Nigeria opens negotiation for $5.7bn Chinese investment across power and mining

 

Nigeria is stepping up efforts to secure up to $5.7bn in Chinese investment to strengthen its power, mining, and manufacturing sectors, according to the Ministry of Finance.

Finance Minister Wale Edun held talks in Abuja with a high-level delegation from GCL Group, led by former Abia State governor Orji Uzor Kalu, as the government seeks fresh foreign direct investment to support economic reforms.

Officials said the proposed $5.7bn package would target large-scale energy generation, local mineral processing, and new industrial facilities designed to expand employment and export capacity.

“The proposals include large-scale energy generation, local mineral processing and new factories aimed at boosting jobs, exports and value addition,” the ministry said in a statement.

The discussions form part of a broader strategy by the administration of President Bola Ahmed Tinubu to rebuild productive capacity and shift Africa’s largest economy away from dependence on raw commodity exports.

According to the ministry, the engagement reflects “rising investor confidence” in Nigeria’s reform trajectory, particularly policies aimed at improving energy security, deepening industrial output, and sustaining long-term growth.

While detailed project timelines were not disclosed, the government framed the talks as consistent with its push to attract targeted capital into sectors with strong multiplier effects.

For global investors, the potential deal signals Beijing’s continued commercial interest in Nigeria’s industrial expansion, even as Abuja works to reposition itself as a manufacturing and processing hub within Africa’s rapidly evolving economic landscape.

By Segun Adeyemi, Business Insider Africa

Relates story: US Bill targets illegal Chinese mining in Nigeria

Medical negligence claims spark countrywide debate over hospital safety in Nigeria

A growing number of heartbreaking cases is forcing Nigerians to confront a troubling question — how safe are their hospitals? From reports of surgical gauze allegedly left inside a gunshot survivor to claims of a toddler disappearing after a routine procedure, families across the country are speaking out about suspected medical errors and negligence that have changed their lives forever. Legal experts say proving liability remains complex, leaving many patients feeling powerless.

CGTN Africa

Attackers kill at least 50, abduct women and children in Nigeria’s Zamfara state

At least 50 people were killed and several women and children abducted after armed men attacked a village in Nigeria’s northwestern Zamfara state, a state lawmaker told Reuters last weekend.

Hamisu A. Faru, lawmaker representing Bukkuyum south, said the attackers raided Tungan Dutse village from around 5 p.m. on Thursday until about 3:30 a.m. on Friday, burning down buildings and shooting residents who tried to flee.

“They have been moving from one village to another … leaving at least 50 people dead,” Faru told Reuters by phone.

He said the number of abducted victims was yet to be determined. Traditional leaders and local government officials were still accounting for the missing.

A Zamfara state police spokesperson did not respond to calls seeking comment.

Abdullahi Sani, 41, a resident of Tungan Dutse, said three family members were killed in the attack.

“No one slept yesterday, we are all in pain,” he said.

A day earlier, residents contacted security forces and local authority when they saw more than 150 motorcycles carrying armed men. But the warning was ignored, Sani said.

Insecurity is a pressing concern in Nigeria and the government is under mounting pressure to restore stability.

There has been a surge in attacks blamed on “bandits”, who have carried out deadly assaults, abductions for ransom, and displaced communities across northern Nigeria.

Reuters

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

Nigeria defeats European tech giant in $6.2m suit

Nigeria has secured a significant international legal victory after an arbitration tribunal dismissed a $6.2 million claim brought by European Dynamics UK Ltd. over a stalled federal digital procurement project.

The dispute, filed against Nigeria’s Bureau of Public Procurement, stemmed from disagreements over the national electronic Government Procurement (e-GP) system. The project, backed by the World Bank, was designed to improve transparency and efficiency in federal procurement.

In a statement, Kamarudeen Ogundele, special assistant to the President in the Office of the Attorney General of the Federation and Minister of Justice, said the tribunal issued a final ruling that is not appealable. The decision clears Nigeria of potential financial exposure of about $6.2 million, roughly N9.3 billion.

European Dynamics had sought about $2.4 million for alleged milestone completions, $3 million in general damages, and a further $800,000 in settlement-related claims. However, the tribunal sided fully with Nigeria’s defence.

Nigeria argued that software customisation contracts are performance-driven and only deemed delivered after a successful User Acceptance Test confirms compliance with technical specifications and statutory workflows. The tribunal agreed, ruling that the identified deficiencies were the contractor’s responsibility to correct at no extra cost.

The sole arbitrator, Funmi Roberts, consequently dismissed all claims in their entirety.

Nigeria’s legal team was led by Johnson & Wilner LLP, with founding partner Basil Udotai serving as the lead on the arbitration.

Attorney General Lateef Fagbemi praised the Bureau’s leadership and the legal team, describing the outcome as a strong signal that Nigeria “can no longer be taken for granted.”

The case was inherited by BPP Director General Adebowale Adedokun upon assuming office.

For Nigeria, the ruling not only averts a multimillion-dollar payout but also reinforces the government’s position on performance accountability in major digital infrastructure contracts, an area closely watched by investors and development partners across Africa.

By Segun Adeyemi, Business Insider Africa