Connect with us

Business

NNPC Retail Limited Clarifies Price Adjustment Rumours

Published

on

It has become clear that the Nigerian National Petroleum Company Limited (NNPC Ltd) has made no decision on pump prices of petroleum products in reaction to the fortune being enjoyed by the local currency, the naira in the foreign exchange market.

The Nigerian public had gone speculative on a downward adjustment of petroleum prices, including Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), particularly at the state oil company’s retail outlets in the domestic market.

The popular argument was hung on the swift upward adjustments witnessed since May 29, 2023 when the subsidies on petroleum were removed and the local currency came under bashing in the forex market.

Public sentiments were vented, particularly on social media platforms as the naira strengthened against the US dollar, which saw the local currency move from exchanging at over N1900/$ to about N1000/$ in less than seven days as at Wednesday.

The move has been greeted with wild celebrations at official quarters including the Presidency.

That is not to be, at least for now, as the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, in a statement issued in Abuja on Wednesday has clarified.

It reads, “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”

Business

NGX Invest Expands Primary Market Access with WhatsApp Subscription Channel

Published

on

NGX: Transactions maintain bearish trend with 0.0% loss

The Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.

Biztellers reports that it provides investors with an additional, convenient way to participate in public offers.

A statement from the company has it that investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521. They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application. As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.

READ ALSO: Dangote IPO Will Spread Wealth Across Nigeria – Emir Sanusi

The new channel extends NGX Invest’s growing distribution ecosystem, which connects issuers to investors through more than 100 distribution channels, including stockbrokers, banks, fintechs, mobile operators and other financial institutions via API connectivity.

By integrating WhatsApp into NGX Invest, the NGX Group is reducing friction in the investment process and bringing primary-market opportunities closer to investors through a platform they already use every day. For issuers, the integration provides an additional route to reach a broader pool of potential investors and support more efficient capital raising.

The development forms part of NGX Group’s broader strategy to use technology, partnerships and open distribution infrastructure to widen participation in Nigeria’s capital market.

Security remains central to the design of the investor journey. While WhatsApp provides the interface through which investors can access the service, subscriptions are processed through NGX Invest’s secure, regulated infrastructure. Investors are encouraged to interact only with the official NGX Invest WhatsApp number and should never share passwords, PINs, OTPs or other sensitive credentials with third parties.

As digital participation in Nigeria’s capital market grows, NGX Group remains focused on ensuring that increased access is supported by secure, transparent and regulated market infrastructure. The addition of WhatsApp combines the convenience of a familiar consumer channel with the safeguards required for participation in regulated public offers.

With WhatsApp now part of its distribution ecosystem, NGX Invest is further expanding the infrastructure through which investors can discover and participate in primary-market opportunities, while enabling issuers to reach a wider investing public.

Continue Reading

Business

Tinubu Applauds $800m FID on Ima Gas Project

Published

on

The $800m Final Investment Decision (FID) on the Ima Gas Project (IGP) has been warmly welcomed as a major milestone in efforts to unlock Nigeria’s gas resources for industrialisation, job creation and economic growth.

President Bola Tinubu applauded the development, according to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement in Abuja, on Wednesday.

READ ALSO: Refineries, Exports Lift Nigeria’s Foreign Reserves over $55bn

The statement has it that the project, developed by Nigerian independent exploration and production company, AMNI International, in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.

It added that the Ima gas resource, located offshore in Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.

The FID, announced on Wednesday, is expected to pave the way for the development of the resource, which has the potential to provide feedgas for the Nigeria LNG Limited.

According to the statement, Tinubu said the development demonstrated the impact of creating a predictable and competitive environment for investors.

He stated, “For more than fifty years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve the lives of our people.

“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”

The President added, “The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment.

“We are determined to unlock more of Nigeria’s gas resources to power our industries, expand our exports, create jobs and build lasting prosperity for our people.”

The President said that for decades, Nigeria has had one of Africa’s largest gas resource bases, although significant volumes have remained undeveloped.

He added that this administration’s gas strategy is focused not only on increasing gas production but also on putting the resource to productive use by supporting LNG exports and foreign exchange earnings, providing feedstock for industries, enabling fertiliser and petrochemical production, improving power supply and creating opportunities for Nigerian businesses and workers.

“Natural resources have value only when they are converted into opportunities for our people.

“Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity,” the President said.

Continue Reading

Business

Refineries, Exports Lift Nigeria’s Foreign Reserves over $55bn

Published

on

Nigeria’s foreign exchange reserves have climbed above $55 billion, while non-oil exports have reportedly overtaken crude oil exports for the first time, signalling a shift in the country’s foreign exchange earnings.

The development comes amid increased domestic refining, efforts to improve dollar liquidity and renewed moves by the Federal Government and the Central Bank of Nigeria (CBN) to strengthen economic coordination.

The changing export pattern is a key development for an economy that has depended heavily on crude oil for export earnings and government revenue.

For decades, crude oil dominated Nigeria’s export earnings.

READ ALSO: Nigeria-Libya Gas Pipeline as FG Eyes New LNG Markets

However, rising exports of refined petroleum products, natural gas, urea and other non-crude commodities are reshaping the country’s trade profile.

Data from the National Bureau of Statistics (NBS) showed that non-crude exports stood at N14.11 trillion in the second quarter of 2026, surpassing crude oil exports valued at N12.91 trillion.

The figures point to the growing contribution of non-crude products to Nigeria’s export earnings, although petroleum-related products remain a major component of the increase.

The expansion of domestic refining capacity, particularly the Dangote Refinery, has strengthened Nigeria’s ability to process crude oil locally and potentially export refined products.

Previously, Nigeria exported crude oil while spending substantial foreign exchange on importing refined petroleum products. Increased domestic refining could help reduce import dependence and create additional export opportunities.

Despite the reported growth, questions remain about the sustainability of the trend and the extent to which agriculture, manufacturing and other non-oil sectors are contributing to the expansion.

Meanwhile, the rise in foreign reserves to more than $55 billion provides the CBN with additional foreign exchange buffers to meet international obligations and respond to pressures in the currency market.

The improvement comes as the government intensifies efforts to attract investment, strengthen external liquidity and improve confidence in the Nigerian economy.

The Federal Government and the CBN have also moved to improve coordination between fiscal and monetary policies through a memorandum of understanding signed on September 18.

The agreement is designed to promote closer cooperation on inflation, economic growth, government financing, liquidity management and foreign exchange conditions.

The authorities are also seeking to improve economic data sharing and strengthen policies aimed at addressing rising production, food, energy and logistics costs.

While stronger reserves and higher exports could improve Nigeria’s external position, sustaining the gains will require continued growth in production, export diversification and measures that support businesses operating in the non-oil economy.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x