Economy
Dangote Reaffirms Commitment to Diversification of Nigeria’s Economy
By Modupe Gbadeyanka
Dangote Industries Limited (DIL) has restated its commitment to driving the diversification of Nigeria’s economy for growth and job prospects through strategic investments.
The organisation said while it produces critical household items, some of its other products serve as either feedstock or raw materials for other manufacturers as a sure way of galvanizing the nation’s economic independent through industrialization.
Speaking at the Dangote Group Special Day ceremony at the ongoing 2024 Lagos International Trade Fair in Lagos, the Executive Director for Commercial Operations at DIL, Ms Fatima Aliko-Dangote, said, “At Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own.”
“This commitment informs our active membership in the LCCI and our consistent participation in its activities. Businesses need connections at various levels—business-to-business, distributorship, and ultimately with the final consumers,” the senior staff of the firm, represented by the Director for Depot and Logistics at Dangote Cement Plc, Mr Dolapo Alli, noted.
The trade fair is organisation by Lagos Chamber of Commerce and Industry (LCCI) and has DIL as one of its sponsors.
“As a strategic sponsor of the Lagos International Trade Fair, this year’s theme, Connecting Businesses, Creating Value, resonates deeply with the business objectives of the conglomerate,” she added.
She pointed out that “our recent flagship project, the Dangote Refinery and Petrochemicals, has commenced operations with the rollout of Premium Motor Spirit (PMS), automotive gas oil, JET A1, and other products, including polypropylene.
“We are optimistic that many new manufacturing outfits will emerge relying on both the products and by-products of the petroleum complex as feedstock in their production processes.”
According to Hajiya Aliko-Dangote, the evolution of these mutual interdependent industries is expected to revolutionize Nigeria’s economy by creating linkages between different industrial sectors. The linkages will provide cushions to the economy, preventing disruptions in production as raw materials are available.
“Linkages are vital in sustainable economic and industrial development. We are envisaging a connected and interlinked manufacturing sector that will produce goods that are usually imported, and in the process create more jobs for the growing youth population.”
She emphasized that “our participation in this fair, apart from the exhibitions, is to seek connections with other businesses. We have dedicated staff on the ground manning the offices at our stand who are to provide necessary information to all businesses and individuals who desire to do business with us.”
On the Group’s interventions, Aliko-Dangote added that “we have commenced export of products from our petroleum refinery to other parts of the world. We also export fertiliser.
“Dangote Group has actively participated in road construction and rehabilitation projects aimed at improving transport conditions. The Group also plays a critical role in export financing, particularly through its cement business.
“Our business units are at the forefront of creating values. It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has helped also reduce pressure on foreign exchange.”
She further said, “Dangote Fertiliser Limited is the largest Granulated Urea Fertiliser complex in Africa. Dangote Sugar is committed to ensuring that Nigeria ends the importation of raw sugar into the country by actively intensifying its execution of the Sugar Backward Integration.”
Also speaking, the president of LCCI, Mr Gabriel Idahosa, described Dangote as a pillar of industrial strength and resilience for the country.
He added that the Dangote Group’s journey is a story of strategic diversification and visionary leadership, capitalizing on Nigeria’s rich natural resources and creating millions of jobs, opportunities for SMEs, and an environment for foreign investments.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
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