The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Shettima, has urged independent petroleum marketers to rely on local refineries for product sourcing.

Shettima made the call in a statement issued on Thursday in Abuja, saying greater reliance on domestic refineries would optimise supply and guarantee long-term price stability for consumers.

He said embracing the country’s domestic refining capacity was a patriotic obligation that would eliminate costly freight and port charges, stimulate local employment and provide the quickest path to achieving national energy independence.

The IPMAN president also called on members to capitalise on the opportunity to evolve from mere off-takers of petroleum products into equity owners of primary production infrastructure.

According to him, such investment will strengthen the collective capacity of independent marketers to guarantee affordable and unhindered fuel distribution across all 36 states, while ensuring stability in pump prices.

Shettima also commended the management and board of the Dangote Petroleum Refinery and Petrochemicals on the planned commencement of its Initial Public Offering (IPO) and public share sales.

He described the development as a monumental paradigm shift from a privately held visionary project into a democratised national asset.

 “As an association that controls over 80 per cent of Nigeria’s downstream petroleum retail infrastructure, operating more than 150,000 retail outlets across the nation, we recognise the strategic importance of this development.

“The Dangote Refinery’s robust operational capacity not only secures our domestic energy needs but also conserves vital foreign exchange.

“IPMAN believes that investment in the Dangote Refinery is a direct stake in the energy security and economic sovereignty of Nigeria,” he said.

Shettima, however, appealed to the management of the Dangote Petroleum Refinery not to discontinue its direct allocation of Premium Motor Spirit (PMS) to independent marketers.

He urged the refinery to expand its direct allocation framework to cover every registered independent marketer nationwide, rather than limiting access or cutting off selected distribution channels.

He also urged the Federal Government to implement stringent policies to discourage the continuous importation of PMS.

He said that continued reliance on imported fuel would deplete the country’s foreign reserves and undermine domestic industrial growth.(NAN)

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has received the Nigerian Economic Society’s (NES) Distinguished Organisation Award in recognition of its institutional reforms and contributions to Nigeria’s macroeconomic stability and economic development.

The award was presented at the 67th Annual Conference of the NES, held in Abuja from September 7 to 10, 2026.

Director of the Monetary Policy Department at the CBN, Dr. Victor Oboh, received the award on behalf of the Governor of the bank, Olayemi Cardoso.

The recognition comes amid a series of reforms undertaken by the apex bank across the monetary, foreign exchange and financial sectors over the past three years.

Among the measures highlighted were reforms to the foreign exchange market, the clearance of longstanding foreign exchange obligations, the cessation of Ways and Means financing to the federal government, the implementation of the Payment System Vision 2028, and the recapitalisation of the Nigerian banking industry, aimed at creating a stronger, more resilient, and globally competitive financial system.

According to the organisers, the reforms have improved key macroeconomic indicators, including easing inflationary pressures, strengthening external reserves, and greater stability in the foreign exchange market.

It also noted that the premium between the official and parallel foreign exchange markets had narrowed to less than two per cent, and that remittance and capital inflows, as well as investor confidence, had improved.

The CBN attributed the developments to ongoing policy measures to restore confidence in the economy and to strengthen the country’s monetary and financial system.

The NES recognition follows the CBN’s recent emergence as Global Central Bank of the Year, further bolstering international recognition of its reform programme and policy initiatives.

Speaking on the NES award, Cardoso described the recognition as an endorsement of the institution’s commitment to excellence, resilience and national development.

“The Distinguished Organisation Award is a testament to the Central Bank of Nigeria’s unwavering pursuit of excellence, institutional resilience, and commitment to national development,” the governor said.

He added that the award reinforced the bank’s commitment to macroeconomic stability, a stronger financial system and sustainable economic growth.

“As it continues to implement reforms and innovate to fulfil its mandate, the CBN remains firmly committed to building a stronger economy and a brighter future for Nigeria,” Cardoso said.

By David Torough, Abuja

The Minister of Information and National Orientation, Mohammed Idris, has urged APC leaders in Niger State to support President Bola Tinubu’s administration and help consolidate the gains recorded in the economy, security, infrastructure, education and human capital development.

Idris made the call in Abuja when he received the Chairmen of the All Progressive Congress (APC) of the 25 Local Government Areas of Niger State, who paid him a solidarity visit.

“All of us must join hands with President Bola Tinubu so that he can consolidate on the gains that we have already achieved and put Nigeria on a sound economic footing.

The Minister said President Tinubu inherited a difficult economic and security situation when he assumed office in May 2023, noting that the country’s economic foundation was under severe pressure, while insecurity had significantly affected the lives and livelihoods of Nigerians.

“It is very easy to forget where we were coming from, but today that situation has changed significantly. We now have the fiscal headroom to undertake the developmental projects that Nigerians are seeing across the country.”

Idris said the removal of the fuel subsidy had created additional resources for the Federal Government and subnational governments to invest in agriculture, roads, healthcare, education and youth development.

He noted that the administration’s reforms were also helping to restore investor confidence, pointing to the return of investors and improved capacity for foreign businesses operating in Nigeria to repatriate their earnings.

The Minister highlighted major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, noting that federal road construction was ongoing across states of the federation.

On security, Idris acknowledged that challenges remained but said the country was witnessing gradual progress towards the restoration of normalcy.

“Are we yet there? No. Do we still have challenges? Yes. But are we seeing a progressive journey towards the restoration of normalcy in this country? Yes.”

He also highlighted the Nigerian Education Loan Fund (NELFUND), noting that the programme had enabled more than one million young Nigerians to access tertiary education by easing the financial burden of tuition and upkeep.

According to the Minister, the Federal Government is also expanding opportunities in agriculture, the non-oil sector and solid minerals, while regional development commissions are being used to bring development closer to communities and enable them to address their specific needs.

Idris urged APC leaders to maintain unity and resolve internal disagreements through dialogue, stressing that the party must remain focused on strengthening the administration and sustaining its development agenda.

He said the progress recorded since 2023 provided a foundation for greater achievements, urging Nigerians to support the continuation and consolidation of the reforms.

“Any attempt to take us back to those times of uncertainty must be rejected by all Nigerians.”

Responding, the Chairman of the Chairmen of the APC 25 Local Government Areas of Niger State and Head of the delegation, Hon. Hashimu Izom, said the delegation came to congratulate the Minister, appreciate President Tinubu for his appointment and commend the Minister for his representation of Niger State at the Federal level.

He also praised the Minister for promoting unity in the state and supporting projects and initiatives benefiting Niger State. “We are proud of you, not because you are Mohammed Idris Malagi, but because you are a bona fide Nigerite who stands everywhere to defend Mr. President and represents Niger State even at the national level,” Izom said.