Business
Cement: Minister of Works Plans To Speak With Manufacturers To Reduce Costs

Minister of Works, Senator David Umahi, is planning to dialogue with cement manufacturers over reducing the prices of their products.
A bag of cement is currently being sold for N5, 000 ; it rose from N4,000 last year.
He spoke while featuring on Sunrise Daily, a channel television programme.
The minister said contractors have complained over the high cost of cement in the country and made claims that importing the product would be cheaper.
His words: “I’m going to be running figures with them (cement manufacturers) to check the cost of cement if we import it and the cost they are giving us here.
“A lot of contractors have complained that it is cheaper to import, but we are not allowed to import cement because we have to help the cement industries, but they also have to be reasonable with us if we are going to be patronising them.
“There is a need to use concrete technology. It’s going to make our roads last for a minimum of 50 years.”
Umahi also said the administration of President Bola Tinubu is ready to provide funds for the construction of quality roads in the country.
“We are looking at all these things. How do we cut down costs? Because the primary issue is also the cost of construction.
“We are looking at the figures but it looks like a lot of contractors are not willing, but I will make them to make the change – we are all engineers.
“I am telling them your profit, I will protect whatever thing you want to make but, let’s help Nigeria, let’s build a road that will last and the funny thing is that the government – the President will give out the money.”
Business
Abuja surpasses Lagos in FDI destination- NBS
Following Lagos were Ogun State with $7.95 million, Oyo with $7.81 million, and Kaduna with $4.06 million.Overall, Nigeria recorded a total capital importation of $5.64 billion in Q1 2025 — a 67.12 percent increase from the $3.37 billion reported in Q1 2024.

Abuja has overtaken Lagos as Nigeria’s top destination for foreign capital inflow, according to the Q1 2025 Capital Importation report released by the National Bureau of Statistics (NBS).
The report revealed that the Federal Capital Territory (FCT) attracted $3.04 billion in capital importation during the first quarter of 2025, surpassing Lagos, which drew $2.54 billion in the same period.
This marks the first time Lagos has lost its long-standing position as the country’s number one hub for foreign investment.
Following Lagos were Ogun State with $7.95 million, Oyo with $7.81 million, and Kaduna with $4.06 million.Overall, Nigeria recorded a total capital importation of $5.64 billion in Q1 2025 — a 67.12 percent increase from the $3.37 billion reported in Q1 2024.
Compared to Q4 2024, which recorded $5.08 billion, capital inflow rose by 10.86 percent.
In the NBS report, Portfolio Investment accounted for the largest share at $5.20 billion (92.25 percent), followed by Other Investments at $311.17 million (5.52 percent).
Foreign Direct Investment (FDI) was the lowest contributor with $126.29 million (2.24 percent).
Business
Afreximbank Strengthens Dangote Refinery with US$1.35 Billion Loan
“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa, ” said Aliko Dangote.

• Aliko Dangote and Benedict Oramah
African Export-Import Bank (Afreximbank) has contributed US$1.35 billion of the US$4 billion syndicated financing arrangement for Dangote Industries Limited (DIL) to refinance the Dangote Petroleum Refinery and Petrochemicals Complex.
Commenting on the development, Professor Benedict Oramah, President & Chairman of Board of Directors at Afreximbank, said:“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within.
“It is only when African institutions lead the way that others can follow.
The journey to utilise African resources for its own economic transformation is well underway.
Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”
Aliko Dangote, President/Chief Executive, Dangote Industries Limited, added:“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within.
“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa, ” said Aliko Dangote.
Afreximbank acted as the Mandated Lead Arranger, for the syndication.
This financing— one of the largest syndicated loans in recent African financial markets—will refinance capital expended on constructing
The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.
Afreximbank contributed US$1.35 billion, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialization, energy security, and intra-African trade.
Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions—for crude supply and product offtake—ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention.
Business
Marketers, Retailers fight dirty as Fuel price nears N1,000 per litre in Nigeria

Petroleum product marketers and retailers are trading blame as the premium motor spirit pump price nears N1,000 per litre in Nigeria.
On Monday, it was reported that the Nigerian National Petroleum Company Limited retail outlets across the country increased fuel prices.
In Abuja, Nasarawa, and Kogi states, the NNPCL petrol pump price jumped by N65 per litre to N955 per litre on Monday from N890 dispensed at the weekend.
IPMAN, PETROAN give reasons for fuel price increase:
The latest fuel price hike in Nigeria has been blamed on several reasons, including the fall in global crude oil price, the exchange rate, the Dangote Refinery, and the Depot Owners petrol ex-depot price increase.
While the Independent Petroleum Marketers of Nigeria blamed the exchange rate for the latest fuel price hike, the Petroleum Products Retail Outlets Owners Association of Nigeria blamed Dangote Refinery’s pricing system.
The spokesman of IPMAN and the National President of PETROAN, Chinedu Ukadike and Billy Gillis-Harry, respectively, made these perspectives known in separate interviews on Monday.
Ukadike partly attributed the recent fuel price hike to forces of demand and supply in a deregulated downstream oil industry.
He noted that the latest price adjustment is not unconnected to price reviews at petrol depots and the Dangote Refinery.
“Fuel prices went up due to forces of demand and supply.
Supplying Depots and Dangote Refinery have increased their ex-depot petrol prices.
“The cost of the Dollar is the reason for the price hike for depot owners.
“For Dangote Refinery, I can’t say categorically, but it may not be unconnected to the price of crude oil; you know the plant imports the bulk of its crude oil.
“As of Friday, Dangote Refinery is N858 per litre, NIPCO (N870), Aiteo (855), and Ranoil (N865),” he said.
On his part, Gillis-Harry blamed the Dangote Refinery pricing mechanism for the latest fuel price hike.
“We should be looking at proper fuel pricing because what the Dangote Refinery is doing is not proper pricing,” he said.
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