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Nairaland Forum / Nairaland / General / Politics / FG Defends Dangote Over Plan To Sell Fuel At International Price (5229 Views)
FG Vows Action As Independent Marketers Defy Government, Sell Fuel At N1,000/lit / Federal Lawmaker Defends Dangote, Accuses NNPCL, NMDPRA Of Sabotage / Twitter Escaped Accountability For Long, FG Defends Ban (2) (3) (4)
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Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Nobody: 6:52pm On Sep 14, 2020 |
Simplyleo: State capture, reminds me of what happened in South Africa with the Gupta's. Nigerians were sold the lie that providing him forex at a reduced rate will benefit the nation in reduction in the fuel price. 2 Likes 2 Shares |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by jesmond3945: 6:54pm On Sep 14, 2020 |
Cjrane2:of course he will buy crude from shell who will sell it to him in dollars. He is a private biz man |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by COMPAQ(m): 6:54pm On Sep 14, 2020 |
Simplyleo: The benefits are as follows: 1. Reduced requirements for forex to import crude. 2. Direct Jobs for those who work there 3. Technology transfer 4. Better exchange rate stability (which affects many other things) 5. frees up government money for other things 6. Eventually they will pay taxes to FG, improving their revenue. FG can't tax profits made by a refinery in Houston 7. Indirect ancillary jobs from businesses supporting the refinery 8. Benefit and wealth spread to land owners in that axis. Land that would otherwise have been significantly less valuable. That is how one big investment can spur economic activity. Which is why governments that know what they are doing provide conducive environment for companies. See how cities in America were literally fighting for Amazon to site a second headquarters in their city. 5 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by favor914: 6:56pm On Sep 14, 2020 |
Simplyleo:You People must complain about everything? the market has been deregulated, if you don’t like Dangote’s price, you are free to go and buy from the importers, that is the beauty of a deregulated market, all the Honorable Minister of Finance did was to inform those that think they will be buying cheap fuel in future is an economic illusion. |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by jesmond3945: 6:57pm On Sep 14, 2020 |
Simplyleo:how can they sell at a reduced price? Is it not another form of subsidy. Do you know how much it costs to drill and store crude 3 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by favor914: 6:58pm On Sep 14, 2020 |
RuudVanNisteroy:So how do you equate elimination for cost of shipping? |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by mariahAngel(f): 6:58pm On Sep 14, 2020 |
chriskosherbal: Do the citizens have any other choice than to buy from him? |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Nobody: 6:58pm On Sep 14, 2020 |
favor914: Why then did the goverment subsidize the cost of a private venture that was going to create a monopoly in the country. Monopoly have been proven time and time again to not be beneficial to a nation when run by private interests in the long-term. 2 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by rafindo(m): 6:59pm On Sep 14, 2020 |
Why are you blaming the man for choosing to sell at international price.majority of you think that business is charity. Over 10 people got license to build refinery what did they do ,they choose to engage in subsidy bonanza will dangote painstakingly decided to build one by seeking loans and joint venture from his business partners. Now you expect him to sell PMS at N85 or N120 because he loves you all abi. The indices are clear ,if the government sells crude to him at international price, be ready to buy at international price. From the tone of the federal government they are not ready to sell at any price that is not international because it will affect revenue. Finally the man just proved to us why he is a real businessman. He is ready not to partake in the short term for the sake of the long term. I love the man. For wailers if you think the man succeeds in all his business then you are wrong. Dangote flour Mill is an example. Dansa. Dangote tomatoes. Dangote rice . This are list of business he has not done well at so. Don't give that government is favoring him bullshit. Mukesh ambani of India operates the same way like him.yet India have changed from congress to Bjp. 2 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Nobody: 6:59pm On Sep 14, 2020 |
favor914:The Minister has already told Nigerians that fuel price will not go down. And given his monopoly the price will only go up; go and read what Wikileaks had to say about Dangote harm to Nigeria through his monopoly. 3 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Nobody: 7:02pm On Sep 14, 2020 |
rafindo: Government has always favoured him by giving him monopoly in key industries and that is why he is the richest man in the country and not through any ingenuity. Any novice can become a billionaire if given monopoly, look at Kola Aluko given monopoly with the oil lifting contracts. 2 Likes 2 Shares
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Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by favor914: 7:03pm On Sep 14, 2020 |
RuudVanNisteroy:How does she know, does Nigeria control the price of international crude oil? All she said people like you waiting for cheap fuel, should stop wasting their time, & get on the beat, the days of subsidy is gone for good, Federal Government should come and subsidize my Delta Airline ticket for me also? Like they did during the days of Nigeria Airways. Sleep in Lagos, Wake up in New York City. |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Cyberterror: 7:05pm On Sep 14, 2020 |
jtjohn:Dangote is not the only one building a refinery. There are several private modular refineries in Imo, Edo, Delta and Bayelsa at different stages of completion currently. |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by edoairways: 7:25pm On Sep 14, 2020 |
pafra:What most Nigerians fail to understand is the fact that there is change in technology. Few years from now, the demand for petrol cars will reduce |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by COMPAQ(m): 7:30pm On Sep 14, 2020 |
jtjohn: It's not Dangote's fault that Nigerian businessman know nothing about large scale technical businesses that require a lot of attention to detail and would rather not take the risk. All we know how to do is trading and rent seeking businesses, where we stand as a middle man. i,e buying and selling, building house and renting it out, collecting contract and selling it etc - no real value add. And to be honest it's not anyone's fault. It's a symptom of poor education system, lack of government support, lack of faith in Nigerian bureaucracy, poor infrastructure, corruption etc |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by COMPAQ(m): 7:35pm On Sep 14, 2020 |
edoairways: At least if that occurs it becomes Dangote's problem and not the FG's. Besides that analysis is faulty. Asides petrol, he will produce aviation fuel, petrochemicals for pharmaceutical and plastic industries as well as fertilizer. All of which there is good demand from West, Central and Southern Africa. And petrol still has a long way to go in Africa. Even if all cars become electric in Europe in 2030, Africa will still be using the junk petrol cars for a while longer. Dangote would have broken even before then. |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Xisnin(m): 7:39pm On Sep 14, 2020 |
RuudVanNisteroy:No. Government does not eat fuel. The populace use it. People don't buy spaghetti or cement with dollars. Large marketers(not the government) will buy from Dangote and pay him in Naira. Then they will distribute to retailers and collect Naira too. We will be saving close to the amount of forex that we use Dangote and other developing refineries will save Nigeria the equivalent amount of dollars we would have used to import their production capacity. |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by History555: 7:40pm On Sep 14, 2020 |
jesmond3945: Nnpc are entitled to 440,000 barrels which is refined for local consumption. If dangote buyes direct from shell what then happens to 440k barrels. The fg should allocate the 440k to me to refine and sell at reduced cost. Anything short of that nigerians will buy fuel at 330 to 380 a litre |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by History555: 7:46pm On Sep 14, 2020 |
Xisnin: Don't count on that. If dangote buys crude oil from multinational he must pay them in dollars. Expatriates must be paid in dollars and considering the number of them he engaged in building the refinery be rest assured expatriates will make up a large proportion of workers. Spare parts will be paid for in dollars. Lastly to ward off effects of unstable naira, dangote will hedge most of his income definitely in dollars 1 Like |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by RealEzee(m): 7:55pm On Sep 14, 2020 |
COMPAQ:we don't have a money problem but a management problem here, we keep on making budget yearly and taking loans without immediate effect in the economy, all Nigerians including myself ask for the basic things be met by the government and we will thrive, we talk of taxes daily yet what have they done with it really? I have lost trust for the government unfortunately bud. 2 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Xisnin(m): 7:58pm On Sep 14, 2020 |
History555: It doesn't matter where Dangote buys crude from. Him employing expatriates is irrelevant too. Will Dangote need dollars for some of its operations? Yes. But that is none of our business. Innoson source all its parts in dollars. Yet, he sells in Naira. Same goes for every manufacturer who source their material from abroad. Indian refineries buy all its crude from other countries in dollars, yet sell to its populace in rupees(not dollars). There is nothing special about dollar beyond international exchange. Dangote didn't invent refineries and he won't be alone by 2023. If the business is viable, I expect many Nigerians to also venture into oil refining because we like "safe" business. 2 Likes |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by jesmond3945: 8:02pm On Sep 14, 2020 |
History555:but you know cost of drilling 440k barrels is in millions of dollars. They have to sell to Dangote and make some profit. Dangote would now refine and sell to make some profit. The issue is that Dangote used our subsidized dollars to build. Probably he deceived the govt. 1 Like |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by eagleu: 8:14pm On Sep 14, 2020 |
favor914: You're either an economic illiterate or simply blinded to the Dangote cause! Government doesn't subsidize your Delta ticket, because Delta has many competitors like United, KLM, BA, etc plying the lucrative route. Government killed off Dangote competitors in cement, sugar, and flour, now the corrupt minister is the one parroting Dangote 's expected pricey products as if she's doing a jingle for Dangote! How bad, corrupt, and insensitive could that be? Only in Nigeria. 2 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by obailala(m): 8:24pm On Sep 14, 2020 |
Simplyleo:Selling crude to Dangote at reduced price is the same thing as govt paying SUBSIDY. 1 Like |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by COMPAQ(m): 8:27pm On Sep 14, 2020 |
eagleu: Dangote is a major player in those sectors, but he's not the only player. For cement there is Lafarge, Bua and a few others. Dangote has a 65% market share in cement. The other 35% should also invest more. Lafarge was in the market long before Dangote, but they refused to invest. They were happy with their one plant in Ewekoro. When Obajana came with almost triple their capacity and far more efficient plant, they scrambled to build a new plant in Ewekoro. If anything, Dangote forced their investment. |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by COMPAQ(m): 8:29pm On Sep 14, 2020 |
jesmond3945: Don't mind them. They think the 400k barrels is free. Crude we spent millions to find and bring from the ground should just be given to Dangote free to refine for the sake of cheap petrol?? Oil that has market value of $16mln PER DAY!!! Then they wonder why we have no roads, good schools and hospitals etc |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by eagleu: 8:30pm On Sep 14, 2020 |
COMPAQ: I bet you have never heard about Ibeto cement? |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by eagleu: 8:32pm On Sep 14, 2020 |
obailala: Most importantly, why is the corrupt Fulani government refusing to give other Nigerians the super sweet deal given to Dangote? 3 Likes 1 Share |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by Iscoalarcon: 8:36pm On Sep 14, 2020 |
Cjrane2:why are you complaining of cement when we have BUA, Ashak, Ibeto, Sokoto cement etc |
Re: FG Defends Dangote Over Plan To Sell Fuel At International Price by COMPAQ(m): 8:37pm On Sep 14, 2020 |
eagleu: They are still existing are they not? At least they have a functional website as of right now, so I assume they are? The website say they are building a 5mln tonne cement plant in Ebonyi. This is what we need. It will make Dangote less dominant in the East. By the time they finish, Dangote share drops to maybe 55%. Thats how these things work. No doubt Dangote has connections in govt, but big business people that donate to Trump and Biden, what do you think they donate for? Fine the system still enables better playing field in Yankee, but you think there arent' those complaining about the practices of Apple, Google, Microsoft and co?? |
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