By Aduragbemi Omiyale

Selling price inflation reached its lowest level in over six years in February 2026, as the Purchasing Managers’ Index (PMI) settled at 53.2 points compared with 49.7 points in January, according to Stanbic IBTC Bank Nigeria, which takes the readings.

In the month under review, the Nigerian private sector returned to growth after a muted start to 2026, with a rise in new orders, triggered by an accelerated increase in business activity.

It was observed that the contraction in selling price inflation was influenced by an improvement in the strength of the currency.

“After the dip seen in January, the Nigerian private sector returned to growth, with the headline PMI settling higher at 53.2 points in February from 49.7 in January. This was in line with higher customer demand, which drove higher new product offerings at competitive pricing.

“Accordingly, output (55.8 vs January: 50.2) regained momentum in February while new orders (55.5 vs January: 49.9) also increased markedly in the month. Notably, the wholesale and retail sector, which had dipped in January, returned to growth, thereby ensuring that all four monitored sectors by the survey increased in February,” the Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, commented.

“Local currency appreciation helped to support softer input and output prices in February, as the Naira has been trading below N1,400 against the USD consistently since 29 January,” he added.

“Strengthening external account, higher offshore FX flows, and improvement in remittances continue to support higher FX supplies with the CBN also stepping in by buying USD in the FX market to moderate the pace of local currency appreciation,” he further stated.

Mr Oni projected that likely lower interest rates in line with lower inflation and exchange rate stabilisation should support private consumption and business investments in 2026.

“Because of these factors, we see more sectors contributing to real GDP growth rate in 2026 compared to 2025, likely translating to an improvement in the quality of lives of the citizens compared to the last two years when the citizens witnessed the full negative impact of the government’s flagship reforms,” he submitted.

By Modupe Gbadeyanka

African industrialist, Mr Aliko Dangote, is setting his eyes on steel production, electricity generation and port development to support large-scale manufacturing and trade.

He told The New York Times in a recent interview that his ambition is to accelerate industrialisation across Africa.

He currently has business interests in cement, sugar, salt, fertiliser, and petrochemicals, with his latest project being the $20 billion Dangote Petroleum Refinery and Petrochemicals in Lagos, which produces about 650,000 barrels of refined products daily.

The businessman said his long-term goal is to deepen the continent’s manufacturing base beyond oil refining and position it as a global industrial force.

“We have to industrialise Africa,” Mr Dangote said, noting that his next focus areas include the steel industry, expanding access to electricity and building additional port infrastructure to support large-scale manufacturing and trade.

Industry analysts say entry into steel would position the group in a sector critical to infrastructure, housing and heavy industry, while investments in power and ports could address two of Nigeria’s most persistent constraints to economic growth.

Mr Dangote cited India’s Tata Group as a model for diversified industrial expansion, describing the conglomerate’s multi-sector footprint as an example of how large-scale manufacturing can transform emerging economies.

Beyond expansion, Mr Dangote said job creation remains central to his strategy. With Nigeria projected to require between 40 and 50 million new jobs by 2030, he argued that large-scale industrial projects are essential to absorbing the country’s growing youth population.

The refinery alone currently employs about 30,000 workers, approximately 80 per cent of them Nigerians. Expansion across new sectors is expected to raise total employment within the group to about 65,000.

Mr Dangote also announced plans to list shares in the refinery on the Nigerian stock market, a move that would broaden local participation in the asset.

Despite progress, he acknowledged that infrastructure gaps and crude supply challenges remain obstacles. He has previously raised concerns about logistics bottlenecks and inefficiencies in the oil value chain that complicate feedstock supply to the refinery.

Nevertheless, he said the group would continue to invest aggressively in sectors that reduce import dependence and retain economic value within Africa.

“Nobody dared to do it, so we did it,” he said, reiterating his belief that large-scale private investment is key to transforming Nigeria’s industrial landscape.

With cement plants operating across multiple African countries and a refinery that has reshaped Nigeria’s downstream outlook, Mr Dangote’s next push into steel, electricity and port infrastructure signals a new phase in his ambition to industrialise the continent.

By Aduragbemi Omiyale

The operating licence of a capital market operator, Kensington Agro Trading Limited, has been revoked by the Securities and Exchange Commission (SEC).

The capital market regulator, in a circular dated February 09, 2026, disclosed that the action “pursuant to the powers of the commission under Section 61(6) of the Investments and Securities Act, 2025, and Rule 34(1) of the SEC Rules and Regulations 2013, as amended.”

The disclosure noted that the revocation of the licence of the company was “with immediate effect.”

The reason for withdrawing the operating licence of Kensington Agro Trading Limited was not stated in the notice.

“The Securities and Exchange Commission hereby notifies the general public of the revocation of the registration of Kensington Agro Trading Limited as a capital market operator (Commodity Broker/Dealer and Collateral Manager) with immediate effect.

“The revocation of the company’s registration is invoked pursuant to the powers of the Commission under Section 61(6) of the Investments and Securities Act, 2025, and Rule 34(1) of the SEC Rules and Regulations 2013, as amended.

“Accordingly, Commodity Exchanges, the investing public, commodity traders, and all Capital Market Stakeholders are advised to discontinue capital market-related dealings with the company,” the circular signed by the management noted.