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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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Inflation Beyond CBN's Control, - Don


Central Bank of Nigeria’s (CBN) monetary policy cannot control the nation’s spiraling inflation.

Reacting to the inflation figures released on Monday by the National Bureau of Statistics (NBS), Prof Uche Uwaleke, of Nasarawa State University and President, Association of Capital Market Academics of Nigeria made this observation in Abuja on Monday.


According to Prof. Uwaleke, “since food inflation is the major challenge, it is obviously a supply issue and has gone beyond what the CBN monetary policy can control.”

He was concerned that “food inflation is over 17% and has remained the major driver of inflation even during this harvest season when expectations ordinarily should point to a downward trend.”

He noted that “food inflation in October was highest in Edo, Kogi, and Zamfara and may not be unconnected with insecurity in these parts of the country”.


Consequently, he advised the government to “focus on increasing food production by aggressively implementing the massive agricultural programme contained in the Economic Sustainability Plan”.

Commenting on the new inflation figures which now stand at 14.23 percent, Prof. Uwaleke noted that “contributory factors include the continuous border closure, the increase in VAT and implementation of stamp duty as well as the high exchange rate especially in the parallel market”.

The increase in the pump price of fuel he said also contributed “because according to the NBS, a major cause of core inflation came from an increase in transport cost”.

According to Uwaleke, “with the effect of COVID’19 on the economy still lingering especially from supply chain disruptions, it is no surprise that headline inflation has continued to rise with the NBS October number coming in at 14.23% up from 13.71% the previous month.”

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