Economy
Dangote to Begin Sale of Forex to CBN Soon
By Dipo Olowookere
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has hinted that federal government may soon start to source for foreign exchange (forex) from Dangote Group, as soon as the latter’s refinery, petrochemicals and fertilizer projects come on stream.
Speaking at the weekend after over four hours tour of ongoing Dangote Refinery, Petrochemicals, Fertilizer projects and Dangote deep-water jetty, Mr Emefiele said government stands to gain a lot from the huge forex earnings expected to accrue from the export of the petrochemical and fertilizer products from the Dangote refinery and fertilizer plants by the time the fertilizer plant begins operations in May this year, and the refinery takes off as planned in 2020.
The CBN boss commended Mr Aliko Dangote for the volume of work done on the Dangote projects since his last visit over two years ago, enthusing that the refinery and fertilizer projects would help Nigeria to create thousands of jobs and check importation of fuel by the federal government; thereby saving government huge amounts of forex currently being spent on fuel import.
He added that about 55 to 60 percent of Nigeria’s spending on foreign exchange for the importation of petroleum products and food items would be saved when the Dangote Refinery come on stream.
Mr Emefiele said one third of Nigeria’s spending on forex will also be retained when the Dangote Refinery is completed.
He described the Dangote Refinery as transformational project for Nigeria, which totally keys into the objectives of President Muhammadu Buhari on self-sufficiency in petroleum products, conservation of forex and diversification of the economy.
“I am sure by that time, the CBN will be begging Dangote to sell its dollars to the bank,” he said.
He noted that the completion of the refinery would make Nigeria self-sufficient in the production of refined products and also make the country to be among the league of exporters of petroleum products.
Mr Emefiele declared the CBN’s support to any company or individuals who are ready to invest in the transformation of the Nigeria economy.
“We are ready to support in Naira and also ready to provide foreign exchange for any investor who is ready to support Nigeria’s transformational agenda.
“I use this opportunity to repeat that we are ready to support any individual like Aliko Dangote who is willing to invest in this country. We will continue to support companies that display the determination to support the CBN.
I feel so delighted and I am happy this is happening in my own life-time and I am sure you are all so happy,” he said.
Speaking also, President, Dangote Group, Mr Aliko Dangote, said the project would definitely transform the Nigerian economy.
“We have a couple of projects at hand and we will continue with these transformative projects. The biggest problem we have in Nigeria is that we currently import more than we produce like any other African countries. But, by the time we finish our fertilizer plant, Nigeria will be the largest exporter of fertilizer in Africa.
“We will also be the largest exporter of petrochemicals and the largest exporter of petroleum products in the whole of Africa. This is a major transformation,” Mr Dangote said.
He said the 3billion Standard Cubic Feet gas pipeline and other Dangote Projects are geared towards Nigeria’s economic transformation.
Mr Dangote commended CBN for its moral support to the refinery project.
“There are lots going on in Nigeria. We want the CBN to support us like what it did in cement sector, which made Nigeria not only self-sufficient in the production of cement, but it became an exporter of the product.
“Today, Nigeria will not even import cement because we no longer have capacity for importation of cement,” he added.
In a presentation made to the CBN governor, Group Executive Director at Dangote Industries Limited, Mr Devakumar Edwin, disclosed that the company’s target is for a significant portion of Nigeria’s crude oil production to be refined domestically, rather than imported, thereby creating jobs within Nigeria, and bringing a halt to the current importation of refined petroleum product.
Mr Edwin said the refinery is going to provide over 100,000 indirect employment through retail outlets. He said the refinery is designed to meet Euro V grade, which is the highest standard in the world, hence products can be exported to any part of the world.
“It will be well diversified and able to process Nigerian crude, African crude and crude from other parts of the world. In terms of evacuation routes, two crude oil single point mooring (SPM) buoys and three multi-product SPMs will be located within the Atlantic Ocean to transfer crude oil to a calling tanker.
“The 2-Line Dangote Fertilizer Complex, consisting of Ammonia and Urea plants, is conceived to be one of the world’s largest fertilizer plants with a total capacity of 3 Million Tonnes per Annum of Urea fertilizer. Therefore, the Dangote Fertilizer is positioned to bridge the gap between local demand and national capacity. Dangote Fertilizer Plants will produce Urea that will assist farmers boost their crop yields through easy access to fertilizer,” he added.
Business Post reports that Mr Emefiele toured the project sites in the company of the President/CE of the Dangote Group, Mr Aliko Dangote; Deputy Governor of the CBN, Ms Aishah Ahmad; Group Managing Director, Dangote Industries Limited, Mr Olakunle Alake; Group Executive Director of Dangote Industries, Mr Devakumar Edwin; and the Managing Director of Guaranty Trust Bank, Mr Segun Agbaje.
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and Geo-Fluids Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.12 per cent on Monday, March 16.
FrieslandCampina Wamco Nigeria Plc lost N1.45 during the session to sell at N123.55 per share versus the previous price of N125.00 per share, and Geo Fluids Plc depreciated by 5 Kobo to N3.05 per unit from N3.10 per unit.
The losses recorded by the two securities lowered the market capitalisation by N8.88 billion to N2.480 trillion from N2.489 trillion, and crashed the NASD Unlisted Security Index (NSI) by 14.86 points to 4,145.60 points from 4,160.46 points.
On the first trading day of the week, the value of securities transacted by investors went up by 10.8 per cent to N33.2 million from N29.9 million, but the volume of securities dipped 97.5 per cent to 265,610 units from 10.4 million units, and the number of deals decreased by 43.5 per cent to 26 deals from 46 deals.
At the close of trades, Central Securities Clearing System (CSCS) Plc was the most active stock by value on a year-to-date basis with 38.6 million units sold for N2.4 billion, followed by Okitipupa Plc with 6.4 million units traded for N1.2 billion, and FrieslandCampina Wamco Nigeria Plc with 6.5 million units worth N609.6 million.
Resourcery Plc closed the day as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units transacted for N504.5 million, and CSCS Plc with 38.6 million units exchanged for N2.4 billion.
By Adedapo Adesanya
The Naira opened the week stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 16, by N8.46 or 0.62 per cent to trade at N1,357.77/$1 compared with the previous session’s N1,366.23/$1.
In the same vein, the local currency appreciated against the Pound Sterling in the same market segment yesterday by N23.45 to quote at N1,789.54/£1 compared with last Friday’s value of N1,812.99/£1, and improved its value against the Euro by N9.72 to N1,558.31/€1 from N1,568.03/€1.
Similarly, the Naira gained N5 against the greenback in the parallel market during the trading session to sell for N1,395/$1 compared with the previous rate of N1,400/$1, and closed flat at the GTBank FX desk at N1,385/$1.
The pressure that piled on the domestic currency appeared to have eased, buoyed by higher oil prices, which have continued to bolster market sentiment.
A report by Coronation Merchant Bank Research said Brent crude prices advanced by 11.16 per cent week-on-week, rising from $91.00 per barrel to close at $101.16 per barrel amid escalating geopolitical tensions in the Middle East.
The bank noted that developments in the region heightened concerns about potential disruptions to global oil supply, increasing volatility in energy markets.
Nigeria recorded modest portfolio inflows as investors sought higher-yielding opportunities, but the inflows helped support liquidity in the FX market and contributed to the Naira’s recovery during the past week.
Also, Nigeria’s inflation cooled to 15.06 per cent in February 2026 from 15.10 per cent in January 2026, data from the National Bureau of Statistics (NBS) showed.
As for the cryptocurrency market, prices continued to weigh the tensions around the Strait of Hormuz — a critical oil shipping route between the Persian Gulf and global markets — appeared to ease slightly.
US President Donald Trump called on other nations to help secure the waterway, while some tankers reportedly have crossed the Strait, suggesting that traffic through the corridor has not been fully disrupted.
This weakened some coins, including Dogecoin (DOGE), which slumped by 1.7 per cent to $0.0998, and Cardano (ADA), which depreciated 1.6 per cent to $0.2832. Binance Coin (BNB) lost 1.5 per cent to sell for $674.25, TRON (TRX) declined by 0.6 per cent to $0.2964, and Solana (SOL) dropped 0.2 per cent to $93.66.
On the flip side, Ripple (XRP) jumped 2.2 per cent to $1.51, Ethereum (ETH) grew by 1.5 per cent to $2,302.08, and Bitcoin (BTC) appreciated by 0.1 per cent to $73,951.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited reached an all-time high of 201,474.89 points on Monday after adding 3,067.59 points or 1.55 per cent to its previous closing figures of 198,407.30 points.
Buying pressure in three of the five key sectors sustained the upward trend on Customs Street during the trading session, analysis of the market data revealed.
The industrial goods sector appreciated by 4.52 per cent, the banking index improved by 2.20 per cent, and the consumer goods space rose by 0.03 per cent.
However, the insurance sector experienced profit-taking, which crashed it by 0.43 per cent, and the energy counter lost 0.08 per cent due to sell-offs.
When the bourse ended for the day, the market capitalisation chalked up N1.969 trillion to settle at N129.330 trillion compared with last Friday’s M127.361 trillion.
BUA Cement led the advancers’ group yesterday after growing by 10.00 per cent to N297.00, Premier Paints jumped 9.79 per cent to N21.30, John Holt expanded by 9.52 per cent to N10.35, Guinea Insurance soared by 9.38 per cent to N1.40, and Fortis Global Insurance grew by 9.32 per cent to N1.29.
On the flip side, VFD Group led the laggards’ gang after it gave up 10.00 per cent to close at N11.25, Royal Exchange shed 9.63 per cent to settle at N1.69, Omatek depreciated by 9.62 per cent to N2.35, Sovereign Trust Insurance lost 9.00 per cent to quote at N1.92, and Regency Alliance slipped by 8.94 per cent to N1.12.
Yesterday, a total of 948.2 million stocks valued at N49.2 billion were traded in 72,735 deals compared with 591.0 million stocks worth N35.0 billion transacted in 53,066 deals in the preceding session, representing an improvement in the trading volume, value, and number of deals by 60.44 per cent, 40.57 per cent, and 37.07 per cent apiece.
The activity log was led by Sovereign Trust Insurance, which traded 72.6 million equities valued at N147.1 million, Access Holdings sold 69.9 million shares for N1.8 billion, First Holdco exchanged 67.0 million stocks worth N3.4 billion, Zenith Bank transacted 60.0 million equities valued at N6.0 billion, and Nigerian Breweries exchanged 55.0 million shares worth N4.0 billion.
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