Economy
Dangote Has Created Thousands of Jobs Across Nigeria—Buhari
By Adedapo Adesanya
President Muhammadu Buhari has commended Dangote Industries Limited owned by billionaire businessman, Mr Aliko Dangote, for supporting the nation’s economy through job creation.
Speaking at the commissioning of the Dangote Fertilizer Plant in Lagos on Wednesday, the President said with companies like Dangote, Nigeria’s dependence on imported products in the agriculture sector will soon be a thing of the past.
The Dangote Fertilizer Factory has an installed capacity of 3.0 million metric tonnes of Urea per annum and according to Mr Buhari, the facility will further advance the country’s drive towards achieving self-sufficiency in food production, job creation, increase in the inflow of foreign exchange and acceleration of economic growth.
“This new plant is a renewed testament to the widely acknowledged patriotism of Alhaji Aliko Dangote and the leadership of Dangote Industries Limited. It also demonstrates their commitment to the socio-economic development of our country and the well-being of our people.
“The group’s investment in integrated cement plants, spanning the value chain from quarry to ‘bagging, has effectively ended Nigeria’s dependence on imported cement products.
“Along with the several other subsidiaries, Dangote Industries Limited has created thousands of jobs across Nigeria. It is the second biggest employer of labour in this country, after the federal government.
“This is very pleasing because job creation by private sector operators is vital to security as it takes thousands of youths off the street,” President Buhari said.
On other benefits of the plant, the President expressed delight that with the commencement of exports to other countries including the United States, India, and Brazil, Nigeria is already gaining extensively in earnings of foreign exchange from the excess production of, and export from, the plant.
He noted that coming on stream of the plant had created huge opportunities in the areas of job creation, trade, warehousing, transport, and logistics, which would, in turn, create significant wealth, reduce poverty, and help in securing the future of the nation.
“In the agricultural sector, another focal point of our economic policy, we expect a boom as fertilizer is now readily available in greater quantities and better quality.
“Many Nigerians who hitherto practised subsistence farming because of nonavailability of necessary inputs can now take up agriculture as a business.
“We expect the rise of a new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production,” he said.
He used the occasion to reassure Nigerians that his government is focused on providing an enabling environment for the private sector to thrive, pledging continuity in improving infrastructure, power and security as well as enacting relevant laws and regulations to drive investments in the economy.
“We are partnering with the private sector, through a tax credit scheme, in the rehabilitation of roads across Nigeria under Presidential Order No. 7.
“As we know, good roads contribute to easy movement of goods and services across the nation, thus reducing the cost of doing business and improving productivity.
“We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create more effective multi-modal transportation networks,” he said.
“I look forward to coming back to inaugurate the Refinery and petrochemical plant later in the year.
“Projects of this magnitude and complexity require the support and collaboration of many persons and organisations. I am grateful to all of them.
“In particular, I would like to commend the Central Bank of Nigeria, the Development Finance Institutions and the Local and Foreign Commercial Banks that have supported the investor to make these projects a reality,” the President declared.
By Adedapo Adesanya
Revenue from Company Income Tax (CIT) in the fourth quarter of 2025 decreased by 49.8 per cent to N1.487 trillion from N2.96 trillion in the third quarter of 2025, according to the National Bureau of Statistics (NBS).
The figure was contained in the NBS Company Income Tax (CIT) Q4 2025 Report released in Abuja on Wednesday by the stats office.
CIT is a statutory levy imposed on the profits of incorporated businesses in Nigeria. It is governed primarily by the Companies Income Tax Act (CITA) and administered by the Nigeria Revenue Service (NRS).
The report said domestic CIT received was N819.83 billion (55 per cent), while foreign CIT payment was N668.21 billion (45 per cent) in Q4 2025.
It said on a quarter-on-quarter basis, activities of extraterritorial organisations and bodies recorded the highest growth rate with 75.15 per cent,
The report said this was followed by Education and real estate activities at 54.20 per cent and 27.25 per cent, respectively.
“On the other hand, accommodation and food services activities recorded the least growth rate at -67.11 per cent, followed by activities of households as employers, undifferentiated goods and services producing activities of households for own use at -63.49 per cent.
“It said mining quarrying was recorded at -49.63 per cent.”
In terms of sectoral contributions, the report showed that the top three activities with the highest contribution in Q4 2025 were financial and insurance activities at 18.17 per cent, manufacturing at 17.30 per cent and mining and quarrying at 15.04 per cent.
It said, on the other hand, the activities of households as employers, undifferentiated goods and 0.002 per cent.
“This was followed by water supply, sewage, waste management and remediation activities with 0.04 per cent.
The report, however, said that, on a year-on-year basis, CIT collections in Q4 2025 increased by 13.38 per cent from Q4 2024.
By Adedapo Adesanya
The World Bank has warned that Nigeria’s economic recovery has yet to improve household welfare as wage growth continues to lag behind inflation, leaving real incomes under pressure.
This was disclosed in its April 2026 Nigeria Development Update titled Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development.
According to the report, while the Nigerian economy recorded moderate growth in 2026, following expansions of 4.1 per cent in 2024 and 4.0 per cent in 2025, the gains have not translated into improved living standards for most citizens.
It stated that growth was largely driven by the services sector, particularly ICT, financial services, and real estate, while agriculture and crude oil production made modest contributions.
On inflation, the report said price pressures have eased but remain in double digits, partly due to the impact of the Middle East conflict.
The lender noted that multidimensional poverty and weak early childhood development outcomes are threatening Nigeria’s long-term economic potential, despite signs of macroeconomic recovery.
The report explained that Nigeria is facing a deep early childhood development crisis, with poor outcomes in health, nutrition, and learning undermining productivity and future growth.
It emphasised that early childhood development, especially from pregnancy to age five, is critical to reversing the trend.
“Investments during this period generate lasting benefits, including better education outcomes, higher earnings, lower health costs, and stronger social cohesion. Investments during this period are highly cost-effective,” the report said.
The report highlighted alarming child welfare indicators, noting that 110 out of every 1,000 Nigerian children die before the age of five, 40 per cent are stunted, and 52 per cent are not developmentally on track before entering school.
It attributed these outcomes to persistent gaps in maternal healthcare, nutrition, early learning, and access to water and sanitation, particularly within the first 2,000 days of a child’s life.
The bank added that these outcomes remain “weak and highly unequal,” with significant disparities across income levels, regions, and states.
The report further revealed that favourable external inflows boosted reserves, with net external reserves rising to $34.8 billion at the end of 2025, while gross reserves reached $45.5 billion, equivalent to 8.7 months of imports.
However, it noted that Nigeria’s fiscal deficit widened slightly in 2025, as increased non-oil revenues were offset by higher state-level capital spending and federal recurrent expenditure.
“Federation Account Allocation Committee (FAAC) gross revenues rose from 7.9 per cent of GDP in 2024 to 8.5 per cent in 2025, driven by strong non-oil tax collections reflecting improved tax administration.
“This includes expanded e-filing and e-payments, higher compliance ahead of the implementation of the new tax bills, and the rollout of VAT e-invoicing, alongside a 0.2 per cent of GDP rise in subnational internally generated revenues,” the report stated.
By Aduragbemi Omiyale
One of the players in the Nigerian aviation sector, Caverton Offshore Support Group Plc, has informed the investing public that it is unsure when it will file its audited financial statements for 2025.
Companies listed on the Nigerian Exchange (NGX) Limited are required to submit their audited financial results at most three months after the end of the fiscal year.
For Caverton, it was supposed to release the financial statements for 2025 on or before March 31, 2026; however, it has not done the needful.
In a statement to explain the delay in the filing of the results, the company said it has not completed the audit, and does not know when this process will be concluded by its external auditor.
“The delay in filing the 2025 AFS arises from the fact that the audit of the company’s financial statements is still ongoing. The company is working closely with its external auditors to conclude the audit process.
“However, as at the date of this notice, the audit has not been finalised due to the need to complete certain outstanding review procedures and obtain final audit clearances to ensure the accuracy, completeness, and integrity of the financial statements,” Caverton explained.
It further said, “While significant progress has been made, the audit process has not reached completion, and as such, the company is currently unable to confirm a definitive timeline for the finalisation and filing of the AFS.”
“The company considers it prudent not to provide an anticipated filing date at this time in order to avoid providing information that may subsequently require revision,” it further stated in the statement signed by its scribe, Ms Amaka Obiora.
Caverton assured “its shareholders and the market that it remains fully committed to maintaining the highest standards of financial reporting, transparency, and regulatory compliance,” promising to promptly file the results “upon completion of the audit process.”
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn