Economy
NCDMB Pushes for Industrialisation Through AfCFTA
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has said that Africa’s industrialisation agenda is at the heart of the African Continental Free Trade Agreement (AfCFTA) and fossil fuels remains a very significant part of the energy mix required for industrialising the continent.
This was disclosed by Mr Simbi Wabote, the Executive Secretary of the board, during his keynote address at the 9th Anniversary Lecture and Investiture into the Realnews of Fame Hall of Fame in Lagos.
Mr Wabote said that revenues obtained from the sale of the hydrocarbon resources would remain “key drivers of the economies of the African oil and gas producing countries.”
He noted that the pull of investments on hydrocarbon development projects is indeed a challenge for oil-producing countries such as Nigeria.
Speaking on resolving the impending challenge of investments in the oil and gas industry, Mr Wabote said that the key areas of focus that could be used to address this challenge included the collaborative platform provided by AFCFTA to provide funding and the technology required to operate and develop hydrocarbon projects.
“The second is to have in place an investment-friendly law such as the Petroleum Industry Act (PIA) 2021. This will come in handy to attract much-needed funds for project developments when the effect of the premature halting of new hydrocarbon projects lead to supply shortages with attendant unbearable price hikes,” he said.
According to him, there is a need to increase in-country hydrocarbon resource utilisation.
“For crude oil, this can be realized through massive refining and production of petrochemicals.
“In realisation of the enormous prospects that gas holds as a cleaner, more efficient fuel in Nigeria, President Muhammadu Buhari declared the year 2021 to 2031 as the Decade of Gas.
“As variously espoused by Mr President and the Honorable Minister of State for Petroleum Resources at various fora, the future of Nigeria’s hydrocarbon industry is in GAS.
“Thus, I am extremely pleased that the Ministry of Petroleum Resources, under the sterling leadership of President Muhammadu Buhari and the Honorable Minister of State for Petroleum Resources, Timipre Sylva, have commenced implementation of several initiatives that seek to develop the gas sector in line with the ‘’Decade of Gas’’ declaration.
“Construction works on NLNG Train-7 has commenced which will increase the current capacity of the plant by 30 per cent. The 614km-long Ajaokuta-Kaduna-Kano (AKK) gas pipeline under construction by NNPC is expected to transport 3.5bscf/day of gas,” he said.
He disclosed that other initiatives that have been put in place in line with the ‘’Decade of Gas’’ declaration include the Nigeria Gas Flare Commercialisation Program, NGFCP, and the Nigeria Gas Expansion Program, NGEP, aimed at deepening domestic utilisation of LPG and Autogas.
On the developments at the NCDMB, Mr Wabote said: “We are also pursuing various aspects of gas development and utilization programs to enhance the delivery of government policy directives on gas. 59. 70 per cent of our partnership investment programs are targeted towards gas development projects.
He assured that AfCFTA holds a great promise for the economic growth and development of Nigeria and indeed other African countries and that “there is no doubt that the Nigerian oil and gas industry has a role to play in AfCFTA and urged all the key stakeholders in the oil and gas industry to align with the industry to better fit into the AfCFTA regime.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
