Some oil marketers have disclosed that the Nigerian National Petroleum Company Limited (NNPCL) is running out of supplies of petroleum and that if something urgent is not done, fuel queues may to return filling stations across the country.
They urged the petroleum company to ramp up importation and beef up petrol supplies across the country in order for them to access the products and then sell to consumers.
According to them, NNPCL depots that feed private depots across the country ran out of supplies over the weekend following the mopping up of available supplies and expressed hope that the products may be available this week to prevent the shortage of the Premium Motor Spirit popularly known as petrol.
Recall that before now, Investors King had reported that filing stations had experienced huge crowds following scarcity of the product.
There were fights among buyers as fuel attendants reportedly extort consumers before selling the product to them.
However, last week, the queues reduced after President Muhammadu Buhari directed the NNPCL to make petrol available to marketers directly. Buhari also asked marketers to sell products at N184 per litre.
While members of the Major Oil Marketers Association of Nigeria (MOMAN) and NNPCL Retail outlets sold products at N185 per litre to consumers, members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) flouted the directive of the Federal Government as they sold products between N200 to N250 per litre.
Speaking on the low supply by NNPCL which poses threat to availability of the product at retail outlets, an oil marketer said the directive of President Buhari has been functional as the petroleum company has started supplying petrol to oil marketers, the product is yet to go round.
The oil marketer disclosed further that NNPCL depots ran out of supplies over the weekend, but expressed optimism that the products would be available this week in order to prevent return of queues and scarcity of petrol at retail outlets.
Corroborating this disclosure, the Chairman IPMAN Satellite Depot, Akin Akinrinade, said some independent marketers had last Wednesday, Thursday and Friday loaded the product, but added that they could not load on Saturday because NNPCL depots did not have products.
He said queues have reduced drastically at filing stations, and that there are more products in the country. For him, NNPC has started attending to their needs since Buhari gave the directive.
Akinrinade also noted that NNPCL had completed repairs on its moribund products pipeline at Satellite, adding that IPMAN members on the axis would start loading products through the pipeline.
Explaining the reason why some oil marketers sell above the official price, the National Controller Operations, IPMAN, Mike Osatuyi, some of its members still had old stock in their tanks of which they bought above N172 per litre.
He said his members would soon be selling at N185 per litre once they start loading at N172 per liter and commended NNPCL for its approach in tackling fuel scarcity.
Experts Urge Swift Government Action on Nigeria’s Untapped N3 Trillion Logistics Sector
Experts at the Courier and Logistics Management Institute conference in Lagos have emphasized the critical importance of the overlooked logistics, courier, and transport sector in Nigeria, valued at over N3 trillion.
During the event themed “Logistics Solutions and National Infrastructure Development,” the CLMI Executive Chairman, Prof. Simon Emeje, highlighted the urgent need for the federal government to prioritize this sector, which remains relatively untapped on a global scale.
Emeje underscored the sector’s significance, stating, “Any country that does not pay attention to logistics, courier, and the transport sector cannot survive.
The government must not ignore this sector because it is the bedrock of any economy.”
The logistics, courier, transport, and management industry boasts an average asset worth over N3 trillion, offering substantial potential for job creation.
Emeje emphasized that commerce is crippled without effective logistics, illustrating the importance of the sector in facilitating trade, enhancing the supply chain, creating jobs, and propelling economic growth.
Despite its undeniable importance, the Nigerian logistics sector faces hindrances such as infrastructural deficits and weak government policies, preventing it from reaching its full potential.
Emeje called for immediate attention to address these challenges and unlock the sector’s capacity to create millions of employment opportunities for Nigerian youth.
Former Minister of Communications, Barr. Adebayo Shittu, urged the institute to draft a comprehensive proposal for government adoption, offering assistance in facilitating engagement.
Both Shittu and Prof. Emeje called on the Federal Government to establish a dedicated ministry to foster an enabling environment for Courier and Logistics Management, drawing parallels to the recognition given to the entertainment industry.
President Tinubu Seeks Senate Approval for $8.6 Billion and €100 Million Borrowing Plan
President Bola Tinubu’s administration has formally requested the approval of the Nigerian Senate for a borrowing plan totaling $8.6 billion and €100 million.
The request was presented to the Senate through a letter read during the plenary by the Senate President, GodsWill Akpabio.
According to the letter, the proposed funds are integral to the federal government’s 2022-2024 external borrowing plan, previously sanctioned by the administration of former President Muhammadu Buhari.
Tinubu clarified that the projects earmarked for funding through this loan cut across diverse sectors, emphasizing their selection based on rigorous economic evaluations and their anticipated contributions to national development.
The letter highlighted, “The projects and programs in the borrowing plan were selected based on economic evaluations as well as the expected contribution to the socio-economic development of the country, including employment generation, and skills acquisition.”
The specified sectors earmarked for development include infrastructure, agriculture, health, water supply, roads, security, and employment generation, along with financial management reforms.
The borrowing plan’s comprehensive approach aims to address critical needs and propel the nation’s progress.
President Tinubu emphasized the urgency of the Senate’s approval, stating, “Given the nature of these facilities, and the need to return the country to normalcy, it has become necessary for the Senate to consider and approve the 2022-2024 external abridged borrowing plan to enable the government to deliver its responsibility to Nigerians.”
This appeal follows previous successful requests, including the National Assembly’s approval of an over $800 million loan for the National Social Safety Network Programme in August.
Also, the assembly greenlighted the 2022 Supplementary Appropriations Act of N819 million to provide palliatives to Nigerians, mitigating the impact of fuel subsidy removal.
As the deliberations unfold, the Senate’s decision on this substantial borrowing plan will play a pivotal role in shaping Nigeria’s economic trajectory.
Nigeria-Morocco Gas Pipeline Construction Set for 2024
Nigeria’s Gas Minister, Ekperikpe Ekpo, announced the scheduled commencement of the Nigeria-Morocco gas pipeline construction in 2024.
The revelation came during a meeting with a delegation from Morocco, led by Ambassador Moha Ou Ali Tagma, on Monday in Abuja.
The Nigeria-Morocco gas pipeline, a colossal undertaking covering 5,600 kilometers and traversing 13 African countries, is poised to transform the energy landscape of the region.
Spanning nations from Nigeria to Morocco and reaching Europe, the pipeline aims to facilitate gas transportation, enhance economic integration, combat desertification, and contribute significantly to the reduction of carbon emissions.
Ekpo, expressing Nigeria’s readiness for the project, stated, “I believe by 2024, we will conclude on it.”
He emphasized the importance of natural gas in the context of climate change, highlighting its role in ensuring low carbon emissions and fostering prosperity.
The pipeline, originating at Brass Island in Nigeria and reaching the northern region of Morocco, will interlink with the existing Maghreb European Pipeline, connecting Algeria to Spain.
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), underscored the commitment to a consistent gas supply and the provision of necessary infrastructure.
Despite the ambitious vision, some analysts have raised concerns about the viability of the Nigeria-Morocco gas pipeline. Notably, the project has encountered delays, with a Memorandum of Understanding signed in 2016 and 2018, followed by another in 2022.
Analysts, including oil and gas expert Dan D Kunle, have stressed the need for comprehensive studies to assess economic impact, financial returns, and agreements with transit countries.
While challenges and skepticism persist, Kyari has expressed confidence in securing funding for the project.
However, alternative perspectives suggest exploring investments in LNG plants, regasification facilities in Moroccan ports, and LNG vessel carriers for a more flexible and globally accessible energy solution.
As Nigeria and Morocco navigate this ambitious venture, meticulous planning and strategic considerations will be crucial for ensuring its success.
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