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Dangote refinery, solution to Nigeria’s forex crisis – global finance watchers
International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.
S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.
S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.
Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.
“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.
Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).
Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.
The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.
Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.
Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.
He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.
While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.
“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.
Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.
According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.
Nigeria Democratic Congress (NDC) has released a list of nomination fees for all its elective positions in 2027, with that of presidential office pegged at N60million – N20million for Expression of Interest and for Nomination Forms, respectively, while putting that of the governorship at N30million.
The forms which would be on sale from Wednesday, would also has those of the Senate put at N8million cumulatively, that of the House of Representatives is pegged at N6million, while aspirants for Houses of Assembly in states are to pay N2.5million.
In a statement signed by Moses Cleopas Zuwoghe, National Chairman and Ikenna Morgan Enekweizu, National Secretary the party also released the timetable and deadlines for the purchase and return of the forms.
Specifically for the governors, the NDC fixed N10 million and N20million for the Expression of Interest and Nomination Forms, respectively, N3 million and N5 million respectively, for the Senate and N2 million and N4 million for the Nomination Forms respectively for the Reps.
State House of Assembly aspirants would be required to pay N1 million for the Expression of Interest and N1.5 million for the Nomination Forms respectively, the statement said, adding that sale of the forms for all elective positions would commence Wednesday, May 13, 2026, and close on Monday, May 18, 2026.
All aspirants would undergo screening and interviews between May 19 and May 21 before becoming eligible to purchase Nomination Forms, the statement noted, adding that the sale of Nomination Forms would commence immediately after the screening exercise and run from May 21 to May 23, while completed forms must be returned not later than May 25.
Disclosing that appeals arising from the screening process would be handled on May 25 and 26, while primary elections for various offices would hold on May 27 and 28, the party put its presidential primary election for May 29, 2026, in Abuja.
While aspirants for the state assemblies would be screened in their respective states, those for National Assembly and presidential aspirants would take place at the party’s national headquarters in Abuja.
For the governorship primaries the assignment would be conducted at the local government level, the statement said, adding that all aspirants seeking its tickets would be required to sign undertakings in line with the party’s code of conduct and electoral guidelines.
Assuring members and aspirants of what it described as a transparent, inclusive and credible primary process capable of producing competent candidates for the 2027 elections, the statement said: “The party remains committed to a transparent and democratic process that guarantees fairness, inclusiveness and internal democracy in the conduct of its primaries.”
In the conduct of the primaries, the party said it had adopted “open secret ballot” system, to strengthen credibility and transparency during delegate voting, adding that its nomination fees remained among the lowest when compared with those charged by other major political parties in the country.
Announcing concessions for female aspirants and persons living with disabilities, the statement said while women would pay only 50 per cent of the approved fees, while PWDs would enjoy a 75 per cent waiver across all categories.
The statement further added: “The Nigeria Democratic Congress (NDC) has officially announced the commencement of the sale of Expression of Interest and Nomination Forms for aspirants seeking to contest various elective positions on the platform of the party ahead of the 2027 general elections.
“The screening and interview of aspirants, which will determine eligibility for the purchase of Nomination Forms, will hold from Tuesday, May 19, to Thursday, May 21, 2026. The sale of Nomination Forms will commence immediately after the screening exercise, from Thursday, May 21, to Saturday, May 23, 2026, while completed forms must be submitted on or before Monday, May 25, 2026.
“The NDC further stated that appeals arising from the screening process will be entertained on May 25 and 26, while primary elections for various elective offices are scheduled to hold on May 27 and 28, 2026.
“The Presidential Primary Election is slated for May 29, 2026, in Abuja.
“The party explained that aspirants seeking tickets for State Houses of Assembly will be screened in their respective states, while screening for aspirants to the National Assembly and Presidential positions will be conducted at the party’s National Headquarters in Abuja.
“It also disclosed that governorship primaries would be conducted at the local government level. All aspirants will be required to sign an undertaking in line with the party’s guidelines and code of conduct.
“The NDC assured members and aspirants of a transparent, inclusive, and democratic process in the sale of forms and conduct of primaries.
“The party also announced that it would adopt the “open secret ballot” system for its primaries in order to guarantee credibility, fairness, and internal democracy.
“The NDC noted that its approved nomination fees remain among the lowest compared to those of other major political parties in the country.
“A breakdown of the approved fees is as follows:
- State House of Assembly:
Expression of Interest Form – N1 million
Nomination Form – N1.5 million - House of Representatives:
Expression of Interest Form – N2 million
Nomination Form – N4 million - Senate:
Expression of Interest Form – N3 million
Nomination Form – N5 million - Governorship:
Expression of Interest Form – N10 million
Nomination Form – N20 million - Presidency:
Expression of Interest Form – N20 million
Nomination Form – N40 million
Meanwhile, female aspirants and persons living with disability (PWDs) are to pay 50% and 25% of the fees across all categories.
“The party reaffirmed its commitment to a transparent and credible primary election process capable of producing competent candidates for the 2027 general elections.”
For President Bola Ahmed Tinubu there is no other way for African countries to get out of the woods but to engage in massive industrialisation – transforming their rich mineral resources into finished products rather than exporting them in their raw states.
This was the major highlight as he took the podium on Tuesday at the ongoing Africa Forward Summit at the Kenyatta Convention Centre in Nairobi.
Tinubu, who led Nigeria’s government, diplomatic, and business delegation to event, told his audience that Nigeria was ready to assist in the deeper economic integration and industrial growth and prosperity he envisaged for the continent.
Highlighting Nigeria’s blue economy potential as a key driver of Africa’s development, and decrying its underutilisation due to insecurity and uncertainty, he said: “Today, I make an explicit commitment: Nigeria will intensify regional coordination by offering our Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for willing Gulf of Guinea states.
“Interoperable systems, harmonised laws, and seamless joint enforcement must become the daily reality, not an aspiration on paper. Let no one misunderstand: maritime sovereignty does not repel investment — it attracts it. Secure sea lanes, predictable regulation, and functional courts are the preconditions that unlock private capital. Governance has de-risked Nigeria’s maritime proposition. We now invite partners to build on these gains as we advance climate-aligned port modernisation and the digital transformation of our maritime sector.
“As we endorse the Nairobi Declaration, Nigeria affirms that maritime sovereignty and ocean governance are the non-negotiable foundations of Africa’s Blue Economy transformation. We will continue to earn that sovereignty — through institutions, through assets, through law, and through iron-clad regional solidarity that turns our waters from a theatre of risk into a story of shared resilience.
“The oceans have no duplicate as a common heritage of mankind. For Africa, moving from sea blindness to ocean sovereignty is not a choice — it is a generational duty. Nigeria is ready, and we invite all present to join us in that duty.”
Blaming international financial system, for the poor state of industrialization in Africa, Tinubu insisting that Africa must not remain locked into raw-material exports while importing finished goods.
Hear him: “Last September, from the podium of the United Nations General Assembly, Nigeria warned that the international system must reform or risk irrelevance. We spoke not only of the Security Council but of the financial and trade structures that quietly de-industrialise our nations. The evidence is before us. Despite decades of independence, Africa’s share of global manufacturing value added remains below 2 per cent.
“We export raw minerals, crude oil, and agricultural commodities, and we import processed goods at a premium. This pattern is not an accident. It is the product of a global financial architecture that starves our industries of affordable capital, tolerates massive illicit financial flows, and imposes policy constraints that our competitors themselves never observed when they built their own industrial bases.
“Nigeria does not come to this discussion as a supplicant. We come as a nation that has taken painful, homegrown decisions to put our house in order — removing fuel subsidies, unifying our exchange rate, recapitalising our banking system with over US$3.4 billion, and exiting the FATF grey list. These reforms were sovereign choices, not external conditions. They have delivered a declining debt-to-GDP ratio, now projected at 32.3 per cent in 2026, stronger external reserves of $45.5 billion, and a return of investor confidence. But, Excellencies, even a reforming nation like Nigeria is being forced to de-industrialise by a financial system that is stacked against us.”
The President added that in 2026, Nigeria will spend about US$11.6 billion on debt servicing — nearly half of projected revenue.
“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, our textile mills, our agro-processing plants, or our digital industries. It is a dollar that did not train a young Nigerian engineer or provide affordable power for our factories. Our industrial base is being starved of the blood it needs — long-term, affordable finance — while creditors and rating agencies treat African sovereigns as permanent high-risk borrowers, regardless of our fiscal performance.
“So, I ask this gathering: how can an African manufacturer compete with a competitor in Europe, Asia, or North America when the cost of borrowing in our nations is five to ten times higher? How can we build cross-border industrial value chains under the African Continental Free Trade Area when our infrastructure projects face a financing gap deepened by the very institutions meant to bridge it? The answer is plain: we cannot. The international financial architecture, as currently constituted, is an instrument of industrial disarmament for Africa.
“Nigeria is not asking for charity. We are demanding a financial system that intentionally enables Africa to industrialise — to process its own minerals, refine its own crude oil, manufacture its own pharmaceuticals, and compete fairly in global markets. We will continue to borrow responsibly, but we insist that our creditworthiness be measured by our economic fundamentals and our industrial potential, not by outdated stereotypes,” he noted.
On migration, Tinubu said addressing root causes was essential, stressing that people would not risk dangerous journeys if opportunities existed at home.
He said Nigeria had embedded migration management within its broader economic reforms, including subsidy removal, banking recapitalisation, and agricultural modernisation.
He also called on international partners to increase investments in climate adaptation, energy access, digital skills, and job-creating sectors, urging that a portion of Official Development Assistance (ODA) be directed toward reducing irregular migration pressures.
Tinubu also called for stronger African cooperation in shaping global migration governance, saying existing frameworks such as the Global Compact for Safe, Orderly and Regular Migration remained insufficient due to their non-binding nature.
He expressed support for African Union initiatives including the Migration Policy Framework and the Khartoum Process, while urging stronger links between regional and global systems.
The Africa Forward Summit, co-hosted by Presidents Emmanuel Macron and William Ruto, brought together leaders and officials from over 30 countries.
Opening statements were delivered by Macron, Ruto, UN Secretary-General António Guterres, and African Union Commission Chair Mahamoud Ali Youssouf.
On the sidelines, Tinubu met Madagascar’s President Michael Randrianirina and held talks with CAF President Patrice Motsepe, where he reaffirmed Nigeria’s readiness to host the 2026 CAF Awards.
He was accompanied by senior government officials, including ministers of foreign affairs, finance, agriculture, marine and blue economy, environment, industry, communications, as well as leading private sector figures such as Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, and Aigboje Aig-Imoukhuede.
The summit featured discussions on investment, AI, digitalisation, agriculture, creative industries, climate change, and strategies to translate policy discussions into industrial development across Africa.
The Economic and Financial Crimes Commission (EFCC) is claiming to be the victim in the fracas that ensued at the University of Uyo Teaching Hospital (UUTH) in Akwa Ibom on Tuesday, which led to the arrest of Eyo Ekpe, Deputy Chairman of the hospital’s Medical Advisory Committee (MAC).
In a detailed account of the incident, which caused panic at the institution following the arrival of the EFCC operatives at the facility, the anti-graft agency, explained that its operatives were in the hospital on lawful duties to make enquiries on a medical report of one of its suspects.
On Tuesday, a video clip showing workers, patients and visitors, scampering away as plumes of smoke suspected to be from teargas canisters fired into the premises, went viral, attracting a backlash from the public.
Amid the commotion that ensued, the operatives, said to have arrived the institution in two saloon cars and a tinted bus, with some officers wearing masks and others dressed in EFCC-branded jackets, eventually spirited away Epe, Professor of Cardiothoracic Surgery.
Dele Oyewale, spokesman of the commission, however said the operation was legitimate, adding that the operatives only visited the hospital to authenticate a medical report presented by a suspect who has been remanded over allegations of defrauding multiple microfinance banks, including University of Uyo Microfinance Bank.
Oyewale Head of Media and Publicity, who narrated how the agency previously wrote two different letters to the hospital management over the medical report but received no response, added decided to visit the hospital for further enquiry over the matter.
He wrote in a statement: “As a last resort, operatives of the Commission visited the Chief Medical Director of the hospital on Tuesday to make further enquiries, only to be locked in with a false alarm and subjected to unprovoked attack by misguided staff of the facility who pelted them with stones and other dangerous objects,” the statement reads.
“While within the hospital, the CMD reportedly directed that gates of the facility be shut, making it impossible for any lawful enquiry to be made.
“Police authorities in Akwa Ibom State advised the CMD to open the hospital gates to enable the operatives exit the premises peacefully but the entreaties were turned down.
“In spite of the hostility and provocation, there was no breakdown of law and order as the operatives exercised restraint and professionally made their ways out of the hospital premises without disrupting its activities.
“Enquiries bordering on operational engagements of the Commission are lawful. It is therefore necessary to remind the public and corporate bodies that they are obligated to cooperate with the agency in such circumstances.”
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