* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, October 10, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    MSG Entertainment Takes Radio City Music Hall Into the Future With Introduction of Sphere Immersive Sound – Business Wire

    MSG Entertainment Transforms Radio City Music Hall with Cutting-Edge Sphere Immersive Sound Experience

    Israel’s Entertainment Industry Is Being Targeted by the Left in Hollywood and the Right at Home – The Wall Street Journal

    Inside the Fierce Clash Shaping Israel’s Entertainment Industry: Hollywood vs. Local Voices

    Offset Is Ready To Finalize Divorce With Cardi B for a Major Reason – Yahoo

    Offset Poised to Finalize Divorce from Cardi B for a Major Reason

    Beyond the Stage: 8 Performing Arts Centers Driving Entertainment and Education – Livability.com

    Beyond the Stage: 8 Performing Arts Centers Transforming Entertainment and Education

    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Charlie Hunnam Reflects on Playing a Serial Killer in Monster: The Ed Gein Story – Yahoo

    Charlie Hunnam Reveals the Dark Challenges of Playing a Serial Killer in Monster: The Ed Gein Story

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    China outlines more controls on exports of rare earths and technology – fox40.com

    China Unveils Tougher Restrictions on Rare Earth and Technology Exports

    Wisconsin Dairy Leads the Way with Cutting-Edge Technology Systems

    ENERCON and Biome collaborate for wind turbine noise reduction technology – Yahoo Finance

    ENERCON and Biome Join Forces to Revolutionize Wind Turbine Noise Reduction

    US and investors gambling on unproven nuclear technology, warn experts – Financial Times

    US and investors gambling on unproven nuclear technology, warn experts – Financial Times

    Is Light-Speed Analog Computing the Future of Technology? – BIOENGINEER.ORG

    Could Light-Speed Analog Computing Transform the Future of Technology?

    ARM Institute opens technology project call to speed submarine manufacturing – The Robot Report

    ARM Institute Unveils Cutting-Edge Technology Project to Revolutionize Submarine Manufacturing

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    MSG Entertainment Takes Radio City Music Hall Into the Future With Introduction of Sphere Immersive Sound – Business Wire

    MSG Entertainment Transforms Radio City Music Hall with Cutting-Edge Sphere Immersive Sound Experience

    Israel’s Entertainment Industry Is Being Targeted by the Left in Hollywood and the Right at Home – The Wall Street Journal

    Inside the Fierce Clash Shaping Israel’s Entertainment Industry: Hollywood vs. Local Voices

    Offset Is Ready To Finalize Divorce With Cardi B for a Major Reason – Yahoo

    Offset Poised to Finalize Divorce from Cardi B for a Major Reason

    Beyond the Stage: 8 Performing Arts Centers Driving Entertainment and Education – Livability.com

    Beyond the Stage: 8 Performing Arts Centers Transforming Entertainment and Education

    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Row K Entertainment Emerges as Major New Hollywood Buyer With Splashy TIFF Shopping Spree – TheWrap

    Charlie Hunnam Reflects on Playing a Serial Killer in Monster: The Ed Gein Story – Yahoo

    Charlie Hunnam Reveals the Dark Challenges of Playing a Serial Killer in Monster: The Ed Gein Story

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    China outlines more controls on exports of rare earths and technology – fox40.com

    China Unveils Tougher Restrictions on Rare Earth and Technology Exports

    Wisconsin Dairy Leads the Way with Cutting-Edge Technology Systems

    ENERCON and Biome collaborate for wind turbine noise reduction technology – Yahoo Finance

    ENERCON and Biome Join Forces to Revolutionize Wind Turbine Noise Reduction

    US and investors gambling on unproven nuclear technology, warn experts – Financial Times

    US and investors gambling on unproven nuclear technology, warn experts – Financial Times

    Is Light-Speed Analog Computing the Future of Technology? – BIOENGINEER.ORG

    Could Light-Speed Analog Computing Transform the Future of Technology?

    ARM Institute opens technology project call to speed submarine manufacturing – The Robot Report

    ARM Institute Unveils Cutting-Edge Technology Project to Revolutionize Submarine Manufacturing

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Nigeria’s biggest single local investment faces age-old threats

July 22, 2024
in Business
Nigeria’s biggest single local investment faces age-old threats
Share on FacebookShare on Twitter

… Dangote insists its diesel is best in Nigeria

… Looks to Libya, Angola, others for crude oil

Nigeria’s oil and gas sector, the lifeblood of Africa’s biggest economy, where investments have been too few and far between, could be taking a hit due to the ongoing public disagreement between Dangote Industries Limited (Dangote) and the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA).

If it becomes fully operational, the $20bn Dangote facility, Nigeria’s biggest single local investment located in the outskirts of Lagos, could process half of Nigeria’s daily oil output.

Yet what should be a moment of pride for the country’s most important industrialist is swamped with allegations from Farouk Ahmed, head of NMDPRA, who publicly said the refinery’s diesel products are inferior to imported ones.

Read also:Nigeria’s risk profile seen rising on Dangote-NMDPRA dispute

Ahmed’s statement sparked a significant public backlash. Many experts found his remarks unacceptable, arguing that they undermined a major local industry and did not reflect the true quality of the refinery’s products.

“I am actually surprised that the NMDPRA boss still has a job. Isn’t it the goal to reduce or eliminate the need for imports? Nigeria spends $2.4 billion monthly on energy imports. With a fully operational Dangote refinery, we could produce 49.4 million liters of PMS, 26 million liters of diesel, and 12 million liters of Jet A1 daily,” Kelvin Emmanuel, an energy economist and board member at Obsidian Archenar Nigeria, said.

He added, “So, his diesel is way better than what is imported into Nigeria and if the National Assembly wants to go a step further, they can recruit SGS, which is one of the reputable gasoline testing firms in the world, and also PWC or KPMG to do an audit of the third-party rubbing roundtable certifications process for AGO and gasoline.

“The question is, Nigeria has been importing petroleum products for 52 years. In the last 20 years plus, the government has spent N12 trillion in turnaround maintenance and the refineries are still dead. In my opinion, I don’t think those refineries should be relied on anyways. So, if an entrepreneur takes up the challenge of investing $20 billion to build a refinery, the government should support him.”

Luqman Agboola, head of energy and infrastructure at Sofidia Capital, said regulatory uncertainty is a disincentive to oil and gas investment because it hampers the future of business operations, while infrastructure decay increases the cost of production, affects competition, and erodes companies’ profitability.

Read also : Dangote blames NNPC’s forward oil sales for refinery’s lack of crude

He noted that any factor that affects foreign investment will disproportionately hit the oil and gas sector, affecting players across the value chain and causing the country to lose out on potentially large energy deals.

“Regulatory and political risks are real headaches for investors in the oil and gas sector. As such, prior to investing there, investors undertake extensive due diligence to ensure that such risks are adequately addressed or mitigated,” Juwon Adebayo, energy and environmental lawyer at Center for Energy Resources Consulting, said.

Nigeria’s increased regulatory risk is also coming at a time there is mounting global advocacy aimed at halting all-new Final Investment Decisions (FIDs) for fossil fuels, especially oil and gas. The situation may create serious hurdles for new field development as over $150 billion worth of projects risk getting stranded in Nigeria.

Charles Ogbeide, energy analyst with a Lagos-based investment bank, said the comments from the regulator were reckless.

“The refinery is in the stages of completion and commissioning. They are producing AGO and it is normal for their sulphur level to be high for now,” Ogbeide said.

“That their products are inferior is an unfortunate statement that indicates that he has a personal grudge against Aliko Dangote,” he said.

Jide Pratt, country manager at Trade Grid and an energy analyst, said: “Didn’t this same regulator give a waiver? Why did the agency allow sales into the open market then? Or are they unaware the refinery is selling?

He added, “Why is the Port Harcourt refinery that is technically complete not selling and a 45 percent refinery is selling? Until the President decides to sort out the anomalies in this sector, nothing will change.”

Worth more than $15bn, according to Bloomberg, Dangote has enjoyed cozy relationships with Nigerian leaders. They consider him a champion of domestic industry as the country’s largest employer outside of the Federal Government and one of the country’s highest taxpayers.

Aliko Dangote, president of Dangote Group, said the refinery has continued to receive repeated orders for its products from all those who have purchased the same since the commencement of production.

Speaking during a tour of both Dangote Petroleum Refinery & Petrochemicals and the Dangote Fertiliser Limited complex by members of the House of Representatives on Saturday, Dangote wondered why a regulatory authority like the NMDPRA that should protect local industries is castigating the latter and even lying in the media to justify the need to continue the importation of dirty fuel into the country.

“Demarketing of a company by a regulator that is supposed to protect it, is very unfortunate,” Dangote said.

He openly challenged the regulator (NMDPRA) to compare the quality of refined products from his petroleum refinery with those imported, while advocating for an impartial assessment to determine what best serves the interests of Nigerians.

“We produce the best diesel in Nigeria. It is disheartening that instead of safeguarding the market, the regulator is undermining it. Our doors are open for the regulator to conduct tests on our products anytime. Transparency is paramount to us,” Dangote said.

“Our samples show a sulphur content of 87.6 ppm, approximately 88, whereas the others exceeded 1,800 ppm. Although the NMDPRA permits local refiners to produce diesel with sulphur content up to 650 ppm until January 2025, as approved by ECOWAS, ours is significantly lower. Next week, we aim to achieve 10 ppm, aligning with the Euro V standard. Imported diesel is capped at 50 ppm, but as you have seen, those from the stations, imported by major marketers, fall well outside this standard,” Dangote observed.

Despite being Africa’s largest oil producer, Nigeria grapples with issues such as theft, pipeline vandalism, and low investment. As a result, Dangote has had to import crude from distant sources such as Brazil and the United States.

“We are talking to Libya about importing crude. We will talk to Angola as well and some other countries in Africa,” Devakumar Edwin, Dangote refinery senior executive, told Reuters.

He added that international traders and oil companies are among the largest buyers of Dangote’s oil, much of which is being exported.

“The biggest off-takers are the big traders, Trafigura and Vitol and BP, and to some extent, even TotalEnergies. But all of them are saying they are taking it offshore,” Edwin said.

Traders and shipping data indicate that Dangote is ramping up gasoil exports to West Africa, capturing market share from European refiners.

Edwin stated that Dangote’s oil trading arm is now operational, with staff based in London and Lagos, to manage supplies and sell products.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/news/article/nigerias-biggest-single-local-investment-faces-age-old-threats/

Tags: biggestbusinessNigeria’s
Previous Post

You Begged Me For Debt Forgiveness Just 2 Years Ago At The Transcorp Hilton -Dele Momodu Knocks Okupe

Next Post

Nigerians feeling the pinch: “Shrinkflation” shrinks wallets

Climate Change Poses ‘Ecological Trap’ for Species Struggling to Adapt – Bioengineer.org

Climate Change Creates a Dangerous Ecological Trap for Struggling Species

October 10, 2025
Science and the heart: Remembering Jane Goodall – American Animal Hospital Association – AAHA

Unlocking the Heart’s Secrets: Celebrating Jane Goodall’s Enduring Legacy

October 10, 2025
Young trucker couple embraces flatbed trucking, balanced lifestyle – Truck News

Young trucker couple embraces flatbed trucking, balanced lifestyle – Truck News

October 10, 2025
China outlines more controls on exports of rare earths and technology – fox40.com

China Unveils Tougher Restrictions on Rare Earth and Technology Exports

October 10, 2025
Midway’s Tate Mason named Week 7 WVLT Sports/5Star Preps Player of the Week – WVLT

Midway’s Tate Mason named Week 7 WVLT Sports/5Star Preps Player of the Week – WVLT

October 9, 2025
FIGO World Congress 2025 closes in Cape Town with renewed global commitment – FIGO.org

Global Leaders Unite in Cape Town to Close FIGO World Congress 2025 with Renewed Commitment

October 9, 2025
Our economic future is a black box – marketplace.org

Our economic future is a black box – marketplace.org

October 9, 2025
MSG Entertainment Takes Radio City Music Hall Into the Future With Introduction of Sphere Immersive Sound – Business Wire

MSG Entertainment Transforms Radio City Music Hall with Cutting-Edge Sphere Immersive Sound Experience

October 9, 2025
See photos from Pitt’s Health Sciences Alumni Weekend – University of Pittsburgh

See photos from Pitt’s Health Sciences Alumni Weekend – University of Pittsburgh

October 9, 2025
U.S. politics is broken because of MAGA Republicans and hard-line Democrats – AJC.com

How MAGA Republicans and Hard-Line Democrats Are Driving U.S. Politics to the Brink

October 9, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (860)
  • Economy (880)
  • Entertainment (21,753)
  • General (17,506)
  • Health (9,922)
  • Lifestyle (893)
  • News (22,149)
  • People (881)
  • Politics (890)
  • Science (16,091)
  • Sports (21,381)
  • Technology (15,861)
  • World (863)

Recent News

Climate Change Poses ‘Ecological Trap’ for Species Struggling to Adapt – Bioengineer.org

Climate Change Creates a Dangerous Ecological Trap for Struggling Species

October 10, 2025
Science and the heart: Remembering Jane Goodall – American Animal Hospital Association – AAHA

Unlocking the Heart’s Secrets: Celebrating Jane Goodall’s Enduring Legacy

October 10, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version