THE MONOCULE
#Issue 4–Life May Get Easier |
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“Simplicity boils down to two things: identify the essentials and eliminate the rest.” Leo Babauta's words resonate with us because we believe that simplicity, though often overlooked, holds the key to ease and clarity—especially in uncertain times. We recognize the challenges of today, but we’re here to spotlight the essentials that can make a real difference. Welcome to October’s issue of The Monocule, where we dive into the key forces shaping the supply chain landscape: - Nigeria's potential windfall from a 62% oil price hike in early 2025
- CNG at N200 and the impact of deregulated fuel prices
- The Naira-to-crude dynamic that could shift the economy
- Also, a sneak peek into what’s coming soon
- And yes, we won an award!
Let’s focus on what matters most. Enjoy the essentials! Best,
Ìbùkún |
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Crude-oiling the Supply Chain for Ease |
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Early next year, global oil prices are projected to surge by 62%, rising from $73 to $120 per barrel. This increase could significantly boost revenue for OPEC countries, including Nigeria, whose economy is heavily dependent on crude oil. To capitalize on this, Nigeria must ramp up its oil production. Minister of Petroleum, Heineken Lokpobiri, has set ambitious goals to double the country’s oil reserves and raise production to 2.5 million barrels per day over the next 12 to 24 months. More grease to his elbows. 😏 |
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CNG at ₦200 and the Full Removal of Fuel Subsidies |
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Following the removal of fuel subsidies, which saw petrol prices spike to over N1,000 per liter, President Tinubu introduced the Presidential Compressed Natural Gas (CNG) initiative. CNG now offers a cost-effective alternative, with gas priced at just N200 per Standard Cubic Meter. This shift is expected to lower supply chain logistics costs, easing business operations across the sector. Do we hear a whoop whoop? 🙌 |
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Naira-to-Crude: Local Refineries Now Purchase Oil in Naira |
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In an effort to mitigate the impact of exchange rates on fuel prices, the Naira-to-Crude agreement enables local refineries to purchase crude oil in Naira from NNPCL and sell the refined products locally in the same currency. To further shield fuel prices from exchange rate fluctuations, industry experts have recommended selling crude oil to local refineries at a more favourable rate of N1,000/$1 instead of N1,600/$1.
So, it’s safe to say that life may get easier, no?
At Vendorcredit, we understand how rising fuel costs and exchange rates can affect your business. That’s why we offer a range of credit solutions, designed to support your growth—delivered to your doorstep within 48 hours. Click here to gain access. |
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Coming Soon: Vendorcredit X Konga |
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- Bringing Credit to Konga Merchants
We kept our promise of making credit easily accessible, sharing our vision of delivering financial solutions right to merchants' fingertips at the Konga Merchant Forum 2024. And as we gear up for Konga Yakata this November, we have even more exciting plans—stay tuned on our social media platforms to stay updated! - Early Santa Surprises
We got into the festive spirit early with some surprise giveaways at the Konga Merchant forum, and many merchants eagerly joined our waitlist to benefit from everything our partnership with Konga has to offer. - Join Us for More Insights
Curious about what else we’ve been working on with Konga? We’re hosting a series of webinars starting on Thursday, November 7, designed to equip supply chain businesses with the tools they need to thrive in challenging times. Register for the first webinar for merchants here
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While we take pride in meeting our clients' needs and driving business growth, it's an entirely different feeling when our dedication is recognized by others. We're thrilled to announce that FDI Insider has awarded us the SME Supply Chain Finance Leader of the Year! This achievement is as much yours as it is ours, and we’re excited to share it with you. As we continue to go above and beyond for our customers, we invite you to join the winning team. Let’s look towards an easy life together. Shall we? We remain committed to supporting your growth. For more information on how our products can help your business unlock capital and propel growth, reach out at hello@vendorcredit.ng or explore our app. Your success is our goal, and we’re with you every step of the way. Until November, remember to focus on the essentials. And as usual here’s a dad joke to keep things light: What did the painter use to make his life’s work easier? An Easel! Your Growth Partner,
Vendorcredit |
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Propertygate Centre, 2 The Rock Drive, Lekki Phase 1
Lagos, 100211, Nigeria |
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