Business
New Pump Price: DPR Seals Two Fuel Stations In Bayelsa
The Bayelsa field office of Department of Petroleum Resources (DPR), on Wednesday, sealed two fuel stations for dispensing petrol above the new pump price of N125 per litre.
The Tide recalls that the Federal Government had, on March 18, announced the reduction of the pump price of petrol from N145 to N125 per litre, to reflect the fall in crude oil prices.
The Tide also reports that the pump price was, on Tuesday night, further reduced by 1.50k per litre, making the new price to be N123.50 per litre.
The DPR officials in the state, however, said that they had yet to receive directive on the latest review.
Speaking with newsmen after the surveillance exercise, the Operations Controller of DPR, Mr George Ene-Ita, said that while one of the sanctioned stations sold petrol at the old price of N145, the second was shut for grossly under dispensing.
Ene-Ita said that DPR was poised to enforcing the new price of petrol by the Federal Government, which, he said, was aimed at bringing relief to Nigerians, adding that it had intensified surveillance patrols.
He said that the agency was working to ensure the availability of the product despite the lockdown, occasioned by the outbreak of the Coronavirus pandemic, stressing that marketers were being encouraged to maintain safety guidelines.
“We are working hard amidst the current challenges of this time of national emergency, which cuts across international boundaries, to ensure that petrol was available at approved pump prices,” he said.
The DPR boss explained that the department sanctioned some stations, where some of their pumps under-dispensed by sealing the erring pumps and allowing the accurate pumps to dispense rather than outright shutdown, to ensure product availability at this crucial time.
“In playing our regulatory roles, we shall not hesitate to wield the big stick by imposing appropriate sanctions on any erring pump, which is a fine of N100,000 per pump,” Ene-Ita said.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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