fbpx
Connect with us

Business

Dangote Refinery Will Boost Growth of Downstream Sector in 2022, CPPE, Others Affirm

Published

on

 

The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, has identified Dangote Petroleum Refinery as one of the key expected drivers of growth that would impact positively on the downstream sector of the Nigerian economy in 2022.

Likewise, Financial Derivatives Company Limited, a financial institution, in its recent Economic Report for 2022, expressed a firm belief that Dangote Refinery would boost the growth of the downstream sector of the economy and enhance petroleum products distribution across Africa.

The Managing Director/CEO of Financial Derivatives Company, Bismarck Rewane, however, warned that the refinery, when operational, would not be a final solution to Nigeria’s economic crises. “The coming on stream of Dangote Refinery will no doubt enhance product distribution across Africa. Will Dangote refinery solve Nigeria’s problem? The answer is no. But the company is going to make Nigeria an exporter of refined petroleum products,” he added.

Photos:Kano Roads Deserted As Tricycle Operators Embark On Strike
In a Nigeria Economic Outlook for 2022 released by the CPPE, its Chief Executive Officer, Dr Muda Yusuf said activation of the Petroleum Industry Act (PIA) in 2022 is expected to impact positively on the economic outlook.

“We expect to see positive outcomes as investor sentiments in the oil and gas sector improve on account of the reforms anchored on the PIA. This will however depend on the political will deployed to drive the implementation of the provisions of the Act. It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy”, he added.

He said the average oil price in 2022 is expected to exceed the budgeted benchmark of sixty-two dollars ($62) per barrel, offering some fiscal headroom. This, he noted, would be powered by higher energy demand driven by the recovery of economic activities globally.

“This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria (CBN) to support the foreign exchange market”, Yusuf said. He, however, added that if the Dangote refinery comes on stream in 2022, the fiscal pressure on the economy may abate, but not completely eliminated.

According to the economist, because the service sector is less vulnerable to the structural constraints of the economy, especially the real sector of the economy, it will continue to outpace the real sector in 2022.

He said, “The service sector of the Nigerian economy will continue to outpace the real sector in 2022. In the third quarter of 2021, service sector contribution to GDP was 50 per cent and the growth of the sector was 8.41 per cent. The oil sector contribution to GDP was 7.5 per cent while the non-oil sector contribution was 92.5 per cent. While the industrial sector growth contracted by 1.63 per cent, agriculture grew by 1.2 per cent.”

Yusuf said the Gross Domestic Product (GDP) growth would remain fragile at about three per cent, pointing out that the key expected drivers of growth would be sustained recovery of global oil price.

He said, “We expect that the average oil price in 2022 will exceed the budgeted benchmark of $62 per barrel, offering some fiscal headroom. This would be powered by higher energy demand driven by the recovery of economic activities globally.”

The economist noted that despite the downside risks, the economy would continue to present huge opportunities for investors across all sectors. “This is on account of the resourcefulness of the Nigerian people, especially the entrepreneurs. Other inherent strengths of the Nigerian economy include the market size, the population, and the demographic characteristics”, he added.

Business

Transport Claims:IPMAN Threatens Legal Action

Published

on

 

By Our Reporter

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has threatened to drag the management of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to court over its purported claims on the payment of N74 billion transport claims to marketers.

Recall that the management of NMDPRA had on Wednesday, 29th July 2022, said It had paid marketers N74 billion within the past seven months.

The Chairman IPMAN Northern chapter, Alhaji Bashir Danmalam made the threat while addressing a news conference in Kano on Thursday.

Danmalam, who was reacting to the purported payment, said the claim was not true as their members were not paid unless the payment was made to the “ghost marketers”.

Alleged Conversion Of Almajiris To Christianity: Breaching The Constitution And Parental Neglect

The IPMAN chairman challenged the management of the NMDPRA to come up with the names of all the marketers who were paid to prove their claims.

“I’m surprised to hear the story on payment of the N74 billion claims by the Chief Executive of the agency, Faruk Ahmed Maishanu. Either he was misinformed or he does not know what is happening in the place.

“Who and who were paid the money? I know some of the marketers who are being owed N10 billion each. So for him to say that the agency paid N74 billion to marketers is not true.

“So, we can only agree with the said payment if the money was paid to “ghost marketers” or if it is part of the rejected waybill.

“The Federal Government should sack this man because he is not competent to hold such a sensitive position in view of the fact that he doesn’t know what is going on there,” he said.

He noted that the inability of the agency to settle the marketers transport claims amounting to about N500 billion was responsible for the persistent fuel shortage being experienced in the country.

Danmalam said based on the investigation conducted by IPMAN, It was discovered that the Nigerian National Petroleum Corporation (NNPC) had recently released over N70 billion to the agency to pay marketers which had yet to be paid.

He lamented that before now, their members were being paid their claims within one or two months as against the present system of payment.

Continue Reading

Business

FRSC commissions Dangote truck driving school

Published

on

 

 

Leading Cement manufacturer, Dangote Cement Plc, on Wednesday launched the Dangote Articulated Truck Driving School in a move aimed at inculcating safe driving culture in its drivers so as to stem the tide of road crashes.

The opening of the school in partnership with the Federal Road Safety Corps (FRSC), the Company management reasoned, would also make the drivers become better road users.

The Academy, which was officially commissioned by Corps Marshal of the Federal Road Safety Corps (FRSC), Dr. Boboye Olayemi Oyeyemi, was characterized as historic and unique.

Nigerian Army Major Commits Suicide, Military Denies Rumours That He Was Under Investigation

The new Academy for truck drivers, according to the Corps Marshal, is a significant step forward that will benefit not only the Dangote Group but Nigeria as a whole.

The country’s top road safety official hailed Alhaji Aliko Dangote, President and Chief Executive of the Dangote Group, for taking “a big step” towards reducing truck accidents.

He said: “This is what we’ve been waiting for. You made it. I have observed that Dangote has done a lot to address truck crashes and I must commend them for this.”

He extolled the conglomerate for leading other companies on this path, saying the new school will play a key part in the country’s efforts to make roads safer.

He said he had suggested such a school long ago, adding that he is happy that the school has come to fruition.

In his remarks, the National Director, Logistics of the Dangote Cement (Transport section) Mr. Juan Carlos Rincon, said the new school is an expression of the determination of the company to bring to halt the incidences of auto crash in the country.

Speaking also Executive Secretary National Board for Technical Education (NBTE) Professor Idris Bugaje who was represented by Engr S.M. Yusuf, said the NBTE will partner with the Dangote Cement Plc for a successful accreditation and takeoff of the new school.

In his remarks, the Bajana of Obajana HRH Oba Idowu Isenibi said he was optimistic that the school will help address auto crashes in the country, even as he described the President of the Dangote Group Aliko Dangote as a “rescuer and God sent to their communities that should be emulated by other investors in the country.

Speaking in the same vein, the Olu of Akpata Oba Frederick Balogun urged other investors to emulate the company.

Both the Dangote Cement Transport and the FRSC signed a Memorandum of Understand (MoU) on how to cooperate to ensure that the school is a success.

In the same vein, Dangote Cement organized thorough block molding training for block makers in both Kano and Katstina states respectively. This, according to the company is to ensure that the blocks moulded for building constructions are strong, reliable, and durable, noting that some block makers do not really know how to make strong and reliable blocks.

The Coordinator of the programme, Mr. Johnson Olaniyi, said the workshop would give the block molders and allied product manufacturers the opportunity to once again build capacity and adhere to global best practices.

 

Mr. Olaniyi said the Dangote Cement Plc is desirous of reversing the trend of collapse building through the capacity building of block manufacturers.

 

Meanwhile, government representatives, quality regulators, cement dealers, block makers, and end-users have come to an accord that Africa’s cement giant produces the best quality of cement on the continent.

The stakeholders who attended the meeting also said the ongoing nationwide workshop and sensitization of block manufacturers will help check the menace of collapsed buildings in the country.

 

Speaking at the workshop in Kano, representatives of the Kano State Government Alhaji Muhammad Garba Kwall said that Dangote Cement Plc is not only the biggest company but produces the best quality in Africa.

 

He described the company as socially responsible and that’s why it is giving back to society through the sensitization workshop and creating various platforms for educating end users to mitigate the incessant incidences of collapse building in the country.

 

Speaking, Regional Director, Kano Directorate, Standard Organization of Nigeria(SON), Mr. Albert Wilberforce urged block molders to patronize the quality cement produced by the Dangote Cement Plc, adding that the SON was partnering with the company and ensuring that only quality cement are produced by the company.

 

In the same vein, The Kano State Coordinator (II) of SON Engr Hauwa M. Husseini urged the block moulders to comply with standard practice in order to prevent the menace of collapse buildings in the country.

 

Speaking also, Regional Sales Director for Northwest  Aliyu Dan Aliyu urged participants to be ambassadors by telling their customers about the quality of the cement.

 

He said: A customer who wants to build a house, doesn’t know the quality or type of cement to use. It is the responsibility of the builder to advise him on the desired cement to use for quality building.

Continue Reading

Business

Chartered institute of Export expresses dismay over scheduling National conference during Ramadan

Published

on

 

The Chartered Institute of Export and Commodity of Brokers of Nigeria has expressed dismay over scheduling the long awaited National Conference on Non Oil Export during Ramadan which bar most Muslims from participating.

The institute says the date has been slated without taking in to cognizance that most Muslims participants will be traveling from all over the north to Abuja under the condition of fasting, harsh weather and within the last ten days of Ramadan which are precious and dedicated to religious devotions while many traveled for lesser Hail as well.

According to a statement signed by Rabiu A. Kazaure Regional Coordinator (North) of the Chartered Institute of Export and Commodity Brokers of Nigeria (CIECOBON) “we deemed it necessary to write to the relevant authorities and all stake holders to draw their attention to this matter of importance so as to kindly consider adjusting the date to a more appropriate date which will gave all Nigerians a
chance to participate and contribute their quota in Non-Oil Export Conference.”

“The institute learned that even Jigawa state Governor, as a Guest of Honour could not make it. Because he will travel to Saudiyyah for Umrah.”

Rabiu A. Kazaure called on the organizers of the conference and other stakeholders to consider rescheduling the conference to a convenient time so that all participants across the country would make it any hindrance.

The Nigeria Export Promotion Council (NEPC) has scheduled this year’s National Conference on Non-Oil Export to Wednesday, 27th of April 2022 which is the 26th of Ramadan 1443.

Continue Reading

Trending

%d bloggers like this: