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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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Economy: Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister


A file photograph of Finance Minister, Zainab Ahmed.



Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021.

Ahmed spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.

Nigeria, on Saturday, entered its second recession in five years in the third quarter of this year as the Gross Domestic Product (GDP) fell for the second consecutive quarter.


According to figures released by the Nigeria Bureau of Statistics (NBS) cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 percent just as it recorded a -6.10 percent in the second quarter.

The finance minister said the COVID-19-induced recession followed the pattern across the world where many countries had entered an economic recession.

“Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth,” Ahmed said.

Also at the Economic Summit, Vice President Yemi Osinbajo made the emphasis that the government is committed to working in synergy with the private sector to foster equitable growth and underpin national development.

The 26th Nigerian Economic Summit focuses on building partnership for resilience for Nigeria’s households, businesses, and the general economy

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