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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon
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FG Okays $500m Industrial Port for Modandola Group


The federal government has approved the development of a $500 million industrial port, which is to be executed by the Modandola Group.

The Federal Executive Council had on October 12, 2016 approved the proposal for the development of a multipurpose terminal along Badagry Creek, Apapa.

The port, which is capable of berthing 50,000 DWT vessels with a draught of 13.5 metres upon completion, will be sponsored by Modandola Group, together with their foreign partners through Creek Road Multipurpose Terminal Limited (CRMPT) as an SPV.

The News Agency of Nigeria (NAN) reported that upon completion, the project will bring about foreign direct investment (FDI), increase government revenue through taxes and royalties and creation of specialised port facilities for industrial cargo and raw material.

In addition, the port will afford skilled professionals and unskilled persons job opportunities. The industrial complex is also expected to house a power station, information/ technology operating system and modern terminal building to house the administration, shipping and other government agencies.

Nan

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