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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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Capital Importation Into Nigeria Declines By 7.7%







Fresh statistics released by National Bureau Of Statistics (NBS) on Monday revealed that the bulk of capital importation into Nigeria declined by 7.7%.

The report shows that total value of capital importation into Nigeria stood at $5,367.56 million in 2019 third quarter (July to September).

This represents a decrease of -7.78% compared to 2019 second quarter and 87.99% increase compared to the third quarter of 2018.

The report added that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88% ($2,999.50million) of total capital importation.

This is followed by Other Investment, which accounted for 40.39% ($2.167.98million) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73% ($200.08m) of total capital imported in Q3 2019.

By sector, Capital importation by banking dominated 2019 third quarter reaching $1,756.83 million of the total capital importation in Q3 2019.

Also, the report shows that the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14million.

“This accounted for 37.47% of the total capital inflow in Q3 2019.”

By Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in 2019 third quater with $4,976.40 million.

This according to the report accounted for 92.71% of the total capital inflow in 2019 third quater.

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Location: Lagos, Nigeria

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