By David Torough, Abuja

Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced reduction in price of petrol by N50 per litre when purchasing directly from Dangote Refinery.

This is coming after Monday’s deal where Dangote Refinery agreed to sell petrol directly to IPMAN members, ending the Nigerian National Petroleum Company Limited (NNPCL)’s role as the exclusive buyer of Dangote’s petrol.

Currently, motorists pay between N1,060 and N1,200 per litre at NNPCL retail outlets and other filling stations.

IPMAN’s National President, Abubakar Maigandi, shared this news during a press interview yesterday.

According to him, Dangote Refinery had agreed to supply petrol to IPMAN members at a rate of N940 per litre for depots and N990 per litre for trucks.

With this arrangement, Maigandi said, IPMAN members who currently sell petrol between N1,150 and N1,200 per litre would adjust their prices down by N50, depending on location.

Maigandi said, “Presently, we have been given two different arrangements on how to buy fuel from the refinery.

“There’s one where we can load the vessels and carry them to our various depots at the rate of N940 per litre. Then, for the depots, it is at the rate of N990 per litre.”He stated that in Maiduguri (Borno State) for instance, “the current price is N1,200 per litre. With these changes, it may likely reduce to N1,150, which is a reduction of N50. So that’s N1,150; it may even be below that.”

From Dan Amasingha, Minna

Federal Government has assured that the administration of President Bola Ahmed Tinubu will continue to positively impact the lives of Nigerians through the Renewed Hope Agenda.

 The Minister of Works, David Umahi emphasized this at a town hall meeting in Minna yesterday where he discussed the development of road infrastructure in the region.

Umahi highlighted the importance of the meeting, which focused on the proposed construction of the 125km, three-lane, single-carriageway Niger State segment of the larger 1,068-kilometer Sokoto-Badagry Super Highway.

According to the minister, the Sokoto-Badagry Super Highway is a federal road that will pass through several states, including Sokoto, Kebbi, Niger, Kwara, Ogun, Oyo, and Lagos, with 125 kilometers of the highway to be constructed in Niger State.

 The minister underscored the project’s potential to enhance infrastructure and stimulate economic activities along the route, bringing direct benefits to local residents and businesses.

Niger State, with its extensive network of federal roads, faces challenges due to poor road conditions.

“Many of these federal projects, some dating back to 2010, remain incomplete. For example, the Suleja-Minna Road is only 85% complete, and the Bida-Lapai-Lambata Road is at 64%, despite contracts being awarded over a decade ago.

“Quality infrastructure and timely project completion are priorities for both state and federal stakeholders,” Umahi said.

The Niger State Governor, Umar Muhammad Bago thanked the president and federal officials for prioritizing the state’s infrastructure needs.

 The governor acknowledged the Senate Committees on Works and Finance, and the respective House committees for recognizing Niger State’s challenges.

Bago called for urgent intervention to improve road quality and suggested that contracts held by underperforming companies, such as Salini, be awarded instead to reliable firms like Hi-Tech and CCECC.He disclosed that Niger State has potential for cement production, citing the state’s rich limestone deposits and announced plans to attract investors to further support infrastructure and economic growth in the region.

By Tony Obiechina, Abuja

Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso has said the new capital requirement for banks operating in the country will enhance their capacity to drive financial inclusion.Cardoso stated this at the second International Financial Inclusion Conference themed, Inclusive Growth: Harnessing Financial Inclusion for Economic Development, held in Lagos on Tuesday.

He said, “In line with its efforts to deepen financial inclusion, the Central Bank of Nigeria recently introduced new minimum capital requirements for banks. This strategic move ensures that banks are well-capitalised, enabling them to take on greater risk, particularly in underserved markets.“With a stronger capital base, banks can provide more loans and financial products to MSMEs, rural communities, and other vulnerable segments that have previously struggled to access formal financial services.“This policy not only strengthens financial stability but also serves as a catalyst for inclusive growth. By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation crucial for driving digital financial services such as mobile money and agent banking.”The governor added that these technologies are key to breaking down geographic and economic barriers, bringing financial services to remote areas.“Financial inclusion has the potential to unlock significant economic growth, particularly through the empowerment of small and medium-sized enterprises (SMEs), women, and other vulnerable segments of the population. SMEs are responsible for over 80 per cent of employment in Nigeria, yet many struggle to access the credit needed for expansion.“Financial inclusion for SMEs is essential to unlocking the full potential of this sector, and the Nigerian government remains committed to supporting these enterprises. Similarly, women play a critical role in driving inclusive growth. Research shows that when women are financially empowered, they reinvest in their families and communities, creating broader social and economic benefits. Let’s clap for the women.“Yet women in Nigeria are disproportionately excluded from the formal financial system. The Central Bank of Nigeria, recognising this, has made significant strides in promoting financial inclusion for women and youth, particularly through frameworks aimed at closing gender gaps and regulatory support for digital platforms that offer easier access to financial services for these vulnerable groups,” Cardoso stated.The CBN governor further affirmed that the adoption of digital payment channels, leveraging mobile technology, remains one of the most transformative tools for financial inclusion.