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New CBN Governor Working on Naira Stability, Inflation Mgt

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The acting governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has given an insight into how he and his team  will address both the devaluation of the Naira and the rising inflationary trend.

Cardoso disclosed this while fielding questions from senators during his screening as the CBN governor and the deputy governor nominees on the floor of the National Assembly on Tuesday.

Cardoso said that he will use what he called short term and long term measures to address the challenges .
“On the issue of foreign exchange which everybody has been talking about is very worrisome. It goes without saying that for the sort of country we want we need to have an exchange rate that is very stable. For a country that we all dream of we need to have an exchange rate that is stable.

“The major short term measure has to do with balance of payments over a period of time like the sort of things that are being done already with respect to ensuring that you are getting more Petroleum Resources and diversifying the economic base of the country. That I believe will continue by the present administration and of course it will take time I think we should take that as a medium.

“The more immediate is what you need to look at: Number one, is what I call operational issue.

“We are aware that there are unsettled obligations by the CBN. Whether it is N$4b, N$5b or N$7b, I don’t know but definitely the immediate priority is to ascertain the extent.

“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.”

Cardoso further explained his second point, saying, “Second, we have to be transparent so that any of the players in that market will understand. We have to come up with rules that are transparent that any of the players in that business understands

“You cannot reasonably expect serious foreign investors, portfolio investors Foreign Direct Investment, that is why we were talking about short term we are not going to expect that players players who will have direct impact on your market will not do so if we do not have an open, transparent system that everybody understands, that can be relied on.

“Those two immediate steps will go a long way to ease up the restrictions and encourage investors to come with their money.
The short term measures is something that my team will address. The impact will help us with greater liquidity.

“In setting up those guidelines, one will also have to carry stakeholders along.

“These are two immediate steps that will go a long way to ease up the restrictions and encourage investors to come with their money. The short term measures is something that my team will address. The impact will help us with greater liquidity.

“On the issue of inflation , again there are longer term measures there are shorter term measures and I believe that some of those measures are being taken already.

“We will be looking at evidenced based monetary policies. We must do something about our data capacity to take critical decisions, based on data.”

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Dangote Foundation Takes Over Aliko Dangote Skills Acquisition Centre Kano

Under the agreement, the Foundation will manage the multi-million naira facility for a number of years and operate programmes aimed at equipping young people with technical, digital and industrial skills.

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The Aliko Dangote Foundation has taken over the management of the Aliko Dangote Skills Acquisition Centre in Kano state.

The Memorandum of Understanding was signed between the Foundation and the Kano State Government, on Friday.

Under the agreement, the Foundation will manage the multi-million naira facility for a number of years and operate programmes aimed at equipping young people with technical, digital and industrial skills.

Chairman of the Manufacturers Association of Nigeria (MAN), Kano-Jigawa Branch, Muhammad Bello Isyaku Umar, described the intervention as “far-reaching and impactful,” saying skills acquisition remained one of the most effective ways of addressing youth unemployment in Nigeria..

“Programmes such as the Aliko Dangote Skill Acquisition Centre can equip young people with practical skills that enable them to become entrepreneurs, artisans or employees. The emphasis should increasingly be on modern technical, digital and industrial skills,” Umar said.

He described Kano as the economic and commercial hub of northern Nigeria and said the Foundation’s interventions across the region had extended to several sectors.

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Okin Biscuits Set For Comeback After 17 Years, Targets Revival Of Jobs, Local Manufacturing

Founded in the 1980s by the late Chief Emmanuel Olatunji Adesoye, an illustrious son of Offa, Okin Biscuits grew into a household name with products including Okin Coasters, Shortcake and Okin Cabin Biscuits.

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By Ochefa

After 17 years off the shelves, Okin Biscuits, one of Nigeria’s once-popular indigenous biscuit brands, is set to return to production as efforts intensify to revive the Ijagbo, Kwara State-based factory.

The planned comeback marks a significant attempt to restore one of the country’s old manufacturing brands while potentially reopening a major source of employment and economic activity in the community.

Founded in the 1980s by the late Chief Emmanuel Olatunji Adesoye, an illustrious son of Offa, Okin Biscuits grew into a household name with products including Okin Coasters, Shortcake and Okin Cabin Biscuits.

At its peak, the company provided direct and indirect employment to more than 2,000 people before production was eventually halted in 2009.

The shutdown reflected some of the structural problems that have continued to undermine Nigeria’s manufacturing sector, including harsh operating conditions, intense competition, inadequate infrastructure, vandalism and the theft of critical production equipment.

With the factory no longer producing, its products gradually disappeared from retail outlets and homes in Kwara, Lagos and other parts of the country.

Factory Undergoing Major Rehabilitation

However, the industrial facility is now showing signs of renewed activity.

A visit to the factory in Ijagbo showed that extensive rehabilitation work is underway across the complex.

The main factory building, which houses the production machinery, as well as the administrative block and other facilities, are undergoing comprehensive renovation.

The premises have already assumed a significantly different appearance, suggesting that the revival project has moved beyond plans and into physical reconstruction.

The management recently announced through its official Facebook page that production machinery was being test-run.

It said biscuits rolled off one of the rehabilitated production lines on August 25, 2026, marking the first production from the factory in 17 years.

The development is significant not merely as the return of a nostalgic consumer brand, but as an example of how the rehabilitation of abandoned industrial assets could contribute to renewed domestic production and employment.

For Nigeria, where manufacturers continue to contend with high energy and logistics costs, infrastructure constraints, foreign exchange pressures and strong competition from imported products, the reopening of an existing manufacturing facility could offer a potentially faster route to industrial capacity expansion than building an entirely new factory.

Community Backs Revival

…biscuits rolled off one of the rehabilitated production lines on August 25, 2026, marking the first production from the factory in 17 years.

The planned resuscitation has also attracted strong support from the Offa community.

The Aare Bobaselu of Offa, Chief Abdulatif Adekunle Ajeigbe, described the development as “heartwarming,” linking it to the broader Offa Mega City project championed by the Olora of Offa, Oba Muftau Mohammed Gbadamisi, Esuwoye II.

According to him, members of the community had made several efforts to revive the moribund factory, including exploring the possibility of group financing.

“We did our best to see that the factory came back to life, but it was the children of the late Asiwaju of Offa and the founder of the factory, Chief Emmanuel Olatunji Adesoye, who insisted on carrying on their father’s legacy through the factory,” he said.

Ajeigbe commended the founder’s children for their determination to preserve the family’s industrial legacy and bring the factory back into operation.

More Than A Brand Revival

The return of Okin Biscuits also highlights the wider economic value embedded in Nigeria’s abandoned industrial assets.

The company’s earlier success created employment not only within the factory but across its supply and distribution networks, including raw-material suppliers, transporters, distributors, retailers and other service providers.

A successful reopening could therefore have an economic impact extending beyond the factory gates, particularly if production eventually returns to significant capacity.

The bigger test, however, will be whether the revived company can operate sustainably in an increasingly competitive Nigerian consumer market.

The new investors will have to contend with production costs, energy supply, distribution challenges, consumer purchasing power and competition from both established domestic manufacturers and imported brands.

For Okin, the challenge is therefore not simply to restart the machines, but to build a commercially viable manufacturing operation capable of sustaining production, protecting jobs and reclaiming market share.

If successful, the return of Okin Biscuits could become more than a nostalgic homecoming for Nigerian consumers.

It could provide a practical demonstration that some of the country’s dormant industrial assets can be rehabilitated, modernised and returned to productive use.

After 17 years of silence, the sound of Okin’s production lines running again may therefore signal the beginning of a new chapter for one of Nigeria’s forgotten manufacturing brands.

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Dangote to launch Refinery’s IPO September 14 or 16

Dangote disclosed this on Thursday while speaking to investors and analysts in Botswana.

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Aliko Dangote, chief executive officer (CEO) of the Dangote Group, says the initial public offering (IPO) of Dangote refinery will open in the next 10 to 12 days.

Dangote disclosed this on Thursday while speaking to investors and analysts in Botswana.

The refinery had announced plans to launch a Pan-African IPO, offering at least 10 percent of its refining business to fund a $40 billion expansion objective.

On August 18, the refinery said it had completed a $1 billion underwriting programme ahead of the planned IPO.

Speaking during his visit to the southern African country, Dangote said his ambition was to double the refinery’s capacity.“So our dream is that we want to make sure we double the capacity of the refinery… which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” he said.

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