Business
NESG says FG Must Support Domestic Industries Like Dangote to Achieve $1 Trillion Economy Goal
It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens

▪︎ Board members, Nigerian Economic Summit Group (NESG), Mr Lanre Akinbo; Mr. Udeme Ufot; Chairman, NESG, Mr Niyi Yusuf; President/CE, Dangote Group, Aliko Dangote; Vice President (Oil & Gas), Dangote Group, Mr Devakumar Edwin; Board Members, NESG, Mr Philip Mshelbila; Mrs Wonu Adetayo; Mr Frank Aigbogun and CEO NESG, Dr. Tayo Aduloju, during the visit of NESG delegation to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilisers in Ibeju Lekki, Lagos.
The Nigerian Economic Summit Group (NESG) has appealed to the Federal Government to support the survival of domestic industries if the economy will achieve the $1 trillion economy goal by 2030.
The NESG Chairman, Mr. Niyi Yusuf, made the call during a visit by the NESG team to both Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals at Ibeju Lekki, Lagos.
Yusuf said: ” Nigeria needs more investments of this caliber to reach its $1 trillion economy goal. To achieve a $1 trillion economy, much of that must come from domestic investments.
I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country.
This refinery, fertilizer plant, petrochemical complex, and supporting infrastructure are monumental,” he said. “My hope is that God grants you the strength, courage, and health to realize your ambitions and that in your lifetime, a new Nigeria will emerge,”
Yusuf emphasized that such local industries are essential to Nigeria’s industrialization and will help foster the growth of Small and Medium Enterprises (SMEs).
He added that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity.
He lamented that Nigeria has become a dumping ground for foreign products and stressed that the country must support its entrepreneurs to become a global player.
“It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens.”
Yusuf also praised Dangote’s bold vision for making Nigeria self-sufficient in several key sectors.
“The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible.
You’ve transformed Nigeria from a net importer of petroleum products to a net exporter,” he said.
“We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change.”
Dangote stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency.
Yusuf, alongside NESG board members and stakeholders, toured the refinery and fertilizer plants, lauding the level of investment, technology, and sophistication of young Nigerian engineers running world-class laboratories and central control units.
He acknowledged Dangote’s perseverance and success in overcoming numerous challenges.
In response, the President of Dangote Group, Aliko Dangote, reiterated the importance of the private sector in national development, asserting that Nigeria’s challenges could largely be overcome by providing gainful employment to its people.
Dangote stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency.
Dangote also cited the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.
“The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he remarked.
He further emphasized that the government stands to gain substantially when the private sector flourishes, noting that 52 kobo (52%) of every naira Dangote Cement generates goes to the government. Dangote also pointed out the significant challenges involved, in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure.
He stressed that investors are often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government.
Business
House Public Accounts Committee Recovers Additional $14 Million from Oil Companies

The House of Representatives Public Accounts Committee (PAC) said on Saturday that it has successfully recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.
This latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).
In a statement by Akin Rotimi Jr, House Spokesperson, the breakdown of the latest recoveries is as follows:
✓ Platform Petroleum Ltd: $1.9 million (N2.9 billion)
✓Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion)
✓Universal Energy: $523,845 (N785.7 million)
✓Aradel Energy Ltd: $10.3 million (N15.5 billion)
Speaking on the recoveries, the Chairman of the Committee, Rep. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., GCON.
He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.
“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance.
The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.
This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Rep. Salam stated.
In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion).
Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.
The companies and their required payments are as follows:
- Total Energies: $2 million within 7 days
- Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days
- Aradel Energy Ltd: $12.1 million within 7 days
- Network Exploration: $3.1 million within 7 days
Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight. - The Committee also expressed concern over several companies that have disregarded invitations to appear before it.
- The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability:
- Frontier Oil and Gas
- Conoil Producing
- Walter Smith Petrochemical
- Bilton
- Energia Ltd
- Aiteo Petroleum Ltd
- Pillar Oil Lt
- Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on April 16, 2025, to finalise the matter.
- The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector.
- Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
- “The era of impunity and financial recklessness in the oil and gas sector is coming to an end.
- We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Rep. Salam reaffirmed.
Business
Dangote, Adenuga, Rabiu, Otedola remain on forbes Africa’s billionaires List

Nigeria’s wealthiest businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have emerged as the only Nigerians on the 2025 ‘Africa’s Billionaires List’ compiled by Forbes, which was released on Saturday.
Once again, Dangote topped the list for the 14th consecutive year, with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago.
The significant jump in his fortune was primarily due to Forbes factoring in the value of his refinery.
The Dangote Group operates in diverse sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and projects in oil & gas and fertiliser.
On the other hand, Adenuga, who ranked fifth on the list, had $6.8 billion in his portfolio during the period under review, while Rabiu was worth $5.1 billion.
Adenuga runs the Pan-African telecommunications company, Globacom, while Rabiu owns the BUA Group, with interests in cement, sugar, oil, and other sectors.
Nigerian business mogul and philanthropist Otedola emerged as the 16th richest person in Africa on the Forbes list, with his wealth surging by over 30 per cent in the last year.
In the newly released list, Forbes stated that Otedola’s wealth reached $1.5 billion during the period, making him one of the fastest-growing billionaires, second only to Johann Rupert of South Africa, whose fortune grew by 39 per cent.
A prominent Nigerian businessman, Otedola has established and led several companies across various sectors, with many notable enterprises associated with his name.
Checks revealed that some of these include Geregu Power Plc, the first electricity-generating company in Nigeria to be listed on the Nigerian Exchange in October 2022, where he serves as Chairman.
Additionally, he is the Chairman of First Holdco Plc, formerly FBN Holdings Plc, a financial holding company that serves as the parent company for a diversified group of financial services businesses, including commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage, operating across Africa.
A dedicated philanthropist, Otedola has been a significant supporter of Save the Children, donating billions of naira and earning a Vice President role in recognition of his efforts to improve the lives of children in Nigeria.
Save the Children is an organisation that works to support vulnerable children worldwide.
“Another billionaire whose fortune grew by more than 30 per cent was Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc.
Shares of Geregu surged by approximately 40 per cent in the past year following a rise in revenue and profits,” the Forbes report stated.
The Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there.
Net worths were calculated using stock prices and currency exchange rates as of the close of business on 7 March 2025.
Forbes noted that net worth changes were measured from its 2024 African billionaires list, published in January 2024. To value privately held businesses, Forbes starts with estimates of revenues or profits and applies prevailing price-to-sales or price-to-earnings ratios for comparable public companies.
Similarly, the report highlighted that the cumulative wealth of Africa’s billionaires surpassed $100 billion for the first time, as the continent’s 22 billionaires saw their combined fortunes rise to $105 billion, up from $82.4 billion and 20 billionaires last year.
South Africa had the highest number of billionaires this year, with seven, followed by Nigeria and Egypt, with four billionaires each.
Business
Reps pass bill to give foreign investors Nigerian citizenship
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.
In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
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