By Adedapo Adesanya

The National Sugar Development Council (NSDC) has urged investors to tap into Nigeria’s sugar market valued at over $2 billion.

This call was made by the Executive Secretary of NSDC, Mr Kamar Bakrin, when he met with members of the All Farmers Association of Nigeria (AFAN) on a courtesy visit.

He emphasised that boosting local sugar production is both a strategic economic move and a profitable venture backed by strong government support.

“This is the right time to invest. The Nigerian sugar market is currently valued at over $2 billion, Africa’s at $7 billion, and the continental deficit will rise to 13 million tonnes in 2030 due to rising demand and supply gaps. The market for sugar by-products is worth $10 billion,” Mr Bakrin said.

He explained that Nigeria’s sugar consumption figures, foreign exchange realities, and global supply chain uncertainties have made local production more competitive than imports.

NSDC said after a viability assessment, it has secured 150,000 hectares of land suitable for sugarcane cultivation in secure areas with good climate, water access, and community support.

Mr Bakrin outlined four key factors driving investment potential: attractive markets, operational feasibility, sound economics, and sustainable, future-proof business models.

The council noted that it aims to put 50,000 hectares through a commercial outgrower initiative, targeting farmers managing 50–200 hectares near sugar estates in Numan, Bacita, Sunti, and Lafiagi.

NSDC said to de-risk investments, it offered incentives under the NSMP II, including access to the Nigeria Sugar Industry Development Fund (NSIDF), equipment import tariffs, a five-year tax holiday, 30 per cent tax credit on infrastructure, land clearing and lease facilitation, seedling and input support, mechanisation aid, technical expertise from the Nigerian Sugar Institute, and guaranteed offtake agreements.

“We are not just inviting investors; we are providing the tools, capital, and partnerships to ensure they succeed,” Bakrin stressed, noting by-product opportunities such as ethanol, animal feed, biogas, bioelectricity, and bioplastics.

Highlighting the African Continental Free Trade Area (AfCFTA), Mr Bakrin said Nigeria could emerge as Africa’s cost leader in sugar production with preferential access and policy backing.

By Aduragbemi Omiyale

The federal government has been urged to consider selling crude in Naira to private refinery like Dangote Petroleum Refinery to allow Nigerians enjoy lower fuel prices.

This appeal was made by the Lagos State Chapter of the Nigerian Labour Congress (NLC) when its officials visited Dangote Refinery in Lagos recently.

The labour union commended the oil facility owned by Mr Aliko Dangote, describing it as a transformative national asset, capable of bridging Nigeria’s fuel supply gap, boosting employment, and restoring public confidence in the country’s industrial capacity.

It asked the government to prioritise the sale of crude oil to the Dangote Refinery in Naira, arguing that forcing the company to import crude or purchase locally in dollars undermines the promise of lower fuel prices for ordinary Nigerians.

The chairman of the chapter, Ms Funmi Sessi, said, “Today, we have seen the massive Dangote Refinery project, as well as the fertiliser plant. We have also observed some of Dangote’s other investments in this axis. It is truly enormous and highly impressive.

“I believe what we have seen is a clear effort to bridge the gap in the availability of essential products in the country and to create job opportunities for Nigerians and others as well as industrialise the country.”

The union acknowledged that following the federal government’s removal of petrol subsidies, Nigerians experienced an unprecedented surge in the cost of Premium Motor Spirit (PMS). However, the entrance of Dangote Petroleum Refinery into the market helped to stabilise prices.

“It wasn’t until Dangote came into the picture that we started seeing some relief. His intervention significantly crashed the escalated prices of PMS and other refined products. That’s a clear demonstration of private sector leadership,” she stated.

“This country has crude oil in abundance. So, why is Dangote still being made to import crude or pay for it in hard currency?” the NLC queried, noting, “If the government is truly committed to reducing fuel prices and supporting local refining, it must sell crude oil to Dangote in Naira.”

The union stressed that sourcing crude locally in local currency would significantly lower operational costs and, by extension, lead to a more sustainable reduction in fuel prices.

“With a daily capacity of 650,000 barrels, this refinery can serve Nigeria and even the West African sub-region. We also see big ships taking fertilisers to other countries. The government must maximise,” the NLC stated.

The group further said, “When government-owned refineries failed, one man stepped up. Aliko Dangote didn’t just make promises; he fulfilled them. He has proven that Nigeria can not only refine its own products but also meet international quality standards.”

The union also hailed the refinery’s production of Euro 5-compliant fuel, which features significantly reduced sulphur content, aligning with international environmental standards and boosting Nigeria’s credibility in the global petroleum market.

“This is the kind of pride we want to see — a Nigerian company producing at global standards. It is changing the narrative and elevating Nigeria’s position globally. It’s time the government supports and maximises the capacity of this asset.”

In addition to fuel, the NLC noted the group’s fertiliser company, which is already exporting to international markets. It urged the government to leverage these capabilities to enhance food security and reduce dependence on imported agricultural inputs.

In his remarks, the Vice President for Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, said the planned deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks to support the distribution of refined petroleum products across Nigeria is aimed at ensuring that the benefits of domestic refining and the resulting reduction in fuel prices are fully passed on to Nigerian consumers.

Mr Edwin stated that the introduction of the CNG-powered fleet is a strategic step to reduce logistics costs in fuel distribution — a major factor in the final pump price.

“The deployment of these 4,000 CNG-powered trucks will help us pass down the benefits of domestic refining and the reduction in product prices to consumers,” Mr Edwin said. “The aim is to support logistics and make distribution more efficient, not to displace any existing players in the sector.”

He further explained that the use of CNG-powered trucks, in addition to being more environmentally friendly, will significantly reduce transportation expenses, ultimately making refined products more affordable for Nigerians.

Mr Edwin also highlighted the wider impact of Dangote’s industrial ventures, particularly in stimulating competition and growth in key sectors of the Nigerian economy. He cited the Dangote Sugar Refinery as an example, noting that its success paved the way for other companies, including BUA Group and Nigerian Flour Mills to invest in sugar production.

“We’ve seen it with sugar, and we’ve seen it with cement. The success of Dangote Cement led to the emergence of players like BUA, Mangal, and the expansion of Lafarge,” he said. “In the same way, the success of this refinery will drive the emergence of more private refineries in Nigeria.”

According to him, the Dangote Refinery is not only helping to address Nigeria’s long-standing reliance on imported refined products but is also setting the pace for a sustainable and competitive refining industry that will benefit the broader economy.

He noted that the Dangote Group has become a nurturing ground for Nigerian engineers, scientists and technicians, many of whom have gone on to work as expatriates in various countries. He assured the labour leaders of the company’s steadfast commitment to human capital development, staff welfare, and the overall wellbeing of the economy, emphasising that Aliko Dangote is a patriotic Nigerian fully dedicated to the nation’s progress.

By Dipo Olowookere

A marginal gain of 0.12 per cent was recorded by the Nigerian Exchange (NGX) Limited on Tuesday as investors slowed their appetite for stocks as they recalibrated their portfolios for a mix of different equities and other asset classes like bonds, treasury bills and others.

However, the demand for shares in the insurance sector continued as the index grew by 9.12 per cent and was followed by the industrial goods space, which closed higher by 0.86 per cent.

But, the consumer goods industry depreciated by 0.47 per cent, the banking space lost 0.22 per cent, and the energy counter declined by 0.19 per cent.

The losses recorded by these three sectors could not pull down Customs Street yesterday, as the All-Share Index (ASI) gained 175.12 points to quote at 146,055.89 points compared with Monday’s 145,880.77 points and the market capitalisation added N111 billion to finish at N92,405 trillion versus the preceding session’s N92.294 trillion.

ABC Transport, Prestige Assurance, The Initiates, Coronation Insurance, and Champion Breweries chalked up 10.00 per cent each during the trading day to end at N4.95, N2.20, N14.52, N4.07, and N17.38, respectively.

However, Juli lost 10.00 per cent to sell for N9.00, Unilever Nigeria declined by 9.97 per cent to N71.30, Custodian Investment crashed by 9.58 per cent to N37.90, Academy Press slipped by 7.78 per cent to N8.30, and May and Baker gave up 7.69 per cent to trade at N18.00.

Business Post reports that the market breadth index was positive as there were 50 price gainers and 29 price losers, indicating a strong investor sentiment.

The activity chart was led by Lasaco Assurance with 107.2 million shares sold for N439.2 million, Japaul traded 106.9 million equities valued at N302.7 million, Sterling Holdings exchanged 97.8 million stocks worth N784.5 million, AIICO Insurance transacted 65.0 million shares for N273.4 million, and Access Holdings traded 61.1 million equities worth N1.7 billion.

At the close of business, investors bought and sold 1.3 billion stocks valued at N24.3 billion in 31,155 deals versus the 2.1 billion stocks worth N19.4 billion exchanged in 40,435 deals a day earlier, implying a decline trading volume and the number of deals by 38.10 per cent and 22.95 per cent, respective, and a rise in the trading value by 25.26 per cent.