Nigeria partners with S&P Global for West African petroleum price index
The initiative, launched at the West African Refined Fuel Conference in Nigeria's capital Abuja, aims to create localised indices for products such as petrol, diesel, aviation fuel and liquefied petroleum gas.
West Africa is a significant oil and gas producer as well as a growing refining hub. But it is currently dependent upon posted prices from global reference markets, said Farouk Ahmed, head of Nigeria's Midstream and Downstream Petroleum Regulatory Authority.
"While these benchmarks are globally accepted, often they do not reflect the unique supply chain peculiarities, market dynamics and economic realities of the African continent," Ahmed said.
The partnership will improve price transparency, support investment decisions and enhance energy security across the region, he added.
OPEC member Nigeria, Africa's largest crude producer, is implementing reforms to liberalise its downstream sector as it positions itself as a regional trading hub.
The Dangote petroleum refinery in the commercial capital Lagos, for example, with refining capacity of 650,000 barrels per day, started operations last year and has been ramping up production and seeking new markets.
Nigeria currently produces some 31% of the refined fuel traded in West Africa, with that share expected to grow as new refining projects come online.
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You fit sell your NIN?
Di National Identity Management Commission don comot statement afta di tori say some pipo dey sell dia National Identification Number (NIN) among oda personal information give FInTech companies. For di statement, NIMC draw ear give Nigerians say dem no get hand for anytin wey spoil bicos of dis exchange of personal informate. Dem remind kontri pipo say dem don warn dem plenti times say make dem no tell dia NIN give any unauthorized pesin or joinbodi. All dis infromate for dia statement come afta Nigeria anti-corruption body drop informate on one "fraud scheme wey na young Nigerians dey carry am for head, dey carry small money between 1500 and 2000 naira ($1.31) give dia victims wey go give dem copy of dia personal information details bifor dem come carry di same informate give some FinTech companies dem for like 5000 naira ($3.27)". NIMC say di mata na serious security concern and also get ogbonge consequences for di NIN holders. But pesin fit carry dia full Idenitiy number sell give anoda pesin just like dat? NIMC ansa dat kwesion for di statement wey di Head of Corporate Communications, Dr Kayode Adegoke share wit tori pipo. Dem tok say anytime pesin present di NIN to fit get access to services, di NIN go dey "duly verified" bifor dem go allow any pesin make e use am. Dem dey use NIN match pesin wit dia biometric data and oda details wey dey di National Identity Databases. E also dey used to: Wetin dey linked wit your NIN Accoridng to NIMC, di National Identification Number dey link to pesin biometrics wit any oda informate wey dey di national database. But e dey also linked wit oda tins. For December 2020, di Nigerian Communications Commission [NCC] announce di compulsory update of NIN to dia SIM registration to fit improve di integrity and transparency of di process for Nigeria For 1 December 2023, di CBN bin announce to all Nigerians for one statement wey dem release give all banks say any bank accounts wey no get both NIN and BVN no go fit withdraw money for dia account. Sabi pipo say na to make am easier to monitor transactions and detect fraud. Tori dey say, two years ago FCT Minister Nyesom WIke make am compulsory say any pesin wey wan register C of O for dia property must to run am wit dia NIN and BVN togeda. According to di 2017 Mandatory Use of di NIN regulations, all transactions wey involve di purchase use or transfer of land or landed properties fall inside. Di NIN also get Biometic data of pesin dat one include pesin face and fingerprint information.
