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PRESIDENT TINUBU CALLS FOR REGIONAL COUNTER-TERRORISM CENTRE, SAYS AFRICA MUST ADDRESS POVERTY, SOCIAL INJUSTICE

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STATE HOUSE PRESS RELEASE

 

PRESIDENT TINUBU CALLS FOR REGIONAL COUNTER-TERRORISM CENTRE, SAYS AFRICA MUST ADDRESS POVERTY, SOCIAL INJUSTICE

 

President Bola Tinubu has called for the establishment of a regional counter-terrorism centre that will serve as a hub for intelligence sharing, operational coordination, and capacity building throughout Africa.

Speaking at the African High-level Meeting on Counter-Terrorism in Abuja on Monday, the President said Africa must take a comprehensive approach to combating terrorism, not only through might, but by addressing the root causes of the scourge, which include poverty, inequality, and social injustice.

 

President Tinubu emphasized that while seeking to address the root causes of terrorism, Africa must also attack the roots that feed this evil branch — ransom and illegal mining — as terrorism evolves and perfects ways to continuously finance, re-equip, and re-supply itself for its sinister mission.

 

“Not only does it kidnap people, it kidnaps precious resources. Billions upon billions of dollars that legitimate governments should be using to sculpt better societies by providing education, healthcare, and food for its people now go to pay for weapons and response to mayhem.

“Look at the illegal mining that plagues so many of our nations today. Those who think illegal mining has no connection with financing terrorism are sorely mistaken. The international community has both the moral and legal obligation to help in this cause because it is external finance, not African money, that fuels these illegal operations. We shall be knocking on this door of the international community to answer this call for justice, peace, and fair play.

 

“Key to our collective efforts against terrorism is the urgent need for a fully operational Regional Counter-Terrorism Centre,” the President stated.

 

The President, however, added that the African region must strengthen existing counter-terrorism structures, such as the Regional Intelligence Fusion Unit (RIFU) in Abuja, the African Centre for the Study and Research on Terrorism (ACSRT) in Algiers, and the Committee of Intelligence and Security Services of Africa (CISSA) in Addis Ababa.

 

He underscored the importance of a regional standby force that includes tackling terrorism as part of its mandate, declaring: “It must not be abandoned.”

 

“I am mindful of the funding, legal, and logistical complexities that face the proper establishment of such a force. However, with a prudent and clearly defined mandate that accords with the international law and respects national sovereignty, such a force can serve as a rapid deployment mechanism, capable of swiftly responding to major threats and bolstering the security of our region.

 

“Such a force can stand as a strong deterrent to large scale and protracted terrorist operations and the capture, occupation or disruption of strategic land and resources. We must continue to make careful yet meaningful progress toward this goal.

 

“Establishing an all-inclusive African Union Ministerial Committee on Counter Terrorism is also a high priority as envisaged in the Declaration of the 16th Extraordinary Summit of the African Union Assembly two years ago in May 2022. This would ensure that a forum of high-level government officials meets regularly to assess our counter-terrorism efforts and provide guidance on how to further improve,” the President said.

 

Speaking on the efforts of Nigeria in beating the menace, President Tinubu said the nation’s counter-terrorism capabilities have been enhanced through the enactment of the Terrorism Prevention and Prohibition Act, establishing the National Counter Terrorism Centre (NCTC).

 

“We have and will continue to take bold steps forward in safeguarding our nation and the wider region. Dedicated to coordinating and implementing counter-terrorism strategies, the NCTC significantly enhances our capacity to detect, prevent, and respond to terrorist threats. The Centre has become a platform; fostering greater collaboration among stakeholders and promoting synergy in our approach to fighting terrorism.

 

“Similarly, our security forces continue to demonstrate courage and dedication in the fight against terrorism, often at great personal risk. I am grateful to the selfless work and sacrifice of these patriotic men and women. They are the best of the best.

 

“I must also mention the ongoing need to halt the proliferation of Small Arms and Light Weapons (SALW) on the continent. No one state can solve this problem for itself. It requires continuous and concerted action by all of us. We need to reposition our regional organizations and build the capacity of our national institutions to effectively address this element of terrorism and violent extremism,” the President stated.

 

The President affirmed that Nigeria is committed to working with regional partners to strengthen arms control measures, enhance border security, and disrupt the illicit trafficking networks that fuel terrorism and organized crime, while urging firm and expeditious actions against prevailing insecurity on the continent.

 

“As leaders, let us show our people that their safety and welfare are paramount. May this conference be succinct and to the point. Let us keep rhetoric to a minimum. Let us be focused and dedicated to pinpointing solutions and embarking on the meaningful and strong action needed to win the day and free our continent of violent extremists.

 

“May we do everything that is required of us to defeat this challenge so that five, ten or twenty years from now, it is historians who will be meeting to discuss how today became a major turning point in the African continent’s defeat of the terrorist scourge,” President Tinubu concluded.

 

In his welcome remarks, National Security Adviser, Mallam Nuhu Ribadu stated that terrorism in Africa is driven by a number of factors, including organized crime, foreign terrorist financing and training, poverty, inequality, prolonged conflicts, among others.

 

He said Nigeria is dealing decisively with all drivers of violent extremism, including economic and social enablers, while enhancing intelligence gathering through enhanced inter-agency collaboration and confidence building with citizens.

 

He also said Nigeria is strengthening its judiciary to effectively deal with cases of terrorism and has earmarked a fund to boost counter-terrorism efforts.

 

“We have resumed the prosecution of Boko Haram suspects across the country,” the National Security Adviser said.

 

In her remarks, Deputy Secretary-General of the United Nations, Ms. Amina Mohammed suggested that one of the ways to remove the engenderers of terrorism on the continent is for Africa to work to rebuild its social contract with its citizens, and deliver good governance.

 

“Rebuilding the social contract is necessary for recovery.

 

“We must pay attention to women and girls who are greatly impacted by terrorism, including the youth. Providing support and healing for those impacted by terrorism is important,” the UN Deputy Secretary-General said.

 

Under-Secretary-General of the United Nations Office of Counter-Terrorism (UNOCT), Mr. Vladimir Voronkov commended Nigeria for its leadership in counter-terrorism in Africa and for hosting the meeting.

 

“Terrorism is a threat to peace and security, particularly in Africa where its impact is mostly felt. The success of UNOCT in Africa hinges on its support for Africa-led programmes and solutions,” the UNOCT Under-Secretary-General said.

 

Chief Ajuri Ngelale

 

Special Adviser to the President

 

(Media & Publicity)

 

April 22, 2024

Outcry Leads to Closure of Abuja-Based Chinese Supermarket Following Discriminatory Policy

The Chinese supermarket located in Abuja, Nigeria, has shut its doors amidst growing outrage over its discriminatory practices.

 

Over the weekend, Nigerians took to social media to express their dismay after learning that the supermarket, situated at the China General Chamber of Commerce along Umaru Musa Yar’Adua Road, had implemented a policy that prohibited Nigerians from entering the premises. The policy sparked widespread condemnation, with many denouncing it as discriminatory and unacceptable.

 

Following the public outcry, the management of the Chinese supermarket took the decision to close its doors temporarily. This move comes amidst mounting pressure from both Nigerian citizens and authorities to address the issue and ensure that such discriminatory practices are not tolerated within the country.

 

While the closure provides a temporary respite, the incident has reignited conversations about inclusivity and respect for diversity within Nigeria’s business community.

 

Many are calling for concrete measures to prevent similar occurrences in the future and uphold the principles of equality and non-discrimination.

Kenya and Uganda form tourism pact, aim to boost tourism revenue within both countries

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Kenya and Uganda has formed a tourism pact while agreeing to collaborate with each other to boost tourism revenue in their respective countries.

 

The collaboration includes a merging of culture between the two east African countries with the goal of driving up the number of visitors each country receives.

 

According to Business Insider Africa, the both countries plan to integrate certain aspects of their culture including dance, traditional cuisines and other cultural activities to create an atmosphere of cross-cultural tourism driving up the revenue they both make from tourism.

 

The above decision was hatched during a 4 day visit by the Ugandan consulate to Mombasa. The four-day trip was concerning the Uganda Festival, a culinary and cultural event organized in Kwal, Kilifi, and Mombasa. The festival aimed to attract Kenyan and international visitors.

 

“The aim of the festival is to expose the unique Ugandan products to a wider number of corporate Kenyans, and other regional and international tourists at the Kenya coast,” the Consulate General of the Republic of Uganda, Paul Mukumbya stated.

The Consulate general explained that 500,000 Kenyans visited Uganda and 200,000 Ugandans visited Kenya for business and tourism in 2023.

 

“Kenya is the number one source market for visitors to Uganda. Last year, the official figures indicate that almost 500,000 Kenyans visited Uganda,” he said.

“This is why we are sensitizing more Kenyans and more international visitors to come and sample products in Uganda,” he added.

The two east African countries share a border and have a long history of trade and interaction between them.

 

What To Know

The Tourism sector in Kenya is one of the key drivers of the Kenyan economy earning the country over $2.1 billion in 2022. Tourists from the United States account for the highest international tourists that visit the country while the country also gets a significant number of African visitors as well.

Tourism is also big in Uganda contributing to about 4.7 percent to the country’s GDP. The east African country raked in over $1 billion in 2023 from tourism.

The Cross-cultural initiative planned by both Kenya and Uganda is aimed at merging certain aspects of its culture which includes Cuisine, Dance and other cultural activities to increase the number of their citizens visiting both countries directly boosting tourism revenue.

 

Police Arrests Binance Executive Who Escaped From Nigeria

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The Kenya Police Service has arrested fleeing Binance executive, Nadeem Anjarwalla, as the International Criminal Police Organisation moves to extradite him to Nigeria within the week.

 

Government sources familiar with the case who spoke on condition of anonymity because they were not authorised to speak on the matter confirmed the development to PUNCH’s correspondent on Sunday night.

 

One of the sources said, “Binance executive, Nadeem Anjarwalla, has been arrested by the Kenya Police Service, and he would be extradited to Nigeria this week by INTERPOL.”

 

Another source noted, “As we had said before that Anjarwalla would be extradited, he has been arrested in Kenya, and he’ll be extradited to Nigeria this week.”

 

The Federal Government had traced Anjarwalla to Kenya, following his escape from lawful custody in Nigeria.

 

Following the development, the Economic and Financial Crimes Commission, the International Criminal Police, the Nigeria Police Force, and the Kenyan Police Service have deepened talks to quicken Anjarwalla’s extradition.

 

Anjarwalla, whose cover has now been blown, went into hiding immediately after he landed in Kenya.

 

“We have found him. We know where he is; he is in Kenya, and we’re working with the authorities to bring him back to Nigeria.

 

“All hands are on the deck, the government and all the security agencies are working hard in conjunction with the Kenyan authorities and INTERPOL, to ensure his return to Nigeria to face the charges brought against him,” the report had quoted a source as saying.

 

Meanwhile, the EFCC Chairman, Ola Olukoyede, had in the March edition of its bulletin titled, “EFCC Alert,” onfirmed that the commission was working in conjunction with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya to extradite Anjarwalla.

 

Olukoyed said, “The takeover of the prosecution of Binance chiefs by the commission is no less a strong message in the direction of EFCC’s resolve to hedge in distortions and disruptions in the country’s forex market.

 

“Tax evasion, currency speculation, and money laundering to the tune of $35,400,000 and are at the foundation of the Commission’s five counts against Binance Holdings Limited, Tigran Gambaryan and Nadeem Anjarwalla, the company’s chief executives.

 

“While Gambaryan is currently in the Commission’s net, the process of extraditing the fleeing Anjarwalla is revving in full swing. Involved in partnership with the EFCC to nick Anjarwalla in flight are the International Criminal Police Organisation, the United States Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya as the clock winds down to his arraignment in absentia alongside the company and Gambaryan.”

Movie review: Blacksmith (Alagbede) is a stereotypical Nollywood story but funny with good acting

Movie review: Blacksmith (Alagbede) is a stereotypical Nollywood story but funny with good acting

 

Blacksmith (Alagbede) is a Yoruba movie you will enjoy even though it might not have any hook on you afterwards. The movie, currently showing in cinemas, is a mix of romance, comedy and drama. Directed by Usman ‘Blackky’ Ogunlade and produced by Motunrayo Adeoye and Jaiye Kuti, the film is packed with good acting and nothing more than needed.

Blacksmith (Alagbede) tells the story of a blacksmith named Adio (Femi Adebayo) and his sweetheart from a well-to-do-home, Omolewa (Kehinde Bankole). As a poor young chap, Adio was left with no choice but to struggle to measure up to the standard demanded by Omolewa ‘s mother (Bimbo Oshin), who was ready to give her daughter’s hand in marriage to a rich guy. Backed by his friend Wole (Gbenga Afolayan), Adio decided to get wealth through money rituals. This led to a lack of peace of mind, and wealth became undesirable to him.

 

Firstly, the romantic part of this movie is more like a remix of the stereotypical Nollywood movies of the 90s and early 2000s, where a broke boy with no future ambition will have the beautiful daughter of a wealthy man in love with him. However, I like that the writers plotted the romance to lead to money rituals and spiced the movie with light comedy. Even during serious scenes, many others and I, viewing the movie at the cinema, couldn’t help but laugh out loud.

 

Like I said earlier, the acting in this movie is really good and deserves 8/10. The part that made me believe I was in for a good movie was the scene involving the first babalawo (witch doctor) played by Adewale Alebiosu. That part was barely up to three minutes long, but the man killed it. While addressing Adio and Wole, the look on his face, despite how serious it was, flowed freely with the comedic vibe associated with the scene. Femi Adebayo and Gbenga Afolayan also matched him with their A-game. Other actors in the movie include Jide Kosoko, Mr Macaroni, Elesho, Jaiye Kuti, Fathia Balogun, etc.

 

Another thing that blew me away about the Babalawo scene was the lighting, which was cinematic. The lighting department did well in the night scenes by not only providing light for the faces of the characters but also for the environment, which was an open space. This was also done for the night bathroom scene, where a white light blasted behind the trees to mimic moonlight. So far, the all-night scenes of this movie get 8/10 from me. If I’m thinking of making a film today, the guys behind this movie’s lighting and colour grading will get a call from me.

 

Blacksmith (Alagbede) mimicked the 1970s Nigeria as seen in the costumes. Some of the actors rocked afros and fashion from that time. Even the architectural style and cars were from that period. I don’t know if those who don’t understand Yoruba will enjoy the movie because I didn’t notice the subtitles. I also can’t predict if the movie will perform well in cinemas. However, I strongly believe this movie will do well on streaming platforms, to the point of trending on X’s social media platform. Blacksmith (Alagbede) gets 7/10.

Tunde Onakoya: Nigerians who have recently won Guinness World Records

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Nigerians who’ve recently won the Guinness World Record

Tunde Onakoya, Hilda Baci and Rema

Popular chess master, Tunde Onakoya, has joined the league of Nigerians who recently won the Guinness World Record.

 

The 29-year-old Onakoya broke the Guinness World Record for the longest chess marathon in New York’s Times Square, when he reached the 57-hour mark, surpassing the previous record of 56 hours and 9 minutes.

 

The previous record of 56 hours, 9 minutes, was held by Norwegian players Hallvard Haug Flatebø and Sjur Ferkingstad in 2018.

 

Nigerian gourmet chef, Hilda Baci entered the Guinness World Record for longest cooking hours by an individual lat year.

 

The Guinness Book of Records is a reference book that chronicles human and natural world records.

 

It was first published in 1955 by the Guinness Brewery in Ireland and has since become one of the world’s most well-known and frequently read reference books.

 

Individuals or groups must submit proof to the Guinness World Records team and go through a verification process to qualify for a world record listing.

 

Below are a brief information about a list of Nigerians that have broken the Guinness World Records in recent times:

 

1. Hilda Baci in May 2023

 

Hilda Effiong Bassey, popularly known as Hilda Baci, entered the Guinness World Record for the longest cooking marathon by an individual. Hilda Baci made Nigerians proud on May 15, 2023, in the cook-a-thon held in Lagos, which was set to last for 93 hours and eleven minutes.

 

2. Divine Ikubor (Rema) in May 2023

 

Nigerian music star, Divine Ikubor, popularly known as Rema, made it to the Guinness World Book of Records. Rema’s hit song, ‘Calm Down’ made history as the first No. 1 Hit on The Official MENA Chart (the world’s first regional streaming chart).

 

3. Gbenga Ezekiel in October 2022

 

Ezekiel achieved the most skips in one minute on one leg (278), breaking his own record of 265, and the most double under skips in one minute on one leg (144), beating the previous record of 132, set by India’s Himanshu Prajapati in 2021.

 

4. Folashade Oluwafemiayo in August 2022

 

In 2021, Folashade Oluwafemiayo won the gold medal in her event at the 2021 World Para Powerlifting Championships held in Tbilisi, Georgia. At this event, she also set a new world record of 152.5 kg. She competed at the 2022 Commonwealth Games where she won a gold medal in the heavyweight event.

 

5. Chukwuebuka Ezugha and Victor Richard Kipo in March 2022

 

The most consecutive passes of a football (soccer ball) between the head and soles (team of two) is 252, achieved by Chukwuebuka Ezugha and Victor Richard Kipo (both Nigeria), in Ikot Ekpene, Akwa Ibom, Nigeria, on 11 March 2022.

 

6. Vincent Okezie in March 2022

 

Vincent Okezie, on 3 March 2023, Master Okezie won his fifth GWR to become the current holder of the most football (soccer) ‘around the world’ tricks (71) with arms linked.

 

7. Bose Omolayo in December 2021

 

Bose Omolayo became the new Guinness World Record holder in 2021 when she made the heaviest para power lift by a female in the -79 kg category at 144 kg.

 

8. Chinonso Miracle Eche in October 2021

 

Chinonso Miracle Eze achieved the fastest time to 1,000 touches while balancing another ball on the head, and broke the Guinness World Records Holder for “Most Consecutive Football Touches In One Minute While Balancing a Ball On His Head.

 

9. Peter Aho in October 2021

 

Peter Aho became one of the bowlers from Nigeria to break the Guinness World Record after taking five wickets and a hat-trick in a T20i game and also holds the record for best bowling figures in T20is, claiming six wickets for five runs against Sierra Leone in 2021.

 

10. Bayo Omoboriowo in September 2021

 

Bayo Omoboriowo broke the Guinness World Record for creating The Largest Photo Book in 2021. The photo book, done in collaboration with The JT Agency and with the federal government’s support, is 60.84 square metres (654 square feet and 87 square inches) and was a recreation of a photo collection titled Discover Nigeria.

 

11. Tunde Onakoya in April 2024

 

Tunde Onakoya is the latest Nigerian to break the Guinness World Record after an unprecedented and uninterrupted 58-hour chess session, and reaching the 57-hour mark.

 

Forex Crisis: “We have transitioned from firefighting to strategic planning” – Cardoso

The Governor of the Central Bank, Olayemi Cardoso, has stated that the apex bank is no longer in “firefighting” mode and has now switched to strategic planning in its efforts to achieve forex stability.

 

This transition comes after six months of grappling with numerous economic challenges, including rampant inflation and volatility in the foreign exchange market.

 

He made this remark in a joint press briefing with the Minster of Finance and Coordinating Minister of the Economy, on the sidelines of the IMF/World Bank Spring Meetings held in Washington DC, United States.

 

What Cardoso is saying

Governor Cardoso highlighted that with the attainment of relative stability, particularly in the FX market, the focus of the CBN is now on enhancing the ease of doing business within Nigeria.

 

This strategic pivot aims to consolidate the recent gains by fostering an efficient and transparent market system, which in turn is expected to boost financial and economic inclusion for small businesses and households.

 

“In the six months since assuming the position of Central Bank Governor, the challenges have been significant, from grappling with inflation to addressing volatility in the foreign exchange market.

However, with relative stability now achieved, particularly in the FX market, we have transitioned from firefighting to strategic planning across key areas.”

Key initiatives include leveraging technology and remote banking solutions to decrease transaction costs and widen access to financial services.

 

These measures are part of a broader agenda to create a more resilient and inclusive economic framework, moving away from the emergency measures that previously dominated the central bank’s agenda.

 

Governor Cardoso emphasized the need for a sequenced approach to address ongoing and future challenges, ensuring the CBN works closely with stakeholders such as investors, banks, and businesses.

 

This collaborative effort underscores a renewed commitment to orthodox monetary policies, aiming to rebuild trust and confidence in Nigeria’s economic management and leadership.

 

On current exchange rate depreciation

Cardoso also responded to the current exchange rate depreciation experienced over the weekend as the naira weakened on the official and parallel market on Friday.

 

According to Cardoso, the weakness seems to be a volatility in the exchange rate and that Nigerians should “expect that there will increases, here and there, ups and down”, highlighting the fact that the Naira also rebounded during the weekend.

He also emphasized that the most important thing is that they are doing “everything possible to ensure that this is an exchange rate that finds adequate price discovery level” as policy reforms continue to take hold.

Cardoso touted the response from foreign portfolio investors as being “positive” and expects that the “positive sentiments will continue to improve” in terms of continuous investor inflows into the country.

He also reinforced the target of doubling diaspora remittances as a key policy focus in the short to medium term for the apex bank.

 

While the apex bank did not state the baseline for doubling the remittance targets, the World Bank estimates Nigeria’s diaspora remittances to be around $20.5 billion annually.

First Bank appoints Olusegun Alebiosu as acting CEO, effective immediately

First Bank of Nigeria Limited has announced the appointment of Mr. Olusegun Alebiosu as its Acting Chief Executive Officer, effective immediately.

This development follows the resignation of Dr. Adesola Adeduntan, who has served as the Managing Director/CEO of the bank.

 

The announcement was made official through a notification to the Nigerian Exchange Limited and the investing public, adhering to the Issuers’ Rules of The Exchange.

 

What we know

Mr. Alebiosu, who previously held the position of Executive Director and Chief Risk Officer at FirstBank, has been pivotal in spearheading the bank’s transformation strategies over the past eight years.

 

His tenure at FirstBank began in 2016, and he brings over three decades of extensive banking experience, with a strong background in risk management, compliance, and corporate banking.

The board’s decision to appoint Mr. Alebiosu underscores his deep involvement and proven track record within the bank under the leadership of previous CEOs.

His broad experience includes significant roles such as Chief Risk Officer at Coronation Merchant Bank Limited and Chief Credit Risk Officer at the African Development Bank Group.

Before joining FirstBank, he served in key capacities at United Bank for Africa Plc and started his career at Oceanic Bank Plc (now Ecobank Plc) in 1991.

FirstBank expressed its deep gratitude to Dr. Adeduntan for his leadership and contributions, especially noting his role in overseeing the bank’s growth and transformation during his nine-year tenure.

As Mr. Alebiosu steps into his new role, his appointment is pending approval from the Central Bank of Nigeria, signaling a new chapter for the 130-year-old financial institution as it continues to navigate the evolving banking landscape.

Emefiele’s welfare schemes: Banks retain N530bn CBN funds, Cardoso likely to request reimbursement.

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Emefiele’s welfare schemes: Banks retain N530bn CBN funds, Cardoso likely to request reimbursement.

 

This followed the temporary halt of all CBN support funds by the current governor of the central bank, Olayemi Cardoso.

 

Currently, there are nine banks that still hold more than N530 billion in unutilized intervention funds on their financial books.

 

After reviewing the recent financial statements of the banks, it was observed that they still retained funds received from the central bank designated for distribution to recipients.

 

The listed banks are Wema Bank, Stanbic IBTC Bank, Access Bank Plc, Sterling Bank, Guaranty Trust Bank, First City Monument Bank, Fidelity Bank, Zenith Bank, and United Bank of Africa.

 

Zenith Bank leads with the largest sum of intervention funds, amounting to N157.81 billion.

 

Fidelity Bank N98.85bn.

 

Access Bank N94.63bn

 

Sterling Bank N80.34bn.

 

GTB N52.39bn

 

UBA N20.87bn

 

FCMB N13.17bn

 

Stanbic IBTC N11.49bn

 

Wema Bank has N1.83bn.

Marketers are considering a potential reduction in diesel prices to N700/litre following Dangote’s price decrease

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Nigeria oil Marketers are considering a potential reduction in diesel prices to N700/litre following Dangote’s price decrease.

 

The Independent Petroleum Marketers Association of Nigeria anticipates that the Dangote refinery will lead to a potential decrease in the price of diesel, potentially reaching around N700 per litre.

Hammed Fashola, the National Vice President of IPMAN, expressed his gratitude towards the Dangote refinery for lowering the price of diesel from above N1,200 to N1,000.

 

“It is a good development, a welcome development. That is what we expected. Even we are still expecting that diesel will still come down more. Because if you look at the dollar rate to the naira now, the currency is doing well against the dollar. The exchange rate now is almost N1,000 on the black market. We still expect that the dollar will come down more,”

 

The leader of IPMAN elaborated on the reduction in price by pointing out that the removal of obstacles such as shipping challenges and Customs duties, due to local production, has led to this positive change.

 

“When you look at the diesel being produced here, there are lots of factors that have come to play; like the issue of shipment, the issue of tax, Customs and others. All those are not there again. So, we marketers, we are expecting diesel to come to like N700 per litre; that is our prayer and at that level, it will be a blessing to everybody. That is what we are looking at. What we produce here must be quite different from what is imported. That is what we expected,”