Oil Imports Crashed By 35% In Q2 – CBN
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vin modebelu
Nov 9, 2024, 11:12:46 AM11/9/24
to Naija Observer
Fellows
Who said that Dangote does not own nigeria?
Tinubu sold out.
He sold his Oando to NNPC
now
NNPC cannot find its footing against Dangote
Because
NNPC is not a real business set up and run by the Fed.
They were spun off as an orphan with not business skills
Pretend Monopoly [NNPC] vs Monopoly [ Dangote]
Keep watching
https://punchng.com/oil-imports-crashed-by-35-in-q2-cbn/#google_vignette
Oil Imports Crashed By 35% In Q2 – CBN
Nigeria’s oil imports dropped by 35 per cent in the second quarter of 2024, amounting to $2.79bn, down from $4.31bn in the previous quarter.
This is according to the quarterly economic report of the Central Bank of Nigeria for the second quarter of 2024.
This reduction highlights shifting dynamics in the nation’s oil and gas sector amid ongoing structural and economic adjustments following the removal of fuel subsidies under the administration of Bola Tinubu.
The report also noted that the overall value of merchandise imports also contracted, falling by 20.59 per cent to $8.64bn from $10.88bn recorded in Q1 2024.
The sharp decline in oil imports contributed significantly to this trend.
The report read, “Merchandise import decreased in Q22024, following the decline in the import of petroleum products. Merchandise imports decreased by 20.59 per cent to $8.64bn, from $10.88bn in Q12024.
“Analysis by composition indicated that oil imports decreased to $2.79bn, from $4.31bn in the preceding quarter.
“Non-oil imports also declined to $5.85bn, from $6.57bn in the previous quarter. A breakdown of total import showed that non-oil imports accounted for 67.72 per cent, while oil imports constituted the balance.”
The report further noted the pressures on domestic production, which fell by 4.51 per cent to 1.27m barrels per day.
Persistent challenges such as oil theft and vandalism in the Niger Delta remain major impediments to production stability.
The report read, “Domestic crude oil production declined in Q22024, attributed to persistent oil theft and illegal refining activities in the NigerDelta region. Nigeria’s average crude oil production fell by 4.51 per cent to 1.27 mbpd in Q22024, from 1.33 mbpd in the preceding quarter.
“This was due to crude oil theft and pipeline vandalism in the Niger Delta region, leading to a decline in production from the Forcados, Bonny, Qua-Iboe, Escravos and Brass streams, respectively. Nigeria’s crude oil production level fell short of its OPEC quota of 1.58 mbpd by 308,000 bpd in Q22024.”
Despite these setbacks, global crude oil prices provided a slight reprieve. Nigeria’s benchmark crude, Bonny Light, saw its price rise to $86.97 per barrel in Q2 2024, offering some relief to export revenues.
Crude oil and gas exports accounted for 87.38 per cent of total export earnings during the quarter, although receipts fell marginally to $12.18bn from $12.42bn in Q1.
The PUNCH earlier reported that the Central Bank of Nigeria released a total sum of $2.97bn to oil sector players for the importation of petroleum products and other related items into the country
https://punchng.com/oil-imports-crashed-by-35-in-q2-cbn/#google_vignette
Cyril Anyanwu
Nov 9, 2024, 1:54:29 PM11/9/24
to vin modebelu, Naija Observer
There you go!!
By this time next year, oil imports into Nigeria should be 0%.
“The keyword is TARIFF.
Nigerian government should simply put 50% tariff on all petroleum products entering Nigeria. The moment you do that, these marketers would simply disappear. You don't beg a marketer to buy from Dangote. Tariffs would compel them.”
Nigerian government should simply put 50% tariff on all petroleum products entering Nigeria. The moment you do that, these marketers would simply disappear. You don't beg a marketer to buy from Dangote. Tariffs would compel them.”
With that, the despicable NNPC would become irrelevant and rightfully commit suicide.
Cyril Anyanwu
From: naijao...@googlegroups.com <naijao...@googlegroups.com> on behalf of vin modebelu <vin.mo...@gmail.com>
Sent: Saturday, November 9, 2024 10:12:28 AM
To: Naija Observer <naijao...@googlegroups.com>
Subject: ||NaijaObserver|| Oil Imports Crashed By 35% In Q2 – CBN
Sent: Saturday, November 9, 2024 10:12:28 AM
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femi Olajide
Nov 10, 2024, 1:15:15 AM11/10/24
to vin modebelu, Naija Observer, Cyril Anyanwu
CA,
Bad business sense. Why allow Dangote to monopolize the refined oil market?
Isn't everything being manufactured in Nigeria being imported at the same time? Why exempt refined oil
It's all about market forces. Let the importers import if their pricing is competitive enough with the locally refined one. That helps our own local industries to be more effective and efficient in their operations.
In all fairness, on paper, Dangote refined oil should be much more cheaper within Nigeria than imported products. Dangote cost of production should be less because of cheap labour in Nigeria and reduced shipping costs.
So, why is Dangote bothered about imported products unless he wants to monopolize and dictate the pricing to his advantage.
In a free economy, healthy competition on a level playing ground is what is required instead of protectionism that stifles improvement in local production.
Regards,
Femi Olajide
,
CA,
Bad business sense. Why allow Dangote to monopolize the refined oil market?
Isn't everything being manufactured in Nigeria being imported at the same time? Why exempt refined oil
It's all about market forces. Let the importers import if their pricing is competitive enough with the locally refined one. That helps our own local industries to be more effective and efficient in their operations.
In all fairness, on paper, Dangote refined oil should be much more cheaper within Nigeria than imported products. Dangote cost of production should be less because of cheap labour in Nigeria and reduced shipping costs.
So, why is Dangote bothered about imported products unless he wants to monopolize and dictate the pricing to his advantage.
In a free economy, healthy competition on a level playing ground is what is required instead of protectionism that stifles improvement in local production.
Regards,
Femi Olajide
CA,
Bad business sense. Why allow Dangote to monopolize the refined oil market?
Isn't everything being manufactured in Nigeria being imported at the same time? Why exempt refined oil
It's all about market forces. Let the importers import if their pricing is competitive enough with the locally refined one. That helps our own local industries to be more effective and efficient in their operations.
In all fairness, on paper, Dangote refined oil should be much more cheaper within Nigeria than imported products. Dangote cost of production should be less because of cheap labour in Nigeria and reduced shipping costs.
So, why is Dangote bothered about imported products unless he wants to monopolize and dictate the pricing to his advantage.
In a free economy, healthy competition on a level playing ground is what is required instead of protectionism that stifles improvement in local production.
Regards,
Femi Olajide
Bad business sense. Why allow Dangote to monopolize the refined oil market?
Isn't everything being manufactured in Nigeria being imported at the same time? Why exempt refined oil
It's all about market forces. Let the importers import if their pricing is competitive enough with the locally refined one. That helps our own local industries to be more effective and efficient in their operations.
In all fairness, on paper, Dangote refined oil should be much more cheaper within Nigeria than imported products. Dangote cost of production should be less because of cheap labour in Nigeria and reduced shipping costs.
So, why is Dangote bothered about imported products unless he wants to monopolize and dictate the pricing to his advantage.
In a free economy, healthy competition on a level playing ground is what is required instead of protectionism that stifles improvement in local production.
Regards,
Femi Olajide
,
CA,
Bad business sense. Why allow Dangote to monopolize the refined oil market?
Isn't everything being manufactured in Nigeria being imported at the same time? Why exempt refined oil
It's all about market forces. Let the importers import if their pricing is competitive enough with the locally refined one. That helps our own local industries to be more effective and efficient in their operations.
In all fairness, on paper, Dangote refined oil should be much more cheaper within Nigeria than imported products. Dangote cost of production should be less because of cheap labour in Nigeria and reduced shipping costs.
So, why is Dangote bothered about imported products unless he wants to monopolize and dictate the pricing to his advantage.
In a free economy, healthy competition on a level playing ground is what is required instead of protectionism that stifles improvement in local production.
Regards,
Femi Olajide
CA,
Bad business sense. Why allow Dangote to monopolize the refined oil market?
Isn't everything being manufactured in Nigeria being imported at the same time? Why exempt refined oil
It's all about market forces. Let the importers import if their pricing is competitive enough with the locally refined one. That helps our own local industries to be more effective and efficient in their operations.
In all fairness, on paper, Dangote refined oil should be much more cheaper within Nigeria than imported products. Dangote cost of production should be less because of cheap labour in Nigeria and reduced shipping costs.
So, why is Dangote bothered about imported products unless he wants to monopolize and dictate the pricing to his advantage.
In a free economy, healthy competition on a level playing ground is what is required instead of protectionism that stifles improvement in local production.
Regards,
Femi Olajide
Cyril Anyanwu
Nov 10, 2024, 8:40:09 AM11/10/24
to femi Olajide, vin modebelu, Naija Observer
Femi,
Dangote would not monopolize refined oil market.
I have always advocated for Nigeria to allow teeming modular refineries to come on board. Legalize so called illegal refineries instead of destroying them.
Why can't the despicable NNPC that ran down three government owned refineries sell those to private companies to operate competitively?
Nigeria must protect her local market by putting tariffs on all import of petroleum products.
Every reasonable country does that. Try to import processed cocoa/coffee into EU and see what happens.
Haven't you heard of China subsidizing strategic industries and manipulating its currency to make their products cheap just to kill any competition internationally?
Why do you think Trump put tariffs on Chinese Steel entering USA?
Cyril Anyanwu
From: femi Olajide <olajid...@yahoo.com>
Sent: Sunday, November 10, 2024 12:15 AM
To: vin modebelu <vin.mo...@gmail.com>; Naija Observer <naijao...@googlegroups.com>; Cyril Anyanwu <lash...@hotmail.com>
Subject: Re: ||NaijaObserver|| Oil Imports Crashed By 35% In Q2 – CBN
Sent: Sunday, November 10, 2024 12:15 AM
To: vin modebelu <vin.mo...@gmail.com>; Naija Observer <naijao...@googlegroups.com>; Cyril Anyanwu <lash...@hotmail.com>
Subject: Re: ||NaijaObserver|| Oil Imports Crashed By 35% In Q2 – CBN
femi Olajide
Nov 11, 2024, 12:39:07 AM11/11/24
to vin modebelu, Naija Observer, Cyril Anyanwu
CA,
Dangote's modus operandi has always been monopoly. His business and success was built on monopoly.
Why would Dangote or any local manufacturer ask importation to be restricted when you produce a product that has a locally sourced raw material?
Logic dictates that locally produced products with locally sourced raw materials should be less expensive than imported products. If that ain't the case , then there is something wrong with the production process of the local manufacturer. Is such manufacturer worth protecting?
Dangote's suit on the issuance of import licenses to other legitimate businesses is still ongoing. Dangote should be confident of producing at the most competitive price. What's he fretting about?
Yes, modular refinery is a tool in the toolbox and several licenses have been issued. I believe about 4 or 5 modular refineries are already on stream and producing now.
No, illegal refineries are unsafe, dangerous to the environment and constitutes a health and safety hazard to the oil producing communities.
I totally agree that NNPCL must not run the three or so state-owned refineries in PH, Warri and Kaduna. I believe Tinubu government is entering a technical and management agreement with some organisation through either competitive bidding or negotiated arrangements to run the refineries.
Protectionism is usually a short term solution that is detrimental on the long run. It robs the local industry the opportunity to compete globally, improve their efficiency, effectiveness and productivity.
The cocoa issue is the EU deliberately 'chancing' weakling cocoa producing countries into submission to protect their own industry.
The cocoa producing countries are too stupid to understand that they hold all the aces.
I've always been an advocate of value-addition to all natural resources leaving Nigeria. If you add value to your natural resources locally, you increase the value and returns to you, and in the process create employment locally.
I've always said that cocoa-producing countries should form a cartel like OPEC to dictate or negotiate terms with their consumers in terms of value addition locally. If need be, cocoa export should be put on hold for 5years to force the importing countries to the negotiating table. Our farmers and local economies are getting the wrong end of the stick.
Trump is a fool.
Let's be real. Chinese industrial productivity (and work ethics) is much more better than that of the US. To the extent that China subsidises its industrial output, tariff can be placed on Chinese products. However, even at that Chinese products will still be cheaper than US products because of Chinese better efficiency, effectiveness and productivity.
US by shielding its industrial base by applying tariff which is a short term solution is robbing its industries the opportunity of improving their production processes in terms of efficiency, effectiveness and productivity. The mantra now is continuous improvement.
If you protect your own and don't prepare them to face the world, what happens if you're not there to protect them? They will fail woefully .
That's my tuppence!
Regards,
Femi Olajide
Dangote's modus operandi has always been monopoly. His business and success was built on monopoly.
Why would Dangote or any local manufacturer ask importation to be restricted when you produce a product that has a locally sourced raw material?
Logic dictates that locally produced products with locally sourced raw materials should be less expensive than imported products. If that ain't the case , then there is something wrong with the production process of the local manufacturer. Is such manufacturer worth protecting?
Dangote's suit on the issuance of import licenses to other legitimate businesses is still ongoing. Dangote should be confident of producing at the most competitive price. What's he fretting about?
Yes, modular refinery is a tool in the toolbox and several licenses have been issued. I believe about 4 or 5 modular refineries are already on stream and producing now.
No, illegal refineries are unsafe, dangerous to the environment and constitutes a health and safety hazard to the oil producing communities.
I totally agree that NNPCL must not run the three or so state-owned refineries in PH, Warri and Kaduna. I believe Tinubu government is entering a technical and management agreement with some organisation through either competitive bidding or negotiated arrangements to run the refineries.
Protectionism is usually a short term solution that is detrimental on the long run. It robs the local industry the opportunity to compete globally, improve their efficiency, effectiveness and productivity.
The cocoa issue is the EU deliberately 'chancing' weakling cocoa producing countries into submission to protect their own industry.
The cocoa producing countries are too stupid to understand that they hold all the aces.
I've always been an advocate of value-addition to all natural resources leaving Nigeria. If you add value to your natural resources locally, you increase the value and returns to you, and in the process create employment locally.
I've always said that cocoa-producing countries should form a cartel like OPEC to dictate or negotiate terms with their consumers in terms of value addition locally. If need be, cocoa export should be put on hold for 5years to force the importing countries to the negotiating table. Our farmers and local economies are getting the wrong end of the stick.
Trump is a fool.
Let's be real. Chinese industrial productivity (and work ethics) is much more better than that of the US. To the extent that China subsidises its industrial output, tariff can be placed on Chinese products. However, even at that Chinese products will still be cheaper than US products because of Chinese better efficiency, effectiveness and productivity.
US by shielding its industrial base by applying tariff which is a short term solution is robbing its industries the opportunity of improving their production processes in terms of efficiency, effectiveness and productivity. The mantra now is continuous improvement.
If you protect your own and don't prepare them to face the world, what happens if you're not there to protect them? They will fail woefully .
That's my tuppence!
Regards,
Femi Olajide
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Cyril Anyanwu
Nov 11, 2024, 11:23:58 AM11/11/24
to femi Olajide, vin modebelu, Naija Observer
"Trump is a fool.
Let's be real. Chinese industrial productivity (and work ethics) is much more better than that of the US." - Femi
Let's be real. Chinese industrial productivity (and work ethics) is much more better than that of the US." - Femi
This is the typical arrogance exhibited by Europeans who think Americans are fools yet they dragged the world into stupid wars which America had to eventually bail them out. Right now European greed/arrogance
has dragged us into a quagmire Russia- Ukraine war,. With North Korea entering the war, the stage is set for a world War111 with the likes of Iran, Turkey etc waiting in the fray to jump in. How Joe Biden allowed himself to be hoodwinked into this scam beats
me. It will take a Trump to end these wars.
You are very mistaken, Trump is nobody's fool.
You don't become a millionaire and win the USA presidency two times by being a fool.
The Chinese do not have better work ethics nor industrial productivity than US. That notion is a figment of your imagination. That's a fallacy. The difference is that while the Chinese worker is worked
to death for a meager wage, the US Worker works for a living wage. There are laws in USA and Unions to protect the health and welfare of the US worker. Life is not all about work/productivity, the quality of life matters. USA industry is far ahead of China,
if not why is China trying to catch up?
Every wise Country must protect its local market and resources otherwise others would eat your lunch. You wrote:
"US by shielding its industrial base by applying tariff which is a short term solution is robbing its industries the opportunity of improving their production
processes in terms of efficiency, effectiveness and productivity."
That argument is flawed because the so-called shielded goods are exported. It is the demand via exports that validates the quality of your goods. Countries are
jostling now to buy Dangote's refined petroleum because it has been proven to be of high quality. Dangote refinery proved their product is of higher quality than even the imported products. This is a new era of refined petrol export for Nigeria, it would be
very naive for Nigerian government not to tax or ban petrol imports to protect this infant local industry.
The notion that international free trade would protect your local industry is not tenable but naive.
Cyril Anyanwu
From: femi Olajide <olajid...@yahoo.com>
Sent: Sunday, November 10, 2024 11:38:54 PM
Sent: Sunday, November 10, 2024 11:38:54 PM
femi Olajide
Nov 11, 2024, 2:12:34 PM11/11/24
to vin modebelu, Naija Observer, Cyril Anyanwu
CA,
I will respond according to the order which you raised your points:
1. I don't exactly know what European arrogance has got to do with the comparison between US and Chinese productivity. Break it down if you can
2. I also don't know what foolishness had got with productivity. Do same as above.
3. The Europeans never dragged the US into any war, especially, the Ukraine/Russia war. Ukraine is not even a member of the EU yet.
4. NATO dragged its members into the war.
The US is a founding member of NATO and a very influential one at that.
5. The US is not bailing anyone out. Every member of NATO is playing their part according to the NATO charter.
6. No world war is imminent and don't fret, your too old to be conscripted into any army.
7. Turkey is a member of NATO and Iran is too busy with its own proxy war in the middle east. Get your facts right.
8. Becoming a millionaire fraudulently doesn't make you smart and neither does becoming a President twice by appealing to the senses of the majority morons that voted for him.
9. Check productivity by country. Google it if you have to. I haven't myself.
China being labeled as the factory of the world meant something.
10. You seem to still see China in terms of the historical sweat shops. China has improved. For a country that has brought millions of people out of poverty in the last decade, you err by assume they work people to death. They have created more millionaires in the last decades than even the US.
Yes. China's health, safety and welfare standard needs to be improve.
11. Unions are good when they are reasonable, but when they are unreasonable, they stifle productivity. Some union actions in the US are unreasonable.
12. China is not playing catch up. The trick of the game now is continuous improvement. Or do you propose that China sit back on their oars so as not to be seen as catching up? The problem is that the US is slowing down!
13. What is the total value of finished product being exported by the US compared to China?
14. Protectionism is good in the short run but not on the long run. To the extent that a government subsidises its export, tariff can be applied to such products. However, if you apply tariffs because a country productivity is better than yours, you're only hurting yourself and damaging your industries. It's just like shielding your child from experiencing things he will have to face on his/er own one day without you preparing him/er for it.
15. How has Dangote proven to you that its refined product is one of the best in the world? By Dangote's own admission?
16. Who are queuing to buy Dangote's so-called high quality refined oil?
What is the percentage of Dangote's production out of the total world production? A drop in the ocean.
17. There are three grades of refined oil(gasoline) based on octane rating: Regular, mid-grade and premium. Here in the UK, it's unleaded, super and super premium.
18. Most (if not all) countries have minimum standard. I'm unsure any country allows any below the minimum regular or unleaded these days.
19. No protection is required for any refinery in Nigeria. The raw material is local; production is local; purchase is done with local currency, so ideally, pricing should be very competitive.
Nigeria will naturally gravitate towards cheaper fuel.
If Dangote cannot produce cheaper than imported refined gasoline, then the refinery is not efficient and he shouldn't be in the business.
Regards,
Femi Olajide
I will respond according to the order which you raised your points:
1. I don't exactly know what European arrogance has got to do with the comparison between US and Chinese productivity. Break it down if you can
2. I also don't know what foolishness had got with productivity. Do same as above.
3. The Europeans never dragged the US into any war, especially, the Ukraine/Russia war. Ukraine is not even a member of the EU yet.
4. NATO dragged its members into the war.
The US is a founding member of NATO and a very influential one at that.
5. The US is not bailing anyone out. Every member of NATO is playing their part according to the NATO charter.
6. No world war is imminent and don't fret, your too old to be conscripted into any army.
7. Turkey is a member of NATO and Iran is too busy with its own proxy war in the middle east. Get your facts right.
8. Becoming a millionaire fraudulently doesn't make you smart and neither does becoming a President twice by appealing to the senses of the majority morons that voted for him.
9. Check productivity by country. Google it if you have to. I haven't myself.
China being labeled as the factory of the world meant something.
10. You seem to still see China in terms of the historical sweat shops. China has improved. For a country that has brought millions of people out of poverty in the last decade, you err by assume they work people to death. They have created more millionaires in the last decades than even the US.
Yes. China's health, safety and welfare standard needs to be improve.
11. Unions are good when they are reasonable, but when they are unreasonable, they stifle productivity. Some union actions in the US are unreasonable.
12. China is not playing catch up. The trick of the game now is continuous improvement. Or do you propose that China sit back on their oars so as not to be seen as catching up? The problem is that the US is slowing down!
13. What is the total value of finished product being exported by the US compared to China?
14. Protectionism is good in the short run but not on the long run. To the extent that a government subsidises its export, tariff can be applied to such products. However, if you apply tariffs because a country productivity is better than yours, you're only hurting yourself and damaging your industries. It's just like shielding your child from experiencing things he will have to face on his/er own one day without you preparing him/er for it.
15. How has Dangote proven to you that its refined product is one of the best in the world? By Dangote's own admission?
16. Who are queuing to buy Dangote's so-called high quality refined oil?
What is the percentage of Dangote's production out of the total world production? A drop in the ocean.
17. There are three grades of refined oil(gasoline) based on octane rating: Regular, mid-grade and premium. Here in the UK, it's unleaded, super and super premium.
18. Most (if not all) countries have minimum standard. I'm unsure any country allows any below the minimum regular or unleaded these days.
19. No protection is required for any refinery in Nigeria. The raw material is local; production is local; purchase is done with local currency, so ideally, pricing should be very competitive.
Nigeria will naturally gravitate towards cheaper fuel.
If Dangote cannot produce cheaper than imported refined gasoline, then the refinery is not efficient and he shouldn't be in the business.
Regards,
Femi Olajide
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Cyril Anyanwu
Nov 7, 2025, 1:48:00 PM (2 days ago) Nov 7
to Naija Observer, Naija Talks, naijap...@yahoogroups.com, afrika...@googlegroups.com, Today Africa, AfricanWorldForum
Kudos to Tinubu's government!!!
"Every wise Country must protect its local market and resources otherwise others would eat your lunch.”
“This is a new era of refined petrol export for Nigeria, it would be very naive for Nigerian government not to tax or ban petrol imports to protect this infant local industry.
The notion that international free trade would protect your local industry is not tenable but naive.” - Cyril Anyanwu
****************
Nigeria imposes 15% import duty on petrol, diesel to support local refiners
Dangote Refinery Withdraws N100 Billion Suit Against Oil Regulator
Cyril Anyanwu
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