Business

World economic group partners NIPC on investment migration

The World International Economy Group (WIEG) is seeking partnership with the Nigerian Investment Promotion Commission (NIPC) to facilitate the migration of large investment to Nigeria.

The WIEG National President, Nigeria chapter, Chris Nwanne, said this when he led the team on a courtesy visit to NIPC on Thursday in Abuja.

The News Agency of Nigeria reports that WIEG is a business organisation that is multifaceted.

It is a humanitarian, economic empowerment, business growth and services as well as investment system.

The agenda is to help businesses grow and correct the market, and to also release investors across the world for agriculture, infrastructure and render humanitarian services in general.

WIEG is funded by over 3000 strong established systems around the world with the endorsement of the United Nations, Arab Nations and many more.

Nwanne said that the investment would cut across infrastructure, agriculture, small scale industries, five star hospitals and other social investments.

He said that these investments would help lift Nigerians out of poverty in line with the policy of President, Major General Muhammadu Buhari, and grow the Gross Domestic Product.

He added that the partnership would help Nigeria through the commission to see how the people could be empowered especially the youths.

He also added that WIEG was bringing partnership proposals to pass through the commission so that the investors would be able to invest and also be protected and secured.

According to him, this visit was aimed at seeking more investment information and direction from the commission so that we can jointly deliver on our mandates.

“Talking to NIPC first will give us better guidelines to carry out this great assignment.

“We are here to create partnership with NIPC and we are inviting investors around the world to come and partner with us since we have an investment hub. WEIG is struggling with how to deal with the investors alone.

“We are bringing a team of 50 Investors in WIEG worldwide to invest in Nigeria,” he said.

Nwanne noted that WIEG had a target to raise 3,000 to 4,000 entrepreneurs in five years, saying that WIEG as a business organisation does not support laziness.

He said that WIEG may not give anyone cash but would support whatever one was doing to help grow in business.

“We are bringing these investments that will help Nigeria Youths as well to gain employment as the government cannot provide all these alone.

“Labour is important. You cannot depend on the government alone, ” he said.

Responding, the Director of Investment Promotion, NIPC, Mr Adesina Emmanuel, said that WIEG was of interest in line with what the commission does.

Emmanuel said that the commission was interested in business that would create job opportunities, promote responsible inclusiveness, balance and sustainable investment.

According to him, NIPC was created to promote business in Nigeria and image of Nigeria.

“So this is more like a complementary thing together with what we do here.

“We will always like to work with credible investors and organisations to promote Nigeria. Organisations like this are always welcomed, ” he said.

(NAN)

Business

Dangote Refinery to expand capacity to 1.4m barrels daily

Africa’s largest refinery, the Dangote Petroleum Refinery, is set for a historic expansion that will increase its production capacity from 650,000 barrels per day (BPD) to 1.4 million BPD within the next three years.

When completed, the expansion will make the refinery the largest in the world, marking a major leap toward energy independence for Nigeria and Africa.

The President and Chief Executive of Dangote Industries Ltd., Alhaji Aliko Dangote, announced the plan on Sunday in Lagos.

According to him, the step reflects faith in Nigeria’s potential.

“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to building energy independence for our continent and the world.

“It is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote noted.

Dangote explained that the project aligns with President Bola Tinubu’s vision of making Nigeria a global supplier of petroleum products.

He commended the President for supportive initiatives such as the Nigeria First Policy, Naira-for-Crude Policy, and the creation of a one-stop shop for investors, which have spurred industrial growth and strengthened investor confidence.

Dangote said the expansion would meet rising regional demand, cut dependence on fuel imports, save billions in foreign exchange, and boost Nigeria’s energy security.

He revealed that the construction of the new facilities would employ over 65,000 workers, creating opportunities across local industries and building Africa’s technical capacity for large-scale infrastructure.

The business mogul also disclosed plans to increase polypropylene production from 900,000 metric tonnes to 2.4 million metric tonnes per annum, boosting local supply of industrial inputs such as linear alkylbenzene, for detergent production, and base oils.

“With this expansion, the refinery will transition from producing Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks.

“It will also expand our power generation capacity, ensuring full operational self-sufficiency.”

He said more than 85 per cent of the refinery’s workforce are Nigerians, with ongoing investments in skills development, safety, sustainability, and technology transfer.

“We remain committed to safety, sustainability, and local participation at every stage of this expansion.

“Our goal has never been just to refine oil, but to refine opportunities for our people,” he added.

Dangote also announced plans to list the Dangote Refinery and Petrochemical Complex on the Nigerian Exchange Ltd. within the next year, a move aimed at promoting broad ownership and transparency.

“Our long-term goal is to build Africa’s leading integrated energy and petrochemical hub, the first of its kind on the continent,” he said.

Dangote also assured Nigerians of steady fuel supply during the festive period, in spite of of the recent global oil price increases.

“As we approach the end of the year, Nigerians often face fuel shortages and price hikes.

“I want to assure everyone that the Dangote Refinery is fully committed to maintaining uninterrupted supply throughout the festive season.

“For the first time in many years, Nigerians can look forward to a festive season free of fuel anxiety.” he explained.

He expressed gratitude to President Tinubu, the Federal and Lagos State Governments, the refinery’s host community in Lekki, financial partners, and the company’s dedicated workforce for their support.

“This expansion is not just about increasing capacity, it’s about confidence in our people, our country, and our continent.

“Together, we are building a stronger Nigeria and redefining what is possible for Africa,” he said.

Dangote also urged other refinery license holders to collaborate in achieving the government’s goal of making Nigeria Africa’s refining hub.

“When Africa builds its own capacity, it builds its own destiny,” he said. (NAN)

Business

Nigerian petrol marketers to dump Dangote Refinery for cheaper imported fuel

Nigerian petroleum product marketers have announced plans to abandon Dangote Refinery’s petrol in favour of cheaper imported fuel.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, disclosed this to DAILY POST on Friday.

This follows the drop in the landing cost of imported fuel to N839.97 per litre, which is N37 cheaper than Dangote Refinery’s gantry petrol price of N877 per litre.

Commenting on the development, Ukadike hinted that petroleum marketers would opt for imported fuel to enable Nigerians to access cheaper petrol.

He noted that the price disparity was a result of the liberalisation and deregulation of the country’s downstream sector.

“It is due to the liberalisation of the sector, which has set the tune for a price war. Marketers now have the option to buy either at N877 per litre with Dangote Refinery or N839 with MEMAN.
“The concern here is why would a local refinery (Dangote) sell petrol higher than imported ones?
“As petroleum product marketers, Nigerians are interested in buying petrol that is cheaper. When we have cheaper fuel, it sells faster,”

The ongoing price war among operators in the sector may lead to a reduction in the current retail price in the coming days.

It will be recalled that recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, showed that Nigerians consumed 613.6 million litres of petrol between 2024 and October 10, 2025.

Earlier, marketers had complained about the non-supply of petrol by Dangote Refinery despite having paid billions to the 650,000-barrel-per-day facility.

An earlier report also indicated that Dangote Refinery has been experiencing a supply setback, resulting in a nationwide petrol shortage.

Business

Fuel landing cost drops, now cheaper than Dangote Refinery’s petrol price

The landing cost of imported petrol has dropped to N839.97 per litre as of October 21, 2025, cheaper than Dangote Refinery’s fuel, which sells for N877 per litre.

This is according to the latest energy prices bulletin released by the Major Energy Marketers Association of Nigeria.

The new price is a decrease from N841.54 recorded on October 20th, 2025.

The spokesperson of the Independent Petroleum Marketers Association, Chinedu Ukadike, confirmed the latest development in the pricing of petrol to DAILY POST on Friday.

According to him, the development is due to price competitiveness – typical of a deregulated downstream sector.

He noted that marketers will opt for cheaper petrol products so as to sell at affordable prices to Nigerians.

The development may lead to a drop in the retail price of petrol nationwide.

Checks revealed that the latest ex-depot prices of Emedab, Gulf Treasure, Ardova and Bono stood at N875 per litre, while the of Dangote Refinery is N877.

Meanwhile, as of the time of filing this report, NNPC, MRS, Ranoil, Total and Emedab retail outlets in Abuja dispense petrol between N950 and N965 per litre.