Vice President Kashim Shettima, has described Nigeria’s 25.6% of out-of-school children as a threat to the Country’s future.

He stated this at a two-day International Conference on Girl Child Education in Nigeria held at the Banquet Hall of the State House Abuja, during which he noted that the North has the highest number of figures.

“We cannot allow ourselves to be held hostage by these frightening numbers as the consequences are dire and far reaching. Now is the time to treat them as an emergency, and the only way forward is to take specific action plans that address the unique needs and barriers in each region,” Shettima declared at the event attended by development partners including the World bank, UNICEF, British Council, Oando Foundation, UNESCO, FCDO, Newglobe, Plateform Petroleum.

“States in the north west and north east face the highest out of school rates in Kebbi, Zamfara, and Bauchi for example, more than 60% of primary school age children are not in school with Kebbi at a staggering 64.8%. The secondary school numbers are similarly alarming with Bauchi at 66.75% Kebbi at 63.8% and Jigawa, which is my own state, at 62.6%.”

Represented at the event by the Deputy Chief of Staff to the President, Ibrahim Hadejia, Vice President Shettima said, “This is a mirror from which we cannot afford to look away because the consequences are dire and far-reaching.”

Senator Shettima noted that the dignity of the girl child defines every civilization.

He said, “Today, we are bound by a duty higher than merely observing the challenges before us. We bear the responsibility of setting the tone for this nation, and there is no greater calling than to prioritize the education of the girl child and others. This is a mirror from which we cannot afford to look away because the consequences are dire and far-reaching.

“The statistics of our out-of-school children in Nigeria are a stark reminder of the urgency of this mission. The latest multiple indicator cluster survey showed that 25.6% of children of primary school age are out of school, and this rate rises to 29.6% for secondary school-age children, each child, abandoned to the streets, is a liability that the nation will one day pay for. We must therefore remember that the child who remains out of school today will be a threat to their peer in the classroom tomorrow, and we cannot afford to turn away from this reality, and the need for creative and innovative solutions is now more present than ever.”

“The issue of girl child education is for every nation, but in our part of the world, her vulnerability is especially pronounced. Her education is more than a moral obligation. It is the stabilizing force of our economic and social order, for every additional year a girl remains in school, her future earning potential increases, infant mortality rates decrease, and poverty levels in communities fail.

“We see this reflected in the gender parity index, which shows that girls have almost caught up with boys at the primary school level with a ratio of 0.99 and even surpassed boys at secondary school level with a ratio of 1.08. These gains are, however, at risk unless we intensify our interventions to reach every girl, particularly in areas where barriers remain strongest.

“This is why, at the National Economic Council, we have set out to guarantee the future of a girl child, adopting education as one of our critical thematic areas of intervention, alongside health, nutrition and employability in a rapidly changing world.

“We have set the ambitious goal of achieving 0.6 score on the World Bank’s human capital index, and we understand that the road to this objective involves increasing years of schooling, improving the quality of education and ensuring that no child, especially no girl child, is left vulnerable or out of school.”

The Vice President, however, stated that education financing remained a critical aspect of the President Bola Tinubu-led government strategy hence the country has seen a significant increase in education expenditure.

“For example, in 2022 states spent 1 trillion Naira on education, representing 12% of total expenditures. By 2024, States committed 2.4 trillion to education, while the federal government allocated 2.2 trillion. This bring the combined total allocation to 4.6 trillion naira.

“Although states have 14% of their budgets dedicated to education, we must aim higher. Our campaign to see 15 to 20% of state budget allocated to education is not just a target, but a necessity as it is the surest way to guarantee the future of our children and our nation,” he stated.

While calling for partnership with the administration to address the issues, Shettima said the stakes are high and the risk posed by each out-of-school child should be a concern to all stakeholders.

“What we need is a concerted, multi-sectoral approach. The Federal Government, states, local governments, civil society and our partners in the donor community must come together with a singular focus, ensuring that every Nigerian child, regardless of gender or geography, receives quality education.

“We must combine our advocacy and awareness campaigns as championed by the human capital development program, with practical interventions like increasing budgetary allocation to the education sector.

“Whatever reforms we adopt to build a safe space for educating the girl child must be championed from within our communities. Policy making involves all of us, and we must engage local leaders, traditional rulers and religious figures to understand the implications of failing to educate the future of this nation,” he added.

On its part, the Nigerian Governors Forum (NGF) identified practices such as early marriage, early childbearing, poverty, illiteracy, gender-based violence, and other forms of discrimination as factors that have continued to violate girls’ rights to education in the country.

Chairman of the NGF and Governor, Kwara State, Abdulrahman Abdulrazaq expressed concern over the rising number of out-of-school children, pervasive learning poverty, and the insufficient capacity of teachers to foster empowerment through education.

He lamented that despite efforts to reverse the situation, the empowerment of the girl child is still hindered by inadequate access to quality education.

He said the conference under the theme “Girl child empowerment through quality education” was therefore a clarion call on the authorities to take decisive action with a view to reversing the trend.

According to him, quality education remains the cornerstone of national socioeconomic development. Achieving this requires robust education financing, highly qualified teachers, comprehensive instructional materials, strong advocacy, and the provision of necessary infrastructure. Initiatives to re-enroll children in schools, improve learning outcomes, and secure adequate funding are essential to ensuring that every child receives a quality education.

“Our goals include enhancing basic numeracy and literacy, increasing primary school enrollment to reduce the number of out-of-school children, and ensuring smooth transitions from primary to secondary education. The states are resolutely committed to addressing these challenges for the betterment of our society.

“There is renewed vigor in advocating for increased education financing by the states. The NGF champions the advocacy for effective and sustained budgetary resource allocation to the education sector at both federal and state levels. In 2022, states allocated N1 trillion (12%) of their total expenditures to education.

This increased to N1.6 trillion in 2023 and further to N2.4 trillion in 2024, alongside the federal allocation of N2.2 trillion.

Governor Abdulrazak however, noted that states including Lagos, Enugu, Kaduna, Abia, Ogun, Kano, Oyo, Jigawa, Niger, Akwa Ibom, and Kwara have made substantial contributions, with many meetings or exceeding the international benchmark of allocating at least 15% of their budgets to education.

“These efforts underscore the positive trajectory of education financing by sub national governments,” the NGF chairman said.

The National President of the Independent Marketers Association of Nigeria, Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited is currently asking oil marketers to buy petroleum products from its depot at N1,010 per litre in Lagos State.

He stated that the price peg is significantly higher than what the oil company paid to purchase products from the Dangote Refinery.

According to him, the company purchased the product from the refinery for between N800 and N900 but is asking marketers to sell it at N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.

Garima said this when he appeared on ChannelsTv Sunrise Daily on Thursday.

Recall that on Wednesday, the retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos, it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, a development that triggered anger among Nigerians.

The price hike, the second in one month, represents about 14.8 per cent or N133 rise.

With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.

Although Nigerians had expected cheaper fuel prices following the commencement of the naira for crude sales, the IPMAN chair attributed the recent adjustment in the price of fuel to the impacts of the deregulation of the sector.

He said, “Well, we know now that we cannot call it an increase, but rather, we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully.

“But our major challenge now is that independent marketers have an outstanding debt from the NNPCL and the company collected products through Dangote at a lower rate which is not up to N900 but they are telling us now to buy this product from them at the price of N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port-Harcourt and N1,040 in Warri.”

On why the marketers haven’t approached Dangote to get the product at the same price, Garima explained, “We have a problem with that because we have booked products through the NNPCL, and suddenly, when they decided to increase the price, they are now asking us to add more money to buy above what Dangote is selling to them.

“We have informed them to return our money to our banks so that we can go directly to Dangote for our supply. Presently, our money is with them, for about three months. We buy our products from them before loading. NNPC doesn’t sell on credit and when products are available, they call us to pick them up.

“But with the recent changes, we have requested that they sell to us at Dangote price or return our money. That’s the current situation and is the reason for the scarcity. We started negotiation yesterday.

“Dangote is selling to them around N800 to N900 and we are asking that it should be sold at that same price. We can decide to sell at a lower price of N1,020 or N1,010.

“We also refused to buy it because they bought it at a cheaper price from Dangote but want to sell it more expensive than the amount they currently sell at their stations. This is a great challenge because this will mean our price will be higher, and it also means they would have a profit of over N100 per litre.”

He added, “Marketers want to be fully engaged in the business of petrol and its components. The NNPCL has been the one bringing in the product and loading and has an offtake in Dangote Refinery.

“We are now being allowed to import and there is no challenge on that issue. What we are after is to get the product directly from Dangote and not through NNPCL. Currently, they are owing us up to N15bn.”

As the race for the 2025 Africa Cup of Nations (AFCON) in Morocco heats up, Super Eagles coach Austin Eguavoen has set a clear goal: to secure six points from this month’s double-header against Libya’s Mediterranean Knights in Group D.

Nigeria will host the first game at the Godswill Akpabio Stadium in Uyo on Friday evening. The return leg will take place at the Martyrs of Benina Stadium, 19 kilometers from Benghazi, Libya, on Tuesday night.

“We have to be practical about it. Our best and surest route to the finals is to pick up six points from the matches with Libya and be somewhat guaranteed a place in Morocco even before Matchday 5. We don’t want to be in any anxiety in the run-in for this qualifying campaign,” Eguavoen explained.

Despite the absence of star striker Victor Osimhen, Eguavoen remains confident in his team’s ability. “I believe in the other strikers available to get us the goals that will give us the three points in Uyo and the three points in Libya.”

Currently, Nigeria leads the group with four points from two matches, one point ahead of Benin Republic and two ahead of Rwanda. A double win over Libya would push Nigeria to 10 points, putting them in a strong position to qualify for AFCON 2025.

The Super Eagles squad has been gathering in Uyo. 20 of the 23 invited players are already in training, while defender Bright Osayi-Samuel and forwards Kelechi Iheanacho and Chidera Ejuke joined on Wednesday morning.

Eguavoen emphasized the importance of securing the ticket to AFCON before the final round of games. “There are possibilities and opportunities for us to sail through at the end of these two matches, and we will do our best to take our chances.”

Libya’s team arrived in Nigeria on Tuesday, landing at Port Harcourt International Airport before making their way to Uyo.

President Bola Tinubu-led government has distanced itself from the recent hike in petrol prices, stating that the Nigerian National Petroleum Company Limited (NNPCL) made the decision independently based on prevailing market conditions.

The adjustment has seen pump prices soar to as high as ₦1,075 per litre in some regions.

As of Wednesday, the NNPCL raised the fuel price in Abuja from ₦897 to ₦1,030 per litre, while prices in Lagos jumped from ₦855 to ₦998.

In other regions, the price changes were similarly steep, with the North-East seeing prices at ₦1,070, and the South-West states averaging ₦1,025. The South-East and South-South regions experienced price hikes to ₦1,045 and ₦1,075, respectively.

This surge in fuel prices has sparked widespread outrage among Nigerians, prompting calls for President Bola Tinubu to intervene and reverse the increase.

However, in an interview with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, clarified that the government should not be held accountable for the price hikes.

Idris explained that the NNPCL’s decision was influenced by various factors affecting the energy industry, including ongoing volatility in the global market, particularly due to crises in the Middle East.

He emphasized that the NNPCL is no longer in a position to absorb the financial losses incurred from previous price settings.

The minister stated, “The differential you’re seeing is a result of different factors.

“One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally. Secondly, NNPC cannot continue to absorb these losses for Nigeria because, as a limited liability company, it would be operating at a loss.”

Idris urged Nigerians to understand the complexities faced by the NNPCL and the government, assuring that, in the long run, prices would eventually stabilize.

He highlighted that savings from the subsidy removal would be reinvested into critical sectors such as healthcare, education, infrastructure, and security.

Additionally, the minister mentioned that the government’s initial investments in Compressed Natural Gas (CNG) would help mitigate the impact of rising fuel prices as more operators enter the market.

The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in just 16 months.

The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further in the coming months.

This was as the international lender approved no fewer than 36 loan requests to the Federal Government, amounting to a substantial total of $24.088bn within five years.

These approvals, aimed at financing various development projects nationwide, arrive alongside increasing concerns about the country’s escalating debt profile, prompting questions about the sustainability of these financial commitments and their potential long-term effects on the economy.

Some of the projects under Tinubu include loans for power ($750 million), women empowerment ($500 million), girl’s education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion) and resource mobilization reforms ($750 million),

For many Nigerians, long years of infrastructure decay and increased unemployment have triggered an increased feeling of bitterness whenever they hear the government’s intention to borrow.

Although some of them realistically agree that resources are thin, considering an outsized population; however, they believe the past borrowings have not been justified.

However, according to an analysis of documents obtained from the international lender website on Tuesday, the international lender has maintained an annual credit approval to the nation since 2020.

A cursory look showed that the lender approved 15 loan requests worth $6.36bn in 2020. Some of these projects include the Nigeria Rural Access and Agricultural Marketing Project with an approved project commitment of $510m, The Nigeria Digital Identification for Development project ($430m), and $750m for the Nigeria SATAN additional financing for COVID-19 response, amongst others.

In 2021, the loan requests were reduced to six projects worth $3.2bn while the nation, under the administration of former president Mohammadu Buhari, secured loans worth $1.26bn in 2022 for six projects.

For instance, a $500m loan request was approved for a livestock productivity and resilience support project on March 18, 2022.  Another loan of $750m was approved under the Nigeria: State Action on Business Enabling Reforms Program in the same year.

Also, $3.9m was secured for the Umbrella organisation to support Nigeria for women’s projects.

However, in 2023, the loan request increased to $2.7bn to implement four projects, namely $750m for Nigeria- AF power sector recovery performance-based operation, $500m for Nigeria for Women Program Scale-up projects and $750m for the Nigeria Distributed Access through Renewable Energy scale-up project.

Similarly, the bank has approved $3.82bn already in 2024 for five projects, which include a grant of $70 million.

This means that the loan amount was $3.75bn so far in 2024, with more credit facilities expected before the end of the current year

The World Bank has approved a series of loans to Nigeria, strategically targeting critical sectors such as economic reforms, resource mobilization, adolescent girls’ education, and renewable energy expansion.

Recall that on June 13, the World Bank announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.

According to a statement from the bank, the combined package, totalling $2.25bn, comprises the $1.5bn Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and the $750m Nigeria Accelerating Resource Mobilization Reforms Program-for-Results.

Already, the international lender has received $751.88m of the $1.5bn under the Nigeria Reforms for Economic Stabilisation to Enable Transformation.

The World Bank is expected to approve another loan request worth $500m by December 16, 2024, for the Rural Access and Agricultural Marketing Project – Scale Up project.

According to a statement released last week announcing the latest approval, the international lender said the credit facilities will help the government strengthen human capital through better health for women, children and adolescents.

It added that the approved projects would also help build resilience to the effects of climate change, such as floods and drought, by improving dam safety and irrigation.

The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”

The international lender stated that this new financing includes $500m for addressing governance issues that constrain the delivery of education and health, $570m for the Primary Healthcare Provision Strengthening Programme and $500m for the Sustainable Power and Irrigation for Nigeria Project.

“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.

“The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.

“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.

The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.

Data from the external debt stock report of the Debt Management Office shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.

Nigeria’s debt servicing expenses reached N6.04tn in the first half of 2024, marking a sharp increase of 68.8 per cent from the N3.58tn recorded during the same period in 2023, the latest data from the Central Bank of Nigeria showed.

This sharp rise in debt service obligations, likely driven by naira devaluation for foreign debt repayments, reflects the growing burden on the government as debt repayment consumes a significant portion of its financial resources.

The Nigeria Labour Congress (NLC) has strongly condemned the recent increase in fuel prices, describing it as an aberration that undermines the principles of a deregulated market.

The NLC argues that the Nigerian National Petroleum Company Limited (NNPCL), a government-owned entity, should not be the sole arbiter of fuel prices in a sector that is supposedly open to market forces.

In a statement released by NLC President, Joe Ajaero, the union demanded an immediate reversal of the fuel price hike, emphasizing that past increases have not led to any tangible benefits for the Nigerian populace.

The statement titled “What next after increase in pump price?” reads, “We are dismayed by the latest increase in the pump price of petrol. It looks like the only thing this government is known for is the increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.

“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities. It will further deepen poverty as production capacities dip, and more jobs lost with multidimensional negative effects.

“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer. But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”

William Troost-Ekong has confirmed that Ahmed Musa is still the captain of the Super Eagles even though the veteran winger is not currently in the squad.

Ahmed Musa who has not been called up by Nigeria since the 2023 Africa Cup of Nations in Cote d’Ivoire, is currently playing for Nigeria Premier Football League (NPFL) club, Kano Pillars.

In a recent league game against Sunshine Stars, the 31-year-old forward scored two goals as he helped his team secure a 2-0 victory.

Musa has also made it clear that he has not retired from international football.

Ahead of Super Eagles’ 2025 AFCON qualifiers against Libya, Troost-Ekong said at a media parley in Ikot Ekpene that Musa remains the leader of the national team.

“We’re happy he’s back,” Troost-Ekong said at today’s media parley in Ikot Ekpene.

“He’s still our captain and he’s welcome back any time.

“He’s our most capped player, a good role model, he’s a good leader.

“I am happy to deputise for him.”

On the other hand, with Victor Osimhen unavailable for selection in the 2025 Africa Cup of Nations doubleheaders due to injury, Bayer Leverkusen striker Victor Boniface has expressed his readiness to step in for Osimhen against the Mediterranean Knights of Libya.

Boniface is expected to fill the void left by the injured Galatasaray forward in the starting lineup against the North Africans.

Despite the pressure that comes with replacing a key player like Osimhen, the 23-year-old striker emphasized that he does not feel burdened by the team’s goal-scoring responsibility.

“I don’t feel any pressure. It’s not just me; we have other strikers, Kelechi, Awoniyi and myself. If I play, if any of us play, we will try to get the win,” Boniface told Football Fans Tribe.

“For me, the most important thing is the team’s performance. If we are winning and I’m not scoring, then I don’t have any problem. Whatever people want to say, they should say it, but as long as we are getting the win, then it’s fine by me.”

Senate President Godswill Akpabio has urged Nigerians to place their love for the country above financial gain.

Akpabio spoke on the floor of the senate on Tuesday.

The Senate President asserted that the country would be better if citizens who are skilled in various fields stayed back in the country.

“The country is losing its expertise. If they acquired those expertise and returned to Nigeria, it would have been better,” he said while commenting on a motion seeking to address mass immigration of Nigerians

“I also think the conditions of service are quite responsible. I believe people should place love for their country above financial gains.

“That is why many of us choose to remain here,” he added.

Akpabio said the massive migration of Nigerians has adversely impacted the country’s health sector.

He said, “The brain drain is a big problem, not just in the educational sector, particularly in the health sector – it is affecting us a lot.

“The greatest professionals in medicine in the USA, from what I read, some people say we have almost 22,000 health workers in there (US) who are Nigerians and they are doing extremely well.

“I have seen that from different reports.

“In the educational sector, the disadvantages are too numerous because some of the departments do not have even up to 50 per cent staff strength.

“So what then are you teaching our children? It’s like a computer, garbage in and garbage out.”

The Senate President said the National Assembly would continue to do its best to better the lives of teachers so that they could stay back and impact future generations.

The Federal Ministry of Education has set up a 31-man panel to renegotiate the agreement entered into between the Federal Government and the Academic Staff Union of Universities.

The committee, according to findings by our correspondent, will be inaugurated next Wednesday.

This move by the government is part of plans to avert a potential disruption in the academic calendar of universities, following a fresh strike threat issued by ASUU.

Speaking to our correspondent in Abuja, the Director of Press, FME, Folasade Boriowo, said, “The government has started working, and I am sure that ASUU won’t be embarking on a strike because a number of developments are ongoing. A 31-man renegotiation committee has been formed, and they will be inaugurated next Wednesday.”

ASUU recently issued the Federal Government a 14-day ultimatum to resolve several lingering issues, failing which it would embark on a fresh round of industrial action.

Among other demands, ASUU is seeking the conclusion of the renegotiation of the 2009 FGN/ASUU Agreement based on the Nimi Briggs Committee’s Draft Agreement of 2021, as well as the release of withheld salaries due to the 2022 strike action.

Additionally, ASUU is demanding the release of unpaid salaries for staff on sabbatical, part-time, and adjunct appointments affected by the Integrated Payroll and Personnel Information System, as well as the payment of outstanding third-party deductions such as check-off dues and cooperative contributions. 

The union is also seeking funding for the revitalization of public universities, partly captured in the 2023 Federal Government Budget, and the payment of Earned Academic Allowances, also partly captured in the 2023 Federal Government Budget.

ASUU President, Prof. Emmanuel Osodeke, in a statement issued last Wednesday, expressed frustration with the government’s lack of commitment and delay tactics, stating that these actions were fueling a crisis in the public university system.

“In view of the foregoing, ASUU resolves to give the Nigerian Government another 14 days, in addition to the earlier 21 days, beginning from Monday, September 23, 2024, during which all the lingering issues must be concretely addressed to the satisfaction of the membership of the union. The union should not be held responsible for any industrial disharmony that arises from the government’s failure to seize the new opportunity offered by ASUU to nip the looming crisis in the bud,” the ASUU President said.

The President of Dangote Group, Aliko Dangote, has said that Nigeria needs to stop mortgaging crude oil to ensure the availability of feedstock for local refineries.

Dangote, who spoke at a summit organised by the Crude Oil Refinery Owners Association of Nigeria in Lagos, said it was unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, Nigeria and African countries are spending oil proceeds from the future.

“To ensure sufficient feedstock availability we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today,” he stated.

On October 4, 2024, The PUNCH exclusively reported that the Nigerian National Petroleum Company Limited had pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn. 

The report stated that pledging 272,500 barrels daily meant that about 8.17 million barrels of crude would be used for different loan deals by the national oil firm on a monthly basis.

This, it said, was according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.

On Tuesday at the event,  Dangote, who was represented by the Group Executive Director, Mansur Ahmed, said the country must also prioritise the implementation of the domestic crude.

“We will also need to prioritise the implementation of the domestic crude supply obligation. We will need to expand crude production capacity to support demand from the refinery,” he submitted.

He also revealed that the company built the 650,000 barrels per day capacity Dangote refinery In Lagos without any incentive from the government.

“We built the Dangote refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub for the region, investors need to be incentivised,” he stated.

Dangote maintained that 1.8 million barrels of new refining capacity is coming on stream in the next three years in Kuwait, China, and Bahrain.

On the other hand, he said Europe is tightening environmental standards while Holland and Belgium have banned exports of low-quality petroleum products from their hubs, stressing that these low-quality products used to be destined for Africa.

Quoting a report, Dangote mentioned that several refineries across Europe and China, with a total capacity of 3.6 million barrels per day are likely to be shut down over the next couple of years.

He said, “It was recently in the news that Scotland’s only refinery will be shut down next year. Shell is converting the 7.5 million tonnes per annum refinery in Germany to a lubricating plant.

“So, the opportunities are there. Africa imports about 3 million barrels per day of petroleum products. About half of this volume is imported by countries along the coast from Senegal to South Africa.

“These same countries produce over 3.4 million barrels of crude per day, which indeed highlights the problem of the dimension of excess crude production capacity without refining capacity. The imports come from Europe, Russia, and other parts of the world.

“So to grab this opportunity, we will need to build 1.5 million barrels per day of additional refining capacity. This would not be an easy feat, and strong support from the government and cooperation between stakeholders would be essential.”

This came as the Federal Government announced that it has officially designated the Dangote refinery as the exclusive supplier of jet fuel or Jet A1 for Nigerian airline operators.

This was disclosed by the Minister of Aviation, Festus Keyamo, during an interview with Channels TV on Tuesday.

“The airline operators just met recently. With my blessing, it’s a decision from the airline operators in Nigeria that they should only buy from Dangote refinery Jet A1,” Keyamo said.

“You can see that yesterday we started the naira-for-crude purchase with Dangote. It’s all naira, no dollar component,” he added.

Keyamo further explained that sourcing jet fuel from Dangote would protect airline operators from the volatility of international oil prices, ultimately lowering their operational expenses.