Economy
Dangote Wants Swift Legislation of Nigeria First Policy
By Aduragbemi Omiyale
Giving a legal backing to the Nigeria First Policy of the federal government could significantly revitalise the nation’s manufacturing sector, Africa’s leading industrialist, Mr Aliko Dangote, has submitted.
At the 53rd Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) in Lagos, the businessman said an urgently legislation of this policy would trigger economic growth and create sustainable employment opportunities.
“The Nigeria First policy is not just a slogan but a call to action for sustained development and transformation led by our manufacturers.
“If implemented effectively, it can boost GDP, reduce import dependence, and generate jobs across the country,” Mr Dangote stated.
He emphasised that the policy represents a transformative framework capable of propelling Nigeria toward industrial self-sufficiency and global competitiveness.
Drawing parallels with global economic powerhouses such as China, India, and the United States, Dangote underscored the importance of adopting a locally tailored industrial policy to protect and promote domestic industries.
Despite Nigeria’s vast potential, Mr Dangote expressed concern that manufacturing contributes less than 10 percent to the country’s Gross Domestic Product (GDP), a figure that has stagnated for over a decade. He attributed this to persistent structural challenges, including inadequate infrastructure, policy inconsistency, high energy costs, foreign exchange volatility, and limited access to finance.
To address these challenges, he outlined some strategic priorities that manufacturers expect from the Nigeria First framework among which is: to legislate the Nigeria First Policy by enacting it into law with enforceable compliance mechanisms; Ensure Policy Stability and Long-Term Commitment – Avoiding policy reversals to foster investor confidence; Develop a National Supplier Registry–Creating a verified database of local manufacturers for government procurement; Drive Consumer Engagement and National Pride–Launch a robust Buy Made in Nigeria campaign and Incentivise Backward Integration-to support companies investing in local raw materials and Research and Development.
As part of the strategy, Mr Dangote also urged the government to address Infrastructure and Energy Deficits by improving access to affordable power and efficient logistics; Enhance Access to Finance by lowering interest rates and expand funding for manufacturing enterprises and Leverage AfCFTA Opportunities by strengthening export capacity to boost regional competitiveness.
The industrialist also cited the collapse of Nigeria’s once-thriving textile industry which employed over 500,000 people across 180 mills at its peak as a cautionary tale of the dangers of unchecked importation and weak policy support.
He stressed that the Nigeria First policy must transcend political cycles and rhetoric to become a binding national strategy.
“Every nation is in a race to improve the living conditions of its citizens. The government has taken some steps that give us a fighting chance. The Nigeria First policy, if embraced, will place us in a very competitive position. Let’s act,” he urged.
The 53rd MAN AGM brought together industry leaders, policymakers, and development partners to chart a path for revitalizing Nigeria’s manufacturing sector and positioning it for long-term, inclusive growth.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange dipped by 0.44 per cent on Tuesday, January 27, with the market capitalisation declining by N9.70 billion to N2.174 trillion from N2.184 trillion, and the NASD Unlisted Security Index (NSI) falling by 16.21 points to 3,634.73 points from 3,650.94 points.
The bourse was under pressure from two securities, which lost weight, overpowering the gains recorded by three securities.
Business Post reports that FrieslandCampina Wamco Nigeria Plc lost N5.70 to sell at N64.00 per share compared with Monday’s price of N69.70 per share and Central Securities Clearing System (CSCS) Plc dropped 17 Kobo to close at N40.50 per unit, in contrast to the preceding day’s N40.67 per unit.
On the flip side, Air Liquide Plc added N1.69 to settle at N18.63 per share versus the previous session’s N16.94 per share, UBN Property Plc appreciated by 20 Kobo to N2.20 per unit from N2.00 per unit, and Industrial and General Insurance (IGI) Plc gained 6 Kobo to trade at 69 Kobo per share versus 63 Kobo per share.
During the session, the volume of securities traded by investors fell further by 80.9 per cent to 1.3 million units from 6.8 million units, the value of securities went down by 57.3 per cent to N57.3 million from N156.7 million, and the total number of deals shrank by 13.6 per cent to 38 deals from 44 deals.
At the close of business, CSCS Plc was the most traded stock by value on a year-to-date basis with 14.4 million units traded for N586.1 million, the second spot was occupied by FrieslandCampina Wamco Nigeria Plc with 1.6 million units worth N107.9 million, and the third spot was taken by MRS Oil Plc with 297,101 units valued at N59.3 million.
CSCS Plc also ended as the most active stock by volume on a year-to-date basis with 14.4 million units valued at N586.1 million, followed by Geo-Fluids Plc with 1.6 million units worth N107.9 million, and Mass Telecom Innovation Plc with 6.4 million units sold for N2.6 million.
By Adedapo Adesanya
The value of the Nigerian Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, January 27 by N17.73 or 1.25 per cent to close at N1,401.22/$1, in contrast to the previous day’s value of N1,418.95/$1.
Also, the domestic currency improved its value against the Euro by N10.09 in the same market window yesterday to trade at N1,672.22/€1 versus the previous session’s N1,682.31/€1, but declined against the Pound Sterling by N4.72 to trade at N1,925.84/£1 compared with Monday’s closing price of N1,921.12/£1.
At the GTBank FX desk, the Naira appreciated against the greenback during the session by N4 to close at N1,426/$1 compared with the previous day’s N1,430/$1 and at the parallel market, it remained unchanged at N1,480/$1.
The Naira continues to align with projections and reforms. Analysts largely expect the local currency to remain within a relatively stable range in the medium term. Many projections suggest the currency will trade between N1,400/$1 and N1,450/$1 this year, supported by improved FX liquidity and ongoing macroeconomic reforms.
Nigeria’s external reserves have continued on a steady upward trajectory, providing additional support for the domestic currency. According to figures published by the CBN on its website, external reserves rose to $46.03 billion as of January 26, 2026, reflecting sustained inflows and improved confidence in the FX market.
Ongoing reforms in the oil sector that have buoyed investments, rising foreign capital inflows, and stronger diaspora remittances are also combining to underpin exchange rate stability and sustain confidence in the FX market.
Meanwhile, the cryptocurrency market rose on Tuesday and the US Dollar remained under pressure ahead of a closely watched Federal Reserve decision on Wednesday.
The weaker Dollar has fueled strong rallies in gold and silver, but crypto has so far lagged that trade.
Ethereum (ETH) gained 2.5 per cent to trade at $3,000.05, Dogecoin (DOGE) increased by 2.4 per cent to $0.1249, Solana (SOL) expanded by 2.3 per cent to $126.84, Binance Coin (BNB) added 2.1 per cent to sell for $900.33, Cardano (ADA) jumped by 1.6 per cent to $0.3568, Ripple (XRP) appreciated by 0.9 per cent to $1.91, Bitcoin (BTC) soared by 0.9 per cent to $89,016.63, and Litecoin (LTC) grew by 0.6 per cent to $69.69, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Crude oil appreciated by 3 per cent on Tuesday as a winter storm in the United States affected crude production and drove US Gulf Coast crude exports to zero over the weekend.
During the session, Brent crude futures went up by $1.98 or 3.02 per cent to $67.57 a barrel and the US West Texas Intermediate (WTI) crude futures grew by $1.76 or 2.9 per cent to trade at $62.39 a barrel.
US oil producers lost up to 2 million barrels per day or roughly 15 per cent of national production over the weekend as a severe winter storm swept across the country, straining energy infrastructure and power grids.
The severe weather has boosted crude futures, with short-term risks rising on fears of supply disruptions.
According to Reuters, the Permian Basin experienced the largest share of that decline at around 1.5 million barrels per day. Production losses eased on Monday, with Permian shut-ins estimated at about 700,000 barrels per day and production set to be fully restored by January 30.
The exports of crude oil and liquefied natural gas from US Gulf Coast ports tumbled to zero on Sunday amid frigid weather. However, this has rebounded in the last days.
Also boosting prices, Kazakhstan’s biggest oilfield, Tengiz, is likely to restore less than half of its normal production by February 7 as it slowly recovers from a fire and power outage.
The slow pace of recovery of Tengiz’s production is keeping the oil market tighter while a weaker US Dollar also lended some support.
However, the CPC, which operates Kazakhstan’s main exporting pipeline, said it returned to full loading capacity at its terminal on the Russian Black Sea coast after maintenance was completed at one of its three mooring points.
On the geopolitical front, the US landed an aircraft carrier and supporting warships in the Middle East, adding to the slim chance of a military action against Iran.
President Donald Trump Trump had repeatedly threatened to intervene if Iran continued to kill protesters, but the countrywide demonstrations have since abated. The US president said he had been told that killings were subsiding and that he believes there is currently no plan for the executions of prisoners.
Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is set to keep its pause on oil output increases for March at a meeting on February 1.
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