The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has stated that Nigerians will begin to enjoy the benefits of the recent drop in global crude oil prices, following the announcement by Dangote Refinery of a reduction in the price of premium motor spirit.

PETROAN spokesperson Joseph Obele made this known in a statement on Thursday.

His statement comes barely 24 hours after the Nigerian government reaffirmed its commitment to the implementation of the naira-for-crude sale agreement.

Subsequently, on Thursday, Dangote Refinery reduced its ex-depot price of petrol by N13, from N880 to N867 per litre, as communicated to marketers.

Reacting to the development, PETROAN said, “The global crude oil price continues to fluctuate. PETROAN is optimistic that the Naira-for-Crude policy will help to insulate the Nigerian economy from the volatility of the global market.

“By reducing the country’s dependence on foreign exchange and promoting local refining, the policy is expected to lead to greater stability in the downstream sector and more affordable fuel prices for consumers.

“With the Federal Executive Council’s directive to fully implement the policy, PETROAN is hopeful that the benefits of lower global crude prices will soon be felt by Nigerian consumers.”

Meanwhile, checks by Ekwutosblog on Thursday night revealed that retail prices of petrol remained unchanged at N950 and N975 per litre in Lagos and Abuja, respectively.

The Nigerian Railway Corporation has temporarily suspended Warri-itakpe train service.

This was disclosed in a statement shared by Managing Director of the company, Kayode Opeifa, on his X account Thursday.

The suspension will last for 72 hours.

The Minister of Information and National Orientation, Mohammed Idris, has urged French businesses to seize new investment opportunities emerging from Nigeria’s sweeping economic reforms.

Addressing the Nigeria Business Forum in Paris on Thursday, Idris said the country is undergoing a transformation aimed at fostering private-sector growth and deepening ties with international partners, particularly France.

The forum, hosted by Business France, brought together representatives of over 200 French companies, including long-time investors in Nigeria such as TotalEnergies, Lafarge, Peugeot, Danone, and Schneider Electric.

Idris, in a statement signed by his media aide, Rabiu Ibrahim, commended these firms for their continued presence and investment in Nigeria’s energy, infrastructure, healthcare, manufacturing, and agricultural sectors.

Under President Bola Tinubu’s leadership, Idris said Nigeria is undergoing an “unprecedented journey of reform,” driven by the Renewed Hope Agenda — an eight-point strategic plan aimed at unlocking the nation’s vast economic potential.

These include the unification of the foreign exchange system, removal of fuel subsidies, cost-reflective electricity tariffs, and comprehensive tax and trade reforms.

“These historic reforms are building a more competitive, transparent, and investor-friendly economy, positioning Nigeria as the gateway to Africa’s booming consumer market under the African Continental Free Trade Area,” he said.

The minister also highlighted new digital and immigration policies designed to ease the movement of people and goods.

He emphasised the country’s investment appeal, noting it is Africa’s largest economy with a population exceeding 220 million—over 70 per cent of whom are under 35.

He also pointed to the country’s stable democratic governance, strong regulatory institutions, and improving fiscal health. In the first quarter of 2024, Nigeria recorded 3.84 per cent GDP growth and a more than 20 per cent increase in government revenue, according to Idris.

The minister cited several government-led initiatives aimed at encouraging private investment, including the Renewed Hope Infrastructure Development Fund, the Nigerian Consumer Credit Corporation, and the MOFI Real Estate Investment Fund.

“These initiatives are laying the foundation for leveraging trillions of naira in private sector investments across infrastructure, consumer credit, healthcare, real estate, and beyond.”

Idris also pointed to the expansion of Nigerian banks into Europe, including new offices in Paris, as a sign of increasing economic engagement between Nigeria and France.

He encouraged French companies to consider Nigeria’s livestock and dairy sectors as areas of untapped potential, particularly in light of the recent establishment of a dedicated Ministry for Livestock Development.

In addition to the business forum, the minister is scheduled to meet with French media and cultural institutions to explore further partnerships in broadcasting and creative industries.