• About
  • Advertise
  • Contact
Thursday, July 3, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

Drop In Petroleum Products Importation Indicates Nigeria’s Emergence As New Global Economic Power -TDF

Vital News by Vital News
February 3, 2025
in Oil & Gas
0
Drop In Petroleum Products Importation Indicates Nigeria’s Emergence As New Global Economic Power -TDF
Share on FacebookShare on Twitter

The Democratic Front (TDF) says it welcomed with joy and a renewed sense of patriotism Bloomberg’s report and analysis on the 8-year record decrease in Nigeria’s petroleum products importation index, on account of the increase in domestic refining of petroleum products by indigenous Refineries.

The TDF sated this in a statement jointly signed by Mallam Danjuma Mohammed and Chief Wale Adedayo, its Chairman and Secretary respectively.

TDF said : “It is a known fact that the failure of previous regimes in Nigeria to encourage domestic refining of petroleum products exposed the nation to decades of wasteful expenditure on petroleum importation amounting to billions of dollars.

“Indeed, the nation was deprived of meaningful development, as the billions of dollars made from the sales of crude oil were utilized to import petroleum products into the country.

“Economic stagnation, high unemployment rate, lack of productivity, monumental corruption, and insecurity were part of the prices the nation paid for its misplacement of economic priority.

RelatedStories

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

$2.8billion AKK Gas Pipeline Project Crosses River Niger – NNPCL

Experts Laud Dangote Refinery On Deployment Of 4,000 CNG Trucks For Free Distribution Of Petrol, Diesel

Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15

“It is this catastrophic economic decision that dragged the country’s economy to the brink of collapse, which made President Bola Ahmed Tinubu’s reforms an inevitable necessity for national survival.

“Our assessment in The Democratic Front has shown that in less than two years, the implementation of Tinubu’s far-reaching economic reforms has changed Nigeria’s socio-economic fortunes for the better.

“The huge plunge in Nigeria’s petroleum products importation to an 8-year low has ensured that a significant amount of foreign exchange is conserved within the economy to create jobs and also boost productivity.

“Similarly, it has enhanced the stability and consistent firming of the Naira.

“It is for this particular reason that The Democratic Front decided to espouse the projections of Bloomberg on the enormous economic gains that await Nigeria if the declining trend in the rate of petroleum products importation into the country continues in the months ahead.

“If the Dangote, Port-Hacourt and Warri refineries continue to ramp up production of refined petroleum products, with the possibility of being joined by the upcoming Bua and Kaduna refineries, Nigeria would have saved an estimated annual $10 billion on petroleum products imports, by establishing its self-sufficiency in petroleum products and dominating the lucrative African market.

“This goes a long way to Pave the way for the country’s eventual emergence as the new global economic power from Africa.”

“We commend, therefore, the economic reforms of the Tinubu administration for showcasing Nigeria’s potential in crude oil distillation to the outside world.

“The surge in the number of refineries currently operating in Nigeria, coupled with the government’s efforts to create a very conducive business environment, will make the country a major crude oil refining hub in Africa

“We also thank President Bola Ahmed Tinubu for refusing to adopt the official position of the three past PDP regimes, with regard to the In-Country refining of petroleum.

“We recall that the PDP governments had told Nigerians, and indeed the world, that it was better to expend the money earned from the sales of Nigeria’s crude oil, to import refined petroleum products into the country than to distill the crude domestically.

“Contrary to this embarrassing position, and the expectations of naysayers of this administration, President Bola Ahmed Tinubu is fast transforming Nigeria from being a major consumer of imported petroleum products to becoming a net exporter of refined petroleum products.

“This remarkable feat by the President deserves the appreciation and commendation of every well-meaning citizen of Nigeria.” (vitalnewsngr.com)

Tags: dropFuelImportRefineries
Previous Post

FG Moves To Revamp Bank Of Agriculture

Next Post

Oyo Govt. Converts 1,591 LG Casual Workers To Permanent Staff

Vital News

Vital News

RelatedStories

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre
Oil & Gas

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

July 2, 2025
NNPCL Unveils New Senior Management Team
Oil & Gas

$2.8billion AKK Gas Pipeline Project Crosses River Niger – NNPCL

July 1, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Experts Laud Dangote Refinery On Deployment Of 4,000 CNG Trucks For Free Distribution Of Petrol, Diesel

July 1, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15

June 29, 2025
Kogi Trains 2,310 Youths On CNG Conversion Technology
News

Kogi Trains 2,310 Youths On CNG Conversion Technology

June 27, 2025
Next Post
Oyo LG Chairmen Back Makinde’s Rejection Of Supreme Court Judgment On Autonomy, Opt Out Of ALGON

Oyo Govt. Converts 1,591 LG Casual Workers To Permanent Staff

Are Yoruba Muslims Truly Marginalised? By Lasisi Olagunju

Are Yoruba Muslims Truly Marginalised? By Lasisi Olagunju

Bola Ige’s Murder : You Lied Against Me, Ladoja Tells Bisi Akande

Bola Ige's Murder : You Lied Against Me, Ladoja Tells Bisi Akande

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

EFCC Arraigns Ali Bello,  Kogi Gov’s Nephew For N3bln Fraud

EFCC Arraigns Ali Bello, Kogi Gov’s Nephew For N3bln Fraud

2 years ago
Jere, NIS Acting CG Asked To Procede On Retirement

Jere, NIS Acting CG Asked To Procede On Retirement

2 years ago

Nigeria’s 2023 Election Reassures Africa – Rwandan High Commissioner

2 years ago
Former Kwara Governor, C.O. Adebayo Dies At 84

Former Kwara Governor, C.O. Adebayo Dies At 84

1 week ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu Women
No Result
View All Result

Highlights

ADC Rejects Mark, Aregbesola’s Leadership, Says Atiku, Obi, el Rufai, Others Action Unconstitutional, Undemocratic

2027 : Former APC National Chairman, John Oyegun, Aregbesola, Atiku, David Mark, Obi, Amaechi Team Up Against Tinubu

Gunmen Invade Meeting Venue In Anambra, Kill 10 People, Injure 9 Others

Tajudeen Dantata, Dangote, Ministers, Governors, Ganduje, Emirs, Barau Jibrin, Present As Alhaji Aminu Dantata Is Buried In Saudi Arabia

$2.8billion AKK Gas Pipeline Project Crosses River Niger – NNPCL

Kogi , ECN Partner On Clean Energy Transition

Trending

Kachikwu Accuses Coalition Of Dealing With Expired Leadership Of ADC Under Ralph Nwosu
Politics

Kachikwu Accuses Coalition Of Dealing With Expired Leadership Of ADC Under Ralph Nwosu

by Vital News
July 2, 2025
0

Dumebi Kachikwu, the African Democratic Congress (ADC) presidential candidate in the 2023 election, has strongly reacted to...

8 Officials Feared Dead As  African Union Helicopter Crashes In Somalia

8 Officials Feared Dead As African Union Helicopter Crashes In Somalia

July 2, 2025
Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

July 2, 2025
2027 : Former APC National Chairman, John Oyegun, Aregbesola, Atiku, David Mark, Obi, Amaechi Team Up Against Tinubu

ADC Rejects Mark, Aregbesola’s Leadership, Says Atiku, Obi, el Rufai, Others Action Unconstitutional, Undemocratic

July 2, 2025
2027 : Former APC National Chairman, John Oyegun, Aregbesola, Atiku, David Mark, Obi, Amaechi Team Up Against Tinubu

2027 : Former APC National Chairman, John Oyegun, Aregbesola, Atiku, David Mark, Obi, Amaechi Team Up Against Tinubu

July 2, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Kachikwu Accuses Coalition Of Dealing With Expired Leadership Of ADC Under Ralph Nwosu July 2, 2025
  • 8 Officials Feared Dead As African Union Helicopter Crashes In Somalia July 2, 2025
  • Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre July 2, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In