Nigerians are 5 months away from owning a piece of Dangote's fortune

 

Aliko Dangote, President of the Dangote Group and Africa’s richest man, has announced that Nigerians, in the next four to five months, will have the opportunity to invest directly in the Dangote Refinery.

Dangote made the announcement on Saturday while giving members of the press a tour of the refinery.

Bayo Ojulari, Group Chief Senior Officer of Nigerian National Petroleum Company Limited (NNPC), was among those who paid the visit, as were members of the NNPC board and senior management team.

Dangote said arrangements are already in place to allow individuals to buy shares in the refinery over the next four to five months.

“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.

He mentioned that the NNPC already owns shares in the company for Nigerians, as seen in the Punch.

“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” Africa’s richest man stated.

“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he added.

This initiative builds on Dangote's proposal to list the refinery on the stock market, which he announced in July 2025, after being accused of favoring foreign investors over local financiers.

Dangote’s real reason for listing his refinery

In a follow-up conversation with the press in December, Dangote commented on the reasons for opening the refinery to public investors.

He emphasized that the listing was not mainly about maintaining control, but rather about leaving an enduring legacy.

“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he said at the time.

“Somebody asked me a question, is it 5 or 10 percent you want to sell, and I said that when we are going to sell the shares, we will not put a cap, if they happen to buy 55% and I own 45%, so be it,” he added.

When asked explicitly if the offer extended beyond Nigerians living in the country, Dangote simply said, "Yes."

The Dangote Refinery, valued at over $20 billion, represents a significant milestone in Nigeria’s energy sector.

Once fully operational, it has the potential to produce around 1.4 million barrels of oil per day, which would make it one of the largest refineries in the world.

By Chinedu Okafor, Business Insider Africa

Related story: Dangote cement makes history as first to list commercial papers on Nigerian exchange NGX

Dangote cement makes history as first to list commercial papers on Nigerian exchange NGX

 

Dangote Cement Plc has become the first company to list Commercial Papers (CPs) on Nigerian Exchange Limited (NGX), marking a structural shift in Nigeria’s short-term debt market.

The listing follows NGX’s introduction of a Commercial Paper window on December 3, 2025, after receiving approval from the Securities and Exchange Commission (SEC), expanding the Exchange’s product suite and deepening Nigeria’s domestic debt capital market.

Details of the Issuance

According to BusinessDay, Dangote Cement’s Series 1 and Series 2 Commercial Papers were admitted under its N500 billion Commercial Paper Issuance Programme.

The N19.95 billion Series 1 CP has a tenor of 181 days and will mature on May 20, 2026. The N99.92 billion Series 2 CP carries a tenor of 265 days and is scheduled to mature on August 12, 2026.

Both instruments were issued at a discount and will be redeemed at par value of N1,000 upon maturity. Series 1 and Series 2 offered implied yields of 17.50 percent and 19 percent, respectively.

David Adonri, Vice Chairman of Highcap Securities Limited, described the development as a milestone for the domestic debt market. “Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances,” he said.

NGX’s Strategic Expansion

Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, said the launch aligns with the Exchange’s broader strategy to strengthen capital formation.

“The introduction of Commercial Paper listings is a pivotal step in our strategy to position NGX as a comprehensive capital-markets infrastructure that accelerates capital formation across Africa,” Popoola said.

“As we continue strengthening the foundations of a transparent, technology-driven and inclusive marketplace, our focus remains on building a system that supports sustainable growth, enhances market resilience and unlocks new opportunities for the broader economy.”

Commercial Papers are unsecured short-term debt instruments used by corporates to finance working capital and immediate funding needs. Historically, Nigeria’s CP market has operated largely over-the-counter, limiting transparency and secondary market liquidity.

By admitting CPs to trading, NGX introduces greater visibility, structured price discovery and improved tradability for short-term instruments.

How Nigeria Compares Across Africa

While Commercial Paper markets are established in several African economies, Nigeria’s move formalises a segment that had largely operated outside exchange visibility.

South Africa operates one of the continent’s most mature CP markets, with active issuance among banks and corporates.

Kenya also maintains a robust short-term debt market under the Capital Markets Authority, with regular CP issuances by financial institutions and major corporates.

Morocco and Egypt similarly support structured corporate short-term instruments.

Within West Africa, short-term corporate instruments are available through the BRVM regional exchange, covering markets such as Ivory Coast and Senegal, though with comparatively lower liquidity.

Nigeria’s development narrows the structural gap between its market and those of more advanced African economies.

Implications for Issuers and Investors

The listing comes amid elevated interest rates and tighter credit conditions, prompting corporates to seek flexible funding options.

Short-tenor instruments such as CPs offer quicker access to liquidity, while investors benefit from competitive yields relative to traditional fixed-income products.

Dangote Cement’s transaction reinforces NGX’s ambition to position itself as a full-spectrum capital-raising platform, supporting funding across equities, bonds and short-term instruments.

By Olamilekan Okebiorun, Business Insider Africa

Related story: Aliko Dangote calls for emergency power summit as blackouts threaten Nigeria’s $500bn economy

Nigeria opens probe into Temu over suspected data protection breaches

Nigeria's data watchdog has opened a probe into Chinese-owned e-commerce giant Temu for suspected data-law violations, the regulator said on Tuesday, a move that could usher in legal penalties in one of Africa's biggest markets.

The Nigeria Data Protection Commission (NDPC) said concerns over Temu's data-processing practices - including online surveillance, opaque handling, cross-border transfers and possible breaches of data-minimisation rules, triggered the investigation.

The move comes amid rising global scrutiny of Temu's rapid expansion.

NDPC chief Vincent Olatunji ordered the probe and warned that processors could be held liable for any non-compliance.

The company did not immediately respond to an emailed request for comment.

Last year, the agency fined Multichoice Nigeria, Africa's largest pay-TV operator, 766 million naira ($565,990) for breaching data-protection rules.

Temu handles the personal data of about 12.7 million Nigerians and around 70 million daily users globally, the NDPC said in a statement.

Temu, owned by Nasdaq-listed PDD Holdings, has expanded rapidly in Nigeria with an app-driven marketplace offering steep discounts on fashion, electronics and household goods.

By Camillus Eboh, Reuters

Nigeria aims to court investors at Davos as global capital pulls back

Nigeria will use this year’s World Economic Forum in Davos to press its case as a stable, reforming economy at a time when global investors are pulling back from emerging markets and geopolitical tensions are reshaping capital flows.

Led by Vice President Kashim Shettima, Nigeria’s delegation to the January 19–23 meetings includes Wale Edun, the finance minister and coordinating minister of the economy, who is attending as a VIP participant, according to a statement signed by Ogho Okiti, special adviser to the minister of finance, on Monday.

The forum’s theme, The Spirit of Dialogue, aligns with Nigeria’s strategy of pairing macroeconomic reforms with sustained engagement with investors, development partners, and global policymakers.

“At a time of heightened uncertainty, the world is looking to Nigeria as a pillar of economic stability in Africa — not only because of its size, but because of the reform choices it has made,” the finance ministry said.
“This positioning places Nigeria firmly within the global dialogue on how emerging markets can navigate volatility while sustaining reform momentum.”

According to the ministry, Nigeria’s message in Davos is straightforward: the country intends to stay the course on market-oriented reforms, maintain macroeconomic discipline, and protect institutional credibility, including the operational independence of the Central Bank of Nigeria, as a foundation for price stability and investor confidence.

That positioning comes as emerging markets face tightening financial conditions, weaker multilateral cooperation, and rising debt pressures. Nigeria is seeking to distinguish itself by arguing that reforms introduced since May 2023 are beginning to yield tangible results.

Africa’s most populous economy embarked on some market reforms nearly three years ago, including eliminating costly fuel subsidies and floating its currency — the twin policies that have now stabilised the economy and placed it on a more fiscal footing.

According to the finance ministry, Nigeria will use the forum to report progress rather than make new promises. Officials point to more predictable macroeconomic conditions, improving growth performance, moderating inflation trends, stronger external buffers, and renewed international confidence, including Nigeria’s removal from major global financial grey lists.

Beyond signalling reform credibility, Edun’s meetings in Davos will focus on deepening dialogue with global investors, development finance institutions, credit ratings agencies, and multinational companies. The aim is to address lingering concerns around policy consistency, foreign-exchange stability, inflation, and fiscal sustainability, while reinforcing Nigeria’s ambition to act as a reform anchor in Africa’s largest economy.

The government says this engagement builds on renewed investor interest, particularly from Europe and the UK, and Nigeria’s gradual reintegration into global financial markets after years of capital controls and policy uncertainty.

A central theme of Nigeria’s Davos strategy this year is shifting discussions from promotion to execution. Officials say Nigeria has opened multiple investment talks over the past two years across energy, infrastructure, manufacturing, agriculture, technology, and financial services. The focus in Davos will be on converting those discussions into firm commitments.

Rather than broad pitches, Edun is expected to push investors on what specific policy assurances, regulatory frameworks, or risk-mitigation tools are required to take projects to financial close. The approach reflects a broader attempt to unlock delayed capital and accelerate project execution in an environment where global funding has become more selective.

Nigeria’s message is shaped by wider global pressures. Trade rules are being rewritten, capital flows to developing economies have tightened sharply, and climate finance remains unevenly distributed. At the same time, rapid technological change is disrupting labour markets faster than new jobs are being created.

Against that backdrop, Nigeria is framing its reform agenda around domestic revenue mobilisation, private-sector-led growth and institutional credibility, with macroeconomic stability positioned as a prerequisite for inclusive development.

By Wasiu Alli, Business Day

US tech billionaire Joe Lonsdale invests $11.8m in Nigerian drone firm to tackle Africa’s insecurity

US tech billionaire and Palantir co-founder Joe Lonsdale has led a $11.8 million investment round in Nigerian drone manufacturer Terra Industries, signalling growing international interest in Africa’s defence technology sector.

The funding round, announced on Monday, January 12, 2026, was led by Lonsdale’s venture firm 8VC, with Alex Moore, a defence-focused partner at 8VC and Palantir non-executive director, joining Terra’s board last year.

Founded in 2024 by Nathan Nwachuku, 22, and Maxwell Maduka, 24, the Abuja-based startup designs and manufactures long and mid-range drones, autonomous sentry towers, and uncrewed ground vehicles.

Terra provides security solutions for infrastructure assets across Africa valued at approximately $11 billion, including hydropower facilities in Nigeria and gold and lithium mining operations in Ghana.

“Africa is industrialising faster than any other region, with new mines, refineries and power plants emerging every month,” said Nwachuku.

“But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism.”

The investment comes amid rising threats from extremist groups such as Islamic State and al-Qaeda, which are increasingly active across West Africa.

The Economic Community of West African States has declared a regional state of emergency in response to escalating insecurity.

Terra said the funds will be used to expand manufacturing capacity and accelerate its cross-border security and counter-terrorism operations.

The round also attracted global investors, including Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital, Silent Ventures LLC, Nova Global, and angel investors such as Meyer Malka, managing partner at Ribbit Capital, known for backing fintech firms like Revolut and Credit Karma.

Terra Industries emphasises homegrown innovation, with the majority of its engineering team based in Africa, designing, building, and producing all systems on the continent.

The move positions the company at the intersection of African technological ingenuity and the urgent security demands facing the region.

By Segun Adeyemi, Business Insider Africa

Nigeria's 'Special Economic Zones' earnings hit $500m

Nigeria’s Special Economic Zones generated more than $500 million in export revenues and created over 20,000 direct jobs last year, underlining their growing contribution to the government’s strategy to shift the economy away from oil and towards export-led growth, according to a new government review document.

The Federal Ministry of Industry, Trade, and Investment said the performance of the zones reflected broad reforms implemented in 2025 to deepen industrial capacity, expand exports, attract investment, and restore confidence among global investors.

The findings were outlined in a document titled 2025: A Defining Year for Nigeria’s Industry, Trade and Investment.

“Nigeria’s Special Economic Zones generated over $500m in export revenues and created more than 20,000 direct jobs, reinforcing their role as engines of export-led growth, industrialisation and employment generation,” the report said, noting coordinated work by the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority.

The figures arrive amid broader gains in Nigeria’s trade landscape, with non-oil exports rising by about 21 per cent to $12.8 billion in the first half of 2025, nearly double the government’s internal target of $6.5 billion for that period.

This growth helped produce a trade surplus worth roughly N12 trillion, driven by stronger export performance and improvements in trade facilitation and logistics.

According to the review, the rise in non-oil exports was supported by increased value addition in key agricultural and manufactured products.

Nigeria’s top export earners included cocoa and cocoa derivatives, sesame seeds, cashew nuts, shea butter, ginger, hibiscus flowers, rubber, processed palm oil, fertilisers, cement, and liquefied natural gas. Efforts to build exporter capacity were also highlighted.

Working with the Nigerian Export Promotion Council, the ministry said it trained more than 27,000 exporters, certified 200 micro, small, and medium enterprises for international markets, and supported over 3,000 farmers by distributing hybrid seedlings. One inclusive trade initiative, the Women Export Fund, attracted more than 67,000 applications and awarded grants to 146 women-led businesses.

On investment flows, the ministry pointed to a recovery in foreign interest in Nigeria’s economy, reporting that four priority projects worth a combined $13.7 billion had advanced from the memorandum of understanding stage towards implementation.

These commitments stemmed from a larger pipeline of deals originally valued at more than $50.8 billion.

The review credited structured engagement with investors and high-level trade missions for helping to reshape perceptions of Nigeria’s business environment and improve deal quality. It said these engagements laid the groundwork for stronger investment pipelines and positioned Nigeria as a credible destination for long-term capital.

Analysts say the performance of the special economic zones and the wider export boom are part of efforts to diversify the economy, reduce reliance on crude oil earnings, and build more resilient sources of foreign exchange.

Nigeria’s recent trade and export momentum is seen as a sign of gradual progress in structural economic reforms, even as challenges in infrastructure and competitiveness remain on policymakers’ agenda.

The government said it plans to build on the gains of 2025 by accelerating export execution and sustaining investment flows, aiming to create jobs and foster more inclusive growth in the coming years.

By Segun Adeyemi, Business Insider Africa

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Nigeria’s private sector shows strong growth at end of 2025

Nigeria’s private sector maintained solid growth momentum at the end of 2025, with the headline Purchasing Managers’ Index (PMI) posting 53.5 in December, slightly down from 53.6 in November.

The latest PMI reading marks the thirteenth consecutive month of business condition improvements, according to data from Stanbic IBTC Bank Nigeria PMI survey compiled by S&P Global.

Growth in December was driven by improved customer demand, which supported a marked increase in new orders. This was the fourteenth consecutive monthly rise in sales, only slightly weaker than November’s increase. Companies responded by expanding output sharply, with agriculture leading growth among the four broad sectors surveyed.

Businesses also increased their purchasing activity and inventory holdings due to stronger customer demand. Employment rose for the sixth consecutive month, though only marginally and at the slowest pace since June 2025.

Inflationary pressures picked up modestly in December but remained close to recent lows. Higher raw material prices led to a marked rise in purchase costs, while staff costs increased as firms paid employees for additional work. In response, companies raised their selling prices, with manufacturing registering the sharpest increase.


Business confidence improved significantly, jumping to a six-month high with nearly 59% of respondents predicting growth. This optimism was largely based on planned investments in business expansions and new branch openings.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, commented that while input prices increased sharply in December from November’s near five-year low, the inflation rate remained weaker than the 2025 average. He attributed the pickup in inflationary pressures to higher spending patterns during the festive period.

Oni projected Nigeria’s economy to grow by 3.8% in 2025 and 4.1% in 2026, with both manufacturing and services likely to see higher growth in 2025 compared to 2024 levels.

Investing.com

Dangote says that he wants every Nigerian to make money off him

 

In an interview with the press, Dangote gave an impassioned breakdown of the motives behind listing the $20 billion oil.

He noted that he intends to make every Nigerian a direct owner of the multi-billion-dollar facility.

According to Dangote, the listing is less about control and more about legacy, ensuring that ordinary Nigerians benefit from the refinery’s long-term success.

What Dangote said

“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he stated.

“Somebody asked me a question, is it 5 or 10 percent you want to sell, and I said that when we are going to sell the shares, we will not put a cap, if they happen to buy 55% and I own 45%, so be it,” he added.

When asked explicitly if the offer extended beyond Nigerians living in the country, Dangote simply said, "Yes."

Dangote described the refinery as a legacy project, emphasizing that widespread ownership will give Nigerians a direct stake in its success.

“The thing is about legacy, I want Nigerians to own this, and I want every single Nigerian, when the refinery does well, for them to always be able to rely on the profit of that refinery,” he said.

“The main point is for us to sell to every living Nigerian who has something, even if it's ten shares you buy or 20,” he continued.

Dangote provided another crucial assurance to potential investors by revealing that dividends will be paid in US dollars.

To him, this ensures that Nigerians in the diaspora also get a piece of the pie.

“We are going to make sure that we pay the dividend in dollars, because a major chunk of ourselves is in dollars.”

Dangote’s original plan to list the refinery

In July, Nigeria’s top billionaire announced during the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, which was co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, that he intends to sell shares of his 650,000 barrels per day refinery.

According to the billionaire businessman, plans are already underway to list the refinery on the stock exchange, allowing Nigerians, both people and institutions, to participate in and profit from the facility's potential long-term growth.

“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious,” Dangote said at the time.

“Africa should refine all the petroleum products it consumes right here on the soil of Africa.”

By Chinedu Okafor, Business Insider Africa

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Nigerian profitable food delivery Chowdeck lands $9M from Novastar, Y Combinator

Chowdeck, a Lagos-based food delivery startup that has stayed profitable in a notoriously tough and low-margin market, has raised $9 million in Series A funding to launch a quick commerce strategy and expand into more cities in Nigeria and Ghana.

The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ, and others. The investors are betting on the team’s ability to pair local market expertise with execution and turn a notoriously difficult sector into a profitable super app for food, groceries and essentials.

“We’re thrilled about this round as it brings us closer to our vision of becoming Africa’s number one super app,” CEO and co-founder Femi Aluko said. “This funding will supercharge our growth plans, enabling us to expand into more cities, reduce delivery times, scale our grocery footprint, and attract the best talent to drive innovation and customer satisfaction.”

Founded in October 2021 by Aluko, Olumide Ojo, and Lanre Yusuf, Chowdeck now operates in 11 cities across Nigeria and Ghana, serving 1.5 million customers with a network of more than 20,000 riders. Its logistics system averages 30 minutes per order, and in dense areas, more than half of deliveries arrive by bicycle.

While prominent players have exited or scaled back their African operations, Chowdeck has leaned into the complexity of local markets—delivering local meals, an operationally harder challenge—to build trust with customers.

In 2024, the value of meals delivered through Chowdeck grew more than sixfold from the previous year. This year, the company says it passed its 2024 total before July.

The new funding will help Chowdeck roll out quick commerce, ultra-fast delivery backed by a network of dark stores and hyperlocal logistics hubs. The company plans to open 40 dark stores by the end of this year and 500 by the end of 2026, with two to three new stores launching each week. Chowdeck raised a $2.5 million seed round last year.

Food delivery is a crowded business globally, but when done well, it has led to some other big companies like DoorDash.

Quick commerce, on the other hand, has been a capital-intensive gamble in most markets. In Europe, Gorillas and Getir burned through hundreds of millions of dollars before retreating or consolidating. In India, platforms like Blinkit, Zepto and Swiggy have had varying levels of success with the model when it comes to profitability.

Chowdeck has been profitable since before this raise and Aluko says the company doesn’t enter cities or verticals without planning to break even within a couple of weeks.

For instance, the food delivery platform entered neighbouring Ghana this May. Within three months, it was handling 1,000 daily orders without paid advertising, which, according to Aluko, came from pent-up demand for a service that delivers local favorites alongside international cuisines. The company aims to quintuple that volume to 5,000 daily orders by the end of September 2025.

Aluko says Chowdeck plans to apply the same playbook to dark stores, which will complement its restaurant and grocery delivery operations.

Another vertical complementing these operations will be software. This June, the YC-backed startup acquired Mira, a point-of-sale provider for African food and hospitality businesses. Mira’s tools manage inventory and orders in real time; now, it will help Chowdeck optimize its operations, positioning the company as a vertical SaaS-plus-logistics provider for restaurants.

Chowdeck’s raise is a win for local players in the sector, after Jumia’s exit left market share to foreign brands such as Glovo, Bolt Food, and Yango. Yet, some of these companies have also withdrawn from certain markets, including Nigeria and Ghana, which Chowdeck is now targeting aggressively.

Super apps such as Gozem, YC-backed Yassir, and MNT-Halan are other local companies offering food delivery services in other African markets.

“The market is still very early,” Aluko said. “Customer behavior is shifting online for the first time. A whole generation is growing up ordering food without ever having walked into some of the restaurants or markets on our platform.”

For lead investor Novastar Ventures, the bet is on execution and local insight. “Chowdeck is building the future of logistics for African cities,” said partner Brian Waswani Odhiambo. “With deep local insight, a sustainability-first approach, and impressive execution, it is redefining last-mile delivery on the continent.”

TechCrunch

Nigeria’s palm oil revival: Quiet success, deeper reform needed

In a country where policy reversals and implementation lapses often stifle industrial growth, Nigeria’s palm oil sector stands out as a case of quiet, compounding progress. Thanks to a mix of incentives under the Agricultural Transformation Agenda (ATA) initiated in 2011 and continued under successive administrations, the palm oil industry has seen a renaissance led by the private sector and midwifed by a relatively coherent industrial policy.

Yet, even as Nigeria’s palm oil imports from Malaysia and Indonesia dropped by over 25 percent in value in 2024, according to trade data, the road to self-sufficiency and global competitiveness remains long and fraught with structural, environmental, and institutional challenges.

The seeds of Nigeria’s palm oil revival were sown during Goodluck Jonathan’s presidency, under the stewardship of Akinwumi Adesina, then Minister of Agriculture and now President of the African Development Bank. The strategy was classic developmental economics: offer tax holidays, access to subsidised capital, protective tariffs, and land acquisition support to attract firms into backward integration, particularly into refining and plantation development.

This was not just industrial policy on paper. It attracted real capital. Firms like PZ Wilmar, Okomu, Presco, Dufil Prima Foods, and Agri Palm Limited collectively invested billions of naira into large-scale plantations across Cross River and Edo States. Some of these projects now span tens of thousands of hectares, producing palm oil for food, cosmetics, and increasingly, biofuels and aviation fuel.

According to the Food and Agriculture Organisation (FAO), Nigeria’s oil palm fruit production rose from 10 million metric tonnes in 2019 to 11.6 million in 2023, a 16 percent jump. Meanwhile, palm oil imports continue to decline, offering modest relief to the country’s volatile foreign exchange reserves.

For once, Nigeria appears to have gotten the basics of industrial policy right: pick a sector where the country has a latent comparative advantage, create the right incentives for capital inflows, and stick with the policy long enough for results to materialise. That alone is worth commending.

But celebration must not blind us to the deeper questions, many of which remain unresolved.

First, there are ecological and social concerns about the aggressive expansion of monoculture plantations. While state governments have helped investors secure land, there is little public scrutiny around issues of land tenure, displacement of rural communities, or biodiversity loss. As global investors tighten their ESG (environmental, social, and governance) criteria, Nigeria cannot afford to ignore these risks. The palm oil boom must not become another tale of growth at the expense of livelihoods or the environment.

Second, while demand from fast-moving consumer goods (FMCG) firms has driven domestic production, it is unclear how resilient this model is without continuous government support. Many of these investors enjoy import quotas, cheap financing via NIRSAL and the Commercial Agriculture Credit Scheme, and duty waivers on equipment. Should the fiscal space tighten further or these incentives be removed, will the sector remain viable or will investors pivot elsewhere?

Third, there is little evidence of value chain deepening beyond plantation and refining. Nigeria still lags in downstream applications, R&D, and global branding. The absence of significant investment in processing, packaging, or international marketing means the country is yet to tap the full economic value of its palm oil revival. Compare this to Malaysia or Indonesia, where palm oil is part of an integrated export-industrial complex with strong linkages to chemical, energy, and food sectors.

Finally, the regulatory environment remains underdeveloped. The absence of a robust monitoring framework for land use, sustainability compliance, and local content obligations could erode both investor confidence and social licence over time.

Despite these gaps, Nigeria’s palm oil story offers valuable lessons. It demonstrates that when incentives align with sector potential, the private sector can respond with capital and expertise. It also shows that some level of protectionism, when targeted, temporary, and transparent, can spur domestic capability in key sectors.

But the work is far from over. To turn this policy success into a lasting economic transformation, Nigeria must broaden its focus: from hectares to human capital, from plantations to processing, and from incentives to institutional resilience.

It must also navigate a shifting global landscape where sustainability is no longer optional. As the EU tightens rules on deforestation-linked imports and investors prioritise ESG metrics, Nigeria must show that its palm oil is not just locally sourced but also ethically produced.

Industrial policy is not just about growth; it is about balancing efficiency, equity, and ecology. Nigeria has taken a promising first step. But the real test will be whether the country can build an inclusive, export-oriented palm oil sector that can compete, not just survive, in a warming, more protectionist world.

Business Day

'Nigeria First' policy aims to prioritize homegrown goods and services

Supporters say the initiative represents a bold step toward economic self-reliance. The government states that the policy will be supported by an executive order to ensure the desired results.

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One of Nigeria’s richest men set to be buried in Saudi Arabia

 

One of Nigeria's wealthiest businessmen, Aminu Dantata, is set to be buried in Saudi Arabia later after he died on Saturday in the United Arab Emirates.

Business mogul Dantata, 94, an uncle of Africa's richest man Aliko Dangote, leaves three wives, 21 children and 121 grandchildren.

His body was transferred from Abu Dhabi where he died to Medina after Saudi authorities approved his burial in their country.

It was his wish to be buried in a city he adored and where Islam's prophet Muhammad lived and died.

Nigeria's President Bola Tinubu described Dantata's death as a "monumental national loss” in a statement.

He said Dantata had made "sterling contributions to Nigeria's growth and development" through decades of enterprise, service, and philanthropy.

He was known across Nigeria for his philanthropic activities. Last year, he donated 1.5 billion naira ($972,000; £710,000) to victims of the devastating floods in north-eastern Borno state.

His business interests cut across agriculture, real estate, construction and manufacturing.

He first made his name in agriculture, starting trading kola nuts and groundnuts in the 1940s.

He came from a business family - his father Alhassan Dantata was once considered to be the richest man in West Africa.

Despite his riches, Dantata lived in one of the poorest areas of the northern city of Kano, like his parents before him.

His influence was also felt in politics, with politicians eager to seek his blessings before elections.

A video of President Tinubu bowing to greet him before the 2023 elections went viral on social media.

A special prayer was held for him in Kano, where he lived all his life.

Two Nigerian governors and the defence minister have gone to Medina for his funeral.

Mansur Abubakar, BBC

Nigeria's Aliko Dangote 'comfortable' with impact of Trump tariffs on urea exports

LAGOS (Reuters) -Nigerian billionaire Aliko Dangote said on Thursday he was "comfortable" with the impact President Donald Trump's tariffs would have on his urea exports to the U.S. because major competitor Algeria had been slapped with a higher levy.

Trump imposed a 14% tariff on imports from Nigeria, Africa's largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days.

Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37% of its 3 million metric tonnes of urea production to the United States.

He said he was initially worried by Trump's tariff on Nigeria, which also exports crude to the U.S.

"But when I checked who we are really competing with, we are competing with Algeria. So luckily for us Algeria were slapped with 30%," said Dangote. "So it actually makes us a bit comfortable."

Dangote, who built Africa's largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25 billion projected in 2025.

Reuters

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Danone doubles down on Nigeria investment

French food giant Danone is doubling down on its plans to invest in Nigeria, even as other multinationals have pulled out of the continent’s largest consumer market in the last two years.

“We are convinced about the potential of Nigeria,” Christian Stammkoetter, Danone’s head of Asia, Middle East, and Africa, told Semafor on the sidelines of the Africa CEO Forum in Abidjan.

Procter & Gamble, GSK, and Unilever, are among the multinationals that have either severely cut back their presence in Nigeria or pulled out, typically citing currency devaluations and rampant inflation after President Bola Tinubu’s administration applied tough economic policies soon after coming to office nearly two years ago.

But Danone has long been operating in Nigeria, where it is best known for its Fan Milk brand, and recently invested in developing milk distribution capacity in the country’s north to help lower operational costs. Stammkoetter said the company will “continue doubling down through innovation and expansion of its routes to market.”

By Yinka Adegoke, Semafor

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Nigeria is under pressure to diversify its trade partners after the U.S. announced a potential 14 percent tariff on its exports. Manufacturers warn the move could drive up production costs, affecting both businesses and consumers. Economic experts are now urging the government to deepen partnerships with China and tap into the country’s vast untapped mineral reserves to boost export resilience.

CGTN

Video - Unilever Nigeria reports 65 percent surge in Q1 profit, driven by strong sales

Unilever Nigeria reported a Q1 profit of $6.7 million, a 65 percent increase. This surge was primarily driven by strong sales in its food products segment, followed by personal care and beauty, and wellbeing categories.

CGTN