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Fuel Scarcity: Long Queues Resurface in Different States as Flood Disrupts Supply Chain

Nigeria’s persistent flood across key economic states has disrupted the supply chain of fuel supply in Africa’s largest economy as long queues are now visible in various filling stations.

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Petrol - Investors King

Nigeria’s persistent flood across key economic states has disrupted the supply chain of fuel supply in Africa’s largest economy as long queues are now visible in various filling stations.

In Lagos, Nigeria’s commercial hub, filling stations are grappling with fuel shortages and have been unable to meet the growing demand for the commodity most Nigerians relied on to run their businesses and power their homes.

Inability to access supplies made it impossible for filling stations to sell to motorists and other consumers. There are also indications that petrol stations with commercial stocks have increased their prices, ranging between N200 and N250 per litre, depending on the location.

In the Federal Capital Territory (FCT) Abuja, petrol scarcity continues to bite hard for over four weeks, as different places in the state are faced with lingering petrol scarcity. Authorities have blamed the fuel shortage in the state on the severe flooding that ravaged its neighbour, Kogi state.

In a bid to solve the issue of fuel scarcity in the state, the Nigerian National Petroleum Company Limited  (NNPCL) on October 12 announced the arrival of 146 petroleum trucks. In a statement made available to states, NNPCL said, “We want to inform the general public that more petroleum trucks have started arriving in Abuja and other destinations as the flood that earlier restricted the movement of trucks has receded. As of yesterday, October 11, 2022, 146 petroleum tanker trucks have arrived at the depot for dispatches into Abuja and the environs.” 

However, despite the arrival of these petroleum tankers, fuel scarcity still persists in the state.

Speaking on the recent fuel scarcity across different States in Nigeria, the National Operations Controller, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr. Mike Osatuyi, said “The situation has culminated in higher prices at the depots. Our members, who find it difficult to get the product, pay between N175 – N185 per litre. Consequently, we are compelled to sell at higher prices in order to cover cost.”

Also commenting on the biting fuel scarcity faced by residents in Abuja he said, “The current queue situation in some parts of Abuja and its environs is as a result of delays in the arrival of fuel trucks.

“This is happening as a result of heavy flooding that has submerged parts of the highway passing through Lokoja, Kogi State and also an incidence of a failed road section around Badegi-Agaie highway in Niger State. Consequently, vehicles, especially fuel tankers, are finding alternative roads to get to their intended destinations”.

In spite of all these, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has appealed to Nigerians to desist from panic buying, adding that it has enough in stock and measures are being put in place to restore supplies.

Investors King understands that scarcity of fuel in the country, which has led to an increase in fare price, has worsened the plight of a lot of Nigerians who are still battling with inflation that has affected the price of food and commodities

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Economy

Abuja – Kaduna Train Service Postponed by Few Days to Sort Ticketing; Minister for Transportation

Resumption for Abuja to Kaduna train has been postponed due to the need to sort out ticketing

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Lagos-Ibadan Train Services - Investors King

The resumption date of the Abuja to Kaduna train has been postponed due to the need to sort out ticketing, the Minister of Transportation, Mu’azu Sambo disclosed this during a visit to the Rigasa train station ahead of the resumption.

According to the minister, the need to ensure that more security measures are put in place and booking tickets are sorted out necessitates the postponement.

The minister added that although he could not give a definite date for the resumption of the rail service, the resumption would however not be more than a week.

He disclosed that the ministry is 90 percent ready to commence operation along the route. 

“The federal government has introduced a new system of purchasing tickets. It is the beginning of security checks that will enable the government to ascertain who boards the train at every point in time.” the minister stated. 

Investors King earlier reported that Abuja to Kaduna train service will resume on Monday. 

The earlier scheduled date for the resumption follows the minister’s statement at the presidential briefing that the train service along the Abuja to Kaduna route will resume operation before the end of this month. 

It would be recalled that Abuja to Kaduna train service was suspended following the attack on the train on 28th March 2022 when terrorists planted explosives that derailed the train.

The attack led to the death of no less than nine passengers while 60 were abducted. 

They were however released in batches after spending several months with the terrorists. 

Muazu had on several occasions disclosed that service along the route will not resume until all those held in captivity have been released and better security measures put in place to prevent a recurrence. 

While fielding questions from journalists yesterday, the minister disclosed that the number of daily trips would be reduced, and the use of National Identity Number would be strictly requested as part of strategies to secure passengers.

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Economy

CBN Governor, Emefiele Projects Inflation Rate Will Drop Below 15% in 2023

CBN expects inflation to moderate in 2023

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Nigeria's Inflation Rate - Investors King

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has projected that Nigeria’s inflation rate will fall below 15 percent in 2023.

Emefiele disclosed this in a keynote address delivered at the annual Bankers Dinner Night of the Chartered Institute of Bankers of Nigeria.

According to the CBN governor, 2023 portrays a positive economic outlook for the country while the apex bank will continue to implement policies to curtail inflation. 

The CBN Governor also called on Nigerians to embrace the new naira notes, stressing that the decision to redesign the higher denomination notes is for a purpose that is in the overall interest of the country.

He added that the redesign policy will help control currency circulation and drive a cashless economy. 

“This policy will quicken the attainment of a cashless economy as it is complemented by increased minting of our eNaira. It will curtail currency outside the banking system and, as monetary policy becomes more efficacious, help to rein in inflation,” he noted

Emefiele also used the occasion to underscore the efforts of the central bank to maintain the stability of the exchange rates in 2022. He identifies oil theft as one of the major factors preventing the country from building a robust external reserve. 

While he acknowledged that the narrative might be the same for some time, he added that the forthcoming general election which has overheated the marketplace is another factor that is driving the exchange rate. 

Investors King understands that naira has greatly suffered against dollar and other strong foreign currencies including pounds and euro. 

In October, a Bloomberg report rated Nigeria’s currency as one of the worst-performing currency in the world. 

Meanwhile, the CBN has insisted on January 31st, 2023 as the deadline to phase out the current naira notes. 

The CBN governor reiterated the bank’s decision at the same venue of the annual Bankers Dinner Night of the Chartered Institute of Bankers of Nigeria held in Lagos. 

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Abuja to Kaduna Train Service to Resume on Monday, November 28, 2022

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Lagos-Ibadan Train Services - Investors King

Barring any last-minute change, Abuja to Kaduna train service is expected to resume operation on Monday, November 28, 2022.

This is coming after eight months when operation along the route was suspended due to a deadly terrorist attack on the train. 

It could be recalled that the attack which happened at night led to the death of no less than eight people while 168 passengers were kidnapped. 

Early this month, the minister of transportation, Mu’azu Sambo disclosed during a presidential briefing that Abuja to Kaduna train service will resume operation before the end of this month, Investors King learnt. 

Mu’azu noted that following the release of the last badge of those that were held hostage, the ministry has been putting security measures in place to forestall any future occurrence of such a sad experience.

Sources confirmed that contractors were at the Idu rail station to install the tracker and cameras which will enhance security along the train corridor. 

Speaking in the same line, the Managing Director of the Nigeria Railway Corporation, Fidet Okhiria disclosed that the government has set up a high-level committee that will fine-tune a way to ensure adequate security for both the train passengers and the facilities. 

“Government has set up a committee to ensure maximum security for both train passengers and facilities during operation. We believe proper security measures should be put in place and until then, the Federal Government won’t approve the functioning of the train station,” Okhira stated in September. 

Meanwhile, the federal government has stated that millions of Nigerians will soon prefer to travel by train as the government is committed to connecting virtually all states in Nigeria to the train services. 

The ministers of transportation who disclosed this during a working visit to the train station in Lagos State noted that the ministry has a number of ongoing rail projects which include Lagos to Kano, Port Harcourt-Maiduguri, and Kaduna to Kano.

He revealed that at the completion of the rail projects, it will be much easier for Nigeria to commute from one state to another. 

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