Business
FG Wants 60% of Manufacturing Companies Back to National Grid – Adelabu
Adelabu anticipated that of the $32.8 billion funding, $17 billion is expected from the public sector, while about $15.8 billion will be contributed by the private sector.

The federal government is making frantic efforts to ensure the return of over 60 percent of manufacturing firms, which had exited the national grid.
The Minister of Power, Chief Adebayo Adelabu, disclosed yesterday, during the release of a National Integrated Electricity Policy (NIEP) to drive the transformation of Nigeria’s power industry.
At the event, Adelabu estimated that an investment of $32.8 billion is needed in the power sector between now and 2030 to enable the country to achieve universal electricity access.
Adelabu anticipated that of the $32.8 billion funding, $17 billion is expected from the public sector, while about $15.8 billion will be contributed by the private sector.
Adelabu emphasized that bringing back the exited manufacturing companies on the national grid is the only way the government can drive the kind of economic growth and national development that we had in mind at the beginning of this process.
“Today, more than 60 percent of our manufacturing industry is completely off-grid.
“They engage in self-generation, not because they are in rural areas or they are in semi-urban areas, they are in locations where there is access to electricity. But how reliable is this access? We all know that there are a lot of sensitive manufacturing processes that cannot tolerate a one-minute dip in the electricity supply.
“Instead of taking such a risk by connecting to a grid that is not reliable, these industries would rather go for self-generation. I will note the impact of this. It is not cheap.
It is very expensive.“Therefore, our products or commodities being turned out from these factories can never be competitive.
The only way we can allow this to contribute to economic growth, industrialization, and national development is to ensure that there is reliability in grid supply, so that all these companies that are currently off-grid can go back to the grid, and this will reduce their cost of production, it will reduce inflation, and our locally manufactured goods can now compete with imported goods.”
Describing power supply as a strategic driver sector for other critical sectors in the economy, the minister stated that President Bola Tinubu recognized that energy was not merely a commodity but the backbone of economic growth, job creation, industrialization, and national development.
He stressed that the new policy document had been submitted for the approval of the Federal Executive Council (FEC), explaining that by Monday next week, the document will be approved.
Describing power supply as strategic driver sector for other critical sectors in the economy, the minister stated that President Bola Tinubu recognised that energy was not merely a commodity, but the backbone of economic growth, job creation, industrialisation, and national development.
He stressed that the new policy document had been submitted for the approval of the Federal Executive Council (FEC), explaining that by Monday next week, the document will be approved.
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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Marketers, Retailers fight dirty as Fuel price nears N1,000 per litre in Nigeria