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Delay in crude supply to Dangote Refinery Poses Risk to Nigeria’s economy – EIU Report

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Delay in crude supply to Dangote Refinery Poses Risk to Nigeria’s economy – EIU Report

 

 

 

 

 

 

Sahara Weekly Reports That The Economist Intelligence Unit has issued a warning that further delays in crude oil feedstock to the Dangote Petroleum Refinery and Petrochemicals could jeopardise Nigeria’s economic recovery and put additional pressure on the naira.

 

 

 

Delay in crude supply to Dangote Refinery Poses Risk to Nigeria’s economy – EIU Report

 

 

 

The research and analysis division of the Economist Group said the Dangote refinery which began production in January has encountered setbacks in petrol production due to a shortage of crude oil feedstock.

 

 

 

 

 

It said the $20 billion facility has successfully exported various products, including fuel oil, naphtha, nitrogen fertilisers, gasoil, jet fuel, and diesel but has been able to ramp up petrol production due to challenges in sourcing adequate crude oil.

 

 

Delay in crude supply to Dangote Refinery Poses Risk to Nigeria’s economy – EIU Report

 

 

 

These delays are expected to have significant economic repercussions for Nigeria, potentially worsening the already strained relationship between public finances and the management of the naira, the country’s currency.

 

 

 

The report said though the government had previously scrapped the official petrol subsidy in June 2023, the practice of unofficially subsidizing petrol continues, with substantial implications for the national budget. It pointed out that this has led to increased currency losses, contributing to a widening budget deficit that has become increasingly difficult to manage and could force the Central Bank of Nigeria to revert to stronger management of the currency.

 

 

 

“As the federal government unofficially subsidises petrol (the official subsidy was scrapped in June 2023), currency losses feed into a widening budget deficit that is becoming more challenging to finance. This provides extra incentive for the central bank to revert to stronger management of the currency, as we already expect, but the degree of market intervention could become heavier. Meanwhile, ongoing fuel imports would reduce the current-account surplus from the 1.9% of GDP that we currently project for 2025, potentially leading to lower foreign reserves and the return to a more rigid and unstable foreign-exchange system,” it said.

 

 

 

The delay in securing a reliable pipeline of affordable crude oil feedstock was attributed to low crude production due to oil theft and underinvestment, as well as using crude oil to repay outstanding loans.

 

 

 

“The refinery has encountered a range of problems, both practical and political in nature. The most publicly discussed issue is how the refinery can secure a reliable pipeline of crude oil feedstock at affordable prices. NNPC, the state oil firm, has not been able to provide enough volume. The government has promised to deliver 450,000 b/d of oil to the refinery through NNPC in a pilot scheme, sold in naira, but the state oil company is not in a position to make this a reliable arrangement. Crude production in Nigeria is stubbornly low, as a result of oil theft and underinvestment. Output was 1.31m b/d in July, against an OPEC+ target of 1.38m b/d. NNPC receives a varying minority share of this and, moreover, a sizable quantity (about 90,000 b/d) is being committed as loan collateral,” it added.

 

 

 

The situation, it said, has been worsened by International Oil Companies (IOCs) operating in Nigeria, which demand a premium of $3-$4 per barrel over the prices they receive elsewhere. It noted that regulators are hesitant to enforce the Domestic Crude Supply Obligation (DCSO)—which requires IOCs to sell crude to local refineries—out of concern that such enforcement might lead to divestment.

 

 

 

The report emphasised that producing fuel locally would significantly benefit Nigeria’s fiscal position and currency, given that petroleum products account for 15% to 20% of the country’s goods import bill. The Dangote refinery, hailed as a transformative development, is expected to resolve the paradox of Nigeria being a major crude oil producer yet still dependent on fuel imports. With a capacity of 650,000 barrels per day (b/d), the refinery could potentially eliminate the need for fuel imports and shield local fuel prices from exchange-rate fluctuations.

 

 

 

“The Dangote fuel refinery is potentially transformational for Nigeria, which has always been an oil exporter and fuel importer. This fact is often regarded as a failure and an embarrassment by politicians, businesses and the media alike, but the new refinery has the ability to change this,” it said.

Business

Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas

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Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas

 

 

Blue Lagos has officially commenced its community sensitisation and engagement campaign across riverine and coastal communities in Lagos State.

 

The initiative is designed to amplify the voices of underserved communities, raise awareness on civic responsibilities, and highlight the unique challenges faced by residents living along the waterways.

 

Through on-ground interactions and digital advocacy, Blue Lagos aims to foster inclusive participation and ensure that no community is left behind.

 

Speaking on the campaign, The Director of Mobilisation & Community Engagement for the Blue Lagos Team, Hon. Ashade Abdul-Salam emphasized the importance of engaging directly with residents to better understand their daily realities, from access to basic services and transportation challenges to opportunities for development and improved governance.

The campaign will feature community visits, short sensitisation videos, interactive sessions, and stakeholder engagement, all geared towards empowering residents with the knowledge and tools to actively participate in shaping their future.

 

Blue Lagos calls on riverine and coastal residents to take advantage of this initiative, share their experiences, and stay informed on civic processes, including voter registration and community development programs.

 

This campaign marks a significant step towards building stronger connections between communities and decision-makers, while promoting inclusive growth across Lagos State.

For media inquiries, please contact:

Blue Lagos Team via email: [email protected]

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One Universe Launches to Redefine How People Find and Pay for Trusted Services

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One Universe Launches to Redefine How People Find and Pay for Trusted Services

 

 

One Universe, a new trusted digital marketplace designed to connect people who need services with skilled professionals, has officially launched and is now available for download on the Apple App Store and Google Play Store.

 

Built to solve the everyday challenge of finding reliable service providers, One Universe brings trust, convenience, and transparency into one seamless platform. From beauty and lifestyle services to technical, creative, and professional support, users can now discover verified professionals, agree on terms, and complete payments securely – all within the app.

 

A Safer, Smarter Way to Get Things Done

 

One Universe was created to eliminate uncertainty in service transactions. The platform enables buyers to find professionals, chat directly, agree on pricing and timelines, and make payments securely. Funds are held safely until the job is completed, ensuring protection for both parties.

 

Empowering Professionals to Grow

 

For service providers, One Universe offers a powerful opportunity to showcase skills, receive referrals, build credibility through reviews, and access more customers without the usual barriers. Professionals can focus on delivering quality work while the platform supports visibility, trust, and secure payments.

 

Introducing the One Universe Recruiter Program

 

As part of its launch, One Universe is rolling out the Recruiter Program, designed to reward individuals who help grow the community. Recruiters earn incentives by inviting people to join the platform – especially buyers seeking services – thereby helping professionals get more jobs while expanding the ecosystem. The program turns everyday referrals into real value and shared growth for all participants.

 

Key Features Include:

 

• Verified professionals across multiple service categories

• Secure in-app payments with buyer and seller protection

• Transparent pricing and direct communication

• Ratings and reviews to build trust

• A growing community driven by referrals and reputation

• Incentives through the Recruiter Program for community growth

 

*Now Available on iOS and Android*

 

One Universe is now live and ready for use. Individuals and businesses are encouraged to download the app, explore services, and experience a smarter way to connect and transact.

 

Download One Universe today:

Apple App Store

https://apps.apple.com/au/app/one-universe/id6753012310

 

Google Play Store

https://play.google.com/store/apps/details?id=com.oneuniverse.oneuniverse

 

About One Universe

One Universe is a trusted digital marketplace built to connect people with skilled professionals, making service discovery, engagement, and payment simple, safe, and reliable. The platform is committed to empowering service providers while giving users confidence and peace of mind.

 

Media Contact:

www.oneuniverse.ng

[email protected]

08083327368

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Business

Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers

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Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers

 

As the festive spirit of Eid al-Adha (Sallah) approaches, Adron Homes & Properties, Nigeria’s leading real estate company, has announced a nationwide Sallah Mega Promo designed to reward subscribers with unbeatable discounts, flexible payment plans, and exciting gift items.

The limited-time promotional campaign aims to empower Nigerians to celebrate the season of sacrifice with both joy and long-term investment security by making property ownership more accessible and rewarding. Subscribers can enjoy a 30% discount on all plots across Adron estates nationwide, alongside a flexible payment plan of up to 36 months. In addition, clients can spread their initial deposit over four months, easing financial pressure while securing valuable real estate assets.

According to the company, the Sallah promo reflects its continued commitment to providing affordable housing solutions while rewarding both new and existing clients during key festive periods.

“Sallah is a time of giving, sacrifice, and celebration. At Adron Homes, we believe there is no better time to empower families and investors with the opportunity to own land while also receiving valuable gifts that enhance their celebration,” the company stated.

As part of the promo, subscribers will enjoy a wide range of gift rewards tied to their payment milestones. Platinum plot subscribers stand to receive items such as bags of rice ranging from 10kg to 50kg, food packs with chicken and seasoning, goats and rams for Sallah celebrations, and even a cow or a double-door refrigerator for high-value subscribers. Compact plot subscribers will also benefit from gift items including bags of rice, vegetable oil, cartons of noodles, goats, and other household essentials designed to support festive celebrations.

Over the years, Adron Homes & Properties has remained at the forefront of real estate development in Nigeria, consistently delivering affordable luxury and flexible payment structures tailored to a wide range of investors. The Sallah Mega Promo further reinforces the company’s mission to democratize property ownership while strengthening its relationship with clients through value-driven initiatives.

Prospective subscribers are encouraged to take advantage of this limited-time offer by contacting Adron Homes through its official channels.

📲 WhatsApp: +234 805 101 1951
🌐 Website: Adron Homes Official Website

With the Sallah season fast approaching, this promo presents a unique opportunity for Nigerians to celebrate meaningfully by securing their future through real estate investment while enjoying generous festive rewards.

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