Economy
Dangote To Start Selling FX To CBN By 2020
By Modupe Gbadeyanka
President of Dangote Industries, Mr Aliko Dangote, has disclosed that his business estate would start selling foreign exchange to the Central Bank of Nigeria (CBN) by 2020.
Mr Dangote said this in Lagos on Monday at the Nigerian Economic Summit organised by Economist Events, an arm of The Economist of London.
“We are looking at a situation that by 2020, we will be the one selling FX to the CBN. Our projects are mainly import substitution. We are working to be self-sufficient to grow about a million tonnes of rice over the next five years,” the business mogul said.
He also said that his company should be able to generate about 12,000 megawatts of electricity for the country by 2018.
“Our gas project would have our gas pipelines on the seabed. The output should be able to provide about 12,000MW of power. We see a lot of transformation when we are done with most of our projects by 2018.
“We have 15 countries in the ECOWAS community that are duty-free. The export market is big and profitable if you have the capacity. Players in the manufacturing (sector) should be encouraged to export if they have the capacity. We must also meet local consumption,” he said at the occasion.
Mr Dangote further pointed out that, “This is the right moment to pursue the diversification of the economy, which we have been talking about. I know that once oil gets back to $80 per barrel, we will go back to the same misbehaviour.
“But I think this is the right time for that. Government must come up with the right policy, because if we don’t do it now, we may not do it. But low prices do not mean doom. In 1998-1999, the price of oil was $9. What we need to do is just to block the leakages and pursue diversification.”
He added that, “There are some areas where we are facing serious challenges and there are some where we are not.
“It depends on your business model. If your business model is to import 100 per cent, definitely, you will be facing challenges, because the inflow of foreign exchange is not where it used to be a year and a half ago.”
Also speaking at the event, Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, said the Federal Government was focusing on creating an enabling business environment to attract investment and fast-track industrialisation.
“The key is to create the right incentive, regulation and policy so that people can work with them and do more locally than just importing. The other thing I should mention is that Nigeria has an industrial revolution plan developed by the last government, but the plan needs to be revisited.
“We need to look beyond the rhetorics and actually implement what we are talking about, because I believe that if we implement them, we will get better result,” Mr Enelamah said.
On his part, the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, pointed out that, “We have a lot of manufacturers who have to rely on forex for their raw materials but who are going through tough times.
“However, are there opportunities? I believe there are. I think it is time for us to move towards import-substitution. But I think we need to do things to support the supply side of forex and liberalise the market.
“Even for those who have to source their raw materials locally, there is a value chain effect. If the entire value chain in a production process is not sorted out, we will have a problem. So, access to foreign currencies for raw materials is important. However, it is important that people start looking at how to use local raw materials to produce.”
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
By Adedapo Adesanya
Oil prices climbed on Monday’s short trade as the United States and Iran threatened more attacks, as the two countries are engaging in indirect talks that could lead to the de-escalation of hostilities.
Brent crude futures settled at $109.77 a barrel after chalking up 74 cents or 0.68 per cent, while the US West Texas Intermediate (WTI) crude futures traded at $112.40 after growing by 87 cents or 0.78 per cent.
The US and Iran received a framework from Pakistan to end hostilities, but this was rejected by Iran, especially the idea of immediately reopening the strait after President Donald Trump threatened to rain “hell” on the nation if it did not make a deal by the end of Tuesday.
Iran said it had formulated its positions and demands in response to recent ceasefire proposals conveyed via intermediaries.
The US is eyeing an agreement to open the crucial Strait of Hormuz, the shipping artery used by one-fifth of the world’s oil and gas supply, but the strait, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping after the U.S.-Israel attacks began on February 28.
Some vessels, however, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have passed through the strait since Thursday.
Meanwhile, major oil consumers, particularly in Asia, are conserving barrels or cutting consumption in response to the closure of the strait.
The Middle East supply disruptions have led refiners to seek alternative sources for crude, particularly for physical cargoes in the US and Britain’s North Sea.
Indian refiners have also postponed maintenance shutdowns of their units to meet local fuel demand.
On Sunday, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a modest rise of 206,000 barrels per day for May. However, this will only appear on paper as the disruption is limiting the ability of the top producers to add the needed output.
OPEC’s combined oil output losses for March were estimated at 7.2 million barrels daily. The biggest production cuts were made by Kuwait, Iraq, the United Arab Emirates, and Saudi Arabia, for a total OPEC output of 21.57 million barrels daily for March. This is the lowest OPEC production rate since June 2020.
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