Economy
Ogun Speaker Urges Dangote to Sustain Investments in Critical Sector
By Modupe Gbadeyanka
The Speaker of the Ogun State House of Assembly, Mr Oludaisi Elemide, has described lauded the contributions of Dangote Industries Limited to the Nigerian economy.
The lawmaker described the company’s contributions as second to none, urging the owner of the firm, Mr Aliko Dangote, not to be deterred by challenges facing businesses in the country.
“There is no doubt that Mr Aliko Dangote has contributed immensely to the economic well-being of this country with his investments across various sectors. There is no household in this country that does not use one of Dangote products. I buy Dangote salt and it’s what we use in my house and in my farm,” Mr Elemide stated at the Dangote Special Day at the ongoing 14th Gateway International Trade Fair in Abeokuta.
He encouraged Mr Dangote to continue to invest in critical sector of the economy just as he has done in the oil and gas sector with the world class petroleum refinery, tasking others to “emulate him and imbibe his patriotism.”
Speaking in the same vein, the Permanent Secretary in the Ministry of Industries, Trade and Investment, Mr Olu Aikulola and the Chairman of Yewa North Local Government, Mr Olusola Adebode, said if Nigerians had been lucky to have two investors of Dangote stature, the country would have ranked among the developed countries.
They stated that the DIL has remained the backbone of Nigeria’s economy and urged the management not to rest on its oars.
Welcoming guests earlier, Dangote Cement’s Sales Director, Lagos/Ogun, Mr Tunde Mabogunje, said Dangote Group is committed to producing critical household items, with some of its other products serving as either feedstock or raw materials for other manufacturers as a sure way of galvanizing the nation’s economic independent through industrialization.
“At Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own,” Mr Mabogunje noted.
“This commitment informs our active partnership with Ogun State Chamber of Commerce, Mines and Agriculture (OGUNCCIMA). Businesses need connections at various levels—business-to-business, distributorship, and ultimately with the final consumers.
“With our Petroleum Refinery and Petrochemical, we are optimistic that many new manufacturing outfits will emerge relying on both the products and by-products of the petroleum complex as feedstock in their production processes,” he noted.
According to him the evolution of different businesses under the Group is expected to crystallise Nigeria’s economy by creating linkages between different industrial sectors. The linkages will provide cushions to the economy, preventing disruptions in production as raw materials are available.
“Linkages are vital in sustainable economic and industrial development. We are envisaging a connected and interlinked manufacturing sector that will produce goods that are usually imported, and in the process create more jobs for the growing youth population,” he added.
The Dangote Cement boss explained that the Group’s participation at the Fair, apart from the exhibitions, is to seek connections with other businesses.
On the Group’s interventions, Mr Mabogunje disclosed that the Company has commenced export of products from its petroleum refinery to other parts of the world of which Saudi Aramco is the latest destination of its petroleum export while Dangote fertilizer is also exported to other countries thus bringing in the much-needed foreign exchange.
“Dangote Group has actively participated in road construction and rehabilitation projects aimed at improving transport conditions. The Group also plays a critical role in export financing, particularly through its cement business.
“Our business units are at the forefront of creating values. It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has helped also reduced pressure on foreign exchange,” he stated.
The President of OGUNCCIMA, Mr Niyi Oshiyemi, said the Dangote Group has remained a consistent pillar of support for his Chamber despite the present challenges confronting Nigeria’s economy. They have displayed steadfast commitment to OGUNCCIMA for which Ogun State government has been grateful.
He added that the Dangote Group’s journey is a story of strategic diversification and visionary leadership, capitalizing on Nigeria’s rich natural resources and creating millions of jobs, opportunities for SMEs, and an environment for foreign investments.
He further said that the Group’s commitment to backward integration, where inputs are sourced locally whenever possible, has not only reduced its exposure to foreign exchange volatility but also spurred local industry development.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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