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Dangote’s Refinery To Slash Nigeria’s ₦6 Trillion Fuel Import Bill

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Dangote’s Refinery To Slash Nigeria’s ₦6 Trillion Fuel Import Bill

The commencement of fuel supply from the Dangote Petroleum Refinery is set to significantly cut Nigeria’s annual fuel import bill, currently at around ₦6.2 trillion. At the Africa CEO Forum Annual Summit in Kigali, Rwanda, Aliko Dangote, chairman of the Dangote Group, announced that the refinery will start distributing premium motor spirit (PMS) next month……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

This development signals a major shift towards self-sufficiency in fuel supply for Nigeria and potentially extends its influence to the wider West African region. The Dangote Refinery, a $20 billion investment, aims to meet local demands for petrol, diesel, and aviation fuel and reduce dependency on imports.

Dangote expressed confidence in the refinery’s capacity, stating, “By sometime in June, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.” This aligns with the Nigerian government’s strategy to minimize fuel imports, especially after President Bola Tinubu’s removal of fuel subsidies, which reduced petrol imports to about one billion litres monthly.

The operation of the refinery is expected to provide significant economic relief by cutting down the substantial costs associated with fuel imports. Nigeria, which currently spends an average of about ₦520 billion monthly on petrol imports, could save billions annually through local production.

Local refining is projected to eliminate the financial inefficiencies seen in the importation process, offering cheaper fuel to Nigerian consumers and stabilizing market prices. The reduction in fuel imports is also anticipated to bolster Nigeria’s foreign exchange reserves and strengthen the naira.

A source from the Central Bank of Nigeria (CBN) indicated that this shift would decrease the demand for foreign currency, improving the country’s economic position and potentially leading to a stronger national currency. “As the dollar demand reduces, the naira will rebound and that is good for the economy,” the CBN source stated.

As the Dangote Refinery prepares to begin operations, the potential economic benefits for Nigeria are substantial. This move not only promises to cut the national import bill significantly but also positions Nigeria as a key energy supplier in the region, offering economic advantages that extend beyond mere cost savings.

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I Haven’t Had Sex In Seven Years’ – Lil Kesh Makes Shocking Revelation.

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Nigerian rapper Keshinro Ololade, popularly known as Lil Kesh, has cautioned women whose physical appearance could tempt him as he tries to maintain his decision to abstain from sexual activities.....KINDLY READ THE FULL STORY HERE▶

The singer made this known in a video shared on his Instagram page, where he spoke about his commitment to celibacy and his efforts to remain focused.

In the video, Lil Kesh specifically addressed women who regularly visit the gym, drawing attention to their body shapes and physical features, which he admitted he finds tempting.

He appealed to such women to tone down their seductive appearances and movements around him, explaining that he was determined to maintain his celibate lifestyle.

The rapper also disclosed that he had abstained from sex for seven years.

He said, “Hello, if you know you are a gym girly and your back is looking like this, please, I’m gonna need you to tone it down. I have been celibate for 7 years; I am trying to focus; don’t konjibait me.”

In a related development, Nigerian content creator Adebayo Ridwan, popularly known as Isbae U, has opened up about the difficult period he experienced following the controversy surrounding him in 2022.

During an interview with Morayo Afolabi Brown, Isbae U revealed that the backlash was so severe that he began questioning whether his career had come to an end.

He explained that the situation became particularly difficult because people who had previously supported and praised his work began making negative comments about him.

The skit maker also disclosed that he sought advice from fellow content creator Mr Macaroni during the period.

According to him, he asked whether the controversy marked the end of his career, as he was uncertain about what the future held following the backlash.

Isbae U recalled that the experience taught him how quickly public perception can change when someone becomes embroiled in controversy.

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Atiku Breaks Silence On Fuel Subsidy, Reveals His Position On Restoration.

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The African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has reiterated his commitment to restoring petrol subsidy if elected president in the 2027 general election.....KINDLY READ THE FULL STORY HERE▶

The former Vice-President made the pledge in a post shared on his X handle on Monday, alongside a campaign video outlining his position on the policy.

“My position stands! I will restore subsidy to make life easier and more affordable for Nigerians,” Atiku wrote.

The video compared petrol prices in Nigeria with those in other oil-producing countries, including Saudi Arabia, Kuwait, Libya, Iran and Venezuela, arguing that citizens in those nations pay significantly less for the product.

According to the video, Atiku’s proposed subsidy arrangement would apply only to petrol refined locally, excluding imported products. The policy would also remain in place until domestic refineries become self-sustaining.

Atiku was further quoted in the clip as saying, “My position has not changed and will not change. I will restore it.”

President Bola Tinubu announced the removal of the petrol subsidy during his inauguration speech in May 2023. His administration subsequently promised to channel the savings from the policy into infrastructure development and social services.

Atiku has made the reversal of the subsidy removal a major part of his 2027 campaign agenda. Other promises include reopening Nigeria’s land borders and addressing insecurity.

He reiterated these commitments during the ADC presidential campaign flag-off rally in Sokoto on November 4.

The former Vice-President secured the ADC presidential ticket in May, marking his seventh attempt to become Nigeria’s president.

However, the Federal High Court in Abuja nullified his candidacy on November 5, alongside decisions taken by the party’s David Mark-led leadership.

The ADC has since appealed the judgment and is seeking a stay of execution.

The presidential election is scheduled for January 16, 2027, while governorship and State House of Assembly elections are slated for February 6, 2027.

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Lagos To Host 2026 CAF Awards As Africa’s Football Stars Prepare For Big Night.

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The 2026 Confederation of African Football (CAF) Awards will be held in Lagos on Wednesday, December 2, with top footballers, coaches, clubs and national teams from across the continent expected to attend the prestigious annual event.....KINDLY READ THE FULL STORY HERE▶

The ceremony is scheduled to commence at 7 p.m. Nigerian time, 8 p.m. in Cairo and 6 p.m. GMT, at the Professor Wole Soyinka Centre for Culture and the Arts, popularly known as the National Theatre.

The event will mark the return of the CAF Awards to Nigeria’s commercial capital for the first time in 12 years. Lagos last hosted the ceremony in 2014.

CAF disclosed that this year’s edition would blend football with Nigerian culture, with music and entertainment forming key parts of the celebrations.

A total of 18 award categories will be presented at the ceremony, with the CAF Men’s Player of the Year and Women’s Player of the Year awards expected to be among the major highlights.

Other categories will honour outstanding achievements by coaches, goalkeepers, young players, clubs and national teams.

Voting for the awards commenced on November 5 and is expected to close on November 20, covering both the men’s and women’s categories.

CAF Member Associations, clubs, eligible coaches and national team captains are taking part in the voting process to determine the eventual winners.

The continental football governing body said the voting arrangement was designed to ensure broad representation across African football while upholding fairness and transparency.

It added that independent monitoring would be carried out throughout the process to safeguard the credibility of the results.

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