• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Sunday, August 24, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

8-year decline in fuel import indicates Nigeria’s re-emergence as a major Petroleum hub

Petrol

The Matters Press by The Matters Press
February 8, 2025
Reading Time: 2 mins read
0
How NNPC is solving lingering petrol scarcity

The Democratic Front (TDF) has
described a recent Bloomberg report on the 8-year record decrease in Nigeria’s petroleum products importation index as a welcome development.

RELATED POSTS

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

In a statement signed by its Chairman Danjuma Muhammad and Secretary Wale Adedayo, TDF noted that it was a result of increased domestic refining of petroleum products in the country.

The group said: “It is a known fact that the failure of past administrations in Nigeria to ensure domestic refining of petroleum products exposed the nation to decades of wasteful expenditure on petroleum importation

“Indeed, the nation was deprived of meaningful development, as the billions of dollars made from sales of crude oil were utilized to import refined petroleum products.

“Economic stagnation, high unemployment rate, lack of productivity as well as monumental corruption in the oil sector were part of the price the nation paid for its inability to improve domestic refining.

“The decline in fuel import in Nigeria, which is now at an 8-year low, has ensured that a significant amount of foreign exchange is conserved within the economy to create jobs and also boost productivity. Similarly, it has enhanced the stability and consistent firming of the Naira.

“We acknowledge that the immediate past administration of former President Muhammadu Buhari did a good job of paving the way for it with the political will to embark on a total overhaul of all four government-owned refineries which President Tinubu keyed in and ensuring it is realized.

“Also, the conducive environment created by the two All Progressive Congress APC administrations led to Nigeria playing host to Dangote Refinery, the largest single train refinery in the world.

“Our assessment is that if the Dangote, Port-Hacourt and other refineries continue to ramp up production of refined petroleum products, the country would end up saving, annually, an estimated $10bn that could have gone into fuel imports.

TDF added that the surge in the number of refineries currently operating in Nigeria, coupled with the government’s efforts to create a conducive business environment, will make the country a major crude oil refining hub in Africa.

End

Tags: Petrol
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Next Post
PDP Governors deploying hypocrisy, blackmail to conceal failure

PDP Governors deploying hypocrisy, blackmail to conceal failure

Nigeria regains top crude oil production spot in Africa

Nigeria’s ban on export of crude oil meant for local refining excites TMSG

Recommended Stories

Non-remittance of third party deduction by IPPIS worries agencies

Non-remittance of third party deduction by IPPIS worries agencies

August 27, 2023
Nigeria disburses N56bn to MSMEs

Support for SMEs our priorities, U.S. Finance Corporation says

July 12, 2023
Tanzania, Australia firms sign $667m deal to mine rare earths

Nigeria moves against miners for non-compliance to agreements – Alake

January 31, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎
  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us