The Free Zone Channel

27/06/2022

New SMEDAN Boss pledges to partner with stakeholders in MSMEs ecosystem

Mr Olawale Fasanya, the new Director-General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has pledged to work with all stakeholders in the Micro Small and Medium Enterprises (MSMEs).

Fasanya, whose appointment as SMEDAN MD was recently approved By President Muhammadu Buhari, said this at the event to mark the 2022 World MSMEs Day on Monday in Abuja.

The event is with the theme “Resilience and Rebuilding: MSMEs for sustainable development at the forefront of building back better and stronger from the impacts of the COVID-19 pandemic, climate crisis and conflicts’’.

According to him, my pledge to work with all stakeholders in the MSME ecosystem is towards achieving the MSMEs sub-sector of our dream in Nigeria.

“It is important to emphasise that MSMEs require the support of all stakeholders more than ever before as they manage the impacts of the COVID-19 pandemics, conflicts and the climate crisis.

“As we celebrate MSMEs today, we call on all stakeholders in the public and private sectors and the international development partners to wholeheartedly support the growth, development and sustainability of MSMEs............TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/new-smedan-boss-pledges-to-partner-with-stakeholders-in-msmes-ecosystem/

Mr Olawale Fasanya, the new Director-General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has pledged to work with all stakeholders in the Micro Small and Medium Enterprises (MSMEs). Fasanya, whose appointment as SMEDAN MD was recently approved By President Muhammadu Buhari...

27/06/2022

Nigeria commits to support MSMEs

Ms Mariam Katagum, the Minister of State for Industry, Trade and Investment, has reiterated Federal Government’s commitment to policies that will support Micro Small and Medium Enterprises (MSMEs).

Katagum said this on Monday in Abuja at a ceremony to mark the 2022 World MSMEs Day, organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

The theme of the event was “Resilience and Rebuilding: MSMEs for sustainable development at the forefront of building back better and stronger from the impacts of the COVID-19 pandemic, climate crisis and conflicts’’.

Represented by Mr Adewale Bakare, the Director, Industrial Development Department in the ministry, Katagum said that the role of MSMEs in creating jobs and growing the country’s economy was a pertinent reason to celebrate them.

According to her, the role of MSMEs in stimulating economic growth cannot be overemphasised.

“The Federal Government is committed to formulating policies that will support MSMEs and stimulate economic growth and attract Foreign Direct Investments (FDIs),’’ She said................TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/nigeria-commits-to-support-msmes/

Ms Mariam Katagum, the Minister of State for Industry, Trade and Investment, has reiterated Federal Government’s commitment to policies that will support Micro Small and Medium Enterprises (MSMEs). Katagum said this on Monday in Abuja at a ceremony to mark the 2022 World MSMEs Day, organised by th...

27/06/2022

Stakeholders proffer solutions to lull in solid minerals sector

The Lagos Chamber of Commerce and Industry (LCCI) and major Nigerian solid minerals sector stakeholders have proffered solutions aimed at driving potential investments and harnessing benefits across the mining value chain.

They made their recommendations in a communique signed by the Head, Corporate Communications, LCCI, Mr Sunday Osanyintuyi, on Monday in Lagos.

Dr Michael Olawale-Cole, President, LCCI, stated that the recommendations were to generate insights that would position Nigeria to earn more foreign exchange from solid minerals.

He added that the recommendations were prompted from a review by the LCCI alongside the Association of Metal Exporters of Nigeria (AMEN) and Soundcore Group (SG).

Olawale-Cole said a report by the Nigerian Extractive Industries Transparency Initiative (NEITI) indicated that revenue from the sector to the Federation Account rose by 54 per cent in 2020 to N128 billion compared to N75 billion recorded in 2019.

He added that trade statistics from the National Bureau of Statistics (NBS) showed that the value of total trade in solid minerals in Q4, 2021 stood at N43.37 billion, representing 0.37 per cent of total trade in Q4, 2021.

“Solid minerals exports in Q4, 2021 stood at N13.56 billion, a decrease of 25.95 per cent compared to Q3, 2021 but an increase of 201.41 per cent when compared to the corresponding quarter of 2020...........TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/stakeholders-proffer-solutions-to-lull-in-solid-minerals-sector/

The Lagos Chamber of Commerce and Industry (LCCI) and major Nigerian solid minerals sector stakeholders have proffered solutions aimed at driving potential investments and harnessing benefits across the mining value chain. They made their recommendations in a communique signed by the Head, Corporate...

27/06/2022

Ordinary Nigerians deserve to be part of financial system

The Debt Management Office (DMO) says ordinary Nigerians (retail investors) also deserve a chance to operate in the financial market and part of the system in Nigeria.

Mr Monday Usiade, DMO’s Director, Market Development Department, said on Monday in Kano when he spoke against the backdrop of the Federal Government of Nigeria (FGN) Securities Issuance Awareness Programme, organised by the DMO and CSL Stockbrokers Limited, scheduled for Tuesday in the ancient city.

DMO has held similar programmes in Lagos, Enugu and Ibadan

Usiade said that the need to encourage Nigerians in the lower echelon of society to also imbibe the culture of fixed-income investment was what informed the awareness programme.

“We will educate the people of Kano about what we do to raise money for the country.

“We will also educate them of the immense benefits they will get if they invest in FGN securities,’’ he said.

He listed the existing FGN securities as FGN Bond, FGN Savings Bond, Treasury Bills, FGN Green Bond, the Sovereign Sukuk and Eurobond.

According to Usiade, the product that is specifically designed for the benefit of retail investors is the FGN savings bond.............TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/ordinary-nigerians-deserve-to-be-part-of-financial-system/

The Debt Management Office (DMO) says ordinary Nigerians (retail investors) also deserve a chance to operate in the financial market and part of the system in Nigeria. Mr Monday Usiade, DMO’s Director, Market Development Department, said on Monday in Kano when he spoke against the backdrop of the ...

27/06/2022

NGX, CIS Boost Capital Market Stakeholders’ Capacity on Exchange Traded Derivatives

The Nigerian Exchange Limited (NGX) and the Chartered Institute of Stockbrokers (CIS) yesterday organized a capacity-building workshop for capital market stakeholders on Exchange Traded Derivatives.
The workshop is in line with the capital market regulating bodies commitment to promote a robust derivatives market ecosystem in Nigeria.

The virtual event themed, “Exchange-Traded Derivatives: Enhancing the Capital Market for Robust Value Creation”, was designed to deepen the knowledge of market operators, investors, and other stakeholders on the workings of Exchange Traded Derivatives, and drive participation in the market segment.
In his opening remarks, the Chief Executive Officer, NGX, Mr. Temi Popoola, noted that the derivatives workshop is consistent with the shared aspiration of NGX and CIS to promote and protect the interests of the securities and investment profession by upholding the highest standards of service and integrity.
According to him, “Since 2017, the Exchange has been building the capacity of market stakeholders on Derivatives, leveraging X-Academy, our learning and capacity development platform. We are pleased to collaborate with CIS in hosting this workshop aimed at facilitating a better understanding of how derivatives work, including how the contract is traded and settled on a day-to-day basis, the margining process, and risk management issues.”

He explained further that, “Earlier this year, NGX launched West Africa’s first Exchange Traded Derivatives Market, with Equity Index Futures Contracts. The launch saw the unveiling of equity index futures contracts based on the most widely followed and recognized equity indices in the Nigerian capital market – NGX 30 Index Futures and NGX Pension Index Futures...........TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/ngx-cis-boost-capital-market-stakeholders-capacity-on-exchange-traded-derivatives/

The Nigerian Exchange Limited (NGX) and the Chartered Institute of Stockbrokers (CIS) yesterday organized a capacity-building workshop for capital market stakeholders on Exchange Traded Derivatives.The workshop is in line with the capital market regulating bodies commitment to promote a robust deriv...

27/06/2022

LDR: Credit to Private Sector Adds N3.01trn in 5 Months, All-time High of 60 Years

With the Central Bank of Nigeria (CBN) retaining 65 per cent minimum Loan-to-Deposit Ratio (LDR), among other policies to boost lending, credit to private sector between January and May 2022 added N3.01 trillion reaching an all-time high of over 60 years, THISDAY analysis of the CBN Money and Credit Statistics has shown.

The CBN data revealed that credit to the private sector reached N38.1trillion in May 2022, an increase of 8.5 per cent or N3.01 trillion from N35.18 trillion reported in January 2022.

With the latest figure, it means that credit to the private sector in Year-on-Year performance has added 18.9 per cent or N6.08 trillion from N32.12 trillion reported by the CBN on May 2021.

According to the CBN, credit to the private sector was N35.99trillion in February and hits N36.47trillion in March 2022. It crossed the N37trillion mark in April to N37.68trillion.

The CBN had revealed that credit to private sector reached N35.73trillion in 2021 and reported N26.65trillion credit to private sector in 2019.

THISDAY can report that credit to private sector in 2019 when the LDR policy was introduced, gained N3.75trillion or 16.33 per cent to close at N26.69trillion from N22.95trillion it opened in 2019.

In 2020, credit to private sector added N3.5trillion or 13.12 per cent to close December 2020 at N30.15trillion from N26.65trillion recorded in January 2020...........TO CONITNUE READING CLICK HERE https://thefreezonechannel.com/ldr-credit-to-private-sector-adds-n3-01trn-in-5-months-all-time-high-of-60-years/

With the Central Bank of Nigeria (CBN) retaining 65 per cent minimum Loan-to-Deposit Ratio (LDR), among other policies to boost lending, credit to private sector between January and May 2022 added N3.01 trillion reaching an all-time high of over 60 years, THISDAY analysis of the CBN Money and...

27/06/2022

FG Urges Private Sector to Plough Back Profits to Boost Jobs

President Muhammadu Buhari has urged the private sector to plough back profits in order to boost job creation in the country.

Speaking at the 2022 Nigeria Employers’ Summit, themed: “The Private Sector, an Engine for National Development,” the president said the private sector remained key towards addressing the challenges of unemployment in the country.

Represented by the Minister of Labour and Employment, Dr. Chris Ngige, Buhari pointed out that the theme for the summit was particularly apt given the challenges faced as country in terms job creation and empowerment, especially for the surging youth population.

He said the quest for national development and growth remained a national issue that needs utmost attention and input from all relevant stakeholders.

Buhari added that while government continues to provide the private sector with sound national industrial policy, the businesses should on the other hand provide better welfare the workers........................TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/fg-urges-private-sector-to-plough-back-profits-to-boost-jobs/

President Muhammadu Buhari has urged the private sector to plough back profits in order to boost job creation in the country. Speaking at the 2022 Nigeria Employers’ Summit, themed: “The Private Sector, an Engine for National Development,” the president said the private sector remained key tow...

27/06/2022

Again, NNPC Fails to Remit Monies to Federation Account in May as Petrol Subsidy Hits N1.27trn

The inability of the Nigerian National Petroleum Company Limited (NNPC) to carry out its statutory obligations to the federation continued for the fifth month in May, with the firm now recording a N704 billion deficit for the year thus far.

In its latest monthly presentation to the Federation Account Allocation Committee (FAAC), the national oil company also disclosed that it deducted another N327.07 billion as shortfall in the month under review.

With a projected N1.473 trillion payment to the federation for the entire year and a monthly remittance of N122.767 billion, the implication is that the federal, state and local governments may continue to have cash shortages for a while since the payments constitute a major revenue source.

Last month, the NNPC stated that it would deduct a record N874.5 billion when the FAAC met this June, but the latest data shows that the entire revenue of the firm for the month was not even enough to net off such a huge sum. Part of the amount has now been deferred till next month.

The N874.5 billion the NNPC said it intended to net off this month is far higher than its contribution to the joint account of N656.6 billion shared by the entire federal government and the sub-nationals in May...................TO CONITNUE READING CLICK HERE https://thefreezonechannel.com/again-nnpc-fails-to-remit-monies-to-federation-account-in-may-as-petrol-subsidy-hits-n1-27trn/

22/06/2022

Inflation, Insecurity, Fuel Scarcity Bane of Nigeria’s Economic Growth: Association of Professional Bodies

The President Association of Professional Bodies of Nigeria (APBN), Akin Oyegbola, has blamed the nation’s economic stunted growth on the nation’s high inflation, insecurity the incessant fuel scarcity.

He stated this during a press conference at the second APBN 2022, second board meeting held on Tuesday in Abuja.

Oyegbola said, companies and factories have or are on the verge of shutting down as a result of the high cost of fuel.

He said: “In recent months, we have experienced Continiuos astronomical increase in the cost of diesel (AGO), as well as scarcity of Premium Motor Spirit (PMS), in some major cities. While we have no problem with the excuse offered by the government for cause of the scarcity and price hike, its effect on the economy can only be imagined. This re-emphasises the need for local production of petroleum products. We must revive our refineries. We believe this is the way out of the incessant cases of petrol scarcity.

“The economic loses due to high cost of diesel is massive. Inflation is very high, many companies, factories and airlines have or are at the verge of shutting down due to unsustainable cost of fuel.”

Oyegbola lamented the free fall of the Naira and the security situation and their impacts on the nation’s economy.............TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/inflation-insecurity-fuel-scarcity-bane-of-nigerias-economic-growth-association-of-professional-bodies/

The President Association of Professional Bodies of Nigeria (APBN), Akin Oyegbola, has blamed the nation’s economic stunted growth on the nation’s high inflation, insecurity the incessant fuel scarcity. He stated this during a press conference at the second APBN 2022, second board meeting held o...

22/06/2022

Buhari Defends Emefiele, Says CBN Governor’s Unorthodox Policies Best for Economy

•Insists subsidy removal good on paper, but has huge human consequences

•Reveals N152bn, $386m, £1.1m, €157,000, others recovered in 2021

President Muhammadu Buhari, yesterday, defended the policies being implemented by Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, saying rather than follow textbook solutions developed in the more advanced climes, which may not be suitable for Nigeria, the apex bank’s head has rightly resorted to “unorthodox” measures in trying to resolve the country’s economic challenges.

In his written responses to Bloomberg’s interview questions, Buhari said the accusations against Emefiele by detractors, including being labelled as “political”, had more to do with the methods he was deploying to try to revamp the Nigerian economy, rather than the substance of the allegations.

The president maintained that every country should have the right to choose its economic model and policies, insisting that the CBN chief is facing criticisms because he is not following traditional methods, which have failed in the past.

Buhari stated, “But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.

“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”..........................TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/buhari-defends-emefiele-says-cbn-governors-unorthodox-policies-best-for-economy/

•Insists subsidy removal good on paper, but has huge human consequences  •Reveals N152bn, $386m, £1.1m, €157,000, others recovered in 2021 President Muhammadu Buhari, yesterday, defended the policies being implemented by Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, say...

22/06/2022

Petrol Price to Remain at N165 Per Litre, NMDPRA Insists

•Queues to disappear in few days, NNPC assures

•Depot owners lament, say N165 per litre unsustainable

•House summons national oil company, downstream regulatory authority, marketers over fuel scarcity, soaring diesel, gas prices

Despite the position of some oil marketers that the current pump price for petrol in the country was unsustainable following long queues that have surfaced in some cities across the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday maintained that the pump price for premium motor spirit (PMS) remains at N165 per litre.

This was just as the Nigerian National Petroleum Corporation (NNPC) yesterday assured Nigerians that it has over two billion litres of PMS that would last for the next 34 days in the country, adding that there was enough stock to meet the nation’s demand.

However, oil marketers under the aegis of Depot and Petroleum Products Marketers’ Association of Nigeria (DAPPMAN) have empathised with their customers and the members of the public on the current distribution hiccups witnessed in the supply of petrol from the various petrol stations dispensing at N165 per litre, saying the price was unsustainable.

But the House of Representatives has summoned stakeholders in the Nigerian downstream oil and gas sector to appear before it today over the resurgence of petrol scarcity and queues in some parts of the country as well as the soaring prices of diesel and Liquefied Petroleum Gas (LPG).....................TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/petrol-price-to-remain-at-n165-per-litre-nmdpra-insists/

•Queues to disappear in few days, NNPC assures •Depot owners lament, say N165 per litre unsustainable •House summons national oil company, downstream regulatory authority, marketers over fuel scarcity, soaring diesel, gas prices Despite the position of some oil marketers that the current pump ...

22/06/2022

FAO sensitises farmers on safety standards in food production, processing

The Food and Agriculture Organisation (FAO) of the United Nations (UN) has urged farmers and other stakeholders to adhere to safety practices, quality and standards in food production, processing and marketing.

The FAO Country representative to Nigeria and ECOWAS, Mr Fred Kafeero, made the call at a two-day “Awareness Creation Workshop on Codex Alimentarius Standards and Codes of Practice”.

The workshop was organised by the FAO, in collaboration with the Standard Organisation of Nigeria (SON) and the National Codex Committee (NCC) under the Federal Ministry of Health.

The workshop had the theme: “Safer Food, Better Health”, with the slogan, “Food Safety is Every One’s Business”.

Kafeero was represented by the FAO Codex Programme Officer, Mrs SaAdiya Haliru.

He said that the workshop would create awareness among farmers, processors as well as Small and Medium Enterprises (SMEs) on the use of safety standards in food value chain to enhance people’s health.

Kafeero assured that FAO would continue to support Nigeria to improve Codex standards for the attainment of the nation’s food security...............TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/fao-sensitises-farmers-on-safety-standards-in-food-production-processing/

The Food and Agriculture Organisation (FAO) of the United Nations (UN) has urged farmers and other stakeholders to adhere to safety practices, quality and standards in food production, processing and marketing. The FAO Country representative to Nigeria and ECOWAS, Mr Fred Kafeero, made the call at a...

22/06/2022

SMEDAN to reposition MSMEs as engine of socio-economic growth

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has pledged to reposition Micro Small and Medium Enterprises (MSMEs) as engine of socio-economic transformation.

The Director-General of SMEDAN, Mr Olawale Fasanya said this at a news conference to herald the 2022 World MSMEs Day.

Represented by Dr Friday Okpara, Fasanya said that the capacity to drive employment generation and wealth creation was a reason to celebrate MSMEs.

“MSMEs have been globally recorgnised as the engine of socio-economic transformation in both developed and developing economies.

“They provide the opportunity to drive employment generations and wealth creations as well income redistribution within societies.

“These further unveil them as the distinct mainstay of the economy that requires befitting attention.

“The relevance and importance of this sub-sector is further demonstrated as revealed by 2020 SMEDAN/National Bureau of Statistics national MSMEs survey,’’ Fasanya said.

The survey revealed an estimated 39. 65 million MSMEs in Nigeria, contributing 46.31 per cent to national Gross Domestic Product (GDP) and employing 87.9 per cent of the labour force and accounting for 6.21 per cent of export.

According to Fasanya, the expectation of SMEDAN is to digitally reposition the subsector to be regionally, continentally and globally competitive and to make Nigeria a dominant player in the African Continental Free Trade Area (AfCFTA)..................TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/smedan-to-reposition-msmes-as-engine-of-socio-economic-growth/

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has pledged to reposition Micro Small and Medium Enterprises (MSMEs) as engine of socio-economic transformation. The Director-General of SMEDAN, Mr Olawale Fasanya said this at a news conference to herald the 2022 World MSMEs D...

22/06/2022

Banks, stockbroking firms are our partners in progress – DMO

The Debt Management Office (DMO) says Deposit Money Banks (DMBs) and Stockbroking firms are integral to delivering its national mandate of debt management.

Mr Monday Usiade, Director, Business Development Department of the DMO, in Ibadan against the backdrop of the the Federal Government Securities Issuance Awareness programme being organised by the DMO and CSL Stockbrokers Limited in different parts of the country.

Usiade said that the impression that the DMO and its partner stockbroking firms were in competition with the DMBs was not correct.

“We can encourage Nigerians to invest in the various Federal Government securities to diversify their investment portfolios and improve their earnings.

“We cannot undermine the integral role of the DMBs in the financial system and delivering our mandate. We also need the banks to execute our mandate,” he said.

Usiade said that the awareness programme was part of DMO’s market development initiative............................TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/banks-stockbroking-firms-are-our-partners-in-progress-dmo/

The Debt Management Office (DMO) says Deposit Money Banks (DMBs) and Stockbroking firms are integral to delivering its national mandate of debt management. Mr Monday Usiade, Director, Business Development Department of the DMO, in Ibadan against the backdrop of the the Federal Government Securities....

22/06/2022

Naira appreciates at Investors, Exporters window by 0.25%

The Naira on Tuesday appreciated at the Investors and Exporters window, exchanging at N420.27 to the dollar, a 0.25 per cent appreciation against N421.33 traded on Monday.

The open indicative rate closed at N420.71 to the dollar on Tuesday.

An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N420.27.....TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/naira-appreciates-at-investors-exporters-window-by-0-25/

The Naira on Tuesday appreciated at the Investors and Exporters window, exchanging at N420.27 to the dollar, a 0.25 per cent appreciation against N421.33 traded on Monday. The open indicative rate closed at N420.71 to the dollar on Tuesday. An exchange rate of N444.00 to the dollar was the highest r...

22/06/2022

SUNREF extends cheap loans to manufacturers to promote cleaner energy

The Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria has urged manufacturers to take advantage of its single digit interest loans.

The body also advised manufacturers to utilise its technical assistance facility to switch to renewable energy to power their operations.

Mr Javier Betancourt, SUNREF Nigeria Team Lead, in a statement on Wednesday in Lagos, said the opportunity was also opened to other forms of businesses.

In 2020, SUNREF launched the green financing line for renewable energy projects by the French Development Agency (AFD) for the development of green energy projects in Nigeria.

SUNREF has 70 million dollars credit line funded by the AFD and 7 million dollars performance-based investment grant provided by the European Union Infrastructure Trust Fund (EU-ITF).

Betancourt said that the call became pertinent in the face of rising costs of premium motor spirit, and diesel which accounts for about 40 per cent of production cost for manufacturers in Nigeria.

He said that organisations in Nigeria that applied before April 2023 were also eligible for 10 per cent investment grants alongside their loans.

He said that the SUNREF initiative was hosted by the Manufacturers Association of Nigeria (MAN), and technical assistance provided by Winrock International which supports all projects financed through the credit line..................TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/sunref-extends-cheap-loans-to-manufacturers-to-promote-cleaner-energy/

The Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria has urged manufacturers to take advantage of its single digit interest loans. The body also advised manufacturers to utilise its technical assistance facility to switch to renewable energy to power their operations. Mr Javi...

21/06/2022

Fuel queues return as IPMAN members shut stations

Fuel queues have resurfaced in most parts of Lagos State following the decision of some members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) to shut down their operations.

Mr Akin Akinrinade, Chairman, IPMAN, Lagos Satellite Depot, Ejigbo, who confirmed the development to newsmen in Lagos said the members took the decision because they could no longer operate at a loss.

Akinrinade said while the government had fixed N165 per litre as the pump price of Premium Motor Spirit (PMS), the current realities in the market showed that the minimum the product should be retailed at the stations should be N180.

According to him, the current scarcity being witnessed in Lagos is because majority of petrol stations in the state are owned by IPMAN members who are finding it difficult to operate in a hostile environment.

He said: “As you can see, the queues are back and this is the second time we are witnessing it this year.

“However, this one is peculiar in the sense that for a particular reason, IPMAN members decided to shut their stations.......TO CONTINUE READING CLICK HERE https://thefreezonechannel.com/fuel-queues-return-as-ipman-members-shut-stations/

Fuel queues have resurfaced in most parts of Lagos State following the decision of some members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) to shut down their operations. Mr Akin Akinrinade, Chairman, IPMAN, Lagos Satellite Depot, Ejigbo, who confirmed the development to ne...