Economy
Manufacturers Advocate Government Support for Dangote Refinery
By Modupe Gbadeyanka
The need for the government to support Dangote Refinery to attract more investments in the country has been emphasised by the Manufacturers Association of Nigeria (MAN).
They argued that frustrating investors like Mr Aliko Dangote could scare others from putting their money into the country’s economy.
Speaking during a tour of the Dangote Petroleum Refinery, Petrol Chemical Complex and Fertilizer Plant in Lagos, the president of MAN, Mr Francis Meshioye, said all must be done to protect Dangote Refinery to serve as an impetus for other investors to invest in the downstream sector of the petroleum industry in the country.
He described the Dangote Refinery as a game-changer in the Nigerian oil and gas industry, saying that it is not only creating jobs and driving economic growth but also contributing to our nation’s energy security and self-sufficiency.
According to him, the project is quite inspiring, and he admired the inspiration of the promoter of the project, Aliko Dangote.
“To have been inspired to establish this facility is very magnificent, it is the first ever in Africa and the first ever of such refinery in the whole world. It has many first, first and first,” he stated.
“The company has the capacity to produce all our needs locally, petroleum, and other similar products: no one would come to the facility and he would not be inspired or encouraged to ensure that all the support that the company requires should be given to it,” he added.
The MAN President said the government should do all that is humanly possible to ensure that the facility works optimally.
“It is prudent and expedient that the necessary supports are given to the company for the economic benefits of Nigeria,” he submitted.
“If the facility can produce 650,000 barrels of crude per day and Nigeria is producing far above this volume per day, she should give the facility all crude it needed to produce,” Mr Meshioye noted.
He said, apart from the fact that the facility can give Nigerians what they need locally, the excess will be exported, and when they are exported, the country benefits because it will earn foreign exchange for the government.
“So, whichever way we look at it, the facility requires the government’s support to be able to operate optimally. We have seen the laboratory which is in a class of its own. It is first among equals around the world. It is functioning very well. It is a complex on its own.
“With this kind of facility that starts from quality control to quality assurance, just to ensure that the harmful effects of the products are at zero level, what can be greater than this? This is very unique and I will encourage all stakeholders to give maximum support, and not by the way support, but maximum support.”
“I cannot see anything that is lacking in this company, we have been here since morning and went through all the units. The facility can deliver products between 1760 trucks to 1800 trucks per day. So if you have such several trucks going out of the facility a day to various destinations in Nigeria, so many people will benefit from it.
“There will be more jobs, many families will be comfortable because of the jobs this will create, many artisans will benefit and it will have a spillover effect on so many sectors of the economy.
“If they can produce AGO, gasoline and Jet A fuel, this is good and the government should have no reason not to ensure the facility gets its backing to carry out its activities, because it is going to benefit massively,” he stated.
The MAN boss who stated that his organization is an advocacy group, said to a large extent it will support the Dangote Refinery by pushing its case with the government, and also solicit the support of necessary government agencies that can ensure that it operates fully.
The association, he said, always discusses with the government issues that affect its members and it has always listened to it , and always finds solutions to those issues, stating further that Dangote Refinery’s case will not be different.
“The sheer scale and ambition of this project is truly impressive, and we applaud the vision and determination of the Dangote Group in making this refinery a reality.
“As manufacturers, we understand the importance of reliable and affordable energy in driving our businesses forward. The Dangote Refinery will undoubtedly have a positive impact on the entire manufacturing value chain, providing a reliable source of fuel and petrochemical products that are essential for capacity utilisation and value addition.
“I believe that the success of the Dangote Refinery serves as an inspiration to all of us in the manufacturing sector. It demonstrates what is possible when we combine innovation, technology, and investment to create world-class facilities that benefit the entire nation,” Mr Meshioye said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited resumed trading activity on Monday after a two-day break last Thursday and Friday for Eid al-Fitr.
At the resumption of trading of shares yesterday, investors embarked on profit-taking, crashing Customs Street by 1.07 per cent at the close of transactions.
The sell-offs were mainly in the banking, consumer goods and insurance sectors, which closed lower by 2.02 per cent, 1.13 per cent, and 0.16 per cent, respectively.
The trio made nonsense of the 0.31 per cent growth posted by the energy index and the 0.17 per cent increase recorded by the industrial goods counter.
Consequently, the All-Share Index (ASI) contracted by 2,142.83 points to 199,014.02 points from last Wednesday’s 201,156.85 points, and the market capitalisation decreased by N1.376 trillion to finish at N127.750 trillion compared with the previous N129.126 trillion.
Consolidated Hallmark was the worst-performing stock for the day after it lost 9.64 per cent to close at N4.50, Deap Capital depreciated by 8.37 per cent to N5.91, GTCO declined by 8.18 per cent to N105.00, International Energy Insurance lost 7.67 per cent to trade at N2.77, and Nigerian Breweries slumped by 7.29 per cent to N70.00.
Conversely, Presco appreciated by 10.00 per cent to N1,871.20, Zichis improved by 9.91 per cent to N9.43, John Holt expanded by 9.70 per cent to N13.00, Premier Paints grew by 9.62 per cent to N25.65, and Sovereign Trust Insurance gained 8.74 per cent to settle at N2.24.
Market participants transacted 848.8 million equities worth N53.3 billion in 139,458 deals on the first trading session of this week compared with the 6.1 billion equities valued at N130.1 billion traded in 58,562 deals in the preceding trading day, indicating a spike in the number of deals by 138.14 per cent, and a shrink in the trading volume and value by 86.09 per cent and 59.03 per cent apiece.
UBA was the most active stock on Monday, with a turnover of 114.2 million units worth N5.5 billion. Wema Bank traded 112.0 million units valued at N2.9 billion, Access Holdings transacted 54.8 million units for N1.4 billion, Zenith Bank exchanged 38.2 million units worth N4.1 billion, and Zichis sold 32.2 million units valued at N272.6 million.
By Adedapo Adesanya
Oil prices dropped over 10 per cent on Monday after US President Donald Trump said he would postpone any military strikes against Iranian power plants for five days.
Brent futures fell by $12.25 or 10.9 per cent to settle at $99.94 a barrel, while the US West Texas Intermediate (WTI) crude lost $10.10 or 10.3 per cent to trade at $88.13 per barrel.
President Trump claimed that constructive talks to resolve hostilities in the Middle East were going, hours before a deadline that threatened to escalate the four-week-old war over the Strait of Hormuz, where roughly 20 per cent of global oil and liquefied petroleum gas (LNG) flows through and which disruption has already driven a sharp spike in crude prices and heightened fears of a prolonged supply shock.
The Iranian media claimed there had been no direct or indirect contact with President Trump.
Iran’s Revolutionary Guards had said they would attack Israel’s power plants and those supplying US bases across the Gulf region if America follows through with Mr Trump’s threat to “obliterate” Iran’s power network. The war has already damaged major energy facilities in the Gulf and effectively halted shipping through the strait.
Amid the tussle, it was reported that two tankers bound for India sailed through the Strait of Hormuz on Monday carrying LNG loaded in the United Arab Emirates and Kuwait.
The head of the International Energy Agency (IEA), Mr Fatih Birol, estimated that since the current crisis, which started with bombings against the regime in Tehran on 28 February, there have been losses of 11 million barrels of oil per day and about 140 billion cubic metres of gas.
Mr Birol said that about 5 million barrels of oil had been lost in the two previous crises in 1973 and 1979, while Russia’s 2022 invasion of Ukraine removed about 75 billion cubic metres of natural gas from international markets.
The supply crunch has led to a temporary waiver of US sanctions on Russian and Iranian oil already at sea. Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move.
There was a surplus in global oil markets at the start of 2026, but recent developments have sparked shortages and growing anxieties around the world.
Beyond supply, some demand has also been affected as global air travel remains severely disrupted after the Iran war forced the closure of key Middle Eastern hubs including Dubai, Doha and Abu Dhabi, stranding tens of thousands of passengers.
By Aduragbemi Omiyale
The Director General of the Nigeria Employers’ Consultative Association (NECA), Mr Adewale-Smatt Oyerinde, has run to the rooftop to warn of the negative impact of rising crude oil prices on businesses and households in the country.
In a statement on Monday, he said the Middle East crisis was pushing up domestic energy costs, placing pressure on businesses and eroding the purchasing power of citizens, warning that without urgent intervention, the situation could escalate.
According to him, fuel prices have risen sharply in recent days, with petrol exceeding N1,300 per litre in some locations and diesel approaching N1,800 per litre, reflecting the impact of global oil price movements.
He stressed that energy costs sit at the heart of Nigeria’s economy, and energy is the engine of production and distribution, noting that businesses, particularly in manufacturing, agriculture, and logistics, are already under significant pressure. “What we are witnessing is Nigeria’s oil paradox. Rising crude oil prices are pushing up domestic energy costs, squeezing businesses and worsening the cost of living for citizens.
“Once fuel prices rise, the effects are immediate and widespread: transport costs increase, food prices rise, and the overall cost of doing business escalates.
“For many firms that rely on diesel for operations, current price levels are becoming increasingly difficult to sustain. Profit margins are shrinking, and businesses are being forced to either pass on costs or scale down operations,” Mr Oyerinde stated.
The NECA DG further noted that global oil prices have surged amid geopolitical tensions, with Brent crude rising above $110 per barrel, intensifying cost pressures across energy markets.
He clarified that while the Middle East conflict has contributed to the rise in oil prices, the impact is exposing deeper structural weaknesses, underinvestment, weak infrastructure, and inefficiencies in Nigeria’s energy value chain.
“This situation is not only driven by external factors, but it is also reflecting ongoing constraints within the energy value chain, including supply inefficiencies and infrastructure limitations,” he disclosed.
“The government must act swiftly to ease supply constraints, stabilise prices, and provide targeted relief to critical sectors, he declared, emphasising that, “If this trend continues unchecked, we risk business closures, job losses, and a deeper cost-of-living crisis.”
On the long-term outlook, Mr Oyerinde emphasised the need for structural reforms. Nigeria’s resilience will not be determined by oil prices, but by how effectively we manage them. This is a moment to strengthen institutions, improve transparency, and invest in sustainable energy solutions.
He concluded with a caution that if properly managed, “this could strengthen our economy. If not, the gains from rising oil prices will be completely eroded by inflation and economic hardship.”
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