Business
Why Northern Industries Collapse – Dangote
“Without electricity, you cannot have growth, no matter how hard you try,” he warned.
Africa’s richest man, Alhaji Aliko Dangote, has linked the North’s slow economic growth and rising insecurity to decades of policy inconsistency and chronic electricity shortages.
Dangote spoke today during the Arewa Consultative Forum (ACF) 25th anniversary dinner in Kaduna State.
He told the ACF leaders that many promising northern industries collapsed because government policies “kept shifting the goalpost,” eroding investor confidence.
He recalled that Arthur Andersen (now part of KPMG) was commissioned to study why northern textile magnates and other industrialists failed despite strong starts.
The findings, he said, pointed largely to unpredictable government policies and an unreliable power supply.
Dangote disclosed that his group connects to public electricity to public electricity only in South Africa and Ethiopia, because of Nigeria’s unstable grid.
“Without electricity, you cannot have growth, no matter how hard you try,” he warned.
He added that today’s insecurity — banditry, youth joblessness and economic displacement — is a direct consequence of long-standing neglect.
Dangote urged northern leaders to commit to a coherent, long-term economic roadmap anchored on education, industry and agriculture, aligning with the transformation agenda highlighted by the former Vice President Atiku Abubakar.
Atiku stressed that the ACF was conceived not only to foster political harmony, but to drive development in line with the vision of Sir Ahmadu Bello.
He cited the Sardauna’s 1961 priorities — education, agriculture and industrial growth — noting that they remain more urgent today than ever.
He outlined past initiatives such as the Northern Education Project, which exposed the region’s crumbling school system and triggered reforms that boosted enrolment and transition rates.
He also referenced the Northern Development Project, NDP, which sought to rebuild agricultural value chains and address climate-induced productivity challenges.
Yet, he lamented that key obstacles— from energy poverty to multiple taxation — still plague northern industries two decades on.
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
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