Economy
Nigeria Now Self-Sufficient in Cement, Fertilizer—Dangote
By Dipo Olowookere
The president of Dangote Industries Limited, Mr Aliko Dangote, has disclosed that Nigeria was now self-sufficient in cement and fertilizer, with the surplus being exported to earn foreign exchange (FX), which the country desperately needs to boost the Naira and the economy.
He said the target of his company is to make the nation self-sufficient in whatever it consumes, noting that his Lagos-based refinery is currently meeting domestic demand for Premium Motor Spirit (PMS), otherwise known as petrol.
After a meeting with the governor of Ogun State, Mr Dapo Abiodun, the industrialist, said he would continue to invest in the country.
Mr Dangote was in Ogun State to finalise plans to build a multi-billion-dollar seaport and two new lines of cement plant with a capacity of 6.0 million metric tons per annum, (Mta) at Itori.
The richest man in Africa said he was attracted to Ogun State because of the investor-friendly climate in the state and the policies of Mr Abiodun.
He recounted how his predecessor, Mr Ibikunle Amosun, frustrated his efforts to invest in Ogun State, saying, “We had earlier abandoned our vision of investing in the Olokola Free Trade Zone (OKFTZ), but because of your policies and investor-friendly environment, I want to say we are back and will work with the state government to return to Olokola, and plans are underway to construct the largest port in the country.”
“Our factory at Itori was pulled down twice. When we started the second time, they not only demolished the factory but also the fence, so we left. But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back. When you visit the factory, you will be surprised at what we have done,” he stated.
In his remarks, Mr Abiodun described the day the Dangote Refinery groundbreaking was performed in Lagos as “the day of heartbreak for the sons and daughters of Ogun State as they watched helplessly on television.”
But he thanked Mr Dangote for “coming back to Ogun State” to invest after his earlier bad experience, saying, “We welcome your return to the state” to complete the cement factor at Itori.
The Governor emphasized that with the establishment of the Itori cement plant, proposed to produce six million metric tons of cement per annum, and the existing Ibeshe plant, producing 12 million metric tons, cement production in the state would total 18 million metric tons per annum, making it the largest cement producer in Nigeria and sub-Saharan Africa.
He lauded the company for not shirking its Corporate Social Responsibilities (CSRs) to the host communities, just as it is currently constructing the Inter-change-Papalato-Ilaro road, assuring that his administration is ready to work with the conglomerate for the good of the state and the nation as a whole.
By Aduragbemi Omiyale
Analysts at Coronation Research are projecting the inflation rate for February 2026 to moderate by 0.98 per cent to 14.12 per cent from the 15.10 per cent recorded in the preceding month.
The National Bureau of Statistics (NBS) is expected to release the inflation numbers today, Monday, March 16, 2026.
In a note released over the weekend, Coronation Research disclosed that the fall in the average prices of goods and services for last month would be impacted by a decline in the prices of food items.
“Our projection is supported by favourable base effects, easing food price pressures, and slight appreciation of the Naira,” a part of the report sighted by Business Post read.
The organisation revealed that the ongoing government interventions in the agricultural sector to improve food supply conditions are beginning to ease pressures within the food component of the consumer basket.
It further stated that “appreciation of the Naira to N1,363.40/1$ from N1,386.55/1$ in January is expected to reduce the cost of imported food items.”
However, it stressed that the ongoing US/Israel-Iran war was capable of reversing the deflationary trends because of the rising global energy prices.
“Also, the $200 million financing approved by the African Development Bank (AfDB) Group to scale up priority agricultural investments is expected to be disbursed in March, but its impact is likely to materialise in the medium to long term, with limited immediate effects on food supply and prices,” it said.
Coronation Research also disclosed that the recent energy market developments could keep core inflation sticky in the near term, as average Bonny Light crude oil prices rose to $72.33 per barrel in February 2026 from $68.04 per barrel in January.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into the alleged N5.9 billion rebranding cost of the old Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company (NNPC) Limited.
In a Sunday statement, SERAP urged Mr Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, alongside anti-corruption agencies, to look into the matter.
The group further urged the President to direct the panel to identify and invite officials who authorised the payment and contractors who handled the project for questioning.
“We’ve urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
“We also urged him to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning,” the organisation stated.
SERAP further alleged that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose.
The group argued that the total cost was valued at about N5.9 billion, which was spent by the NNPCL for the rebranding.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.”
SERAP emphasised that Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.
“Any investigation into the rebranding project should determine whether the N5.9 billion represents value for money, lawful spending of public funds, and compliance with transparency and accountability requirements,” the statement concluded.
Business Post reports that NNPC became a limited liability company on July 1, 2022, under the Companies and Allied Matters Act (CAMA) in line with the implementation of the Petroleum Industry Act (PIA), which was signed into law on August 16, 2021, by late President Muhammadu Buhari.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
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