Economy
Minister Frowns at Sharing Money to Poor Nigerians, Seeks Investment in People
By Dipo Olowookere
The administration of President Muhammadu Buhari, as part of its determination to reduce poverty in the country, started a social investment programme, which gives at least N5,000 to extremely poor Nigerians every month.
Though this scheme has been criticized by some citizens as well as the main opposition Peoples Democratic Party (PDP), those in government have maintained that it has helped to meet the needs of its targets.
After his inauguration for a second term in office, Mr Buhari said government was working to lift at least 100 Nigerians from poverty in the next 10 years.
Nigeria is regarded as the poverty capital of world, with over 60 million of its nearly 200 million citizens living in extreme poverty, ahead of India, which used to occupy the position.
While President Buhari is of the view that government can begin to address poverty with the sharing of N5,000 monthly stipend to poor Nigerians, Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, feels otherwise.
Speaking at a function in Abuja on Tuesday, Mrs Ahmed said investment in people is the best way to tackle poverty head-on, not by giving money to them.
“We must move beyond merely donating money to people to investing in people and their communities,” the Minister said during her address at the Nexus II Summit taking place today and tomorrow at Transcorp Hilton, Abuja.
According to her, “The vision for Nigeria, as outlined by President Buhari at the beginning of this government, is to lift 100 million people out of poverty within the next 10-year period. We can only do this through investment and financing for development.”
Speaking further at the summit, the Minister commended the Bank of Industry (BoI) for moving from the handout model to the hand up, and for investing in people and in conflict afflicted societies.
She said, “By doing so, they have not only begun kickstarting economies in conflict afflicted areas but also taking the first step to lifting these communities away from dependence and towards dignity and self-sustainability. This catalytic action will no doubt have a significant ripple effect through our financial sector.”
Mrs Ahmed tasked stakeholders that, “This is no time for pilot programmes but as we move from reaching thousands of people to millions, we can only achieve this jointly by going to scale.”
“In this spirit I encourage the banking sector to take this initiative a step further, by crowding in financing and leveraging upon these initiatives to achieve results,” she added.
The Minister expressed confidence that “this summit is not just another meeting but is a call to action on the part of all stakeholders, this is a government committed to reform, and in this area the government is already taking strides to improve coordination in all areas, additionally we are committed to supporting investment in human capital development and entrepreneurship activity particularly in conflict and crisis affected areas of our country.
“We are also committed to ensuring that the life of every citizen is positively impacted wherever they are across the nation. Today that step begins here as you deliberate on the actions needed to build resilient communities not just in areas affected by conflict and crisis but indeed across Nigeria.”
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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