Economy
FG Sends 15 Obsolete Labour Laws to NASS for Review
By Dipo Olowookere
At least 15 obsolete and retrogressive labour laws, some of which date back to the colonial era, have been sent to the National Assembly for review.
This disclosure was made by the Minister of Labour and Employment, Mr Chris Ngige, at a function on Friday in Algiers, Algeria.
The Minister, according to a statement issued by the Deputy Director of Press in the Ministry, Mr Samuel Olowookere, explained that these laws were forwarded for review as part of concerted efforts to increase access to decent work to Nigerians through the implementation of National Policy on Employment whose document was reviewed in 2016.
He said further that the President Muhammadu Buhari administration was irrevocably committed to growing the economy through strategic initiatives that engage the nation’s huge population as a fulcrum.
According to him, the recently released Medium Term Economic Recovery and Growth Plan (ERGP) was a paradigm shift in this direction.
“The present administration in Nigeria has demonstrated its capacity to exploit our huge population for wealth creation and economic growth.
This explains the capacity shown so far for an early exit from recession. Our shift is the engagement of our large population in well-articulated diversification programme which has shifted attention to agriculture and mining, in a process intended to be driven by diverse skills acquisition and subsequent job creation,” Mr Ngige was quoted in the statement as saying.
Presenting Nigeria’s position in an address entitled ‘Investment In Employment and Social security For Harnessing Demographic Dividend’ at the on-going 2nd Ordinary Session of the Specialized Technical Committee on Social Development, Labour and Employment in Algiers, Algeria, the Minister said Nigeria was resolute in exploiting the untapped potentials of huge population to grow the economy through dynamic micro-economic policies.
“The focus of the present administration in Nigeria is to invest in our huge population through massive job creation, youth empowerment, social inclusion and strengthening of our educational and health system so as to achieve macro-economic stability and diversification.
“This is a pathway to building a global competitive economy that can stimulate private sector investments, infrastructural renewal, a major pathway to spend out of recession and improved business environment,” Mr Ngige said.
The Minister enumerated other government efforts towards exploiting Nigeria’s huge population for jobs and skills development to include a nation-wide stop-gap jobs for unskilled persons through interventionist schemes in agriculture and mining, skills development and competency upgrade, reduction of miss-match between graduate skills and demands in modern labour market as well as the N-power programme, noting that women constitute a large percent of the beneficiaries of these different programmes.
On Social security, the Minister said that beyond a National Policy on Social Protection and Social Security which was conceived to drive universal human rights, inclusiveness and wealth re-distribution, the National Social Insurance Trust Fund, the National Health Insurance Scheme, Pension Commission and National Social Investment Programmes were core government agencies effectively providing social protection for vulnerable persons within their respective purviews.
Earlier in his address, the Algerian Prime Minister, Abdelmalek Sellal lauded the theme of the conference which he said tallied with the objectives of the Africa Union as well as the aspiration of individual African governments to stimulate the economy of the continent through massive job creation with the youth population as the fulcrum. He said a stable African economy which subsists on diverse and sustainable job opportunities would stem brain drain, illegal migration, criminality and violent crimes, factors he said, impacted negatively on African labour force.
He however added that the future of labour in the continent would be brighter should leaders go beyond lip service to tripartite dialogue in labour administration.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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