Economy
With Dangote, Nigeria on Right Path to Meet Projected $1trn GDP by 2030—Sanwo-Olu
By Modupe Gbadeyanka
Governor of Lagos State, Mr Babajide Sanwo-Olu, has said Nigeria was on the right path to meet the projected $1 trillion Gross Domestic Product (GDP) by 2023 with the likes of Mr Aliko Dangote.
He said this over the weekend when the Senate President, Mr Godswill Akpabio, led the leadership of the upper chamber of the National Assembly to the $20 billion Dangote Petroleum Refinery in Lagos State.
The richest man in Africa built a crude oil refinery in Lagos with a capacity of 650,000bpd, which Mr Akpabio, a former Governor of Akwa Ibom State, described as the 9th wonder of the world.
“I am happy the Senate came to see for themselves; Mr Dangote was not ready to rest after successfully building the largest cement factory chain in Africa, the second largest sugar refinery in the world.
“With investment like this, I can assure you that we are on the right path to meet the projected GDP of $1 trillion by 2030.
“You have the key to the city, I gave you a long time ago and I am happy you are using it very well,” Mr Sanwo-Olu stated.
Also speaking, Mr Akpabio assured that the parliament would give it what it takes to protect the project because it is one project that Nigeria and indeed Africa should take ownership and must be protected jealously.
“They told us in Abuja that Dangote Refinery is farce but we have come here and see for ourselves that the refinery is alive and running. Mr Dangote has put to shame a lot of people. They are wondering how it will be possible for a single individual to accomplish what a whole nation could not accomplish; what 240 million people could not maintain; what a continent could not do and then one person will build a 650,000bpd project.
“They keep wondering how one person can succeed where nations have failed; where continents have failed. But Mr Dangote has done it. It is highly commendable. We came to see the refinery because we in the current senate believe in the Nigerian dream. We didn’t come as a doubting Thomas but we came because we believe the project, we came to rekindle the hope of Nigerians and the Nigerian’s can-do spirit,” he said.
In his remarks, Mr Dangote explained that the facility “produces a wide range of high-quality petroleum products, including premium motor spirit (petrol), diesel, kerosene, and jet fuel, all meeting the highest international standards (Euro V Grade).”
“The refinery, apart from adding value to our crude oil, will yield 900,000 KTPA of Polypropylene and 36,000 KTPA of Sulphur and carbon black as by-products,” he added.
He noted that the refinery would “help boost Nigeria’s economic growth, with the creation of thousands of direct and indirect jobs. During the construction stage, it supported over 150,000 jobs, made up of mostly Nigerians. These Nigerians in the process acquired various skills that are still useful in other construction projects.”
“The capacity of the refinery is enough to satisfy domestic demands for refined products. The Refinery will export about 50 per cent of its production thereby generating foreign exchange for the country. It will lead to growth in adjacent sectors such as logistics, shipping, engineering, and servicing.
“The refinery has the requisite capacity to provide energy security both by providing a ready home for our crude and in ensuring steady availability of petroleum products for all. Nigerians will also get to partake in the financial returns once we list the refinery on the NGX,” he stated, stressing, “We are thus making an important contribution to this administration’s plan to grow our GDP to $1 trillion.”
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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