Africa’s richest man, Alhaji Aliko Dangote, has linked the North’s slow economic growth and rising insecurity to decades of policy inconsistency and chronic electricity shortages.

Dangote spoke today during the Arewa Consultative Forum (ACF) 25th anniversary dinner in Kaduna State.

He told the ACF leaders that  many promising northern industries collapsed because government policies “kept shifting the goalpost,” eroding investor confidence.

He recalled that Arthur Andersen (now part of KPMG) was commissioned to study why northern textile magnates and other industrialists failed despite strong starts.

The findings, he said, pointed largely to unpredictable government policies and an unreliable power supply.

Dangote disclosed that his group connects to public electricity to public electricity only in South Africa and Ethiopia, because of Nigeria’s unstable grid.

“Without electricity, you cannot have growth, no matter how hard you try,” he warned.

He added that today’s insecurity — banditry, youth joblessness and economic displacement — is a direct consequence of long-standing neglect.

Dangote urged northern leaders to commit to a coherent, long-term economic roadmap anchored on education, industry and agriculture, aligning with the transformation agenda highlighted by the former Vice President Atiku Abubakar.

Atiku stressed that the ACF was conceived not only to foster political harmony, but to drive development in line with the vision of Sir Ahmadu Bello.

He cited the Sardauna’s 1961 priorities — education, agriculture and industrial growth — noting that they remain more urgent today than ever.

He outlined past initiatives such as the Northern Education Project, which exposed the region’s crumbling school system and triggered reforms that boosted enrolment and transition rates.

He also referenced the Northern Development Project, NDP, which sought to rebuild agricultural value chains and address climate-induced productivity challenges.

Yet, he lamented that key obstacles— from energy poverty to multiple taxation — still plague northern industries two decades on.

In a resounding vote of confidence from the investment community, Lagos State has concluded its bookbuild for a groundbreaking bond issuance, exceeding all expectations and demonstrating strong investor appetite.

The State’s offering, comprised of a ₦200 Billion Conventional Bond and a ₦14.8 Billion Green Bond, has been met with extraordinary enthusiasm, paving the way for crucial infrastructure projects across the bustling metropolis.

The conventional bond, originally slated for ₦200 billion, received an astounding 55% oversubscription, attracting a remarkable ₦310 billion in investment commitments.

This signifies the robust trust investors have in Lagos State’s economic prospects and its commitment to sustainable growth.

Adding to the success, the ₦14.8 billion Green Bond, designed to finance environmentally friendly projects, was met with an even greater level of enthusiasm.

It attracted a phenomenal ₦29.29 billion in subscriptions, representing a staggering 97.7% oversubscription.

This underscores the growing global interest in sustainable investments and Lagos State’s commitment to a greener future.

This historic achievement highlights Lagos State’s financial strength and its ability to attract significant investment to drive its ambitious development agenda.

The proceeds from these bonds will be instrumental in funding vital infrastructure projects, enhancing the quality of life for residents, and fostering economic prosperity across the state.

Dangote Petroleum Refinery has dismissed claims that the recent fall in petrol pump prices was triggered by the Federal Government’s suspension of a 15 per cent import tariff, insisting the adjustment was driven solely by its own downward review of Premium Motor Spirit prices.

In a statement on Monday, the company said downstream marketers reacted directly to its revised ex-depot prices, and that the tariff policy did not influence the decision.

“We lowered our PMS gantry price from N877 to N828 per litre, and our coastal price from N854 to N806. The downstream marketers adjusted their prices accordingly. This move was strictly market-driven and not connected to the tariff reversal,” the refinery stated.

Refinery Capacity & Strategic SignificanceSince starting production, Dangote Refinery has significantly reshaped Nigeria’s fuel market. With a nameplate capacity of 650,000 barrels per day (bpd), it has become a major force in reducing Nigeria’s dependence on imported petrol.

The refinery is in the process of upgrading: Dangote recently announced plans to raise capacity from 650,000 bpd to 700,000 bpd, and is also working on a longer‑term expansion to 1.4 million bpd. This expected scale-up would make it one of the largest single-site refineries globally.

Why the Price Cut MattersHistorically, petrol pricing in Nigeria has been highly exposed to global factors, international crude prices, freight costs, foreign-exchange swings, and import duties.

By cutting its own ex-depot price, Dangote is asserting more control over the domestic price structure, reducing volatility tied to imports.

“Dangote’s price cut is a landmark event. For the first time in decades, the pricing power in Nigeria’s fuel market is shifting from international dynamics to local production.

”A refinery executive (who requested not to be named) added that the November 6 adjustment is part of a longer-term plan to stabilise supply and build market trust: “We’re not just lowering prices.

We are building confidence in Nigeria’s refining capacity. Every adjustment is carefully made to balance sustainability for us and affordability for consumers.

”Market Impact: The price review immediately reset the industry pricing floor. Within 24 hours, several major marketers reduced their pump prices, a response that analysts describe as “pure market competition.

”Oil sector analyst Grace Onuoha said:

“Dangote effectively forced a realignment. Marketers naturally had to follow to stay competitive. This isn’t about policy shifts, it’s market dynamics.

”Countering the Tariff NarrativeDangote’s statement is a direct rebuttal to widespread speculation that the 15% import tariff reversal triggered the pump price drop.

The company insists its price cut came first and was the real catalyst. The temporary tariff waiver only applies to imported PMS, while Dangote’s product is refined locally.Boosting Fuel Security.

By leveraging its own refining capacity, Dangote says it is helping to shield Nigeria from global supply disruptions and foreign-exchange risks. The refinery frames its pricing policy as part of a broader strategy toward energy self-sufficiency.

“As more Nigeria households and businesses rely on locally refined fuel, the nation becomes less vulnerable to international shocks,” the company said in its statement.

Energy analyst Dr. Tunde Aluko agrees: “This is what Nigeria has needed for decades, a domestic refinery with real capacity and market influence. Dangote is filling that crucial role.”

What This Means for Consumers

Many industry observers view the November 6 price cut as a turning point.

For the first time, a local refiner, not global import dynamics, is visibly driving fuel prices in Nigeria.

Fuel station owner Uche Eze, who operates in Abuja, said, “This is a positive development. Local refining means more predictable prices, better supply, and a buffer against forex volatility.”