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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

Reps want revamp of textile industry



 House of Representatives

The House of Representatives on Tuesday in Abuja, called on the Federal Government to revitalise the textile industry to support speedy revival of the country’s economy.

This followed the adoption of a motion moved by Rep. Akinyede Awodumila (PDP – Ekiti).

Moving the motion earlier, Awodumila recalled that Nigeria’s textile industry was once a booming sector of the economy and was one of Africa’s largest industrial sectors.

He said that the sector was capable of producing an estimated 1.4 billion assorted textile items ranging from bed sheets, African prints to shirting materials, among others.

He said that the industry used to spread across the federation from Lagos, Kaduna, Kano, Funtua, Asaba, Port-Harcourt and other areas.

According to the lawmaker, in the 1980s, the textile industry was the second largest employer of labour after the Federal Government, a period that is wistfully regarded as the golden era of the industry.

He, however, said that the industry had been bedevilled by problems which included dependence on imported raw materials, sourcing of foreign exchange and inadequate power supply.

He said the industry was plagued by government policy summersaults, poor infrastructure and high cost of production, which had led to its inability to compete favourably with imported clothing items.

Awodumila pointed out that the poor state of the industry forced many textile factories to close down, while some relocated to other West African countries like Ghana and Sierra Leone.

He said the relocation and closure of some of the factories had caused revenue and job losses.

He explained that revitalising the industry would have a ripple effect on other sectors, including agriculture.

According to him, cotton farmers will be engaged, skills and expertise will be developed, and more youths will be trained in handling, repairing and fabricating machinery required in the industry.

In his contribution, Rep. Sunday Karim (Kogi PDP) said that the textile industry used to be the hub of the country’s economy as it employed many Nigerians.

He advised that while efforts should be made to revitalise the industry, companies operating in the sector that took loans from the Central Bank of Nigeria (CBN) should be investigated.

Karim said the companies should be made to account for the funds they took and how they had used it to develop the industry.

In his ruling, Speaker of the house, Mr Yakubu Dugara, mandated the Committee on Industry and Local Content to liaise with stakeholders to fashion out measures to revive the industry.

He said the committee should report back to the house within eight weeks.

(NAN)

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