News
Crash Diesel Price, Save Nigerian Economy, Oil Marketers Beg Buhari …Seek Establishment Of Energy Bank, Dollars At Official Rate
Petroleum marketers on the platform of Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) rose from their 2nd National Executive Council (NEC) meeting, yesterday, with a plea to President Muhammadu Buhari to direct the Central Bank of Nigeria (CBN) to make dollars available at official rate to oil marketers, to enable import diesel, end petrol scarcity and ultimately save the Nigerian economy from sinking.
They said that dollar support should be available till Dangote Refinery comes on stream later in the year.
The association, among others, urged the National Assembly to immediately enact a Bill for the establishment of Energy Bank for easy transaction in petroleum products in the sector.
The National President of the association, Mr Benneth Korie, who briefed the media after the NEC meeting in Abuja, noted that the bulk of the operational challenge peppering marketers and depot owners spring from expensive diesel which hovers around N850/litre.
While thanking President Muhammadu Buhari for approving a higher bridging cost payment to transporters, Korie said the operators’ challenges were far from over as oil marketers and depot owners spend about N20million weekly on diesel to power their operations, a development he said erodes their profits.
He also made other appeals to Buhari to ensure the petroleum sector does not collapse.
He said: “We want to pay a courtesy visit to Mr President to outline the issues and way forward. The association urges the National Assembly to review the policy of taxation as it affects petroleum products supply and distribution chain. We want VAT removed.
“The Federal Government should fix the four ailing refineries to reduce pressure on importation. Federal Government should encourage or increase crude oil supply to modular refineries to produce more products. All these are solutions hence we sink.
“The government should give dollars to depot owners on emergency basis so that it can crash diesel price. It’s fully deregulated but no dollars. Sourcing dollars from black market is horrible. LCs have been opened have no dollars to support them. They need it. We wrote a letter to CBN inviting them for a meeting but they did not come.
“Before year end, Dangote will come on stream but he needs dollars to complete the project. Federal Government should borrow him the money because we will get the money back. Fixing old government refineries is harder. Dangote refinery is a private business and we believe it’ll be well run”, he explained.
Korie said failure to do the aforementioned would be a death knell on oil marketers and the economy in the long run as businesses are already folding up.
“We have workers and we pay their salaries. If something is not done fast, we will be forced to lay off workers and we do not want to do that. Government too will be affected. Our tankers and depot owners will be affected. We must act fast before all of us will sink.
“We thank Mr President for increasing freight rate. It was increased but the filling stations and depot owners run on diesel. So, what about running cost?
“Filling stations and depot owners spend N20million to power the filling stations and depots every week. So, make dollars available at official rate. You can never get cheap diesel at black market dollar rate”, he added.
The 2025 annual general meeting (AGM) and conference of the Rivers/Bayelsa states chapter of the Manufacturers Association of Nigeria (MAN) has come to a close with a strong call for both states to drive the blue economy.
The communique just issued after the AGM pointed to what it called emerging prospects in fish processing, seaweed cultivation, ship repair, and marine technology.
The communique which also mentioned human capital gaps that must be filled through technical and vocational training that are aligned with modern industrial needs, said the blue economy represents a viable pathway for Nigeria’s industrialisation.
It said MAN and Arican Marine Environment Sustainability Initiative (AFMESI) have the capacity to unlock Nigeria’s blue economy sustainably and inclusively, but said the region required dedicated infrastructure upgrades, including roads, waterways, and power.
The communique was signed by Vincent Okuku (Chairman of Rivers/Bayelsa States Branch); Michael Nosa Agana (Branch Vice Chairman/Chairman AGM planning Committee); and Chibuzor Eze (Executive Secretary, Rivers/Bayelsa States Branch).
The resolutions said the future of the Niger Delta economy lies in diversification rather than dependence on extractive industries. “Technology and innovation, value addition and local processing, strategic infrastructure, and a skilled workforce are essential pillars for the future of manufacturing in the region.
“Governments in the region must intensify support for manufacturing activities. Various forms of collaboration across sectors should be actively encouraged.”
It specifically advised Bayelsa and Rivers States to fully develop and harness the blue economy as strategic gateways for sustainable growth; and called for cross-border partnerships with neighbouring states to enhance trade, security, and environmental management.”
The Rivers/Bayelsa States branch of MAN held its first (41st) AGM outside Port Harcourt for the first time, hosted by Bayelsa State Government at the Chief D.S.P. Alamieyeseigha Memorial Banquet Hall, with the theme: ‘Trade, Technology, and the Future of Manufacturing in the Niger Delta.’
In his welcome address, the chairman of the branch, Okuku, commended the Bayelsa State Government under the leadership of Gov Douye Diri for its efforts in industrial development, investment promotion, and strong partnership with the private sector.
He also acknowledged the Rivers State Government for its commitment to rehabilitating industrial clusters, improving access roads, and delivering key infrastructure.
He, however, expressed concern over persistent challenges such as high energy costs, unreliable electricity supply, weak transport systems, rising logistics expenses, multiple taxes and levies, inconsistent regulatory frameworks, and pressure from host communities, which continue to hinder manufacturing growth in both states.
The President of MAN, Francis Meshioye, noted that the Niger Delta, with its abundant resources and strategic location, holds vast potential for industrial expansion. He called for policy frameworks that promote local manufacturing, enhance trade, and attract investments to the region.
Goodwill messages were delivered by the Minister of the Federal Ministry of Regional Development, Abubakar Momoh, represented by Wasa Festus, Director of Community Development and Education. Another goodwill message was also presented by the Bayelsa State Commissioner for Trade, Industry and Investment, Ebieri Jones.
In his remarks, Gov Diri praised MAN for its contributions to Nigeria’s manufacturing sector, noting its resilience, innovation, and strategic role in national development. He stated that the conference theme aligns with his administration’s mantra of “Assured Prosperity.”
Gov Diri offered 24-hour service to manufacturers wishing to relocate to the state, and highlighted the State’s ongoing transformation through deliberate investment in infrastructure, security, and human capital aimed at positioning Bayelsa State as a hub for industrial growth, particularly in the blue economy, agriculture, and manufacturing.
He further noted that hosting the 41st AGM fulfilled a long-desired aspiration of the State following the successful 2024 MAN event in Port Harcourt, Rivers State. He officially declared the exhibition open.
The Nigerian Education Loan Fund has alerted the public to a fraudulent message circulating online, claiming that the NELFUND Student Loan Registration Portal is open.
The message directs applicants to a third-party link (http://gvly.xyz/Nelfund-Student-Loan, which NELFUND confirms is unauthorised and fraudulent.
In a post obtained from its X handle, yesterday, NELFUND urged students and the general public not to click on the link or provide any personal information, emphasising that the official loan registration portal is only accessible through the Fund’s verified channels.
The agency reminded applicants to exercise caution online and to report any suspicious links or communications claiming to be from NELFUND.
“Applicants are encouraged to always verify official announcements via NELFUND’s official website and social media channels,” NELFUND said.
This advisory comes as part of NELFUND’s ongoing efforts to safeguard students and ensure the integrity of the student loan application process.
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