Business
Renewed Hope Agenda Yielding Promising Results Across Multiple Sectors – VP Shettima
We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.
The Vice President, Senator Kashim Shettima, has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future.
He said that the strategic policy interventions of the administration of President Bola Ahmed Tinubu are already yielding positive results, with more optimistic projections for 2025.
Senator Shettima disclosed this on Friday during a one-day technical workshop on the Year 2024 Economic Review at the Presidential Villa, Abuja.
The Vice President who was represented at the event by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, said the report is “a pragmatic synopsis of President Bola Ahmed Tinubu’s bold and impactful strides under the canopy of the Renewed Hope Agenda.
“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.
Every data point and every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth.
We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian,” he added.
Earlier, Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the Ministry would drive Nigeria’s economic growth with the abundant gas deposits in the country.
“We have 209 trillion cubic feet of gas. Today, if Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent,” he stated.
The Minister urged Nigerians to key into the CNG initiative of the President, noting that this is cleaner, safer and environment-friendly, pointing out that though the kits may be expensive, there are incentives provided to make it affordable.
In her remarks, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted that Nigeria has an untapped creative industry potential.
Musawa said her ministry is the first of its kind to focus on transforming creative content into economic opportunity, even as she stressed while Nigeria boasts of unique cultural talents, the creative industry represents a critical pathway for economic diversification beyond petroleum.
Also, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reform proposals are aimed at transforming Nigeria’s economic landscape.
Oyedele emphasized that these reforms are not just a technical exercise but a commitment to equity, efficiency, and economic transformation.
He acknowledged concerns raised by stakeholders, assuring that ongoing engagement will address potential challenges.
During a panel discussion, Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a critical year of economic reforms.
“Reforms are never easy. It’s like the process of planting and waiting for them to grow and for harvest,” Fasua said, explaining that these interventions have been sweeping, including the “removal of fuel subsidies, CBN ways and means, unification of foreign exchange markets, and critical tax reforms.
“The economic indicators are promising, with Nigeria’s GDP growing 3.46% year-on-year in the third quarter of 2024 – the fastest growth since late 2023. Going forward, we are going to be seeing leaps in growth and the worst is over for the economy. We’re looking at a higher growth rate, more stable naira, and lowered inflation,” he added.
In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said, “I’ve never been more optimistic about the power sector because the foundations of a reinvigorated power sector are being laid.”
The government’s initiatives include increased liberalisation through the Electricity Act which has decentralised the power sector, allowing states to regulate and develop their own local electricity markets, and the Presidential Metering Initiative aimed at eliminating estimated billing.
On his part, Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasized that “all eight items on the Renewed Hope Agenda are built on inclusion.”
He explained that the government has significantly reduced financial exclusion, established a dedicated office, and signed the Aso Accord to accelerate financial inclusion.
Also, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, noted that the administration is focused on moving Nigeria from a consumption-based to a production-driven economy.
“Revenue from the export of manufactured goods rose by 118.33% to ₦749.52 billion in H1 2024, compared to ₦343.29 billion in H1 2023,” Sheriff said. He maintained that the government’s initiatives aim to position Nigeria as a key player in the global halal economy, potentially adding $1.5 billion to GDP by 2027.
The Senior Special Assistant to the President on Regional Development Programmes, Dr. Mariam Masha, explained that the Accelerated Senior Secondary Education Programme (ASSEP), launched by the federal government in May, will modernise school infrastructure, integrate virtual learning, and improve access to tertiary education.
“This comprehensive programme is focused on bridging Nigeria’s educational divide by leveraging technology, enhancing STEM learning, and revamping dilapidated classrooms,” Masha said.
Others who also attended the workshop included the Minister of State for Regional Development, Uba Maigari Ahmadu; Director- General of National Institute for Policy and Strategic Studies Kuru, Prof Ayo Omotayo., and the Director-General of Nigeria’s Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii, among many others.
Business
Dangote Partners Honeywell International to Boost Refinery Capacity to 1.4 million barrels per day
Dangote Refinery, Africa’s largest single-train petroleum refinery, has signed a landmark contract with U.S. industrial giant Honeywell International to execute a significant capacity upgrade that will boost the facility’s crude processing capability from the current 650,000 barrels per day to an ambitious 1.4 million barrels per day.
The multi-billion-dollar project, described by sources close to the deal as one of the largest refinery expansion initiatives globally in recent years, will involve the installation of advanced process units, automation systems, and energy-efficiency technologies supplied and integrated by Honeywell UOP and Honeywell Process Solutions.
Aliko Dangote, President and CEO of Dangote Industries Limited, confirmed the partnership, stating: “This strategic collaboration with Honeywell will position the Dangote Refinery as one of the top five largest refineries in the world by capacity.
The upgrade will not only enhance our ability to meet Nigeria’s complete refined products demand but also establish the refinery as a major export hub for gasoline, diesel, jet fuel, and petrochemicals across Africa and beyond.
”The expansion is expected to be implemented in phases, with key units including additional crude distillation, hydrocracking, and catalytic reforming modules.
Honeywell’s proprietary technologies are anticipated to improve yield of high-value products while reducing energy consumption and emissions.Upon completion, the 1.4 million bpd Dangote Refinery will surpass the current global top-tier facilities such as Reliance Industries’ Jamnagar Refinery (1.24 million bpd) and Paraguay’s planned 1.2 million bpd project, cementing its status as the world’s largest single-train refinery.
The project is expected to create thousands of direct and indirect jobs during the construction and commissioning phases and further reduce Nigeria’s dependence on imported refined petroleum products.
A spokesperson for Honeywell confirmed the award, saying the company was “honored to partner with Dangote on this transformative project that will reshape the African downstream landscape.
”Detailed timelines and the exact value of the contract were not disclosed, but industry analysts estimate the expansion could exceed $5–7 billion in total investment.
The statement said: Dangote Group is pleased to announce that it has entered into a strategic partnership with Honeywell International Inc to support the next phase of expansion of the Dangote Petroleum Refinery.
This collaboration will provide advanced technology and services that will enable the refinery to increase its processing capacity to 1.4 million barrels per day by 2028, marking a major milestone in our long-term vision to build the world’s largest petroleum refining complex.
Through this agreement, Honeywell will supply specialised catalysts, equipment, and process technologies that will allow the refinery to process a broader slate of crude grades efficiently and to further enhance product quality and operational reliability.
Honeywell, a global Fortune 100 industrial and technology company, offers a wide portfolio of solutions across aviation, automotive, industrial automation, and advanced materials.
Honeywell’s division UOP has been a technology partner to Dangote since 2017, providing proprietary refining systems, catalyst regeneration equipment, high performance column trays, and heat exchanger technologies that support our best-in-class operations.
Dangote Group is also advancing its petrochemical footprint. As part of the wider collaboration, we are scaling our polypropylene capacity to 2.4 million metric tons annually using Honeywell’s Oleflex technology.
Polypropylene is a key industrial material widely used across packaging, manufacturing, and automotive applications.In addition to refining expansion, Dangote Group is progressing with the next phase of its fertiliser growth plan in Nigeria. We will increase our urea production capacity from 3 million metric tons to 9 million metric tons annually.
The existing plant consists of two trains of 1.5 million metric tons each. The expansion will add four additional trains to meet growing demand for high-quality fertiliser across Africa and global markets.
Dangote Group remains fully committed to delivering world-class industrial capacity, strengthening Nigeria’s energy security, and driving sustainable economic growth through long-term investment, innovation, and strategic global partnerships.
Business
What Happens if You Build on Unregistered Land in Nigeria? By Dennis Isong
In Lagos and other parts of Nigeria, registration is what gives life to land ownership. It’s like having a car without registration papers—you may drive it for a while, but if the authorities stop you, you’ll have questions to answer.
It started with Tunde, a middle-aged man who had finally saved enough to build a small bungalow for his family in Lagos. He bought land through a “family agent,” eager to start construction quickly.
Within months, the foundation was up, walls were rising, and he proudly watched his dream take shape. But one morning, government officials showed up with an order—his building was sitting on unregistered land.
Tunde’s heart sank. Everything he had worked for was suddenly at risk.Tunde’s story is not uncommon in Nigeria. Many people rush into building on land without confirming its legal status.
The result is often heartbreaking—loss of property, endless court cases, or government demolition. So, what happens if you build on unregistered land in Nigeria? Let’s break it down carefully and realistically.
1. Understanding What Unregistered Land Means
Before we talk about what happens if you build on unregistered land in Nigeria, it’s important to understand what unregistered land actually means.
In simple terms, unregistered land is land that has not been formally recorded with the government or does not have an official title document such as a Certificate of Occupancy (C of O), Governor’s Consent, or registered Deed of Assignment.
When land is registered, it means the government recognizes you as the lawful owner.
Your name and the property details are stored in official land registries, making your ownership legally protected.
But if your land is unregistered, your ownership may only be based on informal documents—like receipts, family agreements, or a local survey plan—which are not legally binding in court.
In Lagos and other parts of Nigeria, registration is what gives life to land ownership. It’s like having a car without registration papers—you may drive it for a while, but if the authorities stop you, you’ll have questions to answer.
The same principle applies to land. You may fence it, build on it, and even live there, but if your land is not legally registered, you don’t have full ownership rights.
This is why real estate experts always warn buyers to confirm land titles before paying a dime. Because in Nigeria, owning land and proving ownership are two different things.
2. The Legal Consequences of Building on Unregistered Land
Now, let’s answer the main question—what happens if you build on unregistered land in Nigeria? The legal consequences can be very serious.
When you build on unregistered land, your development is seen as being done without proper authorization.
According to the Land Use Act of 1978, all land in each state belongs to the Governor, who holds it in trust for the people.
To legally own or use any land, you must have the Governor’s approval through the Certificate of Occupancy or Governor’s Consent. Without this, your ownership is incomplete in the eyes of the law.
If government officials discover that your land is unregistered, they can issue a “stop-work” order, preventing further construction. In many cases, if the land falls under government acquisition or reserved area, the building may be marked for demolition.
And if the land belongs to another person who has legal registration, you could be charged with trespass, even if you didn’t know.
Imagine spending millions building your dream house only to be told that it stands on land that belongs to someone else—or worse, on land the government has already allocated for a public project.
In such cases, ignorance is not an excuse. The law prioritizes the registered owner.Another hidden danger is that you can’t use unregistered land for financial transactions.
For example, banks will never accept such property as collateral for a loan because it lacks a valid title.
Even selling it later becomes difficult since buyers now demand proper documentation before parting with money.
So, while you may enjoy the land temporarily, the long-term risk is too great. Building on unregistered land in Nigeria can cost you not just your investment but also your peace of mind.
3. The Financial and Emotional Cost of Building Without Proper Registration
There is a painful truth many Nigerians have learned the hard way—building on unregistered land might seem cheaper at first, but in the long run, it is far more expensive.Let’s go back to Tunde’s story.
After the authorities stopped his construction, he tried to regularize his documents.
He soon discovered that the land was under government acquisition, meaning it was never meant for private use.
To reclaim it, he had to go through an expensive and uncertain process called ratification.
That process involved multiple visits to government offices, lawyers’ fees, and months of waiting—with no guarantee of success.
Even if you’re lucky enough that the land can be ratified, the total cost of perfecting the title after building is usually higher than if you had done it before construction.
You might need to pay for survey plans, excision, governor’s consent, and other documentation. Each stage involves money, time, and patience.
Financially, you could also lose everything.
If a legitimate owner appears with registered documents, you’ll have no legal claim to the land.
Nigerian courts rely heavily on documentary evidence, not just physical possession.
So even if you’ve built a house and lived there for years, the registered owner can claim it and even obtain an order to demolish your structure.
Beyond money, there’s the emotional toll. Many families have experienced sleepless nights, endless anxiety, and strained relationships because of land issues.
You can’t enjoy your property when you’re constantly worried about losing it. And in some communities, land disputes can turn violent.
So, the next time someone offers you “cheap land,” pause and ask yourself: Is it registered? Because what looks like a bargain today might become your biggest loss tomorrow.
4. How to Avoid the Trap of Building on Unregistered Land
If you truly want to avoid the painful consequences of building on unregistered land in Nigeria, you must follow due process before laying a single block.The first step is verification.
Always confirm the status of the land with the Ministry of Lands or relevant authorities in the state.
In Lagos, for example, you can conduct a land search at the Alausa Land Registry. This search will show whether the land has a valid title, is under acquisition, or has any disputes.
Second, work with professionals. Engage a registered surveyor, a real estate lawyer, or a trusted realtor who understands the terrain.
They can help you verify documents, identify red flags, and guide you through the legal requirements.Third, insist on seeing original documents before paying for any land. Don’t rely on photocopies or word-of-mouth assurances.
If your land is not under government acquisition, you can apply for ratification or regularization.
This process involves the state government officially approving your ownership and issuing a title document.
Check for the C of O, Deed of Assignment, or Governor’s Consent. And if the land is family-owned, make sure you deal directly with recognized family heads, not self-appointed agents.
Fourth, once you buy the land, register it immediately. Many people delay registration because they want to “build first and register later.”
This is risky.
Once you start construction, you expose yourself to legal issues. Registering your land protects your ownership and gives you the confidence to develop it freely.
Last, remember that due diligence is cheaper than regret. Spending a few weeks verifying land is better than losing years of hard work.
5. What You Should Do If You’ve Already Built on Unregistered Land
Let’s be realistic—many people reading this might already be living on unregistered land.
The good news is that all hope is not lost. There are legal steps you can take to regularize your property, although it depends on the specific situation.
If your land is not under government acquisition, you can apply for ratification or regularization. This process involves the state government officially approving your ownership and issuing a title document.
You’ll need to submit your survey plan, proof of purchase, and other documents. It can take time, but once completed, your land becomes legally recognized.
However, if your land is within a government-acquired area or marked for public use, things get complicated. In such cases, the government may reclaim it without compensation.
But sometimes, depending on the policy and nature of the land, you may be able to apply for excision, which means the government releases a portion of the acquired land for private ownership.
Another option is negotiation. If the land belongs to a private owner with proper documents, you can reach an agreement and purchase the land officially through a fresh Deed of Assignment. It might be costly, but it’s better than losing your investment entirely.
The key is not to ignore the situation. Visit the Ministry of Lands, talk to a property lawyer, and start the regularization process.
The earlier you act, the higher your chances of securing your property legally.Building on unregistered land in Nigeria may seem like an innocent mistake, but the consequences can be devastating.
You risk losing your property, facing legal battles, or spending double the cost trying to fix documentation problems.
The question—What happens if you build on unregistered land in Nigeria?—should not just be a curiosity; it should be a serious warning to every property owner or investor.
Real estate in Nigeria is one of the most profitable investments, but only when done correctly.
Always prioritize legal ownership over quick development. Verify, register, and secure your documents before building.
It’s the only way to truly own your land without fear or uncertainty.So, learn from Tunde’s story. Don’t rush the process.
A dream home built on shaky legal ground can easily become a nightmare. But with proper guidance, patience, and professional help, you can own property in Nigeria safely and confidently.
Dennis Isong is a TOP REALTOR IN LAGOS.
He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call +2348164741041
Business
At age 16, he spent $23 to buy a website domain. 9 years later, his blue-collar business brings in $1.3 million a year
Almost a decade later, what started as a blue-collar side hustle by two brothers, now has over 20 employees and is on track to bring in about $2.3 million in 2025, according to documents reviewed by CNBC Make It.
Image credit: CNBC
Growing up, Zames Chew thought he wanted to work a white-collar role at a company like Google, but his career took a different turn.
Today, the 26-year-old runs the Singapore-based handyman service Repair.sg, alongside his 24-year-old brother and co-founder, Amos Chew.
In 2024, their Singapore-based company Repair.sg brought in 1.7 million Singapore dollars (about $1.3 million), according to documents reviewed by CNBC Make It.
“When I was younger, my dream was always to work in big tech,” said Chew. But one day in early 2016, he discovered a gap in the market.
“Our parents were looking for a service provider to fix something around the house,” said Chew. “I was just looking online, and … there [seemed] to be nowhere to find service providers [online] back in the day.
So I was like … let me put together a website and see what happens from there.”
So, at age 16, Chew spent 30 Singapore dollars (about $23) to buy a website domain name, had his father help him register the business, and Repair.sg was born.
Almost a decade later, what started as a blue-collar side hustle by two brothers, now has over 20 employees and is on track to bring in about $2.3 million in 2025, according to documents reviewed by CNBC Make It.
Starting a side hustle at 16
As kids, the Chew brothers loved being hands-on.
“My brother and I would do everything together. That means building Legos, building PCs, taking things apart,” said Chew.
”[We] have always been building projects together, and it has [been] our dream to … work together when we became adults.”
The two were able to realize this dream during their teenage years after starting Repair.sg.
The company gained momentum slowly until the last few years when its growth started to soar, said Chew.
For the first three years of the company, the brothers were still in school, so they had to squeeze in work for the business in between classes, or during their evenings.
What a lot of people don’t know is that there’s a lot of education … [and] licensing behind some of the services that we do, and it goes beyond just taking a screwdriver and hammer [to] things,” he said.
So they spent years acquiring the knowledge, skills and licenses necessary to run their business.
In addition, before the business scaled, they would take on most jobs themselves such as replacing lights, and fixing furniture.
“For the first seven years, up until perhaps even early 2024, [the business] was basically at the brink of death most of the time,” said Chew. “We were young and weren’t very good business owners.”
Credit: CNBC
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