Authority (NPA) to accelerate full digitalization of the port community system (PCS) across all major ports in the country.

BACITI made the call in its just released May Economic Insight, noting that the competitiveness of Nigeria’s sea ports are still below that of Morocco, Kenya, Singapore and Rotterdam.

Said the report: “The World Bank recently ranked Lagos ports at 311 out of 370 ports globally in its Container Port Performance Index (CPPI).

” Nigeria is West Africa’s trade gateway. According to the Nigerian Ports Authority (NPA, 2024), Nigerian ports handle over 80 percent of national trade volume.

In 2023, Lagos ports alone processed 1.5 million TEUs (Twenty-foot Equivalent Units) — about 70% of Nigeria’s container trade.”

Conversely, in digitalization and smart ports, Singapore and Rotterdam lead the way: over 95 percent of port transactions are fully digital.

“Equally, in Africa, Tanger Med (Morocco) has become a continental model, reducing dwell times from 12 days to 3 days through Port Community Systems (PCS) whereas, in Nigeria, long port dwell times further raise costs, undermining the competitiveness of African businesses.”

BACITI further noted that without the full digital upgrades, the full promise of AfCFTA remains out of reach.

It added : In a world of unpredictable shocks, Africa’s best defense is a strong, flexible continental trading system. Building resilient port and trade logistics in Africa will nothappen overnight, but the trajectory is set. Nigeria, with its immense economic weight, has a leading role to play in this journey.

By modernizing its ports, investing in infrastructure, embracing digital efficiency, and championing the tenets of AfCFTA, Nigeria can transform to a powerhouse of regional trade.

This transformation is already underway – seen in projects like the Lekki Deep Sea Port and initiatives to streamline port operations.

The ripple effects of a more efficient Nigeria’s ports will be felt across the continent: smoother supply chains, more robust intra-African commerce, and better insulation from global turbulence.”

…Deploys 4,000 CNG Tankers To Enhance Distribution Network Nationwide

…Offer open to Marketers, Petrol Dealers, Manufacturers, Telecoms Firms, Aviation and other large users

Dangote Refinery is set to unleash fuel nationwide, as PMS and Diesel distribution begins soon.

According to the petroleum giant, the Dangote Petroleum Refinery is pleased to announce the commencement of a significant national initiative designed to transform Nigeria’s fuel distribution landscape.

Effective 15th of August 2025, the Refinery will begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country, with free logistics to boost distribution network.

To ensure smooth take-off of this scheme, Dangote Refinery has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers.

This phase of the programme will continue over an extended timeframe. The refinery is also investing in Compressed Natural Gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.

This strategic programme is part of our broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development.

It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians.

Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support.

Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and foster economic growth.

Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery.

In addition, the refinery will offer a credit facility to those purchasing a minimum of 500,000 litres—allowing them to obtain an additional 500,000 litres on credit for two weeks, under bank guarantee.

This pioneering effort marks a major milestone in our vision to revolutionise Nigeria’s energy sector. Dangote Refinery is dedicated to ensuring that no place is left behind.

Our goal is to provide equitable access to affordable fuel for all Nigerians, regardless of location, making energy more accessible and sustainable for everyone, wherever they may be.

It is expected to revitalise previously inactive petrol stations, thereby driving job creation, stimulating small and medium-sized enterprises (SMEs), increasing government revenue, improving fuel access in rural and underserved communities, and strengthening investor confidence in Nigeria’s downstream petroleum sector.

This initiative is inline with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, reflecting our shared commitment to economic progress, stability, and inclusive development.

We sincerely thank the Federal Government for its continued support, especially through the Naira-for-Crude scheme, which has helped stabilise fuel supply amid global price volatility.

It marks a major revolution in the midstream and downstream sectors and stands as a key example of President Bola Tinubu’s bold and reformative economic policies.We invite marketers, petrol dealers, manufacturers, telecom companies, and all key stakeholders to embrace this landmark initiative.

The registration process, including Know Your Customer (KYC) verification, will take place from 16 June to 15 August, spanning a total of 60 days.

For enquiries, please call +234 707 470 2099, +234 707 470 2100, +234 816 961 8390, +234 703 796 8308, +234 812 362 2893.

Email: sales.enquiry@dangote.com.

Dangote Petroleum Refinery remains a proud partner in this national journey— a truly Nigerian company of global standards, dedicated to the well-being of all Nigerians.