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 Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with two Chinese companies to get the Port Harcourt and Warri refineries working again after decades of repeated failures.
The deal, through a potential Technical Equity Partnership (TEP) in support of the completion and operation of the refineries, was signed by the chief executive of the NNPC, Mr Bayo Ojulari; the chairman, Sanjiang Chemical Company, Mr Guan Jianzhong; and the chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Company Ltd, Mr Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance.
Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards, according to a statement by the NNPC’s Chief Corporate Communications Officer, Mr Andy Odeh, on Monday.
The NNPC said that the deal reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.
“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” it added.
Speaking shortly after the signing, the NNPC helmsman described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners, Sanjiang and Xinganchen.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Mr Ojulari noted.
He further stated that the MoU was an important step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.
“The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals,” the statement added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange started the new week on an upward trajectory after it closed higher by 0.52 per cent on Monday, May 4.
This raised the market capitalisation by N12.48 billion to N2.409 trillion from last Thursday’s N2.396 trillion, and moved the NASD Unlisted Security Index (NSI) higher by 20.86 points to 4,026.64 points from 4,005.78 points.
The unlisted securities market gained weight yesterday despite recording two price gainers and two price losers.
FrieslandCampina Wamco Nigeria Plc added N8.92 to sell at N98.14 per share versus N89.24 per share, and Central Securities Clearing System (CSCS) Plc appreciated by N1.12 to N77.14 per unit from N76.02 per unit.
Conversely, NASD Plc lost N3.47 to sell at N31.23 per share compared with the previous price of N34.70 per share, and Food Concepts Plc declined by 26 Kobo to settle at N2.41 per unit, in contrast to the previous rate of N2.67 per unit.
During the session, the volume of securities traded by investors fell by 14.4 per cent to 751,518 units from 877,682 units, and the number of deals decreased by 44.1 per cent to 31 deals from 56 deals, while the value of securities climbed 32.8 per cent to N35.4 million from N26.7 million.
The most active stock by value on a year-to-date basis remained Great Nigeria Insurance (GNI) Plc with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 60.2 million units transacted for N4.1 billion, and Okitipupa Plc with 27.8 million units sold for N1.9 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Adedapo Adesanya
The Naira opened the week in the green territory in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday after it further appreciated against the US Dollar by N9.71 or 0.7 per cent to quote at N1,365.23/$1 compared with the previous session’s value of N1,374.94/$1.
The scenario was not different with the Pound Sterling at the same market window, where it gained N6.99 to sell for N1,851.25/£1 versus last Thursday’s closing price of N1,858.24/£1, and appreciated against the Euro by N8.62 to close at N1,607.58/€1, in contrast to the N1,612.87/€1 it was traded in the previous trading day.
Similarly, at the black market, the Naira improved its value against the greenback yesterday by N5 to settle at N1,380/$1 versus the previous rate of N1,385/$1, and at the GTBank FX desk, it closed flat at N1,384/$1.
The Nigerian Naira put up a good performance against the Dollar during the session due to sustained monetary tightening by the Central Bank of Nigeria (CBN) and a steady increase in foreign exchange inflows.
Specifically, stronger diaspora remittances, oil-related inflows, and a decline in speculative demand for the Dollar played pivotal roles in anchoring market expectations.
Sufficient FX liquidity has continued to keep the Naira stable. The local currency stayed strong despite an 83 per cent decline in CBN FX intervention in April to $150 million from $985 million in March.
As for the cryptocurrency market, prices were mixed as broader crypto markets were diverse and macro risks persisted, amid ongoing US-Iran tensions and steady central bank policy, with upcoming US earnings and jobs data seen as potential catalysts for further bitcoin volatility.
Bitcoin (BTC) gained 1.3 per cent to sell at $80,889.94, Ethereum (ETH) jumped 0.3 per cent to $2,376.40, Cardano (ADA) increased by 0.2 per cent to $0.2529, and TRON (TRX) appreciated by 0.2 per cent to $0.3399.
On the flip side, Dogecoin (DOGE) slid 0.8 per cent to $0.1113, Ripple (XRP) went down by 0.5 per cent to $1.40, Binance Coin (BNB) dropped 0.4 per cent to $626.41, and Solana (SOL) shrank by 0.3 per cent to $84.60, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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