Business
Dangote refinery can supply Jet Fuel Globally — Official
The Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, says the 650,000 barrels-per-day (bpd) refinery has a substantial surplus of jet fuel and is well-positioned to supply global markets.
Mr Bird disclosed this on Tuesday during a speech at the S&P Global Energy Middle East Petroleum and Gas Conference in London.
“We’re very grateful to be seen as a reliable, high-quality and dependable supplier able to land our product competitively all over the world,” Reuters quoted Mr Bird as saying.
According to him, lower demand within Africa compared to other regions has created export opportunities for the refinery.
His comments come at a time when global energy markets remain under pressure following tensions involving the US, Israel and Iran, which heightened concerns over supply disruptions around the Strait of Hormuz and contributed to volatility in fuel markets.
Jet fuel has been among the products significantly affected by these disruptions, with prices remaining elevated in many markets.
Mr Bird’s remarks also come amid persistent concerns within Nigeria’s aviation industry over the rising cost of Jet A1 fuel.
In recent months, PREMIUM TIMES has reported extensively on the pressure facing domestic airlines as aviation fuel prices surged, prompting warnings about possible disruptions and operational challenges.
Several operators, including Air Peace, United Nigeria Airlines and Ibom Air, have repeatedly complained about soaring Jet A1 prices, saying the development has strained operations and disrupted schedules.
The situation prompted government intervention after airline operators warned that sustained increases in aviation fuel costs could threaten the survival of some carriers.
Despite those interventions, airlines continue to report operational difficulties linked to fuel costs, including delays, cancellations and reduced flight frequencies.
However, the situation has also created opportunities for refiners outside the Gulf region, including Dangote Refinery, to expand exports to international markets.
Mr Bird said the refinery is currently operating at full nameplate capacity and is planning what he described as a “ruthless replication” strategy to expand output.
“We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028,” he said, adding that long-lead equipment has already been procured while construction contracts are being awarded.
He added that the group could eventually increase refining capacity to 2.1 million bpd, supported by plans for another refinery in East Africa, positioning the company as a major player in global crude and refined product markets.
“Nigeria has gone from fuel scarcity to absolute fuel abundance since the Dangote refinery came online,” Mr Bird said.
According to Kpler data cited last month, the Dangote Petroleum Refinery exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026.
The data showed exports rose from about 20,000 barrels per day in April 2024 to around 65,000 barrels per day by the end of that year before peaking at approximately 160,000 barrels per day during the review period.
The figures highlight the growing role of refined petroleum exports in Nigeria’s energy sector, particularly aviation fuel, as the country seeks to strengthen domestic refining capacity and reduce dependence on imported products.
BY NKECHI NAECHE-ESEZOBOR—The Founder and Executive Chairman of Baywood Holdings Limited, Emperor Chris Baywood Ibe, has praised the National Insurance Commission (NAICOM) for encouraging innovation and digital growth within the country’s financial services sector.
Speaking in Lagos, the Baywood founder, noted that the regulator’s forward-thinking approach recognizes digital ecosystems as the primary pathway to deepening insurance penetration and expanding access across Nigeria.
The commendation follows the recent deployment of an operational web aggregator license granted by NAICOM to CBI Partnering Insurtech Limited, a subsidiary of Baywood Holdings.
According to Ibe, this regulatory approval directly aligns with the Federal Government’s newly assented insurance policy, which is aimed at driving comprehensive financial inclusion through digital transformation.
He revealed that the company invested over a year into building a robust technological infrastructure before securing final regulatory approval.
Ibe stated that while the licensing process was stringent to acquire, it served as the final piece of the puzzle for the firm.
He emphasized that long before receiving the official nod, the company had invested heavily in building the technology and preparing for scale, operating on the principle that operational readiness must always precede market recognition.
Operating strictly as a technology-driven marketplace rather than a traditional insurance underwriter, CBI Partnering Insurtech plans to leverage its web aggregator status to bridge the gap between conventional insurance providers and the uninsured public.
The highly scalable platform is web-based, app-driven, and API-ready, specifically engineered to integrate insurers, Health Maintenance Organizations (HMOs), corporate entities, SMEs, and individual retail consumers into a single, unified digital ecosystem.
The post Baywood Boss Backs NAICOM’s Digital Innovation appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—Buying and managing insurance policies in Nigeria is about to get as simple as sending a text message, thanks to a new digital initiative aimed at putting complete insurance coverage directly onto smartphones.
CBI Partnering Insurtech Limited, a newly licensed web aggregator and subsidiary of Baywood Holdings Limited, has unveiled an app-driven, web-based marketplace built to dismantle the traditional bottlenecks of the local insurance sector.
Speaking at a media briefing, Executive Chairman Emperor Chris Baywood Ibe explained that the platform was designed with the modern mobile consumer in mind, ensuring that insurance is easy to discover, purchase, and manage from anywhere.
“Whether you are at home, in the office, or traveling across the country, insurance should be entirely accessible via your mobile devices,” Ibe stated.
“For decades, adoption in Nigeria has been constrained not by an absence of products, but by accessibility, complexity, and a lack of customer confidence. We are changing that by bringing the entire ecosystem onto a single digital interface.”
To achieve this, the company is deploying an ecosystem powered by generative AI, advanced algorithms, and interactive chatbots. While clarifying that CBI Partnering Insurtech is a technology marketplace rather than an insurance underwriter, Ibe emphasized that the platform will handle everything from policy creation to seamless claims support right on a user’s phone.
The move comes at a critical time for the industry. With a newly assented Federal Government policy driving digital financial inclusion, Ibe issued a strong warning to legacy underwriters still operating on paper-heavy, offline business models, stating that companies must innovate or face corporate extinction within the next five years.
To ensure consumers have immediate access to a wide variety of mobile-ready products, CBI Partnering Insurtech announced it will provide technical “hand-holding” to traditional insurance companies and Health Maintenance Organizations (HMOs).
The tech firm plans to build custom Application Programming Interfaces (APIs) for operators lagging behind digitally, allowing them to connect directly to the mobile platform.
This collaborative framework aims to give retail consumers, micro-businesses, and corporate organizations instant, transparent access to insurance protection at the swipe of a finger
The post How CBI Partnering InsurTech Plans to Put Insurance Policies Right on Your Smartphone appeared first on Business Today NG.
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