Ardova Plc and Dangote Refinery have formalized a stronger partnership under a new framework aimed at enhancing Nigeria’s downstream oil and gas industry. The agreement will see Ardova offtake a full slate of petroleum products from the Dangote Refinery, reinforcing its role as a key off-taker since the refinery’s inception in 2024.
Ardova noted that the strengthened relationship is expected to create long-term benefits for both companies, particularly as the refinery’s large-scale operations have already alleviated supply pressures, reducing fuel shortages and price hikes.
As 2025 begins, stakeholders are optimistic about the positive impact of forex stability on Nigeria’s economy. The Nigerian Foreign Exchange Market closed last year with rates between N1,535 and N1,538 per dollar, while the parallel market averaged N1,650–N1,655 per dollar, indicating a stabilized range.
Tony Emoekpere, President of the Association of Telecommunications Companies of Nigeria (ATCON), highlighted the importance of forex stability over the rate itself, noting its potential to attract investments. He stated, “If we continue to see the kind of stability we saw towards the end of last year, it will be a good pointer for investors to come in.”
Yusuf, another economic expert, shared optimism for 2025, citing improvements in foreign reserves—now exceeding $40 billion—and inflows from diaspora remittances, IMTOs, and Eurobond proceeds. He emphasized that interventions by the Central Bank of Nigeria (CBN) and import substitution from the Dangote and Port Harcourt refineries would ease forex market pressures.
Despite the anticipated forex stability, Nigerian telecom operators are pushing for a 100% tariff hike to address rising operational costs. However, the Nigerian Communications Commission (NCC) has yet to approve the proposal, given the country’s economic challenges and weakened purchasing power.
While forex stability and improved reserves offer hope for growth across sectors, the telecom industry awaits critical decisions on tariffs that could shape its future trajectory.
