Another reduction of petrol price has been announced by Dangote Petroleum Refinery and Petrochemicals by N15 in the price of its high-quality Premium Motor Spirit (PMS).

Nigerians will now purchase the product at the following prices: N875 per litre in Lagos; N885 per litre in the South West; N895 per litre in the North West and North Central, as a result of this reduction, while it will be sold for N905 per litre in the South East, South South, and North East.

According to the petroleum giants, these prices will apply through all its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde.

The refinery called on other marketers to join its expanding network of partners, thereby demonstrating their support for President Bola Tinubu’s Nigeria First policy, which advocates for the prioritisation of locally-produced goods and services Since the commencement of operations, Dangote Petroleum Refinery has consistently implemented cost-reduction strategies aimed at delivering tangible savings to Nigerians.

In February 2025, the company carried out two price reductions on petrol, resulting in a total decrease of N125 per litre.

This was followed by a further reduction of approximately N45 per litre in April.

Additionally, the prices of other key products, such as diesel and Liquefied Petroleum Gas (LPG), have been significantly lowered, improving affordability across transportation, industrial, and domestic energy sectors.

Dangote Petroleum Refinery recently reassured Nigerians of price stability despite fluctuations in global crude oil prices, reaffirming its commitment to supporting Nigeria’s economy.

“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which focuses on addressing the nation’s economic challenges and improving the well-being of Nigerians.

We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” it stated.

Dangote Petroleum Refinery further assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

The founder of Dangote Refinery, Aliko Dangote, was named on Tuesday in the inaugural 2025 TIME100 Philanthropy list, which recognises the 100 most influential leaders shaping the future of philanthropy worldwide.

The list, published by TIME Magazine, includes Aliko Dangote, whose Foundation spends an average of $35 million annually on programmes across Africa, alongside other global figures in charitable work, such as Michael Bloomberg, Oprah Winfrey, Warren Buffett, and Melinda Gates, all of whom were recognised as Titans.

Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to deepen collaboration with Council For The Regulation of Freight Forwarding in Nigeria (CRFFN), with the aim to boost freight forwarding standards in the country.

The commitment was made today during a courtesy visit by the CRFFN team, led by its Registrar, Kingsley Igwe, to the NSC headquarters in Lagos.

The delegation was welcomed by the Executive Secretary/Chief Executive Officer of NSC, Dr. Pius Akutah.

He emphasized the importance of synergy between the agencies under the Ministry of Marine and Blue Economy and therefore, stressed the need for a formal Memorandum of Understanding (MoU) between the two agencies to strengthen their operational framework .

Dr. Akutah highlighted the importance of inter-agency collaboration, stating that no agency can do it all by itself without collaboration.

He further pointed out that the establishment of the Ministry of Marine and Blue Economy by President Bola Tinubu demonstrates the Federal Government’s strong commitment to economic development and therefore, the need for agencies under the Ministry to operate professionally in order to fulfill the President’s vision for the sector.

Dr. Akutah highlighted the importance of professionalism in trade, commending CRFFN’s restructuring the Freight Forwarders’ registration process, particularly the incorporation of Know Your Customer (KYC) protocols, describing it as a critical step in improving industry standards.

Dr. Akutah urged CRFFN to uphold and enforce the compliance standards it has set to align with global best practices.

Earlier , Mr. Igwe informed that CRFFN is grappling with challenges, especially in the areas of revenue generation and capacity building.

He appealed for NSC’s support in training freight forwarders to meet international benchmarks and strengthen Nigeria’s logistics value chain.

He disclosed that CRFFN has already developed a training curriculum but requires resources and suitable training locations to execute the program effectively.

The Registrar also commended Dr. Akutah’s efforts in sanitizing port operations and expressed confidence in the NSC’s continued support.

The Manufacturers Association of Nigeria (MAN), has called for an urgent interest rate cut to protect Nigeria’s Industrial Base.

In a press release signed by Segun Ajayi-Kadi, Director General Manufacturers Association of Nigeria, MAN said it is deeply concerned and worried about the continued decision of the Central Bank of Nigeria (CBN) to maintain the Monetary Policy Rate (MPR) at 27.5 percent since November 2024, despite a global wave of interest rate reductions.

The statement reads:

The Manufacturers Association of Nigeria (MAN) is deeply concerned and worried about the continued decision of the Central Bank of Nigeria (CBN) to maintain the Monetary Policy Rate (MPR) at 27.5 percent since November 2024, despite a global wave of interest rate reductions aimed at revitalizing economic productivity and combating stagflation.

We are perturbed that when most progressive economies are charting a course toward industrial recovery and macroeconomic stability, Nigeria’s monetary stance tends to lead us in a different direction.

Over the last quarter, countries such as members of the Euro Area, the United Kingdom, Denmark, Australia, China, India, Thailand and Egypt, have implemented interest rate cuts to bolster economic growth and support productive sectors.

Yet, our rigidity continues to create unintended consequences that may deepen the parlous performance of the productive sector.

A nation cannot industrialize on the back of prohibitively expensive credit. With the benchmark interest rate held at 27.5 percent, Nigeria has become the 6th most expensive country to source credit as local manufacturers grapple with an average lending rate of over 37 percent.

This policy posture is not only inflationary, but is suffocating the capacity of the manufacturing sector.

Compounded by other limiting factors, our members—small, medium and even large-scale—are finding it increasingly difficult to stay afloat, expand production lines, or even meet basic operational costs.

When credit is priced highly, production declines and the nation “imports poverty”.

Our concerns go beyond the debilitating impact on our numbers business. The “Nigeria First Policy”, which seeks to strengthen local industry and reduce import dependence, may be under severe threat.

At the heart of its successful implementation lies access to affordable financing to boost capacity utilization.

Unfortunately, the current interest rate regime constrains finance costs for our members, surging by over 44 percent from ₦1.43 trillion in 2023 to ₦2.06 trillion in 2024 and rising. This represents a sharp increase that has directly depressed productivity and led to underutilization of industrial capacity.

The high cost of credit has not only diminished the flow of investments into the manufacturing sector but has also dulled the return on existing investments, with Small and Medium Industries hit the hardest.

Confidence in the industrial outlook has waned, as evident in the dip in the Manufacturers CEO’s Confidence Index from 50.7 points to 48.3 points.

This mirrors the growing anxiety of our manufacturers. A nation that woos foreign portfolio investors at the expense of its real sector may unwittingly be aspiring to build prosperity on the back of volatility.

We are disturbed by the implicit prioritization of short-term foreign capital inflows over the long-term health of domestic industries.

While maintaining a high interest rate of 27.5 percent may temporarily attract speculative foreign portfolio investors, it is doing so at the expense of Nigeria’s manufacturing base, which is now choked by unsustainable borrowing costs.

What is evident now is the widening profitability of the banking sector, buoyed by elevated interest margins, while manufacturers contend with shrinking margins, rising debts and declining productivity.

This is an economic paradox that must be urgently addressed. The current monetary policy trajectory risks turning banks into vaults of idle wealth, while the real economy—where jobs are created and value is added—faces suffocation. A society that rewards intermediaries over producers invites long-term decline.

Access to affordable credit is the oxygen that sustains industrial growth and no economy has ever grown by starving its manufacturers of oxygen. The Manufacturers Association of Nigeria is ever committed to collaborating with the Government and all stakeholders to achieve macroeconomic stability.

We therefore earnestly beseech the CBN to urgently reconsider its monetary stance. Moreover, recent disinflationary trends provide justification for the CBN to cut rates. Real interest rates have improved, already giving financial investors higher inflation-adjusted returns.

Therefore, maintaining a high nominal interest rate under current inflation conditions is neither necessary nor justifiable, and will only prolong the pain for manufacturers and consumers alike.In light of the above, MAN calls on the CBN to:

➢ Cut the benchmark interest rate significantly to reflect current realities and ease the credit burden on manufacturers.

➢ Deploy moral suasion and policy incentives for commercial banks to facilitate single-digit, concessionary interest rates to the manufacturing sector.

➢ Facilitate the approval of the ₦1 trillion earmarked for manufacturers under the Stabilization Plan to support industries struggling under current financial pressures.

➢ Facilitate significant increase in the capital base of the Bank of Industry (BOI) to scale up its capacity to meet the sector’s growing credit demands.

➢ Settle the outstanding $2.4 billion Forex Forward Contracts to restore manufacturers’ confidence and end the unprecedented decapitation of the financial viability of the affected industries. This will also improve access to non-locally available raw materials.

➢ Facilitate a policy direction to peg the customs duty exchange rate for importing industrial inputs, especially raw materials and machinery, to prevent further inflationary pass-through effect.

Industrial confidence is a fragile currency and once broken, it takes time to rebuild. Nigeria cannot afford to lose its manufacturing momentum at a time when the world is repositioning for the next wave of industrial transformation.

The commendable reform measures of this administration may not be helped by the persistent high cost and constrained access to funds. The current monetary policy is not only undermining manufacturers’ confidence but also jeopardizing national economic resilience.

We urge the Central Bank to act decisively and in synergy with the fiscal authority to ensure that Nigeria’s manufacturing sector does not sink deeper into stagnation. The time to act is now.