We might be the largest crude producer in Africa, but we are not producing enough to meet domestic demand. Nigeria after all is a country of 230 million people.
The reason Dangote needs to import crude oil is that Nigeria produces predominantly light sweet crude, however Dangote refinery needs a range of other types of oil to produce some of the petrochemical products that it intends to produce. It's not that Dangote has to import oil to produce petrol, it's that he needs to import a different blend of oil to produce some other goods besides petrol.
@@Silver-l5x google states 180 Kenyan Schilling, that's $1.4/liter, but this is not really a fair comparison as Kenya has levies on the fuel. 25Ksh for road maintenance, etc., and adds about 90% to the price of petrol that is landed. Nigeria just pays road maintenance etc. from other taxes.
How can a major oil producing country be importing crude oil from other nations to feed it's refineries while at the same time exporting crude oil to other countries? Is it that our crude is not good enough to be refined by our refineries? Or is there anything we need to know which we are not been told?
Cartel have been importing low quality petroleum product for Nigeria market so it cost more for Dangote to produce international standard of product, why is the government not exposing prices of crude sold to Dangote and price that Dangote sell to NNPC so Nigerians can be the judge of why Dangote fuel prices are so high! Oil cartel and NNPC don’t want Dangote refinery to succeed so Nigerians have to get rid of corruption first.
U guys have no idea . Dangote is way smarter he knows what’s he doing. A man like Dangote won’t invest so huge in a refinery if he will not get his money back. This refinery will benefit Nigeria and Africa it is a game changer forget these media analysts they are just analyzing
The reality is, something that started as a business deal will only work to service the needs of the people in the business. So, Nigeria will only be good or better when the concept/shackles of capitalism is broken or replaced
Why can't import from Russia !? No price increase in oil prices in China or India biggest oil consuming markets.. why can't Africa import Russian Oil !?
@@MxmdAmn OPEC is like all this organisation like UN, IMF etc they want to control everything, enrich themselves by exploiting the so called 3rd world countries. They manipulate the price of crude to favour only the top countries in OPEC. Countries like Nigeria have no real say in the organisation, that is why country like Angola left OPEC
Nigerians are complaining about fuel being expensive at US $0.85 per litre. I guess it goes down to the amount of income per capita being quite low. Also, Nigerian citizens would expect the fuel price to be lower considering that Nigeria has crude oil reserves in abundance. In Zimbabwe fuel costs twice as much at $1.65 per litre. However, it’s business as usual, no complaints in sight 😆😆😆
Nigeria needs to wake up! The whole world is switching towards EV cars, it is cheaper to operate and maintain. You are still trying to produce petroleum product at affordable price for your nation while many nations are trying to provide enough charging points for their nations. Advance nations will be using renewable energy within 20-30 years from now so they won’t need oil anymore so Nigeria better catch up fast.
They haven't worked for 28 years, yet they have spent over $20 billion maintaining these refineries. $20 billion invested will increase Nigeria fuel supply to 4 million b/d
That advice may sound ridiculous. But let's be honest to ourselves! Would we want more billions of dollars to be wasted on maintaining refineries which are non-functional?
China makes a range of different EV's that cost less than 10,000 USD, the problem is recharging stations. I don't think they will be going green any time soon.
ok im no expert but why not cut ur exports by 10 % and use that for local use only should stableize ur local market abit and i asssume u would import less as well it might also increese the base price for nigerian crude
If you an oil producer in Nigeria and you've procured loans in dollars to produce crude oil. Then the FG comes to you that you should not export your crude oil rather you should sell to Nigeria refinery in naira. Will you do it? Does it make business sense?
@OlawaleOladeji yes it dose as it's only a small percent which can strengthen my own markets it benefits the country and the pll as well as its not all my crude I'll sell in nira to create one much sacrifice also half of what I sell in nira after refining I'd sell back in dollars we're I'd make even more as refined cost more than crude so it make a lot of sense
the largest producer of crude in Africa lacks crude, and imports it in dollars🤣
What are you talking about
They have crude, they lack the refined products from crude though.
@@kaiblade760No our local refineries don't have crude oil supplies
We might be the largest crude producer in Africa, but we are not producing enough to meet domestic demand. Nigeria after all is a country of 230 million people.
@@ik3nna__ it's not about production, its corruption and "foreign" interference.
It makes no sense to invest more in oil They should have done that 30 years ago
there are generators on jumia which you can fill with solar panel
The reason Dangote needs to import crude oil is that Nigeria produces predominantly light sweet crude, however Dangote refinery needs a range of other types of oil to produce some of the petrochemical products that it intends to produce. It's not that Dangote has to import oil to produce petrol, it's that he needs to import a different blend of oil to produce some other goods besides petrol.
Lol it's no mystery why africa is consistently poor. I say this as an African.
This is not an African issue , This is a Nigeria issue
DANGOFULANI IS LYING 😢😮😮😮😅😅😅.
@@Anti-socialSocialClub lol because the other countries are rich?
Its way cheaper than it is in Kenya...
Petrol is 0.70 cents in Nigeria
What's the price in Kenya??
@@Silver-l5x google states 180 Kenyan Schilling, that's $1.4/liter, but this is not really a fair comparison as Kenya has levies on the fuel. 25Ksh for road maintenance, etc., and adds about 90% to the price of petrol that is landed.
Nigeria just pays road maintenance etc. from other taxes.
Power to them ❤
Make life easier for Nigerians
Tinubu is not hired by oil mafia for that
This whole Situation in Nigeria is so baffling to the outsiders
How can a major oil producing country be importing crude oil from other nations to feed it's refineries while at the same time exporting crude oil to other countries? Is it that our crude is not good enough to be refined by our refineries? Or is there anything we need to know which we are not been told?
Great video. Very sad to learn about kids not being able to go to school for economic reasons. Best wishes to the people and government of Nigeria.
Tinubu will never allowed Dangote Refinery to fully function
Arabs interest in the region will be sabotaged which is retrograde
Cartel have been importing low quality petroleum product for Nigeria market so it cost more for Dangote to produce international standard of product, why is the government not exposing prices of crude sold to Dangote and price that Dangote sell to NNPC so Nigerians can be the judge of why Dangote fuel prices are so high! Oil cartel and NNPC don’t want Dangote refinery to succeed so Nigerians have to get rid of corruption first.
There's an oil refinery just sitting in the island I'm from , unused they use to call it hess oil refinery
U guys have no idea . Dangote is way smarter he knows what’s he doing. A man like Dangote won’t invest so huge in a refinery if he will not get his money back. This refinery will benefit Nigeria and Africa it is a game changer forget these media analysts they are just analyzing
Nigeria is punpet of west market
Yet West don't need it people
Shame
The reality is, something that started as a business deal will only work to service the needs of the people in the business. So, Nigeria will only be good or better when the concept/shackles of capitalism is broken or replaced
Why can't import from Russia !?
No price increase in oil prices in China or India biggest oil consuming markets.. why can't Africa import Russian Oil !?
Because Putin's war raises energy and fertilizer prices so why send him money? Increase domestic production.
Nigeria doesn't need to import anything, Nigeria just needs to leave OPEC
@@albah289what burden does OPEC have on you guys ? Please enlighten me
@@MxmdAmn OPEC is like all this organisation like UN, IMF etc they want to control everything, enrich themselves by exploiting the so called 3rd world countries. They manipulate the price of crude to favour only the top countries in OPEC. Countries like Nigeria have no real say in the organisation, that is why country like Angola left OPEC
Afroca should invest in renewables and skip oil
It's unbelievable what we witness and hear in Nigeria than how their people claim..... It's a sad situation.🙆🏾
And Africa
Nigerians are complaining about fuel being expensive at US $0.85 per litre. I guess it goes down to the amount of income per capita being quite low. Also, Nigerian citizens would expect the fuel price to be lower considering that Nigeria has crude oil reserves in abundance.
In Zimbabwe fuel costs twice as much at $1.65 per litre. However, it’s business as usual, no complaints in sight 😆😆😆
Zimbabweans can't do business at all they rely most on south African companies.
Nigeria fuel 😂😂😂😂
Why don't oil consumer nation lockdown for two three weeks to get oil in negative price
It's used for mobility and power. People can't stop living life for weeks.
@@jghall00 why not remember lockdown nothing happen ?
This same headline has been lingering for 1-2 years. Perhaps it’s not going well. Always about to refine a lot.
Nigeria needs to wake up! The whole world is switching towards EV cars, it is cheaper to operate and maintain. You are still trying to produce petroleum product at affordable price for your nation while many nations are trying to provide enough charging points for their nations. Advance nations will be using renewable energy within 20-30 years from now so they won’t need oil anymore so Nigeria better catch up fast.
😂😃JOKE OF THE CENTURY😂😂
Dangote refinary is buying crude oil by dollar😂😂😂
America is happy. 😂😂
Oh cry my beloved Africa 😂
Nigeria sell crude 50 dollars per barrel ... they buy gasoline 50 dollars 10 liters?😢😢😢😢
This guy is no expert. How can you advise Nigeria to decommission its state refineries and sell them as scrap?
What does he mean "scrap"?
They haven't worked for 28 years, yet they have spent over $20 billion maintaining these refineries. $20 billion invested will increase Nigeria fuel supply to 4 million b/d
They haven't worked for decades. They are scrap.
That advice may sound ridiculous. But let's be honest to ourselves! Would we want more billions of dollars to be wasted on maintaining refineries which are non-functional?
He is an expert, and so far the brightest of them all...why waste money on something that doesn't work,won't work?..it's better to have 0 than a -4
Figure of speech.
The refinery is about 40 years late 🤣
Buy a BEV
Very very shameful ,the government is not capable of processing is own oil😢
They're capable but tinubu is corrupted by oil mafia
Divide the country 🥵
Only for a short while until greed kicks in an profit potential clouds hearts and minds.
Okay yup, theres no hope...these ones are gone
China makes a range of different EV's that cost less than 10,000 USD, the problem is recharging stations.
I don't think they will be going green any time soon.
Our president wife is busy campning for Aso - ebi in. Aso Rock
Answer is no cos dangote is a business man and cares about profit
So, politics?
ok im no expert but why not cut ur exports by 10 % and use that for local use only should stableize ur local market abit and i asssume u would import less as well it might also increese the base price for nigerian crude
If you an oil producer in Nigeria and you've procured loans in dollars to produce crude oil. Then the FG comes to you that you should not export your crude oil rather you should sell to Nigeria refinery in naira. Will you do it?
Does it make business sense?
@OlawaleOladeji yes it dose as it's only a small percent which can strengthen my own markets it benefits the country and the pll as well as its not all my crude I'll sell in nira to create one much sacrifice also half of what I sell in nira after refining I'd sell back in dollars we're I'd make even more as refined cost more than crude so it make a lot of sense
@@paulalain2798 it doesn't work like that sit
You're using too much logic. 😂😂
That logic and mindset is exactly the reason why you as a nation are in a mess.
These journalists are funny they keep stolen many in your bank she show effect if you truly why you trying who's stolen, much from poor people
The is man don't know what he is talking
Wake up African stopped too cold
Answer is no cos dangote is a business man and cares about profit