Economy
Nigeria Must Adopt Dual Circulation Economy to Prosper—Sekibo
By Aduragbemi Omiyale
The Managing Director of Heritage Bank Plc, Mr Ifie Sekibo, has advised the federal government to adopt a dual circulation economic strategy like China to attain prosperity.
A dual circulation economy involves growing exports and expanding domestic demands from locally produced items by building higher consumption almost at the same time.
For Mr Sekibo, this strategy will work well in Nigeria because the country has the population to soak the pressure.
Speaking at an event organised by The Men’s League of Christ Church Port Harcourt, Rivers State, he also stressed that the government must address security challenges and leadership issues as they remain very critical for the success of the economic model.
At the programme themed What do Nigerians Want,? Mr Sekibo said, “On a higher note, I think one of the things that we need to achieve as a country is the issue of functional and value-adding identity management, which is still far away from us, although, some people know that we have BVN, NIMC and a few other identity capture systems they have not been as functional and value-adding, like the social security number that most people in advanced economies carry.”
The Heritage Bank chief, who was represented by the Divisional Head of Strategy and Business Solutions of the bank, Mr Segun Akanji, further explained that to achieve a prosperous economy, Nigeria needs to find ways and means by policies to build a dual circulation economy which thrives on three pillars.
According to him, the country needs to focus on building a dual circulation economy where it can expand domestic production and demand by making sure that the masses are employed.
“We need to make our people productive and stop putting subsidies in unproductive zones. When you give subsidies to people with inadequate or no income, they really cannot add value to the economy, and money has a way of flowing away due to the import of consumables from other countries and because of this, a larger portion of every consumption or cash given as subsidy gets out of the country,” Mr Sekibo stated while delivering a paper titled The Economy Nigeria Needs to Break Forth.
The bank’s helmsman further explained that to expand the domestic production, the government must give the private sector support to drive employment creation, technology, which is riding on innovation and manufacturing must be in place and, the population which is an added advantage must be well educated.
He highlighted the need to examine how the country could add value to primary production for global export, emphasizing on reduction of over-dependence on foreign markets but rather increasing local production for export, whilst also increasing demand for local products.
Mr Sekibo further affirmed that if states could function as proper federating units and take the lead of the competitive comparative advantages therein, wealth creation would be achieved that would bring about the desired changes.
Also speaking at the event, the former Governor of Anambra State and presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, agreed with Mr Sekibo that the country must address the issues of insecurity and leadership deficiency in order to prosper.
He lamented the huge indebtedness of the country, which he blamed on unproductivity due to the inimical situation of a high unemployment rate resulting in over 80 million Nigerians being jobless.
According to him, cumulative failure of the government over the years plunged Nigeria into insecurity, noting that other factors include the failure to migrate from sharing formula to production formula and lack of will to transform the power sector and the need to focus and support the micro, small and medium enterprises (MSMEs).
On his part, a clergyman, Pastor Ituah Ighodalo, harped on the need for leadership change, arguing that what the country needs now are leaders who have a vision and are ready to sacrifice for the common man, stating, “things must be done differently”.
Also speaking, Prof. Oyelowo Oyewo submitted that the police, power provision and railway must be decentralised as this will make states to be less dependence on the centre.
He maintained that regions are closer to the people and will boost security, the economy and the sense of belonging by the populace. He also identified data and planning as key factors in ensuring that programmes are tailored towards the people.
By Adedap0 Adesanya
Nigerian businessman, Mr Femi Otedola, has dismissed reports suggesting he has a stake and financed the Dangote Petroleum Refinery, describing the allegation as completely false.
The billionaire, who is a close ally of Mr Aliko Dangote, the owner of the $20 billion oil facility, clarified in a statement on Monday that those behind such claims were spreading misinformation and attempting to create division among leading Nigerian business figures.
His clarification came a day after the Dangote Group addressed viral claims suggesting a financing rift between its president, Mr Dangote, and fellow businessman, Mr Tony Elumelu.
He wrote, “Let’s set the record straight. Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira.”
He added that, “The real story, which those peddling these lies conveniently ignore, is that Mr Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer.”
Mr Otedola further explained that Mr Dangote did not request financial support from Mr Elumelu, Mr Mike Adenuga, or himself, a statement that aligns with a clarification issued by the Dangote Group’s Chief Branding and Communications Officer, Mr Anthony Chiejina.
The company also warned individuals, organisations, and platforms involved in creating, publishing, or disseminating such false content to desist immediately.
Mr Otedola said, “I can categorically state that at no point did Alhaji Dangote request financing from Mr Elumelu, Mr Adenuga and me. The Dangote Group is a well-structured organisation that is well-versed in raising structured capital for its operations.
“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership. These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication.”
“To those behind this: desist immediately.. And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed up as insider information,” Mr Otedola warned.
Economy
FTMining Launches Free Mining Service for BTC, ETH, XRP and DOGE Holders, with Daily Earnings of up to $9,900?
FTMining’s new free mining service allows BTC, ETH, XRP and DOGE holders to easily earn passive income without expensive equipment or specialized technical skills.
As cryptocurrencies gain popularity worldwide, more and more investors are beginning to focus on how to earn stable passive income without the need for expensive equipment or specialized skills.
Recently, UK-based cloud computing platform FTMining officially launched a new “free cloud mining service,” specifically designed for holders of major cryptocurrencies such as BTC, ETH, XRP and DOGE, offering users a new zero-barrier opportunity to participate in cryptocurrency mining.
At the same time, FTMining has also launched a brand-new mobile application, enabling users to manage their mining activities anytime and anywhere, truly ushering in the “era of mobile mining.
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This brand-new free mining mechanism is a hash power reward program specifically designed for Bitcoin, Ethereum, and Dogecoin holders. Users do not need mining machines or complex setup—simply registering is enough to receive free hash power.
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By Adedapo Adesanya
Nigeria’s oil revenue reportedly surged above its 2026 benchmark by an estimated N5.13 trillion in March and April as global crude prices spiked amid Middle East tensions, but only a fraction of the windfall is reaching government coffers.
Since the war started, oil prices have continued to soar, selling for above $120 at some point. The 2026 budget is anchored on daily oil production of 1.8 million barrels per day, a benchmark oil price of $64.85 per barrel and an exchange rate of N1,400 to the Dollar.
The revenue surge followed a sharp rally in the global oil market after tensions between the United States and Iran disrupted supply expectations and drove crude prices far above Nigeria’s budget benchmark of $64.85 per barrel.
The calculation puts Nigeria’s expected daily oil revenue at about N163.42 billion.
However, actual earnings in March and April came in far above that level as global prices climbed, offsetting weaker production and delivering a strong fiscal boost to the federal government.
This does not translate to the entirety entering the country’s purse, because a large share of Nigeria’s crude is produced under Production Sharing Contracts (PSCs) and Joint Ventures (JVs) with international oil companies. Cost recovery and profit-sharing formulas mean only a fraction of incremental price gains accrues to the state after operators deduct capital and operating expenditures.
Beyond these, structural inefficiencies further limit actual inflows. Oil theft, pipeline vandalism, and persistent underproduction reduce the volume of crude available for sale, weakening revenue performance despite favourable prices. Additionally, before funds are distributed, multiple deductions, including operational costs, debt servicing obligations tied to oil-backed loans, and other statutory charges, are applied, shrinking what eventually reaches the Federation Account.
Nigeria also has to contend with exchange rate dynamics as Dollar-denominated earnings are subject to conversion challenges, further diluting the real fiscal impact in Naira terms.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that March crude production averaged 1.55 million barrels per day, below budget, but stronger oil prices lifted average daily revenue to about N201.8 billion, creating an estimated surplus of N1.19 trillion for the month.
In April, production improved to about 1.7 million barrels per day, while average crude prices climbed further, pushing daily revenue to about N294.84 billion and generating an additional N3.94 trillion above budget expectations.
Combined, both months delivered a revenue upside of N5.13 trillion, with the bulk of the gain driven by higher crude prices rather than stronger production performance.
The sharp rise in earnings has given the government short-term fiscal relief, but it has also exposed the economy’s continued dependence on external oil market shocks, where gains in public revenue often come with direct pressure on domestic energy costs.
That pressure is already showing in the downstream market, with refined fuel prices rising sharply as crude costs climbed. Gantry prices at Dangote Refinery rose to about N1,275 per litre, while petrol retail prices increased to between N1,310 and N1,400 per litre in several parts of the country.
The development has renewed concerns over inflation, transport costs and household spending, as higher crude prices continue to boost government earnings while increasing the cost of living for consumers.
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