Economy
Lagos Empowers 4000 SMEs to Boost Economy
By Dipo Olowookere
No fewer than 4000 small and medium scale businesses have benefited from the N25 billion Employment Trust Fund (ETF) set up by the administration of Governor Akinwunmi Ambode of Lagos State in 2015.
This, according to Mr Ambode, was part of his efforts to boost the economy of the state and turn small enterprises to bigger organisations.
Mr Ambode, while receiving a delegation from Legatum Center for Development and Entrepreneurship, Massachusetts Institute of Technology (MIT) on a courtesy visit at the Lagos House in Ikeja, said deliberate efforts have been made by his administration to aid businesses and encourage budding entrepreneurs in the state.
Alluding to the fact that the State boasts of a burgeoning population of youths, the Governor said that driving entrepreneurship growth was a sure way to engage the youths meaningfully to enable them contribute their quota to the growth of the economy.
“There is no way under this economic recession that we have found ourselves that we can actually employ all the people under that age bracket. So the best thing is to create a framework that would allow them to dissipate their energy and creativity into the things that they would love to do.
“That’s why we set up the Employment Trust Fund with a budget of N25billion to be able to touch those younger ones that would not necessarily have the capital to recreate their skills and so far so good in the last two years we have done almost about 4000 entrepreneurs and we are doing more,” he said.
Welcoming the partnership prospects with MIT, Governor Ambode said he was excited that the Legatum Center had finally discovered the importance of the African continent as a key part of the map to driving innovation as well as entrepreneurship and Lagos as one of its major city partners.
Besides, the Governor said that the setting up of the Ministry of Wealth Creation and Employment was in consonance with the ideals of the Legatum Center, assuring that his administration would do all it can to sustain the partnership beyond entrepreneurship.
“I am committing the State Government that we would continue to support this, we would make sure that we would support this. I am excited that in the next two days, you would be finding new entrepreneurs that can come into this enterprise bracket. We would also like to support in any way that we can promote these younger ones.
“I am happy to see the CEO of Wecyclers, Mrs Billkiss Abiola here; recycling is something that is dear to my heart, even before becoming Governor, I visited the place and I can tell you that I was excited about the skill set brought to bear. We’ve supported a whole lot of entrepreneurs also and we would continue to do that,” the Governor said.
Earlier, in her remarks, Executive Director, MIT, Mrs Georgina Flatter said the team was in Lagos to liaise with entrepreneurs in the State and build sustainable partnerships going forward.
She said the MIT team had spent the last few days touring eco systems and visiting entrepreneurs and ventures across Lagos, describing the experience so far as most inspiring.
“We visited Billlkiss’s recycling site yesterday and saw the amazing job that she’s been doing in the city and how she is bringing huge value to the eco system and this is why we are here, to understand your entrepreneurs and see how we can build partnerships and strengthen this partnership with your entrepreneurs through seeing the great work that people are doing.
“We can start to understand what role we can play to support them. I also like to thank you for the service that you are providing, we can see the good work that this government is doing to support the entrepreneurs,” Mrs Flatter said.
By Modupe Gbadeyanka
The Dangote Refinery located in the Lekki area of Lagos State has been described as a game-changer for Nigeria’s economy because of its significance to the country’s sustainable growth.
This was the view of the Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) through its president, Mr Niyi Oshiyemi.
“The Dangote Refinery is a game-changer for Nigeria’s economy. With a capacity to refine 650,000 barrels of crude oil daily, it has reduced Nigeria’s reliance on imported petroleum products, conserved foreign exchange, and fortified our energy security.
“This milestone reinforces the critical role the private sector plays in national development,” Mr Oshinyemi said, noting that, “The refinery’s operations have created employment for Nigerians at all levels while fostering technology transfer and skills acquisition. This has strengthened local businesses and equipped them with the tools to compete in domestic and global markets.”
The emphasis on local content has been a cornerstone of Dangote Refinery’s strategy. By sourcing materials locally and partnering with indigenous companies, the refinery has supported the growth of Nigerian enterprises and encouraged investments in infrastructure, engineering, and technology.
The ripple effects of the Dangote Refinery extend beyond the energy sector. Its presence has catalyzed industrialization by attracting investments in related sectors such as petrochemicals, manufacturing, and transportation. This multiplier effect has significantly expanded Nigeria’s industrial base and enhanced the nation’s economic competitiveness.
“This refinery is a shining example of what can be achieved through visionary leadership and investment in strategic sectors. It demonstrates Africa’s potential to compete globally and foster regional integration,” Mr Oshiyemi remarked.
In addition to its economic contributions, Dangote Refinery has maintained a strong commitment to corporate social responsibility. The Dangote Group’s investments in education, healthcare, and infrastructure have improved the quality of life for many Nigerians and strengthened community resilience.
“Dangote Refinery exemplifies the role of private sector enterprises in driving social progress alongside economic development. Its initiatives in healthcare and education are building a brighter future for Nigerians,” the OGUNCCIMA chief noted.
He urged stakeholders across public and private sectors to emulate the Dangote Refinery’s innovative approach to development. By fostering partnerships and investing in transformative projects, Nigeria can achieve sustainable economic growth and reduce its reliance on external resources.
“This refinery stands as a model for what is possible when the private sector leads with vision and commitment. We call on all stakeholders to collaborate and replicate such success stories to build a resilient, self-reliant, and prosperous Nigeria,” Mr Oshiyemi concluded.
By Adedapo Adesanya
The House of Representatives on Wednesday passed the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the next three years (2025-2027).
In passing the MTEF, the lower chamber’s committees on Finance, Petroleum Upstream, and Petroleum Downstream were tasked to investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission (RMAFC) alleging that the Nigerian National Petroleum Company (NNPC) Limited’s withheld N8.48 trillion as claimed subsidies for petrol.
Additionally, the investigation will address the Nigeria Extractive Industries Transparency Initiative (NEITI) report that claimed the NNPC failed to remit $2 billion (N3.6 trillion) in taxes to the federal government.
The committees were further directed to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.
Some of the recommendations in the MTEF as adopted by the house are; that the projected oil benchmark prices are $75, $76.2 and $75.3 per barrel in 2025, 2026 and 2027, respectively.
Three-year projections for domestic crude oil production are 2.06 million barrels per day, 2.10 million barrels per day and 2.35 million barrels per day for the subsequent years of 2025, 2026 and 2027.
The country’s economic growth rate forecast, measured by the gross domestic product (GDP) was put at 4.6 per cent, 4.4 per cent and 5.5 per cent for the years 2025, 2026 and 2027, respectively.
By Adedapo Adesanya
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the price of Premium Motor Spirit, also known as petrol, being sold by the old Port Harcourt Refinery, which resumed production on Tuesday, is N75 per litre higher than that sold by the Dangote Refinery.
This was revealed by the association’s Public Relations Officer, Mr Joseph Obele, during the official reopening ceremony of the refinery, which is now operating at a capacity of 60,000 barrels per day.
Business Post reports that the lifting price of Dangote’s petrol product is N990 per litre. However, the refinery announced a N20 discount on Sunday, which is only available to marketers buying a minimum of 2 million litres of the fuel.
Mr Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Deport who initially applauded the federal government for revitalising the old refinery, expressed concern over the pricing disparity between petrol supplied by the Nigerian National Petroleum Company (NNPC) Limited and the Dangote Refinery.
According to him, while Dangote Refinery sells petrol to marketers at N970 per litre, NNPC’s price stands at N1,045, a difference of N75 per litre.
He said the N75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.
However, Mr Obele described the refinery’s restoration as a significant step in reducing Nigeria’s dependence on imported petroleum products.
He revealed that the Group Chief Executive Officer of NNPC Limited, Mr Mele Kyari, has promised to address the issue and harmonise prices to mitigate the impact on marketers and consumers.
The reopening of the Port Harcourt Refinery I is expected to enhance local production capacity and reduce reliance on imports, a move welcomed by stakeholders across the sector.
However, concerns over pricing disparities underscore the need for continuous reforms to stabilise the downstream sector of the petroleum industry.
The reopening has also sparked anticipation for the rehabilitation of other state-owned refineries including the second refinery in Port Harcourt as well as the Warri and Kaduna structures.
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