Economy
We’re Providing Environment for Investments to Thrive—Buhari
By Dipo Olowookere
The role of Dangote Group in the President Muhammadu Buhari administration’s plan for economic recovery and growth has been applauded.
Speaking while declaring the Kaduna International Trade Fair open at the weekend, the President urged the private sector operators to join hand in bolstering nation’s economy.
He described them as key to modern economic growth and development, pointing out that government was desirous of providing the enabling environment for investments to thrive.
Mr Buhari, who was represented by the Minister of Industry, Trade and Investment, Mr Ekechukwu Enelama, commended the role of the Dangote Group and private sector operators in general in creating jobs for the youth, adding that the government was partnering the private sector in its industrialization drive.
The Dangote Group was also commended for the sponsorship of the 39th edition of the Trade Fair.
The Minister took time to visit the Dangote Pavilion where he was introduced to the company’s various innovative products.
Kaduna State Governor, Mr Nasiru El-Rufai, who was represented by his Deputy, Mr Barnabas Bala Bantex, said he was impressed by the various innovative products displayed at the pavilion of the Group.
The Governor also said his administration was looking into partnering with the company on the issue of concrete road.
Speaking, Group Executive Director Stakeholders Management and Corporate Communications Engr. Ahmed Mansur said the Group was investing heavily in the agricultural sector.
Mr Mansur said very soon Nigeria will witness an exponential opening in jobs for the country’s teeming youths, as hundreds of thousands of jobs will be created by the Group.
Meanwhile, the Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) also described the Dangote Group as one of the major sponsors of the forthcoming Kaduna International Trade Fair.
The Trade Fair which opens for participants from Friday, February 26 to March 4, 2018 has as its theme as ‘Promoting Commerce, Industry and Agriculture for International Competitiveness.’
Speaking at the opening ceremony, President of KADCCIMA Mrs Muheeba Fareeda Dankaka, commended the Dangote Group for its yearly sponsorship of the event, adding that in Dangote the chamber has found a worthy partner in the development of the Nigerian economy.
She said this year’s Fair will address the issue of diversification of the Nigerian economy which has been on the front burner over the years.
According to her, on Tuesday; the Chamber will host a Business Round Table with the theme: Promoting Made In Nigeria Products for International Competitiveness.
Mr Femi Aboyede, an expert on Export is expected to deliver the lead paper. Other stakeholders that will participate in the Business Roundtable include private companies, Customs, Shippers Council and the Nigeria Export Promotion Council (NEPC), among others.
Mrs Dankaka said on Wednesday there will be a Seminar to be chaired by former President General Yakubu Gowon.
Director General of the Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) Usman Saulawa added that the relationship between the Dangote Group and KADCCIMA is helping businesses in Nigeria and beyond. He described the fair as Africa’s most famous fair and assured that it would help in deepening business relations in Africa.
A statement from the Dangote Group signed by the Chief Corporate Communications Officer, Mr Anthony Chiejina, had said the trade fair offers the Dangote Group an opportunity to display its numerous innovative products which include the recently introduced Dan-Q Seasoning, sachet sugar, salt, tomato paste and noodles, among others.
The statement urged participants to patronize the Dangote Pavilion at the Trade Fair.
Speaking at the opening ceremony also, United States Ambassador to Nigeria W. Stuart Symington said there was a need for an inclusive system to include women and youth, adding that this will help achieved the desired economic growth and development
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.
