The Monetary Policy Committee of the Central Bank of Nigeria has retained the country’s interest rate at 27.50 per cent for the second time in 2025.

The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The Committee was unanimous in its agreement to hold all parameters,” he said.

This second pause in rates comes after six consecutive hikes recorded in 2024.

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Africa’s richest man and industrialist, Alhaji Aliko Dangote, said yesterday he wouldn’t have attempted his $20 billion refinery, if he knew the magnitude of the facility.

He also expressed commitment to empowering Nigerian engineers and building local capacity through large-scale industrial projects.

Dangote, who stated this while receiving a delegation from Lagos branch of the Nigerian Society of Engineers, NSE, at the Dangote Petroleum Refinery at Ibeju-Lekki, Lagos State, said the scale of the refinery was more than initial expectations.

He said: “Honestly, if we had fully understood the magnitude and challenges involved, we may not have even attempted it, but it is because we didn’t know what we were into initially and the courage, or maybe, naivety that got us this far.”

He noted that the refinery was designed to handle massive volumes, with up to 600 product vessels and about 240 crude oil tankers expected annually.

Dangote noted that challenges faced during the construction included working on swampy terrain, extensive land clearing, and dredging 65 million cubic metres of sand from 20 kilometres offshore, adding that all were in an effort to protect local fishing communities.

“We had to uproot thousands of trees manually. Sand-filling alone took 18 months but we made a deliberate decision to preserve the livelihoods of those living nearby, especially fishermen,” he said.

The Chairman, NSE Lagos branch, Mrs Olukorede Kesha, described the refinery as an engineering breakthrough for Africa.

She commended Dangote’s initiative, saying the refinery was the first in Africa.

“The NSE exists to ensure continuous professional development, and this visit is part of that goal.“We have heard so much about the refinery but seeing it ourselves has been extraordinary,’’ Kesha said

The Chinese Ambassador to Nigeria, Yu Dunhai, has reaffirmed China’s commitment to deepening bilateral cooperation with Nigeria, particularly in the solid minerals sector, through the establishment of electric vehicle (EV) factories and increased industrial collaboration.

Ambassador Dunhai disclosed this yesterday during a courtesy visit to the Minister of Solid Minerals Development, Dele Alake.

Ambassador Dunhai emphasised the strategic importance of Nigeria in China’s foreign policy.

“Nigeria is a great country blessed with tremendous natural resources. Chinese companies are already deeply involved in Nigeria’s mining sector, from exploration to processing.

“We aim to deepen this collaboration, especially in line with President Tinubu’s eight priority areas, notably economic diversification through solid minerals,” he said.

Ambassador Dunhai recalled the recent high-level engagement between President Bola Tinubu and President Xi Jinping during the Nigerian leader’s state visit to China.

In response, Alake acknowledged China’s longstanding support for Nigeria’s economic development, noting that most Chinese companies comply with legal and regulatory frameworks.

However, he expressed concern over the activities of a few operators tarnishing China’s image, referencing a recent viral video involving a Chinese national allegedly bribing local security officials.

“We’ve taken action against illegal operators, including some Chinese nationals. While isolated, such incidents undermine the good work of many compliant Chinese firms. We need your cooperation in ensuring that such culprits are brought to justice,” the minister stated.