Business
IPMAN Urges FG To Boost Refineries, Abolish Importation
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to improve efforts in ensuring enhanced capacity of the refineries in the country and depots to end fuel importation.
Alhaji Debo Ahmed, Chairman Western Zone, IPMAN, gave the advice in an interview with newsmen on Friday in Lagos against the backdrop of some moribund depots.
Ahmed said that if the country’s refineries and the 22 NNPC depots were working effectively, this would save the huge amount spent on importation and subsidising the price of fuel by NNPC. He also urged the government to embark on massive repairs of depots and product pipelines in the country to save the country huge investment on products importation.
According to him, when all refineries are in full production, it would go a long way in addressing fuel scarcity and check petroleum product importation.
“This is the appropriate time to save the economy by stopping subsidy and channel the money to other sectors.
“Pumping of products to Ejigbo Satelite depot has been challenging in the last three months while Ibadan depot loading capacity has dropped to 10 per cent,” he said.
He also said that the Ibadan depot had been operating on skeletal loading for almost three months.
Ahmed also urged government to provide adequate security to checkmate pipeline vandals across its pipelines network to ensure adequate product availability.
He said that incessant pipeline vandalism had turned the country into importer rather than an exporter of refined oil and trucking the imported fuel from the coastal areas to hinterland.
Ahmed also called on government to ensure reduction of petroleum products trucking to short distances by making sure that the 22 depots function properly.
He said that the depots should also be strategically located throughout the six geo-political zones of the country to boost distribution.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.