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  • Dangote Wants Fuel Imports Banned Under ‘Nigeria First’ Policy

    Dangote Wants Fuel Imports Banned Under ‘Nigeria First’ Policy

    Aliko Dangote

    President of Dangote Group, Aliko Dangote, has urged the Federal Government to ban the importation of refined petroleum products under the ‘Nigeria First’ policy, arguing that local refiners are being undermined by cheaper, often substandard imports.

    Speaking at the Global Commodity Insights Conference hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, Dangote called for petrol, diesel, and other refined fuels to be included in the government’s list of restricted imports. The ‘Nigeria First’ policy, announced in May by President Bola Tinubu, prohibits public agencies from procuring foreign goods available locally.

    Dangote claimed imported fuel was being “dumped” at prices below cost and of lower quality than acceptable in Europe or North America. He also alleged that subsidised Russian products were undercutting Nigeria’s domestic output, creating unfair competition. “To remain viable, we urge African governments to protect local refiners just as the U.S., Canada, and EU do,” he said.

    He dismissed concerns over market dominance, asserting, “This is not about monopolising the sector, but about ensuring that investments made locally are protected.”

    According to Dangote, the $20bn Dangote Refinery has already made Nigeria a net exporter of refined fuel. He disclosed that over 1 million tonnes—around 1.35 billion litres—of petrol had been exported within 50 days between June and July 2025.

    However, industry stakeholders have pushed back. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and other groups warned that banning fuel imports would hand Dangote a monopoly and harm the market.

    IPMAN’s National Publicity Secretary, Chinedu Ukadike, said: “We do not support a fuel import ban. It would worsen inflation and monopolise supply since only one refinery is operational. Importation strengthens competition.”

    Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), echoed this view, saying that fuel should not be subject to import bans in a free market economy. “We support banning non-essential imports like toothpicks and garri—not fuel,” he said.

    Energy law expert Professor Dayo Ayoade of the University of Lagos warned that banning petroleum imports would violate international trade principles and risk national energy security. “We cannot depend solely on Dangote Refinery. The market must be diversified first,” he said.

    Despite opposition to the import ban, many supported Dangote’s call for the revocation of dormant refinery licences. “On that side, I agree with him,” said Ukadike. “We need more functional refineries.”

    Dangote recently announced his retirement as Chairman of Dangote Cement’s board to focus on his refinery and other industrial ventures.

  • Stock Market Rises, Lafarge Profits Explode — But Some Still Deny Nigeria’s Progress

    Stock Market Rises, Lafarge Profits Explode — But Some Still Deny Nigeria’s Progress

    The Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, has praised Lafarge Africa Plc for its impressive financial results in the first half of 2025, linking the company’s growth to the impact of the administration’s ongoing economic reforms.

    Lafarge Africa, one of Nigeria’s leading cement and building solutions providers, reported a remarkable 70% increase in net sales, rising to ₦269 billion. Improved sales volumes and enhanced plant efficiency largely drove this.

    Even more striking was the 153% surge in operating profit, reflecting strong topline growth and streamlined operations. Profit After Tax (PAT) for Q2 2025 stood at ₦84 billion—a 248% jump from the same period in 2024—bringing total PAT for H1 2025 to ₦133 billion.

    A key factor behind the boost was the relative stability of the naira, which shielded the company from the foreign exchange losses it suffered last year.

    Reacting to the news on X (formerly Twitter), Onanuga criticized opposition voices, saying:

    “Those IDP politicians will never talk about this good news on the economy. They feed on misinformation and disinformation.”

    He further claimed that the surge in the stock market reflects the profitability of listed companies, calling it proof of the positive effects of Tinubu’s reforms.

    Onanuga’s remarks tie Lafarge’s financial rebound directly to the government’s policy agenda, suggesting the company’s success is both a result and a reflection of broader economic progress.

    With Lafarge Africa serving as a bellwether for Nigeria’s construction sector, its strong performance signals a potential ripple effect across the broader economy.