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Dangote Refinery to sell refined crude to FG in naira – CBN

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The governor of Central Bank of Nigeria, CBN, Godwin Emefiele, says arrangement is being made to enable the Dangote Refinery sell refined crude to Nigeria in naira when it commences production.

Mr Emefiele also disclosed that the first shipment of Urea from the Dangote Fertiliser Plant would begin in March to help boost agriculture in the country.

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Mr Emefiele made the disclosure on Saturday during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects at Ibeju Lekki, Lagos.

The CBN governor noted that the 15 billion dollar projects being constructed by the Dangote Group would save Nigeria from expending about 41 per cent of its foreign exchange on importation of petroleum products.

Mr Emefiele said: ”Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in naira, refine it, and produce it for Nigerians’ use in naira.

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“That is the element where foreign exchange is saved for the country becomes very clear.

“We are also very optimistic that by refining this product here in Nigeria, all those costs associated with either demurrage from import, costs associated with freight will be totally eliminated.

“This will make the price of our petroleum products cheaper in naira.

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“If we are lucky that what the refinery produces is more than we need locally you will see Nigerian businessmen buying small vessels to take them to our West African neighbours to sell to them in naira.

“This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency,” Mr Emefiele said.

Mr Emefiele expressed optimism that the refinery would be completed by the first quarter of 2022, adding that this would put an end to the issue of petrol subsidy in the country.

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“I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertiliser will be able to save that which will save Nigeria’s reserve.

“It will help us so that we can begin to focus on more important items that we cannot produce in Nigeria today,” Mr Emefiele said.

He said the CBN had given a N100 billion intervention to the projects, adding that the apex bank was ready to support Nigerian businesses set up to uplift the country economically.

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Also speaking, Aliko Dangote said that the fertiliser and petrochemicals plants were capable of generating 2.5 billion dollars annually while the refinery would serve Nigeria and other countries across the world.

He said the projects would create jobs for Nigerians and build their capacity in critical areas of the oil and gas industry.

Mr Dangote thanked President Muhammadu Buhari and the CBN governor for their support toward the completion of the projects.

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He said: “I will like to thank the president personally for helping us and assisting us in making sure that we are now back on track.

“Mr President personally wrote a letter to the president of China and asked them to bring the expatriates that we don’t have so that we can continue work.

“During the coronavirus, you will remember that we had one or two cases when it started and everybody ran away from site but right now we are beginning to bring people back and we have about 30,000 people now.

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“The good part of it is that we have learnt a lot also and there are a lot of Nigerians that just need small training and they are doing extremely well.

”So now we only need a small number of people coming from abroad just to give that training.”

Mr Dangote also called for the speedy passage of the Petroleum Industry Bill currently before the National Assembly to maximise the opportunities in the Nigerian oil and gas sector.

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May 29: President Tinubu Begins Nationwide Project Inauguration

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Nigerian president, Tinubu is set to commence the Inauguration of project across the country to mark his one year in service.

This was made known to the public through a statement signed by Special Advisor on Information and Strategy, Bayo Onanuga, with the headline “President Tinubu Set To Inaugurate Projects To Mark One Year In Office”.

According to Bayo, the completion of Lagos’ Third Main Land Bridge will be the first project carried out on May 31, 2024, President Tinubu’s first anniversary in office. Additionally, he will be traveling throughout the week, starting on Sunday (tomorrow) and ending on Friday, to oversee other projects including the commissioning of 330 roads and bridges across the nation.

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The statement reads below:

“STATE HOUSE PRESS STATEMENT

“PRESIDENT TINUBU SET TO INAUGURATE PROJECTS TO MARK ONE YEAR IN OFFICE

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“Ahead of the first anniversary of his administration on 29 May, President Bola Ahmed Tinubu today departed Abuja for Lagos to begin a commissioning spree of projects completed under his administration.

“In Lagos on Sunday, the President will inaugurate the concrete-paved road to the nation’s major ports in Apapa and Tin Can Island. The reconstructed road which began under the Muhammadu Buhari Administration was financed by the Dangote Group, using its tax credits.

“On the same day, President Tinubu will formally inaugurate, by virtual means, the refurbished Third Mainland Bridge, which has drawn public acclaim for its excellent finishing and aesthetic furnishing. He will also commission, virtually, the rehabilitation of 330 roads and bridges across the country.

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“The highpoint of the President’s engagements on Sunday will be the inauguration of the iconic Lagos-Calabar Superhighway, estimated to cost about N15 trillion. Work has begun on the legacy project that will connect nine coastal states, with Section Two already awarded to Hitech Construction Limited.

“President Tinubu will return to Abuja on Tuesday to begin another round of commissioning. He will first inaugurate the Southern Parkway, which the Nyesom Wike-led FCT Administration named after him.

“On Wednesday, the President will attend the National Assembly Dialogue Series, after which he will unveil the National Assembly Library Complex, named after him.

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“President Tinubu will leave the National Assembly to relaunch the commercialisation of Abuja Light Rail, also known as Abuja Metro. He will symbolically join a train ride to the city centre.

“The Abuja Metro was completed in 2018 by the Buhari Administration. It was put into commercial use up till 2020. But with the onset of COVID-19, the train service was abandoned. Vandals descended on the facility, putting it out of use.

“FCT Minister Wike, after spending $15 million and building access roads to the various stations, has refurbished it for commercial service.

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“After the train ride, President Tinubu will also inaugurate the Wuye Flyover-Link Bridge and the Defence Intelligence Agency Headquarters.

“On Friday 31 May, President Tinubu will commission the NASENI-Portland Compressed Natural Gas(CNG) Reverse Engineering Centre at Utako.

Bayo Onanuga

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Special Adviser Information and Strategy.

25 May, 2024.”

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Atystic hosts Exhibition in Ilorin

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Atystic had their first ever Art Exhibition in Ilorin on the 26th of November, 2022. The event which was attended by over 200 people saw artists exhibit different forms of visual art.


The team decided to bring on new artists who have never exhibited before to have that experience of showing their amazing pieces to the world.

This resulted in some artists making sales on the day, some for the first time ever.

The Exhibition, exceeded expectations and became one of the most successful art inspired events in the city.

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Yahaya Yisa who was one of the organisers along with Muhammed Yakub also exhibited at the event which drew even more eyes to it.

Atystic plans to keep having such events to help artist as they have been doing over the years.

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We can no longer vote for poverty – Peter Obi

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Peter Obi, the presidential candidate of the Labour Party, has said Nigerians can no longer vote for poverty, corruption and impunity.

He stated this in a series of tweet on Sunday, November 13th, 2022.

He tweeted, “The desire to take Nigeria back is nearly unanimous. We may be used to the old order; but we cannot vote for continuity of corruption, recklessness, impunity and poverty. Deprivation is not habit forming. Nigerians desire a better life.”

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He added that he is capable to become the president of Nigeria because of his capacity, credibility, adding that Nigerians trust him.

“I’m running for president because, I am qualified, I have the capacity, credibility, commitment, stamina, governance experience, and track record. More importantly, Nigerians can trust me.”

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